Do people actually make money betting on sports?
I just started betting on Bodog.com about a week ago. I did some research before I started betting and found most people didn't bet because they thought they couldn't win. I started with only $20 in my account and now I have about $45 in my account. Ive only lost twice in around 7 bets. Is this unusual to actually have made a profit even though its only been a week?
- Vegas MattLv 79 years agoFavorite Answer
7 bets? Seriously? That's like saying you could play in the NBA because you made 7 free throws in a row. A monkey could pick 5 of 7 games if you gave him enough tries.
Let me know when you've won 500 or 700 bets, and we'll start talking about how great you are at picking winners.
And to answer your question, yes there are people who make money on sports betting. The ones that do it consistently enough to make a living treat it like a full time job, spending 40 hours a week doing research and analyzing their picks. If you're not doing that, then the odds will most likely catch up to you at some point.
I'm not trying to discourage you, but temper your enthusiasm. Treat it as a past time that you pay for, not a source of income.Source(s): Professional Gambler living in Las Vegas
- pdqLv 79 years ago
Billy Walters is a HORRIBLE example to give someone who obviously just got lucky in their first week of sports betting. Billy Walters is quite possibly the best in the world.
Only around 1% of people who gamble on sports do so profitably. You are NOT one of these people! Why did you win? Well I already said it - YOU GOT LUCKY!
Is it unusual to have gotten this lucky in your first week? Not at all. Folks get lucky all the time.
Do YOU have what it takes to be one of the elite 1% that actually know how to make a long-term profit in sports betting? Absolutely, positively not. I promise you that you will lose all your money within a month or two. (More than likely even sooner than that.) I don't wish bad things on you, I promise. I wish everyone could make lots of money doing this, but they don't, and you won't.
The few folks in the world that actually know what they are doing know how to analyze the lines, the games, the players, the conditions, the managers/coaches......everything! They pick a small handful of games to play each week, and they NEVER believe that any one game is a "sure thing". They know there is no such thing as a lock, and they avoid anyone who tells them they know of a lock. They also have incredible discipline and will only pick the games when they know they have an advantage.
Do you know how to do any of these things? No.
Do people actually make money betting sports? Yes, but I promise you that you will never be one of these people. The only question that remains is how much money you will lose before you finally accept that truth.
- JoanneLv 44 years ago
Interesting question. Firstly I would like to inform you that you know nothing of sports betting. I will explain a little and encourage you to go no further. How does a bookmaker make money? They asses the likelihood of one team winning over another, lets say its an even money match and both players/teams have an equal chance of winning, imagine that match is played one hundred times, if the bookmaker has the odds right they will each win roughly 50 times. Book the bookmaker will not offer you the opportunity to double your money on such a match, they will pay you out at odds of 1.91, for every 50 you bet you will win 40ish (and get your 50 stake back), so lets say you kept betting on your favorite team, 50 times it loses, 50 times it wins, of course as your payout is less than the match odds over time you lose, perhaps not straight away, but gradually you will. Bookmakers make money by paying out at less than the odds of a specific outcome. So to beat the bookmaker you will need to find a match where the bookmaker has set the odds wrong. You need to find a bet that has value, to find a value bet you need to be an expert in that particular sport. When a sports book player reaches long term profit there account is limited but they are still allowed to play as sports books watch what bets they make and then lowered the odds on that outcome, so not only do you have to beat the thousands of bookmakers but also you have to beat the hundreds of thousands of "sharp" players who know what they are doing. The profit margin set by a bookmaker is generally around 10%, the clueless player taking on a sports book can expect to lose ON AVERAGE 10% of his money each time he makes a bet, the profit margin on a roulette wheel is around 2.5% so to be quite honest take your money to a roulette table if you must insist on wasting money gambling. In summary: You would be a fool to place a wager with the amount of knowledge you have, and you would be a fool to believe a sharp would give away a tip anyway, since they will only be able to average around 10% profit themselves! I work in a bookmakers, which have professionals working in the back and I trade sports bets.
- 9 years ago
$20 up to $45 with 7 bets? This is not statistically significant, by that I mean there is no good evidence that this occurred through your skill. In fact we expect around half of people to enter profit in their first few weeks, short term profit is not long term gains, gambling is a marathon not a sprint, even professionals may lose the vast majority of their bets but as long as they are winning more on the winning bets than they are losing on the losing bets they make money. Professional sports gamblers exist, but they are not the people that you think they are, they are hard working people who work longer hours than anyone else and experience unrivaled job stress, they need to bet hundreds of thousands per year, perhaps even millions just to make a decent wage, betting on sports long term you can never expect a profit of more than 10%, so you need to have a lot of money to make money and you need to keep the vast majority of your cash for betting. I make a modest amount with sports (although I don't actually expose myself to risk) and let me tell you it is not easy. Of 50 bookmakers that I originally signed up to only 10 still let me play, so professionals are also in a constant battle to have their bets accepted, for the true professionals I imagine this results in a migratory lifestyle. Is it possible? Yes. Is it likely that you are one of them? No!
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