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When sports betting becomes a source of livelihood

Sports betting may not be a regular day job, but you can make a living out of it through proper research, discipline, and using a calculating approach moving forward.

Published on 15 Jul 2022

Sports betting is supposed to be a hobby for sports fans who want to get some extra cash while watching your favorite games.But can you make a career out of sports betting? Like making it as a source of livelihood?Check out the dynamics of how placing your money on your favorite sports events can be a source of living moving forward. It might not work for everybody, but it’s worth taking a shot.

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FIND YOUR NICHE MARKET AND EXPAND IT

Let’s make this clear: Sports betting is not a regular job where you get paid twice a month or every 15th or 30th of the month.But it helps that you focus on your niche sport where you feel you have more technical knowledge compared to most bookmakers.If you believe that you know more about rugby union compared to most bookies, then start building your investment on this sport. Other “technically-driven” sports, like horse racing, Esports, Nascar, Formula One, or even archery, can be other sports to start.

BUILD BANKROLL FIRST; START SLOW

You should learn to build a fund that will fill your bankroll before you start betting. Just like investing in a business, you should have a stable amount of cash to build on your budding sports betting career.If you have a 9-5 job from Mondays to Fridays, it pays to save as much as you can every day as your bankroll grows. Then you can place bets on weekends to give you a feel of the betting scene.Set realistic expectations for yourself when you start betting on a regular basis. Winning big in sports betting doesn’t come overnight.

DO LOTS OF RESEARCH; SCOUT THE VENUES, TEAMS

Like students, coaches and scouts, bettors should learn to study and research on the sports they wish to bet on to increase their chances of winning.The internet is the most convenient platform to gather all the information you need without leaving your house. But going out on some days won’t hurt either.The scouting reports on all the teams or players remain valuable materials before betting, but you can still get more information somewhere else.

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INVEST ON YOUR WINNINGS, CALCULATE YOUR BETS

Just like your regular job’s salary, save a major part of your winnings if you get on a winning streak and invest on it if possible.A major string of victories in betting could amount from $5,000 to $20,000 depending on how much is your starting bet. Just try to save a certain amount for your future bets and collect the rest as your savings.Maintain discipline on placing bets even if you have a big bankroll. Try not to divert a certain amount that you usually place money on even if the odds are tilting heavily in your favor.

BIG BANKROLL NEEDED TO SUSTAIN HEAVY LOSSES

As an old adage says: “Someone’s got to lose.” Your sports betting career will be challenged by a series of losses despite maintaining your discipline and doing all the hard work.This is why you need to save your winnings for the “rainy days,” or the times when you’re on a long losing streak. For all your due diligence and discipline, bettors can’t always win on every bet. Stay mentally focused and work harder to bounce back then start another winning streak, if possible.Make sure to separate your fund for personal and family expenses to your bankroll for betting purposes to ensure that you can sustain heavy losses and learn to stand financially strong despite the adversities.

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