Many people have a dream of making money betting on sports. Wouldn’t it be nice to supplement your income with some quick and easy cash? Just a few hundred a month would make your life so much easier. Well if you read this guide on how to make money betting on sports by avoiding very common errors then you will be well on your way.
Let’s start with the basics. If you don’t know what you’re doing, then you’re not going to make money betting, you’ll lose it, and fast. I’m not talking about the punters that like an accumulator bet at the weekend or a little bit of interest in a football match that’s live on TV. I’m talking about the people that feel they can make regular cash from betting but getting nowhere fast.
Here I’m going to explain the biggest causes of continual losses when it comes to betting, the kind of stuff that will relieve you of plenty of cash if you don’t address them and correct them. If put into place, you’ll see your profit margin soar. By the way. Betting is not easy, but the following information should help you on your way to making some money.
Separate your Betting Money
One of the biggest mistakes people make when trying to make money betting on sport is that they don’t separate their betting funds from their everyday money. Big error. If you plan to make regular money then you will need a designated ‘betting bank’.
This money will be used for betting only and will not be mixed with everyday expenses, neither will it be touched to pay for anything else. If you don’t sort this out early then you will never know exactly where you stand and will never truly know if your betting is profitable in the long run.
Be Disciplined when Betting
Most of us are guilty of this at one stage or the other but it’s something that needs to be addressed and nipped in the bud very early. There are all sorts of tempters out there that make us lose our betting discipline. Here are a list of the most common:
- Betting on something you don’t really know about (impulsive random bets)
- Betting too much of your betting bank on one bet (over-staking)
- Chasing losses (trying to win back lost money too quickly)
- Betting when under the influence of alcohol
- Placing large accumulators rather than single bets
Now lets just look at the above in a little more detail.
Betting on something that you don’t really know about is quite plainly a bad idea, but something that many people do. Looking at the odds of something and then betting accordingly with no knowledge is a mistake. These kind of bets are normally placed when there is not a lot happening and bets are placed just for the sake of it. Stick to what you know and don’t waiver.
Another thing that people get wrong is the size of their bets. If you have a designated betting fund of £500 any stake over £25 (5% of total available) is quite literally too much. Losses will occur no matter who you are and you have to prepare for them. Over-staking will damage your funds severely. A staking plan is a must.
Chasing losses occurs when you are overrun by negative emotions after a loss or a losing period. Rather than remaining calm and waiting for the next good bet, many get drawn into placing unreasonable bets with amounts that are too large. Taking a break when you get these feelings is an absolute must. Know your emotions and deal with them. Chasing will get you nowhere. How to make money betting? Take a break and do not chase lost money.
“Know your emotions and deal with them. Chasing will get you nowhere.”
Betting while drinking alcohol is a complete no-no, but I’d imagine you know this already. It alters our thinking, loses our inhibitions, and ultimately loses our cash. How to make money betting? NEVER bet while drinking.
Another way of drip feeding the bookies is by making one selection too many. Accumulators should be recreational bets only that require small stakes, most definitely not the kind of bet that can offer regular returns. I’ve been in a position where I’ve found a nice looking double bet but ended up adding another selection to make a treble, purely because of greed. This is not the answer. Want to make money betting? Don’t get greedy.
Make Money Betting on Sport
Good habits take some getting used to, but when followed it will most certainly improve your fortunes. Here is a checklist of things that need to be followed to make the most from betting.
“Wise betting consists of good habits, discipline and a staking plan”.
- Separate your funds. Have a designated betting bank and don’t dip into personal money.
- Stick to a staking plan. Never have more than 5% of your total betting bank on one bet.
- Don’t chase losses. Losses are inevitable. Don’t let them affect your thinking. Take a break when you feel negative emotion.
- Stick to the sport you follow and know well. Don’t bet blind on things you have no knowledge of.
- Don’t even consider placing a bet when you are drinking alcohol. It’ll all end in tears once you’re sober.
- Don’t be greedy. Leave large accumulators alone unless it’s small recreational stakes.
- Be selective with the bookmakers you choose. Staying loyal to just one bookie is like throwing money away. Always take the best price available.
In my experience of betting I’ve learnt a lot about how bookies operate and have been on the end of suspensions and account closures for a number of reasons. With this in mind, I can highly recommend the following bookmakers which I believe are the best to use to make money betting on sports, I won’t bother mentioning the bad ones.
If I was told that I could use just one bookie then I would choose Bet365. Their range of betting markets is amazing and they have the best in-play betting options bar none. If betting on football (mainly asian handicap markets) you will find that day to day they will have far more games available to bet on than other sites.
Bet365 also have an amazing amount of live streaming sporting events making it far easier to make money. I’ve always found it much easier to win on something that I’m actually able to watch and get a feel for.
Another great little gizmo from Bet365 is their live stats function. This is also available on their mobile betting app. While events are in-play you can see exactly what is going on. For instance in a football game you are updated on how dominant a team is (number of dangerous attacks, shots on target etc).
Paddy Power are another ‘must have’ betting account. Aside from their £50 free welcome bet and cash back promotions they offer some truly amazing odds, some of which are way out of line with other bookmakers. Some of their in-play prices are head and shoulders above the competitors.
If you tend to stick to horse racing and football then you quite simply can’t go wrong with Paddy Power. Generous odds, price guarantees, and an easy site to navigate to boot. If you want to make money betting then these guys should be part of your betting portfolio.