A Simple Guide To Making Money From Sports Betting
Sports betting for a living is probably a dream job for many people. The number one reason people get into sports betting is to try and make money. You might get lucky early on in your betting career but in the long term it is extremely tough to make money from the sports betting markets.
How do you bet on sports successfully?
There are a few simple methods which actually do make money long term. Which are also relatively easy to learn.
Here is my simple guide to making money from sports betting.
What are these methods?
First off let’s take a look at matched betting. Which has also been known as bonus abusing or bonus whoring in the past.
Matched betting is great and personally it has made a huge difference in my life. I used profits from matched betting to pay for the deposit on my first house. Used it for holidays, gifts for my family, It’s given me a reliable source of income that I never expected.
If you are sports betting and looking to make money. Matched betting is really something you need to learn. In my opinion it is the quickest and most efficient way to build a betting bankroll.
So what is matched betting?
Matched betting is using bookmaker free bet offers combined with betting exchanges to guarantee that a profit is made no matter the outcome of a sporting event. The easiest way to explain this is with an example.
Lets take William Hills sign up offer. The sign up offer is bet £10 and get £20 free.
I open my William Hill account and look to make my first bet of £10.
Using Oddsmonkey I find Bate Borisov are odds of 3.2 with William Hill and 3.15 with the betting exchanges.
So I place my first £10 bet on Bate Borisov to win.
Risking £10 to win £32.00 (£22.00 profit should Bate Borisov win)
Now I cover this bet with a lay bet on Bate Borisov at the betting exchanges. A lay bet is basically where you take on the role of a bookmaker. You are basically taking on a bet that says Bate Borisov will win.
In this situation we want to aim to win the £10 back that we are risking over on William Hill.
I am risking £21.50 to win £9.80 (£10.00 minus 2% commission) if Bate Borisov do not win.
Using the Oddsmonkey calculator you can see that this situation actually gives us a overall profit of £0.02 if we averaged the stakes. This is due to it being a small arbitrage bet (which I will write about later.)
After this bet settles we will now be issued with two £10 free bets. This is where there is easy money to be made from sports betting. By taking advantage of these bonus offers.
Matched Betting Profits
It is then simply a matter of using the same process to make a profit out of the free bets. Really you should be looking at making at least £7 profit from each of the £10 free bets. My advice would be to stick to odds of over 5.0 to make the most of your free bets.
Free bets profit = £14
Cost of initial qualifying bet = £0.04
Minimum Expected Total Profit = £14.04
There are lots of these sign up offers where you can follow the same process. New bookmakers appear quite frequently. Also bookmakers continue to send out offers to existing customers every day. There is a lot of money to be made by replicating this process over and over again.
How much can I make from matched betting?
After the sign up offers there are still recurring bonus offers from bookmakers to take advantage of. Which help to consistently top up your bankroll. You can do this yourself by searching google for bookmaker signup offers and taking advantage of recurring offers that will be emailed to you.
Or you could use a matched betting service such as Oddsmonkey. This is the service that I use and would highly recommend.
Oddsmonkey (read the review) is a company that has long been providing matched betting and arbitrage software for other companies. They now however have their own dedicated service.
Offering an extremely in depth and content rich service that also offers arbitrage and dutching software.
It is possible to make a lot of money matched betting. In my own personal experience I have been able to make over £10,000 a year. If you utilize everything that is available to you then I believe this is achievable for most people. There are other individuals I know that are making much more and are able to make this a full time income.
So we have taken a good look at making money from sports betting through matched betting. Now lets take a look at another method which enable you to make long term profits.
An arbitrage bet is when you can cover all outcomes of an event and guarantee yourself a profit.
Personally I like to use arbitrage betting with bookmakers that either
1. Don’t offer regular bonuses.
2. Have banned me from bonus offers but will still allow me to bet.
To show an example, my Paddypower account is limited. I am not able to receive promotions. Paddypower though are a good bookmaker for arbitrage and I am still able to bet with my account.
Using the Oddsmatcher software from Oddsmonkey. I find a good arbitrage bet with Paddypower and the betting exchanges.
Hibernian vs Celtic is showing as a 7.82% arbitrage bet. So I log in to my Paddypower account and back Hibernian at odds of 9.0. Risking £40 to win £320.
I then go over to my Smarkets account and place a lay bet with the aim to win back the £40 I risked on Paddypower. This works out at a potential loss of £287.87.
Ultimately this means that I am only risking the £0.80 (2% commission on my lay bet).
In order to win £32.13 (£320 – £287.87.)
Now this is my personal preference as I like to put my profits on to one outcome. As I find it much quicker and often the value side is with the soft bookmaker. However you could average the profit out across all outcomes.
So that you would make money no matter the the final outcome.
Using the Oddsmonkey calculator you can see that the profit would be £3.13 across all outcomes with a £40 stake.
Simple but effective
You might be thinking wow this is awesome. Free money for the rest of my life!
Unfortunately bookmakers will eventually limit your account to pennies if you are arbing. Even in some cases close your account. However given that bookmakers only want losing players these limitations and bans will come at some time anyway. Unless you are willing to be a losing sports bettor.
If you want to make low risk profits from the world of sports betting. Matched betting is a great way to start and arbitrage is an excellent method to keep the profits coming.
These are two simple low risk methods that will allow you to make consistent profits from the sports betting markets.