Making A Million – Sports Betting Challenge
“You have to take a long term view“
This is a quote that you’ll hear over and over again from winning sports bettors.
If you want to be successful in sports betting, sports trading, poker.
Then you need to have a long term plan and not deviate from it every time you hit a losing period.
Making A Million – A Sports Betting And Trading Challenge
Since April 2017 I have been recording my monthly profit and loss.
The idea of the making a million challenge was simple.
Find methods that are a proven way of making money from the sports betting markets (Matched Betting, Arbitrage Betting, Exploiting Casino Offers.)
Alongside methods that are also highly likely to be profitable (Pre-Match Trading and Proven Tipsters)
Then record the results on a monthly basis with the long term goal of reaching £1,000,000 in total profit.
After 46 months the total profit so far is £106,340
So although its still pretty far away from the goal of £1,000,000.
It does show with a well thought out and consistent approach that there is good money to made from sports betting and also exploiting casino offers.
Over the last 46 months there are a few key things that stick out.
- Matched betting and arbitrage are the easiest ways to make money from sports betting. However as the margins on matched betting offers decrease with time its important to keep looking for other profitable methods.
- I always under estimate variance.
- It is so much easier to make money from soft bookmakers (Bet365, Will Hill etc) then sharp bookmakers and exchanges.
To emphasize the last point.
In 2009 a friend of mine started matched betting, this was around the time I also found matched betting. He focused on getting access to as many betting accounts as possible. Whilst I focused on using matched betting to build a bankroll for poker, sports trading and betting.
Fast forward to 2021 and he has made enough money to retire. Whilst I have done well from sports betting, he made pretty much 10x that amount.
Making a million pounds from sports betting and trading? ……..Sounds Realistic
So it took 46 months to make £106,340.
Attempting to make £1,000,000 seems pretty ludicrous right?
I will be honest I don’t know if I will achieve it, that target is a life time goal.
Plus I though it was a better title then
“Documenting my attempt to make some money from sports betting, casino offers, matched betting and lots of other stuff on a monthly basis.”
Maybe it takes another 10, 20, 30, 40 years.
That’s ok, I enjoy gambling its one of my major interests.
Investing in sports betting and trading is something I really enjoy.
Setting this long term target is something that excites me. It makes it more enjoyable to write about and I imagine more interesting to read about.
If I achieve it and document the whole process how cool would that be.
The Making A Million Portfolio
Let’s take a look at the methods I have been using and continue to use.
This is a long term challenge so as and when I makes changes to the portfolio, I will update it.
I am going to split the portfolio into two parts.
There will be low risk sports betting/trading methods and strategies.
Along with higher risk sports betting/trading methods and strategies.
Matched betting is something that I have wrote quite a lot about on this blog.
If you are not familiar with matched betting then please read this matched betting guide.
Matched betting is almost risk free and it is a relatively stress free process.
You take advantage of bookmaker promotions, earn free bets and then lay off the free bets using betting exchanges in order to guarantee a profit.
Matched betting will be a base part of my portfolio for as long as possible. It is a very easy way of making small but consistent profits that really help to buffer the variance of the high risk parts of this betting/trading portfolio.
If You Want Want To Start Matched Betting My Recommendation Is To Take Up A Free Trial With Oddsmonkey.
Arbitrage betting again is something I have covered previously in this blog.
If you are not familiar with arbitrage betting then I suggest you click the image below and read the ultimate guide to sports arbitrage betting.
Arbitrage betting in one of its simplest terms involves backing selections with bookmakers that can be layed at betting exchanges for lower.
You will also find arbitrage bets between bookmakers where you can bet every outcome in order to a guarantee a profit.
I use arbitrage betting with bookmakers that have banned me from promotions.
For example Gentingbet today sent me an email saying that my account was no longer eligible for casino or sportsbook promotions.
This is an account that I will now label as an arbitrage account.
Arbitrage betting much like matched betting is a great way to buffer the variance of casino offers, sports betting and trading.
Pre Match Trading
My favourite type of trading is to trade an event before it starts. I trade football mostly but also big boxing matches and mixed martial arts fights.
The way I like to pre match trade is looking for obvious positions that have a much greater reward then risk.
For example when a team unexpectedly leave out one of their key players from their starting eleven. Think Harry Kane for Tottenham, Messi for Barcelona, Salah for Liverpool.
There will be big drifts in the odds of these teams if these players were left out. Which allow low risk profits to be made.
Higher Risk Portfolio
These strategies are labelled as higher risk as they there is likely to be variance and losing runs will happen.
Lets take a look at each part of the high risk portfolio.
Value betting shares a lot of similarities with arbitrage betting. In that you are looking for odds at bookmakers that are higher then the betting exchanges or the Asian bookmaker Pinnacle.
There is quite lot of data which shows that if your consistently able to do this in efficient betting markets then you will make a profit.
Quite often bookmakers will offer accumulators that fall into the category of a value bet. Often theses accumulator selections are at the same time so arbing them is not an option.
However betting these plus ev accumulators over the long term has shown to be profitable.
There are also markets where there are value bets available but arbitrage is not possible.
Click Below To Read The Ultimate Guide To Value Betting
Here is a video explaining how and why value betting works.
Exploiting plus ev casino offers are a big part of my overall strategy.
In 2020 they contributed the largest profit out of all of the methods that I use.
The total profit from casino offers in 2020 was £11,946, Which was around half of my total profit for the year.
Something that taking part in thousands of casino offers has taught me.
Is that variance can be brutal and you have to get used to periods where you seem to lose money hand over fist.
If you cannot handle losing periods then I would recommend you stay away from exploiting casino offers. However if you can accept that losing periods will be the norm and in the long term it is highly likely you will make money.
Casino offers can be very profitable.
Given that casino’s seem to be a lot of bookmakers biggest earners. There are always casino offers to take advantage of.
I still expect casino offers to be a large part of my portfolio going forward.
I Have Added A Review Of The Service I Use To Exploit Casino Bonuses Below
When it comes to tipsters and services. I have used quite a few in the past with some successes and some failures.
Currently there is one tipster that I am using in my portfolio.
The Basketball Geek is a basketball tipster that has a very impressive record and has so far delivered on its promise.
Hopefully it continues to be profitable.
Not much more to add really.
Hopefully you found this breakdown of the various strategies that I am using to be helpful.
I will continue update my monthly progress towards making £1,000,000
If you are looking to make money from the sports betting markets or exploiting casino offers. The methods used above are very solid and if you spend some time learning them. Then it is highly likely that you will make a long term profit.
Personally I think that matched betting is the best place to start as it is the easiest way to make money. Then once you have banked some profit start looking at other area’s such as exploiting casino offers and value betting.
Total Made In January
Overall Profit Since The Challenge Began