Is it possible to get a steady stream of income from sports betting?

[BAUS]

It is going to take 3 basic qualities:

1) An above average ability to select winning bets.
There are several approaches to this but the most common are a) Basic Handicapping, b) Statistical Modeling and c) Odds/line tracking. All of these have their own strengths and weaknesses.

Simply taking the view that Southamption is the best team in the league and Bristol City are inferior, so I will bet on Southamption isn't going to be a winning strategy. Everyone can see that Southampton is the better team and the odds reflect that. If the odds on Southamption were 1.50 (-200) then you have to establish whether Southampton would win this game at least 67 times out 100.

2) A reasonable understanding of mathematics/statistics.

For different matchups there are many different types of bet some of which have a close relationship/correlation to each other. If the odds on Southampton to win the above match were 1.50, but they were 1.26 as a PK (draw no bet) and 2.48 -1.5 goals, which one of these offer the best value and why? (I am not asking you to answer this question but to think about how you would establish the answer).

3) Sensible money management and good discipline

This should go without saying.

There are no shortcuts, it is going to take a lot of work to get to the stage where you have even the slightest chance of consistently beating the books.

This post is the best answer you'll get for such a question. I would also add having a sufficient BR as an important ingredient.

Figure out which posters on this forum are doing this for a living and follow their posts and read their old ones. TIP: It is NOT anyone who posts picks or uses the word LOCK in every 2nd post.

BAUS

[rkelly110]

Yes, take the gambler mentality out of gambling. Think of your bank roll as your savings or investment account. Too many people, especially gamblers want to make that quick buck. Slow and steady wins the race.

Look at what your bank is offering for interest on your savings. What .5%? That's 1/2 a penny for every dollar in there, for a month.

What if you picked one game a day at 1.10 decimal odds. It has a 99.9% chance of winning. That's 10 cents per dollar bet. Add that up for the week and it's almost 10 times as much as what your money sitting in the bank will earn in a month.

Think like an investor instead of a gambler and you will make money. A stock investor would kill for a 10% return. A friend of mine, BC says, be glad for what you get.

Just wanted to add, my bank has doubled for the year using the strategy above.
100% return on investment. So no smoke blowing going on here.

[5mike5]

you are also not counting when u make those bets and lose, even huge ML wagers arent always winners, and takes 10x as long to make up the loses too

[DukeJohn]

After skimming through all these posts I didn't see the one thing I do to insure my bills are paid every month via Sports Betting. I simply remove my monthly bills from my bankroll every six months, basically before MLB Season and before the NFL season.

Other posters are correct, I would assume, in that to have a profit every month seems highly unlikely. So, I guess it depends on what time frame a "stream of income" is to you. I keep track of all my bets but they are broken down into Seasons. For Example this current season I have made a ROI or percent of return on my total Bankroll just to clarify:

NFL 15.01% season over for me
NHL 3.11% currently still betting
NBA -.74% currently still betting
NCAAB 6.84% currently still betting

Right now I currently have paid for all my bills until the end of March, well I have the money in an account to pay them as they come due.

So whether I maintain a positive cash flow monthly, I do not know, but from Season to Season, Yes. As others pointed out, it takes time to build a bankroll and money management is a major key to success.

One last note, 98% of the people lose, so I have read, which means about 98% of what people tell you is hearsay or basic crap. There are some people at SBR that seem to make money and have some really good insight, but be careful about going down a road well traveled as the road to success is not an easy road to find.

BoL,

[tractortrailer]

After skimming through all these posts I didn't see the one thing I do to insure my bills are paid every month via Sports Betting. I simply remove my monthly bills from my bankroll every six months, basically before MLB Season and before the NFL season.

Other posters are correct, I would assume, in that to have a profit every month seems highly unlikely. So, I guess it depends on what time frame a "stream of income" is to you. I keep track of all my bets but they are broken down into Seasons. For Example this current season I have made a ROI or percent of return on my total Bankroll just to clarify:

NFL 15.01% season over for me
NHL 3.11% currently still betting
NBA -.74% currently still betting
NCAAB 6.84% currently still betting

Right now I currently have paid for all my bills until the end of March, well I have the money in an account to pay them as they come due.

So whether I maintain a positive cash flow monthly, I do not know, but from Season to Season, Yes. As others pointed out, it takes time to build a bankroll and money management is a major key to success.

One last note, 98% of the people lose, so I have read, which means about 98% of what people tell you is hearsay or basic crap. There are some people at SBR that seem to make money and have some really good insight, but be careful about going down a road well traveled as the road to success is not an easy road to find.

BoL,

Its actually more like 99% of people lose money over the long run as you can obviously expect. Its similar to the stock market but much more volatile as its not really regulated.

[KingJD31]

It's impossible to make "steady" income but theres no limit on how much you can make

[Hareeba!]

Perhaps we need to examine what the OP question really is?

Many of the responses are saying that it can be done but then appear to suggest that the means is by arbing/trading.

Imho that isn't "sports betting".

It is simply trading a commodity, being the odds bet on a sporting contest and is really no different to shares or exchange traded commodities and requires no real knowledge of sports.

[wantitall4moi]

Perhaps we need to examine what the OP question really is?

Many of the responses are saying that it can be done but then appear to suggest that the means is by arbing/trading.

Imho that isn't "sports betting".

It is simply trading a commodity, being the odds bet on a sporting contest and is really no different to shares or exchange traded commodities and requires no real knowledge of sports.

No one beats -110 betting one side. Despite the mythology. Guys might have some short term successes or minimal profits but as far as a steady income no.

[DOMINATER]

sorry I did not answer sooner of course you don't wait until you lose, I am usually comfortable taking my cash down by the fifth win . The length of time could be one weekend or three depending on what you like. The moreouwin more careful your picks are ,but the beauty part is no or little investment.your insulting me with the comments play until you lose. And because a guy is new at something you think he is that stupid to take money off the table. Your not giving a person enough credit.That term Martingale is new to me I created this style myself over the years I have won thousands of dollars playing. good for martingale.

[DOMINATER]

the bookie makes a steady income

[Hareeba!]

sorry I did not answer sooner of course you don't wait until you lose, I am usually comfortable taking my cash down by the fifth win . The length of time could be one weekend or three depending on what you like. The moreouwin more careful your picks are ,but the beauty part is no or little investment.your insulting me with the comments play until you lose. And because a guy is new at something you think he is that stupid to take money off the table. Your not giving a person enough credit.That term Martingale is new to me I created this style myself over the years I have won thousands of dollars playing. good for martingale.

what you are doing isn't Martingale
Martingale is a disaster waiting to happen
your approach has far more going for it

[Hareeba!]

No one beats -110 betting one side. Despite the mythology. Guys might have some short term successes or minimal profits but as far as a steady income no.

I'm not agreeing that it can't be done but what's all this obsession with betting -110 or even -103 ?

Almost all my bets are at far greater odds than those
Rarely do I ever bet at odds shorter than -110 (1.91) and never less than -133 (1.75)

[baskets]

Hareeba, do you make more than 10k a month?

[wantitall4moi]

I'm not agreeing that it can't be done but what's all this obsession with betting -110 or even -103 ?

Almost all my bets are at far greater odds than those
Rarely do I ever bet at odds shorter than -110 (1.91) and never less than -133 (1.75)

To be more specific then no one beats spread based sports long term laying -110. Guys would probably be a lot better off just playing ML instead of spreads for that matter. But some people have an easier time betting 220 -5 @ -110 to win 200 than they are betting 420 PK @ -210. Or +3.5 -110 than they are PK +155. Everyone loves that insurance and sense of safety the extra points give them.

[benandjerry]

No one beats -110 betting one side. Despite the mythology. Guys might have some short term successes or minimal profits but as far as a steady income no.

I'm relatively new to sports betting, but -110 is just a suggested probability, just because the odds arent higher doesnt necessarily mean the line is correct.

[Hareeba!]

Hareeba, do you make more than 10k a month?

sometimes

as I've said before I don't think many would make a regular monthly profit if they are genuine sports punters as opposed to arbers/traders

[durito]

I'm not agreeing that it can't be done but what's all this obsession with betting -110 or even -103 ?

Almost all my bets are at far greater odds than those
Rarely do I ever bet at odds shorter than -110 (1.91) and never less than -133 (1.75)

why not -5000?

[HedgeHog]

sometimes

as I've said before I don't think many would make a regular monthly profit if they are genuine sports punters as opposed to arbers/traders

What is your definition of a GSP--someone who makes straight bets only?

[Hareeba!]

What is your definition of a GSP--someone who makes straight bets only?

not sure what your definition of "straight bets only" might include/exclude

what I am saying is that arbing and trading isn't sports betting in my view - it is something that can be done with any commodity for which there is an accessible market

to me, "sports betting" means your fate is dependent on the outcome of the contest (or a part of the contest), not simply on your ability to find odds which enable you to make a profit regardless of the outcome

[jjgold]

arbing is not even close to gambling
Anything with no risk is not a gamble

If you want to build your bankroll go to work and bet small percentage and put rest in the bank

[RickySteve]

why not -5000?

Because -5000 is way steeper than the magic cutoff of -133 where you're just giving the bookie way too much juice. Don't you even know anything?

[TodayIsForgotten]

This is the old Martingale system. It is doomed to failure. You eventually will be stopped because you assume you can continue to double your bet forever. Betting 2, 4, 8, 16, 32, 64, 128, 256, 512, 1024, 2048, 4096, 8192, you find that you are risking all this money to win your starting wager of two dollars! What happens when you're up to four thousand ninety-six dollars and your bookie says, "Wow, I ain't taking four thousand on this game. Are you nuts?" What do you do now, friend? You don't think you can lose that many games in a row? It won't happen often, I grant you that; but when it does (and it will) you won't forget it. But I think you know all this. Some poor newb may not, however.

I took a similar approach on roulette trying out the triple method on red or black. Although i modified it a bit. I figured red wouldn't come up more than 3 or 4 times. Red came up 7 times, in a row. I was betting black. I only played with 50 dollars. Its doom to failure either way (whomever wont take the money or variance)

[fsutomahawk]

It can most certainly be done, but it takes a ton of time and work put in to be successful long term. You also need to slowly build a bankroll sizable enough to where you can pull down a decent income when betting low percentages of it. If you bet 1-2 units per play with a bankroll of $100,000 and pull in an average of 20 units per year all sports, which is doable if you know what you are doing, then that is a nice chunk of change for some. Now are you going to be able to live just off that? Probably not, but you just add that to the bankroll and continue the process.

[jolmscheid]

It can most certainly be done, but it takes a ton of time and work put in to be successful long term. You also need to slowly build a bankroll sizable enough to where you can pull down a decent income when betting low percentages of it. If you bet 1-2 units per play with a bankroll of $100,000 and pull in an average of 20 units per year all sports, which is doable if you know what you are doing, then that is a nice chunk of change for some. Now are you going to be able to live just off that? Probably not, but you just add that to the bankroll and continue the process.

Great post...

[mmaed]

not sure what your definition of "straight bets only" might include/exclude

what I am saying is that arbing and trading isn't sports betting in my view - it is something that can be done with any commodity for which there is an accessible market

to me, "sports betting" means your fate is dependent on the outcome of the contest (or a part of the contest), not simply on your ability to find odds which enable you to make a profit regardless of the outcome

You can win sports betting. I bet soley MMA. My bankroll is only 2k and I do it part time. I went 81-83 on straight bets for a total gain of 120.4 percent. I also parlayed fights to obtain a record of 25-32 for a gain of 70.62 percent. Unfortunately I am American so it is more difficult and unsafe to maintain a large bankroll. My focus wained throughout the year as well. I spent a lot of time out drinking =). I think I could have done better. IMO my success came from these things: (MMA)

Define your bankroll, unit size, etc. I rarely go above 10 percent of my overall bankroll on a fight. I did that 3-4 times in 2011. The only reason I can do this is because my bankroll is relatively small.

Research everyday. I literally broke down and analyzed fights on a daily basis.

Bounce your thoughts off other people. I am a member of another forum that I do this on. Me and about 10 other guys break down all the fights and give each other our opinions on them. We talk to each other in a chat room while the fights are live. We are all good friends that speak to one another daily.

Those are the basic things that help me. It takes a lot of work and the margin for success is very slim. It helps that I only bet one sport as well. This is good because it is the only sport on my mind year round. If you try to break down basketball, baseball, football, college basketball, college football, pro soccer, college soccer etc etc you will probably go down in flames. This is just way to much information to process. I am sure it can be done but it has to be hard. If you follow one sport at at time, you can learn much more about it.

Another thing to mention is it not just figuring out who will win, it is figuring out what lines are off. Sometimes fighters are greater favorites or great dogs than they should be.

For instance: Take a look at Overeem/Junior dos Santos. Bookmaker opened the line at +190 Overeem/-240 Junior dos santos. So did Pinnacle. Here is a breakdown of the fight.

They are both kickboxers.

Junior is a kickboxing champion from Brazil.

Alistair is a kickboxing champion from K1/ Holland.

Kickboxing is the main offensive weapon of both fighters.

Overeems K1 grand Prix title is far more impressive than Junior dos santos Brazilian title. It is the most prestigious title in the world.

Both are practictioners of Brazilian Jiu Jitsu. Overeem has submitted far more opponents.

Junior does not use wrestling offensively often or with much success. Alistair's defensive wrestling is very good.

Alistair is far more experienced.

Net result:

This is a fight that will most likely play out on the feet where Alistair should have the advantage due to the fact that he is literally one of the best kickboxers alive. He is also the underdog. This means he should be bet fairly hard. Because my bankroll is small I will probably bet about 5u. If I were a professional I would probably bet a smaller amount of money because they are both heavy handed heavyweights and anyone can get tagged and ko'd.

Research, research, research! It's the only way to win.

I don't know much about betting outside the US. I understand it is doable for Americans but costly and difficult. I have been reading about Costa Rica and Canada lately. It is possible to bet Pinny from there. All and all, if you are American it will take a great deal of effort on top of the required skill to go pro.

As of right now I don't know all the ins and outs of going Expat. I would really appreciate input from members on this board that know something about it.

[mmaed]

Well 1st off you cannot live in USA or you have ZERO shot

You need access to approx 20 books all over the world

You need a professional paid line service

You need 3 monitors minimum

You need bank accounts in various Countries

GAME OVER for 98%

Could you tell me the name of these 20 books and the countries needed? Sorry to be a pain in the ass, I am trying to learn.

[mmaed]

More semantics. You dont need handicapping ability to guess line moves, you just have to understand public sentiment and what people who bet will do.

As for the number of outs, I said it before if you have Pinnacle you can probably do enough to make a decent profit as theyre going to offer the best odds both way more than half the time. Also a few Asian books with reduced vig and high volume but those never get mentioned here. Basically you use other books besides pinnacle to eject out of a bad play as theyre (Pinnacle)the ones that will move a little sooner thus tipping you off that you made a bad lead.

But you dont also eject off 100% either, you can take a partial and hope your original position wins. Or you could over bet the other side and hope it wins. That is obviously more like 'traditional' gambling where youre taking a stance on one side or the other winning the game. But if there are valid reasons why the line moved it might have its merits.

The most 'correct' statement that could be made to the original question in terms of brevity is. Yes you an make steady income betting sports, but it isnt by betting games with spreads, and especially not spreads with -110 vig attached to them.

What asian books are you talking about?

[Hareeba!]

What asian books are you talking about?

the two best (for which you don't need and invitation) and which won't limit you quick are SBO and 188Bet but aside from soccer which is their specialty you'll have trouble getting much of a stake down.

[FourLengthsClear]

Wow, invitation? What books are invite only?

IBCBet if referring to Asian books.

[mmaed]

Wow, invitation? What books are invite only?

[mmaed]

IBCBet if referring to Asian books.

How do you get invited?

[FourLengthsClear]

How do you get invited?

These days I think the only way is to be referred by one of their preferred customers. They prefer new players to sign up through an agent for whatever reason.

TBH there is very little difference between IBC and SBOBet and bear in mind that there are a few sites which are essentially IBCBet clones (12Bet for example).

[mmaed]

What are the books that will never limit you? Pinnacle, Betfair, Bookmaker, The greek? Is that all of them? Anyone ever been limited at 5dimes for sportsbetting?

[Ghenghis Kahn]

For those that are saying 1 or 2 big bets a week don't know what they are talking about. If you ask people that are successful at sports betting, they will tell you they make lots of bets. But most of these guys are math whizzes and have a system. From my personal experience, you need to get good numbers and have discipline with your bankroll.

[FourLengthsClear]

What are the books that will never limit you? Pinnacle, Betfair, Bookmaker, The greek? Is that all of them? Anyone ever been limited at 5dimes for sportsbetting?

The Greek will/do limit.

SBOBet/IBCBet do not limit winning players AFAIK.