Just wondering if there's anyone who's on here that makes a living solely from betting on sports? Do professional punters exist?
I'm a bit skeptical about profession horse punters, just seems too unpredictable, but feel free to prove me wrong on that...
I think sports betting could be profitable though...
I know someone who is obsessive about horse racing and makes some decent money doing it. Not a living, but its his passion.
I went to Balmoral and Arlington a few times with him and it is kind of magical. Some people really can pick the horse that is going to win.
I work in a casino. Gamblers are easily the lowest of all human filth. The casino business model is bulletproof but I still hear people claiming to be professional gamblers. They seriously live feast or famine all the time and put in twice as many hours as you would at a normal job and still lose all the time.
I just don't think it can be done, unless you already have a lot of cash as a safety net. And if you have a lot of cash, why bother risking?
Betting can only give you an extra bit of cash on occasion, you absolutely cannot rely on it. Sometimes you've got to be brave and lump a heavy stake on something and maybe two out of ten times it'll come in.
Hmm valid point, I've heard that being said a lot. But I don't really understand it. By betting on something that I'd consider value would obviously have lower odds of winning than the favourite, so why not bet on something I'm sure is going to win?
yes I make a fortune from it, I own a bookies and tons of wastrels and degenerates come into my shop everyday and just basically hand we over all their money based on pure delusion
the value thing works at high volumes. You'll have a lot of losers, but ultimately value trumps all if volume is sufficient.
In any case, there have been a few sports betting hedge funds that launched and failed. I'm sure that some people have made a good living on it but
1) at some point it almost certainly turned against them catastrophically
2) they may have just been lucky and didn't produce the sort of volume necessary to confirm long-term success.
You ever been sure of something? If so I take it you put your house, car, and kids' inheritance on it yeah?
Knowing that you don't know is powerful.
If I back a team at 2.50 that I think should be 2.00 it's value. If I back a horse at 26.00 that I think should be 15.00 it's value. The price compared to the favourite is irrelevant.
In simple terms.
Take 5.00 bet. You put $1 on it and you get $5 if you win. Statistically you're supposed to win 1 in 5 times, and so if you do this bet 5 times in a row, you'll break even. (In reality it's designed so you lose a bit but this is just an example.)
However if there is a bet at 6.00 when you know it's worth 5.00, then it's value. It'll happen 1 in 5 times statistically, but when you hit that 1 you'll get $6 back, meaning you made a $1 profit just by betting on the value.
1 in 5 is more likely to lose, but you're still gonna make money on it if the volume is enough and it's value.
I made this for like three months, when i had no job
Didnt make much money, just enough to pay my rent/bills and buy wood
End the end of the month i had less cash than minimal wage jobbers
Not a good way to live tßh
i took it seriously for a few months, although i was working full time
wasnt worth even close to being worth it, too much stress
having hundreds on a bet, when it wins you dont even enjoy it, you just feel relief, as opposed to joy
I read a statistic about regular betters
90% are in minus with cash from bets
5% are even
3-4% are in a little plus
1-2% can/could make a living of it
But these 1-2% probably have enough money so they dont need to rely on it
In order to be successful, you need a combination of skills/assets:
1. Money management
2. Sufficient bankroll
3. Math skills (statistics, probability)
4. Ability to spot value (i.e. in depth knowledge of whatever sport you are betting on)
The reason betting on sports can be profitable is that you are actually betting against the general public. You're not betting against the house. The odds are based on the public's betting trends. You simply have to be smarter than the "average bettor".
Another key skill that the average gambler doesn't have is money management. Even if you consistently find high value bets, if you have too much on a losing bet, or too little on a winning bet, you will end in the red.
Exactly, you basically have to win 50/50 bets 53% of the time....possible if you're a math autist and sports data expert, but very difficult in the long-term.
Nate Silver ranked the best pro gamblers ever, and it was some dude who only bet on the NBA and won 57% of the time.
I made over 18,000 USD last year in a London casino. I know you won't believe me, but it's true. Best part is, I was playing red/black at the roulette table - European wheels only have 1 green instead of two and if you bet red/black and it lands green, you only lose half your bet. It's like they want me to win. Sure, I know I can't "make a living" off gambling, but here's how I've made a shitload of cash. I'm up at least $15K over the last few years when I started gambling, probably more than that.
1. I don't drink. Obviously a huge advantage.
2. I only play the best odds: betting the 1:1 on the roulette wheel or blackjack.
3. I only start with $200-300 and know I'm going to either lose everything, or at least double or triple up.
4. I don't play for entertainment. The longer you play, the worse your odds. I get in and out quickly.
5. Bet big. I'll bet at least $50 and usually $100 when playing these (almost) 50/50 games. If you're betting small amounts, it's just a matter of time before you lose it all and your winnings will be minimal if you do happen to come out on top.
6. Fuck sports betting. It's too easy to be biased, even if you aren't aware of it.
Pic related, my winnings in London.