Do you know how to make money in sports betting?
Let’s be realistic: achieving consistent profitability in sports betting is challenging.
The majority of non-professional sports bettors struggle to generate a positive return, even after years of experience. For instance, when wagering on standard lines with odds of -110, you must win a minimum of 52.38% of your bets just to break even.
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While this might not appear too daunting, it’s actually incredibly difficult due to the high accuracy of bookmakers.
However, it’s important to note that earning money from sports betting is not an impossibility. There are certain strategies you can rely on to enhance your chances of success. Below, we will explore these strategies.
Seize Every Sign-Up Bonus Offered in Your State
In states where sports betting is legal, there are numerous sportsbooks available, and nearly every online sportsbook in the United States provides a sign-up bonus for new customers.
There is no limit to the number of different betting sites you can utilize. To maximize your earnings from sports betting, especially in the initial stages, it is advisable to register with every available sportsbook and optimize the introductory promotions.
The most common types of offers for new players include risk-free bets and deposit bonuses. Once you complete your initial deposit, you can claim the majority of these introductory promotions. However, some sportsbooks also offer no deposit bonuses that can be utilized immediately upon registering an account.
Keep in mind that certain sportsbooks may require promo codes to access their sign-up bonuses. For more information, refer to our comprehensive guide on the Best Sportsbook Promotions & Promo Codes.
Utilize Sports Betting Software and Tools
In addition to capitalizing on sign-up bonuses, employing sports betting software to make more informed wagers is among the top methods for earning money through sports betting.
Sports betting software can assist you in finding the best lines and odds, uncovering arbitrage opportunities, and much more.
For instance, here at Odds Assist, we offer a Positive EV Bets Tool that searches for sportsbooks with odds or lines that deviate from the consensus of other sportsbooks, enabling you to identify value.
For example, if most books have Patrick Mahomes projected to throw for over 280.5 passing yards at -140, but one sportsbook offers odds of -110, you can deduce that there is positive expected value (EV) in betting on this outcome. By consistently making positive EV bets over time, you can generate profits.
Take Full Advantage of Odds Boosts
Sportsbooks occasionally provide odds boosts on specific games and markets, elevating the original odds by 10% to 40%. This enhancement can result in greater earnings if the bet is successful.
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Nonetheless, many odds boosts can create a situation with positive expected value, as they often eliminate the sportsbook’s commission entirely. They are particularly advantageous when combined with arbitrage betting, a topic we will delve into later.
Take Advantage of Ongoing Promotions
In addition to the initial offer, sportsbooks regularly provide a variety of other promotions. These ongoing promotions can be advantageous for your betting strategy. Here are some examples:
- Parlay Insurance: This promotion offers a partial or full refund if you miss your parlay by just one selection.
- Cash Back: Commonly available, cash back promotions allow you to recoup a portion of your losses over a specific period.
- Free Bets and Deposit Bonuses: You may receive free bets or deposit bonuses as special offers from time to time.
- Referral Bonuses and Loyalty Programs: Sportsbooks often provide bonuses for referring new users or through loyalty programs, rewarding you for your continued support.
Each of these promotions presents an opportunity to either minimize losses or bolster your bankroll. Therefore, it’s highly recommended to take advantage of them whenever they are available.
Seek the Best Lines and Odds by Shopping Around
One compelling reason to register with multiple betting sites is to have the ability to compare the odds and lines they offer.
Not all sportsbooks provide identical odds and lines for every market. By quickly comparing the various books you utilize before placing your bet, you can pinpoint the one that presents the most favorable line (e.g., obtaining a team at -2.5 instead of -3) and/or the one with the best odds (e.g., securing a team to win at +150 instead of +130).
To assist you in finding the most advantageous deals for this week’s NFL games, you can utilize our NFL Odds Comparison Tool.
By actively shopping around and comparing odds and lines, you increase your chances of obtaining the most favorable terms for your wagers.
Avoid Always Betting with the Public
The strategy of betting against the public, known as “fading the public,” is a logical approach. Given that casual sports bettors tend to lose more often, it makes sense to align with the sharps and wager on the opposing outcome. However, it’s crucial to apply this tactic selectively rather than blindly.
A key factor to consider is the concept of reverse line movement. Pay attention to how the line moves in relation to the percentage of bets placed on each side. If the majority of bets are placed on one side, but the line moves in the opposite direction, it indicates that larger bets made by sharps are influencing the shift.
For more options, check out our list of the best sites that pay you to sign up.
By observing and analyzing the reverse line movement, you can make more informed decisions about when to go against the public consensus. It’s important to exercise discretion and use this strategy strategically rather than as a blanket approach.