How to Make Money Through Betting
Updated: June 5, 2024
Published: June 4, 2024
Bets are tricky, and winning is not often a factor of experience or resilience. Even expert bettors have often failed to win their bets despite their knowledge of the craft. It does seem very easy to pick bets, but winning from them can take a lot of work.
Successful punters often hope for the best of luck while sticking to specific plans that could improve their winning chances. In this review, we will highlight the various strategies that the best bettors use to make money from betting.
The 10 Ways of Making Money Through Betting
Learn how to make money from betting by applying any or all of the ten strategies in the subsections below.
Find the Right Sports Betting Website for You
The first step in making money from betting is to select the right website to bet on. There are several factors you must consider when picking a bookmaker. These criteria include:
- Quality of bonuses and promos.
- Variety of sports.
- Diverse bet markets.
- Suitable payment methods.
- Responsive support services.
- Valid operational licence.
After picking the sportsbook that suits you best, you can proceed to register and deposit. Afterwards, claim your welcome bonus. Wager this bonus money on sports selection while fulfilling all its requirements to claim winnings.
Only after exhausting your bonus amount will you start betting with your deposit. You can place the request once you have enough to withdraw from your win balance. With a suitable method, you will have your money in no time.
Widen Your Knowledge of Various Sports
Getting a win or two from betting does not make you invincible or give you the licence to explore sports or markets you have yet to learn about. Either stick to the sports you know or update your knowledge in the new ones you want to explore.
To widen your knowledge of various sports, you just have to start keeping up to date with their events. You can read up on the rules of the game and even watch matches from time to time. Over time, you will get used to them and be able to make informed decisions when betting.
Also, winning mostly never comes on the first try. Experience is the best teacher, so you can start small with bets on these new sports you are just picking up. With time, you will understand their dynamics, thus upping your winning chances while broadening your bet horizon.
Using Betting Tools
Outside of having a good knowledge of the sport, you can use some betting tools to improve your decision-making efficiency. Some of these aid software packages include:
- Betting Odds Comparison Tool:
With this, you can compare the odds on various bookmakers while identifying the most profitable ones and going for them.
- Arbitrage Bet Finder Tool:
Arbitrage bets are all about finding an avenue of gain. So, this tool will help you identify such opportunities in upcoming games.
- Positive EV Bets Tool:
This software will help point out sportsbooks with odds that differ significantly from other betting websites.
- Sports Betting Odds API:
This tool keeps you abreast of odds updates while presenting you with the latest ones on upcoming and live events.
Leveraging any or all of these tools can help you get one over the betting website itself, thus increasing your winning chances.
Familiarise Yourself with Betting Strategies
Knowing the basics is critical, but getting on from there is even more critical. Once you are well acclimated with the dos and don't on the standard level, you can proceed to learn the various winning strategies, including:
- setting a bankroll and only betting about 2% of it at once;
- adopting martingale betting to double wins that come after losses;
- looking for value bets – which could do much better than the odds are suggesting;
- making informed wagers instead of emotional bets.
One way to improve on making money from betting is by exploring different bookmakers. Combining these with the strategies on how to make money on betting above will significantly improve your chances.
Avoid Parlays or Combination Bets
Experience will teach you that these kinds of bets rarely hit. So, there is little to no guarantee of making money through Parlay betting. You can otherwise go with single bets or stay updated with the sure football odds on our EaglePredict website.
Our experts have sufficient knowledge on how to make money predicting football matches. They also base their assertions on well-founded criteria and patterns in the game. Increase your chances of winning by betting on reliable sure odds or have fewer selections on your bet slip.
Stay Disciplined
Keep your itchy fingers or greed to yourself. Do not let these factors influence your bet. To prevent such occurrences, you can adopt specific betting systems, thus allowing you to follow certain patterns. These systems will also help you manage your bankroll better.
These theories or systems include:
- Fibonacci sequence.
- D'Alembert theory.
- Paroli Formula.
- Insurance.
Let us take the Fibonacci sequence as an example. Adopting this system means your bet must fall in line with the following number pattern:
1, 2, 3, 5, 8. 10, 21, 34,…, etc.
So, if your first bet is ₦100 and you lose, you must bet ₦200 next. But if you are currently at ₦500 and win your bet, you must go two steps back and place a ₦200 bet next. Review multiple betting systems, put them into application, and discover which one suits you best.
Identify Patterns
Being able to see patterns is a handy skill in betting. For instance, if a team has a habit of losing on at home, you may want to bet against the team in such cases. Or if a player has scored consecutively in four home games, you may want to bet on this player scoring for a fifth time. These patterns are prevalent in football.
There was a clear example in the 2023/24 English Premier League season. At one point, it was clear that the newly promoted Luton football club tended to score in games, regardless of their performance. This goal-scoring run went on for 18 games. Bettors who could see this pattern early enough benefited a lot from it.
Another example was in the Bundesliga, where Bayer Leverkusen tends to equalise or come back in the dying minutes. This pattern existed in over five games in the 2023/24 Bundesliga season, with Bayer Leverkusen eventually going unbeaten. Making money from betting can sometimes be easy, especially when you see patterns like this.
At EaglePredict we excel at identifying profitable patterns that others miss. Our EaglePredict Betting Academy provides guidance on how to develop this skill along with other helpful strategies.
Stay Up-to-Date
Keep informed about the latest developments in teams or leagues before rushing to play bets. For instance, check out the injury list of teams or the changes in lineups to encourage better betting decisions. For example, if a team's star player gets injured, it may significantly affect their performance and reduce their chances of getting the win.
You may also note teams' head-to-head, home/away or comeback records. These statistics on paper will tell you more about teams. This information will help you learn how to bet on football. You can make use of stats websites to stay updated on recent events.
Take Breaks
It is okay to place multiple bets as long as you keep things responsible. But when you start to notice losses piling up, take a break. Now, this break may be about something other than walking or touching grass outside. Instead, you can make use of the available responsible gambling tools on your bookmaker website, including:
- Time limit:
You can limit your time gambling on a betting website by pre-setting a time limit.
- Loss limit:
This tool helps players control their losses. Once you set a loss limit, the game will automatically prevent you from depositing more money.
- Reality checks:
This tool reminds players how much money and time they have spent gambling.
- Self-exclusion periods:
You can take extended periods away from gambling to self-reflect or evaluate. You can take up to six months away.
Bankroll Management
First, before you start betting, you must set aside a bankroll. Once you have one, you have to stick to it. Under no circumstance should you dip back into your pockets for funds. Also, you must stick with the amount you have set aside.
It is only reasonable that each of your bets must be at most 5% of the entire bankroll. Do not try to be like the high-rollers by overspending on a single bet, regardless of how sure the outcome is. Stick to a plan and see it out.
Learn when to cut your losses. Many sportsbooks nowadays have the cashout feature, full, partial, or automatic. You can use this tool when your bets start to appear awry to get some money back.