Sports betting has grown to become one of the most popular hobbies for sports fans. Betting serves as a way to socialize, reduce stress and enjoy the whole game. Besides all these, sports betting can also earn you some passive income. And with the advent of professional tipsters these days, you can improve your betting success rate.
However, the question on most gamblers’ minds is whether one can make a living from betting. This has often been a divisive topic in the betting industry. This article weighs in on this debate to discuss the possibilities of becoming a professional punter.
Who is a Pro Bettor?
First, let’s define who a professional bettor is before embarking on this journey. A professional punter is a seasoned bettor who places bets like their lives depend on it. These betting enthusiasts spend nearly all their time researching the most valuable opportunities. The idea is to maximize their profits and pay off any pending bills.
A casual bettor, on the other hand, is someone who gambles for fun. This category makes up the majority of most sports bettors worldwide. For a casual bettor, betting adds thrill to their favourite game and possibly some small pocket change. This is the best place to start if you are just starting out with sports betting.
Becoming a Professional Bettor
The ultimate objective of sports betting is to win money. However, some people have successfully turned this hobby into a full-time job. So, if you want to become a pro bettor, here are some of the qualities you must have:
Skill #1: Research is Key
Professional betting isn’t for lazy souls. To be a successful bettor, you must do in-depth research to find critical information about players and teams. This might also involve going back in time to analyze past matches and patterns or trends. You’ll be surprised to know that some teams or players perform well under certain conditions.
Here are some statistics that you’ll need as a pro bettor:
- Team’s and players’ recent form.
- Missing players with injuries.
- Head-to-head records.
- Home versus away performance.
- Change in personnel like coaches and players.
- Comparing the best odds and prices.
Skill #2: Bankroll Management
Before placing your first bet, setting aside money for betting is essential. Professionals know the only way to succeed is to have and build a bankroll. A betting bankroll allows you to focus on gambling without distractions from other expenditures. Don’t withdraw money from your bankroll, as this can affect your future leverage.
Pros also know how to take advantage of free betting opportunities provided by sportsbooks. Most sports betting sites offer players free bet credits like cashback, risk-free bets, and deposit matches. You can win a payout using these rewards without dipping into your bankroll. Read the bonus terms to find the most favorable free bets.
Skill #3: Know to Handle Losses
Did you know that a pro bettor has a long-term winning rate of 55%? Even the best sports bettors like Billy Walters and Floyd Mayweather don’t win 60% of their picks. In fact, the difference in winning between serial winners and chronic losers is small. For this reason, becoming a pro bettor depends on your ability to navigate the downs.
As a professional punter, work on your mental fortitude to accept losses and celebrate wins. There’s no time to waste thinking about lost money that could have done something else. Pro bettors know that the clear favourites often lose to the underdogs. That’s why you need a bankroll to keep you going when you lose.
If the losses keep piling up, a pro bettor can do any of the following:
- Take a break from betting for a day or week.
- Adjust your stakes by lowering the bet size.
- Diversify into different sports.
Skill #4: Leave Out Emotions
Casual gamblers fall into the trap of betting with emotions. These bettors won’t hesitate to back their favourite team or player in a contest. But for a pro, it’s about the money over allegiance. A seasoned bettor makes data-backed decisions after extensive research. They don’t think twice when betting against their country or even friends.
This also brings us back to handling losses. Pro punters know that it’s dangerous to chase losses. Therefore, these bettors can divide their bankrolls into daily or weekly units. They also have a stop-loss limit, which directs them to stop betting after losing a certain amount and try next time.
Is Sports Betting Profitable?
Yes, betting can be profitable with the right mindset and realistic expectations. You can build a successful sports betting career with patience, dedication, and effort. Billy Walters, who started gambling at 9, made millions from betting. The legendary American betting enjoyed a 30-year winning streak.
However, the most successful bettors in history don’t necessarily depend on this activity for their income. These bettors often have other income sources to fund their gambling activities. Consider Mayweather, for example, whose successful boxing career could afford him an $800,000 bet in 2014. All in all, don’t quit your job just yet.
