Ah, yes. The age-old question: Is sports betting a good way to make steady money or not? We really love this question because it demands answers, and serious answers for a serious question is just what we have.
Serious Business
First of all, many people think sports betting is a good way to make steady money as sports betting is big business now. Since the Supreme Court overturned the PASPA and essentially legalized sports gambling from state to state, statehouse after statehouse has been hustling to get their industries to market and collect on the tax revenue.
This, of course, has led to a huge explosion in the market in every way. States like Pennsylvania are all in on sports betting, with sportsbooks trying to draw in new bettors with bonus codes and offers.
They have plenty of options in the Keystone State. With the popularity of sports betting growing every day, someone sure thinks it’s a good idea.
Short Answer: Yes
How’s that for an answer? Of course, it is going to come with a few caveats. After all, gambling is built on risk and, depending on just how you wager on sports, it can be very risky. That said, people have been gambling professionally for decades, and there is just no way those people are all lucky.
There is a way to gamble on sports and make money consistently enough to where it is your job. You will find much written on the subject, and some advice is far better than others, but knowing for a fact that you can make steady money sports betting is the first step.
The key is to learn how and, to do that, you’re going to have to ask yourself a question.
Why Are You Gambling On Sports?
Money is always the first answer to this seemingly easy question. However, you should hone your answer before you even start. When you picture yourself winning money sports betting, what does that look like?
Are you partying after another big win? Throwing around money as if you just hit the lottery? Well, if that’s what you think it looks like, are you in for a surprise.
Winning steady money and building your bankroll is the goal. What does that look like? Well, it probably looks exactly like your life does now.
Unless you are a very rich person, you are not going to win a large windfall of money sports gambling. And, if you’re already a rich person, why are you gambling?
If you want to make steady money, you have to go about it as another job, where you start small and work your way up. If this hasn’t been happening during your time sports betting, then you are a recreational sports gambler and lightyears away from making steady cash.
Manage Expectations
To be sure you don’t become just another recreational gambler, you have to manage your expectations. Set goals and reach them. These goals have to be realistic, and you’re going to have to be disciplined.
Making steady money requires low returns initially as you build a bankroll that is able to maximize your wins and limit your losses.
Winning streaks and losing streaks are a part of every sports gambler’s life. Simply knowing this is how you don’t get discouraged and continue with the proper expectations.
Manage Your Bankroll
If you want to see a steady return on your sports betting, you are going to have to be able to manage your bankroll. The first step in managing your bankroll is simply creating it. Whatever money you put aside solely for sports betting is your bankroll.
You are to do nothing else with this money, and it must be completely separate from all your other money. This sounds so simple, but it is of the utmost importance.
Manage Your Wagers
Once you’ve established your bankroll, you want to see it grow, and you do this by managing your wagers. You should only be wagering between 1% to 5% of your bankroll every wager. It is also wise to limit yourself to so many wagers in a day or week or even month.
Being consistent in these two factors is very important to your bottom line. You want to be winning much more than losing, and knowing exactly how much you may win or lose helps not only build your bankroll but protect it.
Don’t Chase Losses
Not chasing your losses is the oldest rule in the sports betting book and may be the most important. If you’ve hit a bad streak and find yourself trying to win back all the money you lost in one bet, that’s chasing.
If you find yourself wagering more than 1-5% of your bankroll, that’s chasing. If you are betting on more games a day, week, or even month than you’ve limited yourself to, that’s chasing.
If you are betting on a sport you know nothing about, that’s some serious chasing. Chasing losses is a dead end that will quickly empty your bankroll. You just can’t do it. Stick to your rules and wait for the losing streaks to end.
Develop a Wagering System
You’ll want to have a system in place for every aspect of your sports betting endeavor. This could mean only taking favorites at home after a loss or always betting against the New York Knicks. While both of those are pretty strong systems, we are again referring to your bankroll.
A good rule is to bet more when you are ahead and less when you are behind. The best way to calculate this is via your bankroll. Let’s say you like to wager 3% of your bankroll on every wager.
If you find yourself up, increase that amount to 5%. If you are down, decrease it to 1%.
This helps you maximize your profits and minimize your losses. A system to help you pick winners and losers is great, but a system to help you wager is better.
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