Sports betting across the globe has seen an explosion of interest and a boom of inactive members wagering on sports from all corners of this great planet of ours. It is both challenging and hugely thrilling. With the advent of online betting, it is now totally mobile. Sports betting pits the lounge room sports fan against the professional bookmakers and unlike real sports, the pros do not have it all their own way.
Can you make money betting on sports? Yes, it can be lucrative. It is not easy and the amount you can potentially make is dependent on your bankroll, risk appetite, strategy, discipline, and ultimately success rate. The income can be inconsistent. Unlike many other side hustles, you can also lose money betting on sports. Read on to learn more mgwin8.
Many a confident rookie bettor has blown their hard-earned cash in a weekend, by blindly betting on sports, without much forethought, no bankroll management, and with virtually no strategy. The lure of quick cash has taught them a painful and possibly expensive lesson.
Thailand Sports Betting Sites
If you’re a citizen, visitor, or resident of the great red, white, and blue, you’ll want a real money sports betting site that caters to Thailand citizens. As we saw in the previous section, certain sports are more important to people from Thai.
One of the biggest differences you’ll see between a Thai sports betting site and, say, a site from Thailand is which sports are prioritized. Usually, this is the แทงบอล vs football debate. And while we do love betting on soccer, you can see statistically, it’s not the most important to Thailand by a mile. Thailand betting favor promotions, betting lines, and special programs built around sports like football.
How Much Money Can You Make Sports Betting?
In many ways, the sky is the limit when it comes to the earning capacity of successful sports bettors. Sports bettors range from the ultra recreational, who may only bet a couple of times per month, through to the full-time professional, who turns over enormous sums of money year on year. This is what makes sports betting such an enticing side hustle. You start small looking to make a few bucks and there is no saying where you may end up!
The real question should not be, “how much one can you make?” but more like “how much money are you aiming to make?”
A side hustle is about making some useful supplementary income that can be directed towards improving your lifestyle. The sports betting industry is really about entertainment, but that changes a little when you approach it with the view of having to consistently make money. All of a sudden bets need to be calculated, considered and therefore less impulsive.
All things considered, it is possible to make something like, say $50 per week, betting on sports without having to negotiate too much of a learning curve. Yes, you did read correctly, you can make money betting, the house does not always have to win. Unlike many forms of casino-style gambling, sports betting incorporates a mix of skill and luck. The more you hone your skills, the less you rely on blind luck (it does help though). Of course, with anything new, there will always be challenges along the way, bad beats, bad luck, and some bad decisions can lead to some lean weeks. Hang in there, this thing has potential.
If you see your side hustle as a way of lifting yourself to a next-level kind of existence, then sports betting can deliver this as well. Just know, getting to that point takes time, dedication, a sizable starting bankroll, better than average math, a dose of experience, and a fair share of bumps and bruises along the way. There is a high attrition rate among potential big-time sports bettors. It’s not for the faint of heart but that doesn’t mean it shouldn’t be an aspiration.
How Much Money Do I Need to Start Sports Betting?
There is no real minimum amount of money needed to start sports betting. Bets can be placed for as little as one dollar. The issue is, making money off betting is all about percentage yield. That is, what percentage of your starting stack of money can you return in profit. No bettor can expect to win every bet, or even most of them. Sports betting is really about grinding out a consistent margin.
It may seem logical that to break even, a sports bettor would need to win 50% of the time. Unfortunately due to the bookmaker’s juice, the break-even threshold is actually more like 52.5%. A 55% win rate (11 out of every 20 bets) on bets paying -110, using the same bet size, produces a surprisingly good return. If you maintain that sort of strike rate over time then you will return a tidy profit of somewhere in the vicinity of 15% on of your betting turnover.
Betting in cash is much harder to track and the responsibility is on you as the bettor to report any winnings.
The problem with betting in cash is the time cost of having to physically go to a retail sportsbook. For many bettors, there is little attraction in traveling out of your way to place a series of bets and then going back again to collect winnings. The sports betting industry has matured beyond that old-school approach.
What is Your Winnings Goal?
A way to maintain focus and discipline when betting is to keep the bigger picture in mind. You may have already decided on what that bigger picture is and hence you are on the lookout for a useful side hustle. Maybe at this point, you are just on the lookout for extra money to open up your lifestyle options. Regardless of your own personal reasoning for taking up sports betting, having an endpoint, or at the very least a checkpoint that focuses you are all important.
A bigger picture goal may prevent you from thrill betting, where you just throw money on an outcome for the heck of it without consideration, or it may stop you from getting too big a percentage of your bankroll and risking a major blow to your account.
MGWIN8.CO established itself as the go-to source for all things online gambling in Canada. Serving the casual Canadian player since, MGWIN8.CO built a reputation of providing the most comprehensive information there is, be it online wagering on sports or casino games like blackjack, roulette, table games, video poker, or slots. Most importantly the portal offers impartial reviews of Canadian betting sites and various listings and rankings of providers. A wide range of topics like the ins and outs of betting on particular sports or using specific payment methods are also covered, all from a Canadian user’s point of view.