Ways To Make Money Gambling
In short: know more about the sport than the bookies so you know when they get the odds wrong.
Value bettors are often world-leading experts in one particular team or sport. They know everything about it, even more than the bookies' oddsmakers. They take all that information and make their own odds. If their odds are drastically different to what the bookmakers come up with, they will bet the difference.
The most pure form of professional gambling is probably the value bettor. They are not using loopholes or bonuses, instead they make money gambling by beating the bookies at their own game.
Resources to help you get good at value betting I offer a comprehensive, free introduction to value betting. Warning, it is not an easy way to make money gambling! Once you have started creating odds I suggest paper betting (with fake money) to test out your edge before you start spending real money. Once you are ready to use real money, you need somewhere to bet. Traditional bookmakers don’t like value bettors because value bettors make money. So most professional gamblers will instead use a marketplace based sports betting exchange such as Betfair.
In a betting exchange, you are betting against other punters and Betfair just takes a commission of the winnings. So no matter how much money you make they won’t close your account.
In short: Find differences between the odds at separate bookmakers and bet on all outcomes to lock in a profit.
As a professional gambler, sports betting arbitrage has been where I have made the most money. It was even the subject of my university dissertation.
Very simply, imagine there is a tennis match going on. If one bookmaker believes player A is going to win and the other bookmaker believes that player B is going to win, then they will price their odds very differently. If the difference is big enough you can bet at both bookmakers on opposite players so whoever wins the match you will make money.
Resources to help you get good at arbitrage Finding such arbitrage opportunities is actually the easy part. There is software you can rent such as OddsMonkey (£17.99 a month for beginners) or RebelBetting (€129 a month for professionals) which alerts you whenever there is an opportunity available and tells you exactly what the bet on.
The hard part is stopping your accounts from getting closed. Although arbitrage betting is completely legal, as soon as the bookmakers realise you are a professional gambler they will limit or close your account.
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In short: using the same strategies that hedge funds and investment banks use to trade the stock market trade the betting markets.
Everyone has heard of traditional bookmakers, but have you heard of betting exchanges such as Betfair? They are markets modelled on the stock market where punters can buy and sell bets. That means you can trade in and out of a single bet multiple times and lock in a profit before the event even happens.