Can You Make a Career Out of Sports Betting?

At first glance, you might think that making a career out of sports betting doesn’t seem possible, which is completely reasonable, considering that gambling is generally associated with risking and, if done carelessly, losing money.  However, with strict rules in place combined with discipline, patience, and knowledge, it is actually possible to make a career.

However, with strict rules in place combined with discipline, patience, and knowledge, it is actually possible to make a career out of sports betting. Before diving straight in, we recommended considering the three main elements listed below needed to become a profitable sports bettor.

You must have some knowledge of sports

This first point might go without saying, but it is still important to note that, before even considering sports betting as a career, it is essential that you have some knowledge of the sport(s) you’ll be betting in. Don’t worry; you won’t need to be an expert- even just being a regular lover and watcher of your chosen sport(s) will provide you with enough knowledge needed to start.

However, if you know you currently lack sports knowledge yet are still willing to pursue a career in sports betting, we’d suggest initially dedicating a lot of time to learning about the rules of the sports you’ll be betting on and in what ways you can bet on them to earn a profit.

You must be disciplined and patient

If you’re seeking a way to earn a quick buck, a career in sports betting won’t be for you. In the beginning and learning stage, it’s likely that you’ll lose some money before making a profit. This is when it’ll be important to remain patient, learn from your mistakes and build from your experience. 

Even the most qualified of sports bettors rarely make large gains in a single fixture. It takes months or perhaps years to see your profits scale over time. Similar to investing, it’ll be the continuous little wins that’ll amount to a steady income you can comfortably live on. 

It’s also important to remember that a career in sports betting will ultimately be a business, which means you’ll be accompanied by times of joy, frustrations, and losses. We recommend that you have an honest conversation with yourself as to whether you’ll be prepared to endure the inevitable tough times you’ll encounter at some point in your sports betting journey.

You must have strict rules when managing your budget

Perhaps one of the most important factors to consider before making a career in sports betting is, firstly, having a budget already in place that will allow you to start betting on matches, and secondly, knowing how to manage it effectively.

Most professional bettors have strict rules in place that dictate how much they bet and when to either cash in their profits or cut their losses. A great rule of thumb you might want to follow is that the majority of sports betting professionals utilize only betting between 1-3% of their budget on a single bet. Having rules like the one suggested above will be important to prevent you from emotionally and impulsively betting more than you’re willing to lose just to chase your losses. Even when you do lose on a bet, just consider it a lesson to learn from instead of beating yourself about it.

Another highly recommended suggestion is to set limits on how much you’ll bet per day, week, and month. This will prevent you from overcommitting your budget and losing more money than necessary. 

Finally, you must set win and loss goals, so you know when to call it a day once you make enough profits.

In summary, yes, it is very much possible to make a career out of sports betting. However, before fully committing yourself to become the Billy Walters, you should consider whether you have the sizeable amount of knowledge, patience, and money initially required to make fully make a career out of sports betting.