Over 20 states have legalized sports betting since the Supreme Court struck off PASPA Law May last year. If you have always dreamed of betting on football but lacked time to travel to Las Vegas, you have more options today.
But how profitable is sports gambling? Can you make a living out of it? Experts believe it’s possible. And while very few gamblers admit to being professionals, some people pay their bills by beating the bookmakers.
Take William “Bill” Walters, for example. Although a controversial figure, the 73-year-old has made more money off sports betting than many athletes make in their lives. In his decades-long career, Walters had wagered hundreds of millions of dollars, and he’s managed to keep profitable records over the years.
He’s currently not gambling after he got convicted of insider trading in December last year. But during his prime as a sports betting magnate, no one outsmarted him. Even bookies reportedly used to study Walter’s methods.
His employees also tried to copy him endlessly. And while few people may ever earn as much money gambling from sports as Walters, he is proof you can make millions betting on sports.
Of course, there’s no denying that plenty of gamblers lose their money. It’s a high risk game, after all. But what would it take to become a professional sports bettor?
People like Walters are gambling geniuses. But you don’t have to be a genius to become a professional gambler. Instead, you need to win 53% or more of your bets to become a profitable player. Studies show that less than 1% of American gamblers have consistently profitable records.
That means cracking 53% of your monthly bets isn’t a meager achievement. It asks for excellent match analyses skills. You need to have an unwavering work ethic and the kind of commitment only someone passionate about their job possesses.
Being able to keep profits also asks for a lot of dedication to better your skills. ESPN reports that despite Walters’ age, his close associates know him as one of the most professional people they’ve known. He rose from humble beginnings in Kentucky, and to date, he works as hard as he did when he was an orphaned teenager.
Bet on Reliable Bookie Sites
Bookies love players who lose more than they win. So if you want to stay at peace with betting platforms, choose the best. You don’t want to get kicked out of casinos and bookmaker sites every month because you win so much.
You also want to get quality customer support, fast payments, and competitive betting odds. These are services you can only find by wagering on the best betting sites (2019 update). Many career gamblers, including Walters, use multiple bookmakers to bet.
First off, using multiple bookies help you compare their odds and choose the best. It also allows you to compare the quality of their services and have a backup option when in need. In the case of high rollers like Walters, betting on multiple sites enables you to avoid scrutiny from the betting companies.
Walters, for example, has a network of employees who execute orders at his request. They carry thousands of dollars throughout Las Vegas and place wagers precisely as directed.
Be Disciplined and Patient
Former TV scriptwriter and professional gambler J. Miller says gambling asks for a lot of patience. In an interview with the New York Times, Miller once admitted to losing all his weekly bets back in 1985. For a beginner, losing an entire week’s wagers can cause enough demoralization to quit the profession.
To avoid losing consistently, Miller says you also need to figure out the ins and outs of gambling. Patience is not enough, according to the former gambler. It is essential to understand how to bet professionally if you want to reduce your losses.
Discipline is also vital for a professional. You could win all your wagers one week, but that doesn’t mean you should wager all the money the next week. The way to making a living through gambling is to win small amounts continuously. That way, you’ll always have profits to clear your bills and sustain your family.
Have Strategies and Goals
Professionals don’t bet on impulse. They have strategies of how to find good betting markets, data to use, and how to bet. Unlike amateurs, who may wager on a team because they love it, professionals place bets based on facts and statistics.
With football, basketball, and soccer, bettors analyze records about team injuries, form, motivation, and other pieces of information. If one game doesn’t meet their criteria for a good wager, they find another one.
Professional bettors also use goals to guide their careers. The average professional wants to make a particular amount of money per month. They also have a target with each bet. Usually, smart gamblers aim to earn more money than they did in the past. That keeps them occupied with how to improve their skills to magnify their profits.
Keep and Use Records Wisely
A wise business person always keeps records about their profits and losses. After a while, they go through these records to evaluate their track records. Professional bettors also keep records about their wagers to help improve their future performances.
It is easier to know which data doesn’t affect betting outcomes if you have used the information in the past. You also need the records to analyze your bets and learn which perform better than others. After all, your past mistakes can help you make better ones in the future.
Additionally, you need the records for tax or legal reasons. Professional gamblers in the US can ask for tax deductions if they prove that betting is their primary source of income. In the UK and some other companies, gamblers don’t pay taxes.
Although many people wish they could make millions of dollars through sports betting, very few of them do it. Being a full-time sports bettor is, after all, a challenging career that involves risks and losses. But by following some of the tips shared above, you can become a better sports punter.