For most people, sports betting is pure luck. Thus similar to playing the lottery. You bet on a team or a person and hope that they win. In fact, this doesn’t have much to do with luck, but rather with skill. But can you really live on it at the end of the month and earn your money only with sports betting? We will explain that in more detail in the following article.
What are sports bets?
In the meantime, sports betting has become a lot more complex and complicated than it might have been a few years ago. It is no longer just about betting on victory or defeat. There are still the so-called win bets in the sports betting business, but other types have been added, such as over and under bets. Basically, you can bet on any major sporting event. The most popular sports here are soccer, tennis or boxing. But also football, baseball or basketball are becoming more and more popular here to earn money through sports betting.
What types of sports betting are there?
The “classic” sports bet should be a term in the sports betting business for most people from the process. In the Bundesliga, team A plays team B. The bets can be placed on home and away. The bets can be placed on a home win, a draw or an away win. Beyond this type of bet, there are other betting options that are also very popular: The basic bets and the special bets.
THE BASIC BETS
The basic bets are usually the most played and are again divided into three types:
- Single bets: The single bet is the simplest form of sports betting. It involves betting on the occurrence of a single outcome, such as the outcome of a soccer match.
- Combi bets: In a combination bet, several different games or betting results are combined into one bet. The chances of return are much higher, but the risk is also greater, since all games in the betting series must be correctly tipped.
- System bets: System bets are an extension of combined bets. In this form of betting, in contrast to the combination bet, one or two tips may be wrong. Despite a few mistakes, profits can still be made.
SPECIAL BETS IN THE SPORTS BETTING BUSINESS
Special bets offer, in addition to the basic bets, other ways to earn money with sports betting. Here there are depending on the sport, very many different bets. We present here as examples some of the most common bets to earn money through sports betting:
- Live betting: With live bets, you have the opportunity to bet on the result or on intermediate results while the game is still going on.
- Handicap betting: Like regular betting, handicap betting involves wagering on the outcome of a match. The difference is that in this type of betting a team, or a player receives a virtual advantage. This is added to the regular result at the end.
- Long-term bets: Long-term bets are bets that are designed for a longer period of time. So here we are talking about a tip that will not be determined for several weeks or months, such as the cup win.
- Over/Under bets: This bet comes from the field of soccer betting. Here you can bet on how many goals will be scored in a match. The bookmaker sets a value and the bettor bets on whether more or fewer goals will be scored.
Sports betting or matched betting?
Besides these classic sports betting offers, there is also a brand new option that is becoming more and more popular among users and that is so-called matched betting. The idea of matched betting is to place opposite bets with different bookmakers and use their bonuses to earn real money with them.
True, this mathematical method will not make its users a millionaire. But this method is ideal for earning an additional income of 300 to 500 euros per month. Matched Betting was first introduced in Germany by Ninja-Bet.de. There, beginners can also sign up for a free account and already earn up to 50 euros with it.
Advantages and disadvantages of the sports betting business
Sports betting is mainly for people interested in sports, who want to earn some extra money with their hobby or passion. After all, betting requires some background knowledge to keep the chances of winning high. Because only in the fewest cases bets are pure speculation. In most of them there are proper systems according to which you can bet to get money through sports betting. In addition, you can exchange with like-minded people when betting, which brings many additional fun. So there are some advantages that speak for making money with sports betting:
- Make new social contacts
- Extend your hobby with additional income
- One can achieve tidy profits
- You can spend a lot of time on sports
- There is a wide range of possibilities how to bet
However, when it comes to sports betting, the disadvantages should definitely not be ignored. After all, this is still a game of chance, no matter how much of a system you have behind your bets:
- Betting can be addictive
- Competition promotes envy at the winnings of others
- You can lose a lot of money
- Betting is never really safe
Can you make a living from professional sports betting?
In fact, there are some people who approach sports betting professionally and have made it their profession and thus are able to make a living out of it. These are people who have turned their passion and hobby into a profession and are intensively involved with this topic. However, if you look at how many millions of people are actually involved in sports betting, the number of people who can make a living from it can be counted on one hand. At the end of the day, sports betting also remains a game of chance where things can go really well once, but where there are also times when you can lose a lot of money.
The difference from a hobbyist bettor and someone who does this professionally is that a professional bettor takes much less risk. First and foremost, they are so-called “high rollers”, which means that they play with very high stakes. This allows them to play even small, low-risk odds, as the winnings from them are again very high. In addition, they bet on many more games at the same time than amateur bettors to earn money through sports betting.