Sports betting may appear to be the simplest way to make money. Bet on Chelsea to win at home and collect money if it wins. In some ways it is this simple but in other ways its not. Bookmakers set things called odds which change the payout in relation to the probability of it happening. Chelsea winning at home may seem like a sure bet every week but the payouts are small. That’s not to say you can’t win for ever just betting on Chelsea at home, it may well be that in a good season that’s all you have to do and be up at the end.
Football is the most popular sport to bet on (apart from maybe horse racing). There are millions of pounds staked every week on the English Premier League and other top European Leagues. Bookmakers are pretty good at setting odds so winning in the elite European Leagues is hard. The best types of bets are those with only 2 outcomes to bet on. Asian Handicaps and Under/ Over betting are probably the bests bets to have at a bookmaker as the over round is small. (Over round is how the bookmaker makes money. The bookmaker doesn’t offer exactly fair odds for each event. For example in a handicap game the bookmaker may offer 10/11 on each team rather than even money).
There are other sports to be on too. In some ways this is where the punter has the edge. With football and especially in the EPL, all the information is out there more or less. You know as much as the bookmaker does. The bookmaker has the advantage of the over round though and computers that do nothing but crunch numbers. You can gain an edge, say if you follow, golf. The bookmaker may know a lot about golf but if you specialise in one sport, you could gain an advantage.
Remember too, that the bookmaker doesn’t set odds based on probabilities. That’s the start. The bookmaker will adjust the odds according to what the punters will bet on. That’s why the odds on the England national football team are generally poor. They know your typical punter will bet on England regardless of the price so its makes sense for them to price them poorly.
In the long run the only place to make money sports betting is on Betfair. Whereas your typical bookie will close your account if you win too much or limit your stakes, Betfair do not care. Betfair act as an exchange. They make money by taking 5% off your winnings. This is typically better value than betting at the bookies.
Sports betting strategy is complicated. We recommend you read some books before you commit any large sums to sports betting. The following books are recommended.
If you are going to be in to Betfair trading (which some consider to be safer than sports betting) then we recommend getting Bet Angel.
Open an account with Betfair.