How to make money from betting and is it realistic

Those who are considering starting to gamble at bookmakers often believe they can make betting their main source of income. However, there are not many real stories about friends and relatives who have been supporting themselves and their families solely through betting for a long period of time. Instead, we constantly hear about mythical profit figures with references to 1 to 5% of bookmaker players who are consistently in the black over the long term. And the thought creeps into our minds, ‘Why can't I be on this select list?’ Some even start comparing sports betting with other online options, such as trying their luck at platforms like Wanted Win no deposit bonus, which present gambling more as entertainment than a reliable source of income. How simple is it, and is it possible to make money from betting? Let's try to consider some points.

Love of sport and earning money from betting

Thoughts about possible earnings from wagers most often arise in the minds of those who are interested in sport to one degree or another. However, in reality, it often turns out that enthusiasm for a particular discipline and thorough knowledge of all its intricacies are not a guarantee of success in this field. After all, this business has its own specifics, its own peculiarities and subtleties associated with numerous concepts. And they need to be studied in the same way as a particular sport.

Undoubtedly, knowledge of the specifics of sports is important, at least in order to avoid falling into the trap of calculations at bookmakers. However, this will not be enough for a full-fledged game and possible earnings.

Risk-free betting: myth or reality?

The term ‘risk-free bet’ is often encountered on the Internet. Bookmakers use this phrase in their bonus promotions, offering customers the chance to register and place a free bet. There are also fraudulent schemes involving the sale of predictions and fixed matches with a guarantee of almost 100%. Numerous Telegram channels, social media groups and other social networks are full of offers to sell predictions. This is where beginners in sports betting face a huge risk of losing their money — and not only on the purchase of the prediction, but also directly on the lost bet. Most of these services are just a way to make money online, nothing more. And the money comes from trusting customers.

In reality, of course, a risk-free bet is more of a myth than a reality, because betting itself is closely associated with risk (which, incidentally, is partly why it is so attractive). There is an opportunity to come out ahead here — that’s for sure. But there is no point in talking about the absence of risk in this pursuit. Let’s briefly consider the main ones.

The risk of losing your betting bank (losing)

No matter how thoroughly a player understands their sport, there is no such thing as a ‘100% guarantee of winning’ in sports betting. There are countless examples of clear favourites losing, even when the odds of them winning were less than 1.10. In 2019, at a Masters tennis tournament, Novak Djokovic played against German tennis player Philipp Kohlschreiber. The odds for the world’s number one player to win before the match were 1.04. However, this did not prevent Kohlschreiber from winning in two sets with a score of 6:4, 6:4.

No bettor is immune to force majeure circumstances that occur during matches: player removal, injury, referee error, change in weather conditions.

Here, we should also mention the concept of ‘settling,’ when even the most experienced bettors experience unsuccessful betting streaks, and their gaming bank decreases, ‘shrinks.’

The risk of becoming a gambling addict

Sports betting is a game. And in any game, there is always the risk of crossing a certain line when a hobby becomes an illness. In the case of betting, this is not uncommon. And this illness is especially dangerous because of its connection to serious financial losses.

The risk of losing your hobby

Before placing their first bet at a bookmaker’s office, a person was passionate about a particular sport, watched matches with interest and cheered for their favourite teams. Betting can ruin this, because the focus shifts from the game itself to winning a particular bet.

Therefore, it cannot be said that risk-free betting is a reality. However, it is not all doom and gloom. There are many ways to minimize risks.

How to reduce betting risks and win more often?

Risk and sports betting are inseparable concepts. Neither experienced cappers nor beginners are immune to this. However, the difference between them is that professional players know numerous ways to reduce the risk in betting. Let's look at some options that will help you keep your gaming bank afloat and, if possible, increase it.

Set aside money for your betting bank that does not significantly affect your financial well-being

These should be funds that you can afford to spend on entertainment and not regret losing.

Use a cautious and comfortable betting strategy

There is no single financial strategy for managing your bankroll that is optimal for every player. Experienced bettors recommend using no more than 1–3% of your gaming bankroll for betting on a single event. Under no circumstances should you bet your entire bankroll, even on a sure thing, a ‘bank’, or a ‘steel’.

Bet on what you know

The gambling market and bookmaker lines are saturated with numerous offers for placing bets. It is impossible for one person to cover everything in full. Experienced bettors have their own set of sports, leagues and teams that they know a lot about. Obviously, such suitable events will not take place every day around the clock. But with bookmakers offering events non-stop, it is very tempting to bet on something you don't fully understand, just to place a bet. This should be avoided, as it is not easy to immediately understand an unfamiliar sport or championship.

Set yourself a maximum bet amount for each day of play

Gambling is a road to nowhere. However, even when using a cautious financial strategy, it is worth setting a daily limit for yourself. This will protect you from emotional attempts to win back your losses immediately after losing. For example, with a total bankroll of 1,000 hryvnia, you can set a maximum threshold of 80 hryvnia for bets during the game day.

Do not bet on obvious mistakes in the bookmakers' lines

When there are obvious mistakes in the line (for example, teams and odds are swapped), such bets will most often be returned. In the worst cases, the bookmaker will block your gaming account.

Choose a reliable bookmaker for betting

The reliability of a bookmaker is not only attractive odds and a large selection of available options, but also a guarantee of payout. We recommend using legal bookmakers for your wagers.

Is sports betting a game or a way to make money?

So, how should we view sports wagering? First and foremost, this activity is a game that arouses interest, gives you an adrenaline rush, trains your brain and allows you to distract yourself from pressing problems. You can win in any game. In this case, the winnings will be expressed in a kind of cash bonus, additional income.

It is not worth treating wagers on sport as a permanent and sole source of income and a way of earning money. It is impossible to imagine this sphere without risk. You can only minimize possible losses, but nothing more. And this seriously jeopardises the possibility of earning a stable and regular income and providing for yourself.

But what about that small percentage of successful players we hear about all the time? Has anyone seen accurate and specific data or statistical calculations on these players? Perhaps it is beneficial for someone to maintain the hope that ‘who, if not me, will be among the chosen ones’...