Can Betting be Profitable?

June 20, 2011

You may have heard different stories about some exceptionally lucky or smart people who are somehow able to make gazillions in sports betting. However, there are so many more people who have lost their money, friends, family, jobs, etc. because of sports betting addiction. Are all the success stories simply forged by bookmakers to lure you?

Are there actually any possibilities to profit from sports betting sustainably? I will try to answer these questions by briefly discussing the most common approaches to sports betting, but there is one thing I can tell you already: you can only lose money by impulsive gambling.

Backing Selections

The most common approach to sports betting unfortunately is also one of the least profitable; people who back selections are doomed to lose money in the long run. Backing selections is the sports betting equivalent of playing slots in casino: it might be tempting or interesting, but the casino always wins.

Even if you think that you know everything about sports, I can assure that you cannot profit from backing selections sustainably. Any betting advice you can get from tipsters or in your local newspaper is also useless; since it is available publicly it affects demand for the selections, thus decreasing the odds and making the selections even less advantageous.

While you might get slightly better back odds at Betfair, the 5% commission is going to wipe out all your profits (if you happen to have any) anyway since you have to pay it every time you win.

Laying Selections

Since the introduction of betting exchanges many people have turned to laying selections; for some reason people tend to think that it is easier to predict which horse, player or team is not going to win. Many are also excited about the possibility to play the bookie.

However, laying selections is essentially the same gambling and it is not any more profitable than backing. You might win more often if you lay, but it takes only one winning selection to erase any profits you’ve had before because of the massive liabilities.

If you think that you can profit from laying since that’s what bookies do, don’t forget that they do it at considerably lower odds and they have no one to pay commission to.

Addictions Risks

While there is nothing wrong with placing a £5 bet on your favorite soccer team to make the match more enjoyable, I have to mention the high addictiveness of sports betting.  You can play a little with money you can afford to lose if you like it, but you should NEVER expect to gain anything from gambling.

Too many people tend to become so excited about their accidental winnings that they end up losing even more. Those who try to recover from loses they’ve incurred usually end up losing even more.

Compulsive gamblers often lose all their money, sell their possessions, get into debt, lose their friends, and ruin their families. And believe me – they think they know who is going to win the next horse race.

So Can I Make any Money?

Don’t get me wrong – there are several ways to make money from sports betting (if there weren’t any, I would not have created this website). To learn how to make money from sports betting, visit our matched betting tutorial and learn how you can take advantage of bookmakers’ free bets and bonuses.

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