Working a 9 to 5 job is something that rare individuals enjoy. In fact, it would be safe to say that a job is not something you enjoy doing, but rather something that you turn up to in order to pay the bills. For that reason, many people look for ways to earn some additional income on the side in a bid to retire early and enjoy the lavish life of a retiree at 50, 40, or even 30 years of age.
Everyone has read or heard of that one person who has reached financial freedom at a very young age, and while there are many ways of getting yourself financially set for life, perhaps the most interesting is via sports betting. In the eyes of many, this is seen as gambling, but with the knowledge, mindset, and right resources, anyone can turn their sports betting venture into a profitable one.
Successful sports bettors are a very rare breed, which only goes to show there are many things that go into turning your sports betting into a reliable source of income. From getting familiar with the basics of sports betting, having knowledge of sports in general, having the right mentality, and the most crucial part of becoming a successful bettor – money management.
But what does it really take for someone to reap the rewards sports betting offers?
Sports Betting Versus Stocks
When we talk about an investment that can earn us some supplemental income, even after retirement, sports betting and investing in stocks are two of the most common methods everyone thinks of. Usually, when the two are compared, sports betting tends to have a negative sound to it, as it’s widely regarded as the “losers game.”
Many think of it as a game where you will end up losing money in the long run no matter what, as that’s the case with most gambling methods.
That said, there is a huge difference between a traditional gambler and a non-traditional gambler. A traditional gambler is someone who gambles without any edge, discipline, and money management.
Meanwhile, non-traditional gamblers, or investors, take sports betting seriously and do not approach it as an “action junkie,” but rather as someone who has the needed knowledge, discipline, and careful approach to his investments.
The reason why traditional gamblers outnumber investors in sports betting as opposed to stock investments is quite obvious. Sports betting is simple, while the stock market can be very complex and hard to understand for an average Joe.
And that is exactly why many consider stock trading as a low-risk investment and sports betting as a high-risk investment. But if you look at stock trading and sports betting from the investor’s perspective, sports betting is a much safer play, as it’s significantly easier to manage, and it’s cheaper in both bankroll and vig/commission.
How To Get Started With Sports Betting
First of all, everyone needs to realize is that there is no such thing as getting rich quickly. For that to happen, you either need to win the lottery or find a suitcase filled with money, and it’s safe to say you have the exact same chances of seeing either happen to you in one lifetime.
As is the case with any other investment, sports betting demands knowledge, experience, determination, time, and the right approach to money management. While it may sound overwhelming for an average person who has never before placed a sports bet, there is an abundance of information and tools available online that can help you in your betting venture.
Before you dip your toe in the sports betting world, however, you need to get a firm grasp of the sports betting basics, which include an understanding of the betting markets, odds, betting strategies, and, most importantly, the concept of value in sports betting. Value is the sole element that will determine whether the investment will pay off or not.
Once you understand the betting world, you have to realize that being a lone wolf in the ruthless sports betting world is never a good idea, which is why there exist other individuals and groups of seasoned sports betting veterans who offer services of sharing their knowledge about a specific sport. Those are more commonly referred to as betting tipsters, who make the sports betting industry go round, and will play a crucial role in your betting venture as well.
Of course, picking any betting tipster won’t cut it, which is why experience comes into account. Knowing where, when, and what exactly to look for in your search for accurate information and reliable sources is an important part of any sports betting venture.
Luckily, it’s as easy as doing some research on the internet to find the service which will suit your needs. It may be time-consuming, but it’s by no means rocket science.
Bank Management
Once you gain the ability to recognize a value bet and have the needed knowledge to approach sports betting with confidence, the only thing that is stopping you from making your investment lucrative is bank management.
Knowing when, where, and how much to bet to make most of the identified value bet, while protecting your bankroll, is the most critical part of any sports betting venture simply because this is where most sports bettors fail.
This is where you, again, need to do thorough research on the different bankroll strategies, which might be easier said than done. A simple Google search will get you a plethora of different mutant theories and strategies, which will all claim to be the best and will “guarantee” profits. But you have to realize that as is the case with most things – if it sounds too good to be true, it probably is.
Despite what many websites will advertise, the best strategy in the world of sports betting is also the simplest one, and it’s called flat-betting. This is where you stake the same amount of money on each bet, regardless of the odds, your mood, or what’s written in the stars that day. The problem with bank management, however, is that rare sports bettors have the mentality to stick with their plan.
Stay The Course
After suffering a streak of poor results, it’s easy to be reckless with your money and bet more in a bid to cover your losses. But once you do so, you are no longer an investor but instead become a so-called action junkie.
Becoming a successful sports bettor demands a calm head and the right mentality, which will get put to the test several times when it comes to bank management, turning what can be seen as the easiest factor of sports betting into the most psychologically demanding component.
Taking all this into consideration, sports betting can become a very solid source of additional income for anyone that has the time and the determination to make it work. While investing in stocks and letting your money ride for years seems like a much safer option, sports betting can easily become a far more lucrative investment for those who consider it as one and avoid turning it into a tool for gambling.