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.
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. To pay for holidays, gifts for my family, It’s given me a reliable source of income that I never expected.
So what is matched betting?
The easiest way to explain this is with an example.
Lets take an offer I received from Betstars as an example.
The sign up offer is bet £50 at odds over 1.5 and get £20 free.
I open my Betstars account and look to make a bet of £50.
For this initial bet I am looking to find a close odds match between Betstars and the betting exchange that I use Matchbook.
I find a close match in odds in a game between Wolves and Norwich City.
The odds of Wolves to win with Betstars are 1.62, this is above 1.5 so it qualifies for this offer.
I place a bet of £50 to return £80.77 , which should Wolves win pays out winnings of £30.77.
Then I go over to Matchbook to place a lay bet.
A lay bet is when you effectively take on the role of a bookmaker. With this lay bet I am saying that should Wolves win I will pay out £32.03 however should Wolves fail to win then a profit of £49 would be made.
Lay bets are options only available with a betting exchange.
If you don’t have a betting exchange account.
My recommendation is Matchbook.
Lets look at the three possible outcomes of the game.
Wolves win – £30.77 is won with Betstars, £32.03 is lost with Matchbook
A total loss of -£1.26 is made.
Wolves draw or lose – £50.00 is lost with Betstars, £49.00 is won from Matchbook
A total loss of -£1.00 is made
The £20 free bet will be credited from Betstars no matter the outcome of the game.
Using a free bet
The Wolves vs Norwich match ended up being a draw.
£49.00 was won in Matchbook and £50.00 was lost in Betstars.
The £20 free bet was credited straight after the game.
Now we go through the same process as before and look for a close odds match between Betsars and Matchbook.
However due to this being a free bet I look at higher odds in order to make as much profit as possible from the free bet.
I find a close odds match between Betstars and Matchbook at high odds.
Atletico Madrid were taking on FC Copenhagen in the Europa League that night.
FC Copenhagen were priced 16.00 with Betstars and 17.00 with Matchbook.
So I placed my free bet by backing FC Copenhagen for £20 to win £300.
I placed my lay bet on Matchbook risking £280 to win £17.50
Lets look at the three possible outcomes for this game.
FC Kopenhagen win – £300 is won with Betstars, £280 is lost on Matchbook.
A total of £20 profit is made.
Atletico Madrid win or the match is a draw – £17.50 is won on Matchbook, £0.00 is lost on Betstars as it was a free bet.
A total profit of £17.50 is made.
Taking into account the initial £1.00 lost on the qualifying bet with Wolves and Norwich.
You can see I am guaranteed to make either £16.50 or £19.00 from this process.
Video walk through of this offer
Where can I find matched betting offers?
There are lots of these sign up offers where you can follow the same process.
New bookmakers appear quite frequently.
A quick google search for bookmaker sign up offers will bring up hundreds of results.
However my advice would be to join a matched betting service such as Oddsmonkey. They take out all the hard work and give you step by step instructions for each offer.
This will save you so much time in the long run and also should stop you making any errors which could cost you.
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 gives you all the tools that you need to succeed in matched betting and make big profits.
How much money can be made from matched betting?
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 will enable you to make more 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.
This means that I am not able to receive promotions.
Paddypower though are a good bookmaker for arbitrage and I am still able to place bets with my account.
In order to find arbitrage bets you really need to use software.
For this example I will use the Oddsmatcher software that comes with Oddsmonkey.
I find a good arbitrage bet with Paddypower and the betting exchange Smarkets.
(Which allows lay bets and functions like Matchbook)
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 (Smarkets charge 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. This is because 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 sometimes this can take years. Given that bookmakers only want losing players then it makes sense to hammer them for as much profit as possible. Before those limitations come.
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 potentially make tens of thousands of pounds profit from the sports betting markets.