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How to make money from betting? What are the strategies and how to use them?

Sports betting can be fun. The chance can immerse you in a game you’d otherwise find boring, test your knowledge, and call out your gut instincts. But whereas just placing a bet is fun, just for the chance, making money while betting is even more fun. Every bettor tries to find a winning strategy. Maybe you heard about people who turned their hobby and knowledge into a business and want to know what they do. In this blog, we review tried & tested strategies and tips from various experts to help you navigate and profit in the betting world.

Arbitrage betting – always make money from betting

This is a 100 % guaranteed method to make money from betting if done right.

The arbitrage method involves placing bets on all possible outcomes of an event across different bookmakers to secure a profit regardless of how the event plays out.

The key is to act quickly on disparities in odds offered by two bookmakers. Arbitrage is possible because some bookmakers take longer than others to adjust their odds due to live events or new information. So, for example, there is a tennis match and the favorite gets ill 10 minutes before the start and now the underdog is the real favorite. Maybe Bookmaker A updated the odds instantly to reflect this while Bookmaker B still hasn’t done so. This is a great way to make money.

The margins are small, and there aren’t any guarantees that bookmakers won’t consider this an exploitation, and just limit your account but if you do it right, this makes money every time.

How to make it work?

To execute this strategy effectively, you will probably need software that monitors odds in real-time (it’s not free). Also, you need accounts on numerous different bookies, which is time-consuming. There also aren’t any guarantees for any disparities to occur at fixed times, they can happen at random.

Bankroll management – the key to all strategies

Managing your bankroll isn’t necessarily a strategy but rather a pillar, a main ingredient to every other strategy. It‘s super important to do this if your goal is long-term profitability.

The rule is to only bet what you can afford to lose and spread your bets to manage risk properly.

The most common bankroll management strategy is counting 1 to 5. In this strategy, 1 is the lowest confidence event and 5 is the highest. The number reflects the percentage of the total bankroll you should place on the bet.

  • 3 points means 3% of the total bankroll
  • 5 points means 5% of the total bankroll

Advanced strategies include dynamic unit scaling based on perceived value and creating multi-tiered bankrolls for different risk levels, but that’s something for a different blog.

Public sentiment exploitation – something for real experts

Sometimes the media and the public perception of a sporting event can be totally out of sync with reality. For example, the Los Angeles Lakers are arguably the most popular NBA team. The same goes for the Dallas Cowboys in the NFL. What happens especially during the off-season or after a winning streak is that the abilities of these squads can get over-hyped tremendously.

With more money coming in to bet on these squads, bookmakers have to adjust their odds to balance bets on either side of the market. By understanding which side the public is heavily favoring (in simpler terms – what’s overrated and over-hyped), you can identify great value bets.

This is sometimes called contrarian betting, or betting against public sentiment. It can be highly profitable, especially if done just before the game starts when the public sentiment is strongest. However, you must also be in the loop about certain sporting events in order to pull this off.

Playing & Parlaying – small bets turn into big wins

A lot of people like to place small bets on events that aren’t all that likely to happen. Why? Well, because if they win, a mere 10 $ bet can turn into 100 $, 1000 $ or more. Generally, this is a low-risk, high-reward method.

Parlays involve combining multiple bets into one, where each selection must win for the parlay to pay out. So, for example, there are 4 UEFA Champions League games happening tonight. You have picks for each of these games. Generally, you’d pick just one and see how that plays out.

But if you think that, for example, Manchester City, Bayern Munich, Real Madrid, and Porto are all going to win, you can combine the bets into one large slip (parlay) and see your potential rewards quadruple.

This high-risk approach can lead to big rewards. However, the difficulty lies in the need for every part of the bet to succeed since a single loss defeats the whole parlay (some betting companies do offer cash out after each event).

We recommend approaching parlays with caution, and not giving in to excitement too much.

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