Wealth Through Sports Betting: Myth or Reality?
There are very few people who have become really rich from it. Bob Voulgaris and Billy Walters are probably two of the most famous examples from America. There are certainly many more people who earn their living from sports betting at TonyBet, but only the best and probably the luckiest sports bettors achieve true wealth. Luck not in the sense of the ball going into the goal from the inside post, but in the sense of finding strategies that promise long-term success.
The Foundation of Betting Success
It takes a lot of self-discipline, good money management and constant training in all areas. You always have to be up to date and, of course, the number of bets has to be right. Only those who place a lot of bets can fully exploit the small percentage advantage over the bookmakers.
The Power of Compound Interest
The true miracle of sports betting is probably the interest-interest effect. The proof of this is the Joseph Pfennig. This is a very simplified illustration of what happens to your own capital if you always let the compound interest work for you. A professional bettor does nothing else with his bankroll. After a winning bet, the next stake is slightly higher. This means that the profit on the next bet is greater than if the exact same stake was placed again.
The Joseph Pfennig Example
The Joseph penny says that if Joseph had invested a single cent (should the euro have existed back then) for his son Jesus 2,000 years ago at 5% (5% is a common ROI for good sports bettors), this cent would be worth 295 billion (295,000,000,000,000) globes of pure gold today. This exponential growth is for illustrative purposes only. A rapid increase in the bankroll is possible with disciplined betting on many good value bets with accurate money management.
Setting Realistic Expectations
The bottom line, however, is that most sports bettors will probably not achieve this enormous success to the same extent. A Bob Voulgaris or a Billy Walters are true superstars in the world of handicapping. Not without good reason, as there are not too many names on this list. The goal for most sports enthusiasts should be to generate a good side income. A secure fixed salary also helps to prevent irrational decisions.
How to Become a Betting Pro
How do I become a betting pro?
In the following, Wettbasis would like to provide all readers with a small checklist of important basic rules on the way to becoming a betting pro.
Checklist for Aspiring Betting Pros
- Start small. You should first deposit a little “play money” with a bookmaker. Just enough so that it doesn’t hurt if you lose it.
- Test which sports and betting types could be promising.
- Keep a journal for each bet. Why was that game chosen?
- Constantly evaluate the journal and look for opportunities for improvement.
- Try to work through as many bonus programs as possible to keep your bankroll growing.
- Understand the principle of odds. What does the bookmaker say?
- Always try to get the best odds. If Asian bookmakers offer significantly lower odds than the current European bookmaker, this most likely indicates a value bet that should be taken.
- Build up as many accounts as possible over time in order to always get the best odds.
- Always bet a certain percentage of your bankroll to take advantage of the interest rate effect.
- Stay mentally strong when the downswing inevitably occurs.
- Always focus on a detailed analysis for every bet. Ideally, specialize in individual sports or leagues.
- Exploit the bookmaker’s automatisms.
- Do not overestimate random events. If there is no recognizable reason for the series, it is probably not a series.
- Exploit the time delay in the bookmakers’ internal ratings.
- If value is recognized, you should act quickly before other professionals lower the odds too far by placing high bets.
- Internalize and understand the respective coaches and their philosophy.