How To Set Yourself Up For Betting Success
October 26, 2020
The legal sports betting industry is growing at an incredible rate.
Since the United States’ Supreme Court passed the decision that Nevada would no longer own a monopoly on betting and that each state had the right to handle sports betting however it deems fit, growth has been exponential. US sportsbooks have handled over 20 billion dollars since the May 2018 ruling.
- Now you know that there is a 10 billion dollar market a year still growing, but how do you take advantage of it?
Today we are going to talk about setting yourself up for betting success. However, you don’t need to be a professional sports bettor to earn a living from sports betting. Just like with fantasy sports, there are ancillary opportunities. The 2019 fantasy sports market was over 8 billion in the US alone. The ancillary market is well over a billion dollars, making up a significant chunk of the overall fantasy market. So, you could start a blog, provide video breakdowns, create data streams. The opportunities are nearly endless.
Beating the Sportsbooks Is a Process
Before we get into the steps, it’s critical to remember that winning at sports betting is a process, and there are a few philosophical things to keep in mind. The first is to remember that in most cases, you are not betting against or for a team. Do not lose sight of this fact. You are betting against the odds set by a particular sportsbook. This is why it’s important to have multiple accounts at the best sportsbooks to make sure you are always getting the most beatable betting lines. Second, this is a war of attrition. It’s all about the long-game. You are not going to beat the bookies in the long run by betting huge on random games.
On to the steps …
Step 1 | Build Your Bankroll
You are starting a sports investment business. So, treat it as a business. Figure out how much you can initially afford to invest into your business. This includes your monthly services expenses. Let me start by saying that some advanced data services are worth it … but purchasing picks are not. Every additional expense increases the win percent that you need to maintain to be profitable. If you have 1000 dollars to start with, that’s great. Use a few bucks to get a couple of monthly subscriptions that help you handicap and use the rest for your bankroll.
Step 2 | Set Business Parameters
In a perfect world, you need to win right around 53% of the time to turn a profit. The standard bookie rake or vigorish on spread bets and totals is around 4.55%. This is because the average price on the betting lines tends to hover around -110. This means to win $100; you need to risk 110 or win $10; you need to bet $11. So, when one person bets team A to beat the betting line and another person bets team B to beat the betting line, hypothetically, the book receives $220 dollars. One person wins, and one person loses; the bookie returns the winner’s money and gives them their payout using the other person’s lost money. But because of the odds, the winner only didn’t double their money, though close to it. In total, they return $210, their original stake of $110 plus their $100 in winnings. The bookie keeps the other $10 as a processing fee.
So, because you lose more money on a loss than you earn with a win, you have to win more than half the time. So, this goes back to the whole war of attrition aspect. You need rules.
- Your bets should not exceed more than 3% of your bankroll – typical is 1-3%.
- Set a min-max on how many bets you make per day, week, or month.
- Only bet on games where you find a definitive advantage over the betting lines.
- Create spreadsheets and track everything. Use them to adjust every couple of weeks.
- When you start winning frequently, don’t start betting more games or upping your unit-size. You’re winning because you are doing something right; don’t mess with that.
- Stick to these rules!
Step 3 | Have Fun
It takes work, handicapping lines, and finding sports where there is a definitive advantage. But have fun with it. Create a plan and stick to it and go out there and make a few bucks!