Best ways to make money with online gambling

Online gambling has had a hard time in the British media as many people who partake in the past-time don’t have the skill, patience, discipline and understanding to give themselves the best chance of success.

However, online gambling isn’t just a story of bankruptcy; there are many people out there who know what they are doing and know how to make a profit when gambling. If you are interested in taking it up as a means of getting more income, you need to do your research. There are places to go to find the very best sports betting odds, betting tips and betting strategies. Check out online comparisons such as WinningSportsBets, to help you on your way to a successful sports betting career. Here are some of the ways you can avoid the pitfalls of gambling and start making money…

Online Sportsbetting

Know Your Sport

You have more chance of making a regular profit from online sports betting than online casinos. This is because sports betting is much more focussed on skills and knowledge rather than luck. Trying to make a living as an online casino player would be very tricky; it’s much more likely that you’ll be able to make a living through online sports betting. This isn’t easy however (or everyone would be doing it). If you have good skills and a decent eye for a good bet, then you can do it. Sure, it’s tough, but people do it.

If you go to the basics, it’s as simple as joining one (or more) online sportsbook and start making correct betting predictions. That needs work though. First things first – you need to start off with a sport that you know the best; preferably a sport that you really enjoy, so you can start doing lots of research. Then, either come up with a betting strategy, or find one that works for you, so you can start accurately predicting outcomes and bet productively on games.

If you don’t choose a sports you know well, then you’ll be basing a lot of your bets on luck, rather than skill, which can spell disaster for a person who wishes to make a living from it. Sports betting is much more diverse than simply betting on who will win and who will lose. There are many other aspects of the sport you can bet on: the number of points / goals scored; number of fouls; number of aces; who scores first etc. The amount of possible betting options and possibilities are endless. The more in depth you go into the betting, the more research is required – but the higher the rewards.

If you were to bet on the possibility of Isner getting more than 3 aces in one tennis match, it wold require a lot more knowledge than if you were to bet on whether the total number of games played in the match would be odd or even. The first bet is to do with skill and research, the second is more about luck. The first bet would mean you would need to know about the strength of Isner’s serve, his ace history and also the strength of his opponent’s return. The more you know, the riskier bets you can make and the more money you can make. Whether there are an odd number of games or even, is simply luck. You may try and make an educated guess, but that’s all it is – a guess. That’s not to say you can’t make any money off of these bets, but they are unpredictable and unreliable.

Set Realistic Expectation

If you want to earn lots of money with no work – or very little effort, then you need to re-evaluate your ideas a little. You need to treat it as you would do a new start out business. Maybe have it as a side line at first and build up your bankroll – and your experience. This takes off any pressure from trying to make a living off it first of all. You can then decide when the time is right to start to try and earn enough to cut down on your regular job. Keep doing it this way until it makes sense practically and financially.

Find the Value

The only way to really be able to make money out of betting is by finding value bets. Value betting is the way to get the highest possible return from your wagering. The idea of value betting is as follows:

If you take a bet with odds of evens (1/1), then realistically you might expect to win half of the time. However, really, anything could happen – you could lose 5 tosses of a coin in a row. Having said that, over a larger number (i.e. 100,000 coin tosses), it’s much more likely to be an even split of head and tails – and it will be very close to, if not exactly 50% heads, 50% tails.

This means, that if you want to break even and get a return, you would need to make hundreds – or even thousands of bets. With this type of betting, you may go through a bad point, but in order for it to even out, you would need to carry on betting, as it is highly likely to turn around You will need to have patience and discipline in order to see it through from the bad times to the good.

A real value bet is when the odds don’t reflect the chances you feel your team / player / choice has. For example, if you believe that your football team has a 75% chance of beating its opponents, then its odds should reflect that and the odds should be around 3/1. However, if the books offer odds of 6/4, they are saying that they think the chances are 60%… so this is a value bet. The chances of the team winning are higher than the odds suggest.

You should only ever really make a bet if the bet is a value bet if you want to make a profit. However, to work this out you really do need to know your sport.

Take a Chance on the Underdog

This needs to be done carefully and with a lot of thought. This can be quite a risky strategy as an underdog is usually an underdog for a reason. Don’t simply go ahead and keep putting your money on every underdog in the hope that it comes though. Eventually it probably will, but you might have lost a lot of money in the process.

This is another reason you need to know your sport carefully. An example of this is in tennis. Rafael Nadal, the Grand Slam master and King of Clay, took on the lesser known and lesser titled Fabio Fognini. They were playing a head to head on clay, in the final of the Barcelona Open.

On paper, just looking at the overall facts, Nadal should be the winner. He has already won this tournament 8 times. Because of this, he was a huge favourite with the bookies. In fact, some backed him to win so much that he was given odds of 1/10. This made Fognini very much the underdog in the eyes of the bookmakers.

However, if you knew your sport and had done your research, you would know that Just a few months earlier, Fognini had beaten Nadal on a clay court when the faced off in Rio De Janiero. Also, Fognini had a pretty impressive record of beating top seeds. If you had known that, then odds of 8/1 seem worth a shot after all. In actual fact, he ended up beating Nadal in straight sets. Knowing your stuff and betting on an underdog would have made you some pretty decent profit here.

There are other times when this strategy works as well. If a top football team are playing in cup matches and they have a non-important game against an easy team, it may rest its top players. Here you have another chance to bet on an underdog as the top team won’t be playing its best, giving the underdogs a fair shot.

This is a strategy that needs to be looked at carefully. You need to know your sports, know the situation and know your chances.

Shop Around the Bookmakers

There are heaps of different bookmakers out there. Many offer different odds and promotions. You don’t gain anything by just sticking to the one religiously. Obviously bookmakers will reward loyalty, but don’t be fooled into thinking that’s the best way to get the best deals. You still need to shop around.

Using comparison websites, such as WinningSportsBets, you can check all the offers and odds available for certain bets. For example, if you pick a market such as ‘first goal scorer’ in football, lots of different bookmakers will have lots of different odds and offers. It’s definitely worth looking out to see where you can get more for your money. You need to look at all the different offers to see which one suits you best.

Don’t Go OTT

It may sound obvious, but don’t go OTT with your selections. The fewer you have, the more likely you are to be successful. Obviously, sometimes you read stories about someone who places a small bet on a 20-fold accumulator and a miracle happens. However, that’s exactly what it is… a miracle. This is unlikely to really end up as anything but a waste of time and money.

Gambling to make a long term profit is a bit like losing weight – you don’t go out to do it all at once, you have to work on it bit by bit. You need to go for plenty of small wins as opposed to one huge one.

However, if you do fancy putting your money on a long shot, for whatever reason, do not try and give yourself a bigger accumulator by picking lots of odds on choices. If you do this, not only are you decreasing your chance of actually winning your accumulator, but you’re not even increasing your win my much.

Imagine you are betting on Wimbledon. In the early rounds, there are many top seeds against unknown players. It might seem like a great idea to bet on all of them together in a multiple bet and win some easy money, but that would be a bad idea. In the world of online sports betting, tennis is famous for giving bad prices on match betting. Therefore, if you put a ten-fold bet on these ‘obvious’ bets, you may still only get odds of 3/1. Then, there’s the chance that one will fall through. It would be much more sensible to find a player with potential and favourable odds and put one bet on them.

Maybe Try a Less Popular Sport

Bookmakers offer far more sports these days than just football, tennis and horse racing. Many offer odds on over thirty different sports, many not very popular in the UK market. Because of this, there may well be sports that they don’t know that much about. Consequently, their odds may be off – meaning you can take advantage.

An example of a sport that is currently good to start betting on is Mixed Martial Arts (MMA).It’s becoming more and more popular on television and is becoming easier to research as a result. Bookmakers don’t have the time to research everything in depth and as such can make big mistakes.

An example of this is when Ronda Rousey, the world Bantamweight champion, fought at UFC193. She was declared to be the strong favourite against Holly Holm, who was getting odds as high as 9/1 for a win. However, if you took time to look at both fighters, you’d see that these short prices weren’t reflective of her skills. Holm was actually a boxing world champion and Rousey had quite weak striking skills. Also, despite Rousey’s strength being judo, Holm had managed to defend all of her take downs.

Looking at the actual facts, this was never going to be a one sided fight as the odds suggested, so even if you got last minute odds of 6/1 as the fight started, that would have still have been a bargain. You’d not only have got a value bet, but a winning one at that as Holm knocked out Rousey in two rounds.

Money

Ultimately, it’s all about money management. You need to be completely disciplined. You should only ever bet what you have put aside for your wagers. You need to set yourself limits and stick to it. If you say £50 a week, stick to it at all costs. This means you should never fall into the common trap of chasing your losses. Everyone goes through bad streaks; you just have to ride it out. If you plan your money carefully, you’ll never lose anything you can’t afford to.

Ultimately, betting for profit is a game of skill and patience. It’s tough and it can be complicated, but it is possible. You need to invest time and money if you want to succeed. You need to be totally disciplined, do your research, do your maths and check all around all of the best bookmakers.

Just remember, if it was easy, everyone would be doing it. It’s all about research, tactics, strategies, tips, value betting, time and patience. Get all that and you can gamble your way to a living.