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Can You Gamble for a Living? How to Make Money Gambling

How To Make Money Gambling

If you are trying to discover if you can make a living gambling or live betting on sport, then you’ll need to read this candid report on how to make money gambling here, which will reveal all about gambling for a living.

We’ll look at the approaches used by those who make a living from gambling, and cover some of the best methods and techniques including managing your bank effectively and having the right mindset. So read on to discover what you need to know about the whole business of making a living this way.

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Who can make a living from gambling?

You’ll be pleased to know that if you want to make a living from gambling, you certainly could, but there are some things you need to learn, especially if you have set your sights on sports gambling for a living. In this report, our team of experts will take you through all of the things you need to learn, and explain why they are so important.

As you might already know, the vast majority of people who place a wager on sporting events are doing so for entertainment, and are likely to bet on the favorite, or on a team or participant that they support. The sportsbook industry is set up to make a profit from these people, who expect to lose while live betting on sport, but are happy on the occasions when they win.

There are also those that take things more seriously, don’t bet on what they want, but on what might make them a profit (more on this in a minute) and it is the methods used by these people we’ll be looking at in detail in this report.

You’ll quickly see that having the right strategy is crucial, but it’s not the whole story. You’ll also need to find the right place to place those bets when you are gambling for a living, and follow some rules to make sure you don’t fall into the same habits as those who only bet for entertainment and fun.

How to make money gambling – the basics

You might think that professional gamblers have a guaranteed betting win for every bet they place, but that’s not the case at all. In fact, many successful bettors will win less than half of the time, and they make money gambling by winning more cash than they lose over a period of time. They do this by using a betting strategy, and they understand the principles of positive EV betting (more on that in a minute).

As mentioned above, to make this work, you’ll need a good home (or homes) for your betting, and using the sportsbook ratings on this site you can find the best sportsbook for you. The reviews are all carried out to the same checklist by our team of experts, so you can compare them easily and find exactly what you are looking for. We also rate each sportsbook and you’ll be able to see who tops those ratings at a glance.

How to make money gambling – finding the edge

If you intend on gambling for a living, it’s about more than just being lucky and picking winners. It’s about having a strategy that will put you ahead of the game over time. To do this you need an edge and to find the wagers that offer the most value. This is not about picking parlays with ridiculous odds but finding more regular wagers that have better than expected value.

What is positive Expected Value?

In a nutshell, positive expected value occurs when the odds given for certain events are much better than the market would expect. For example, the chances of a coin coming down either heads or tails is 50/50, so you would expect the odds to be equal. However, if the odds and spreads of one of these two outcomes were higher than the other, this would indicate positive expected value, and by consistently betting on that outcome, you would win more money than you lost over time.

Of course, in the online betting world, it’s never quite as obvious as that, but many professional gamblers use this principle as the basis for the strategies that fund their lifestyle, and you can learn more about it in greater detail by using the sportsbook odds and spreads calculator here at PromoGuy. We also have more tools and guides available for you to use.

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How to make money gambling – having the right mindset

As we mentioned earlier, it’s not just about the strategy (although it is vitally important); there are other factors you need to take into account if you want to know how to make money gambling. These are not, as you would imagine, anything that is technical, but more to do with your own mindset, and how you approach the whole process of gambling for a living.

Managing your bank

One of the key areas you’ll need to master if you intend gambling for a living is managing your bank. This is about setting limits on how much of your available funds are to be wagered on each bet and is a key part of using the best betting apps. This way, you don’t have too much of your bank tied up at once, and a few losses in a row won’t reduce your bank to its bare bones. Using 2-5% is quite normal.

So, for instance, if the amount of cash you had set aside to fund your gambling ambitions was $1000, you would be wagering somewhere between $20-$50 for each bet. If this seems a little tame to you, remember that many betting strategies can have up to 10 wagers running concurrently, so things might be moving faster than you imagine.

Of course, over time your stake amount will increase and your bank will grow in size if you are successful and ultimately reach a size where you can withdraw an amount each month that replaces your current income.

Sticking to the strategy

It doesn’t matter how good a strategy is if you don’t stick to it. There are plenty of reasons why you might veer from the right path (more on that next) but one of the most common is making unplanned tweaks to your strategy before it is proven. It can be easy to see a run of results and see a pattern where there isn’t one and making changes to a successful strategy that can undo months of good work.

If you see what you think could be a profitable addition to your strategy, then test it on paper for a number of months before adding it to your real money betting. Many trends can be as the result of factors that won’t apply the rest of the time, like a team playing more aggressively because they need wins to qualify for the playoffs, or a team performing badly because their star player is injured.

Don’t bet emotionally

One of the other reasons why you might do things that are not in the strategy is because of emotional betting. This involves placing extra wagers that are not part of the plan because you are chasing losses or trying to continue a winning streak. Both of these ideas are normally very bad for your bank, as they typically lose.

However, an emotional bet losing is usually the right reinforcement not to do it again, which in the long run can be better than winning. You might make this type of bet, and if it wins, it instead reinforces the belief that betting this way was the right thing to do, so you continue until it inevitably ends in tears.

The bottom line here is to stick to your plan whether it is going well or having a temporary hiccup, and don’t try and force the issue to make things move faster than they are supposed to. This is why developing or picking the right strategy is vitally important, because the more confidence you have in that, the less likely you are to try and become inventive.

One final word of warning is that, as you might expect, sportsbooks in general are not big fans of people winning more than they lose, especially consistently over time. For this reason, you might want to spread your activity over several accounts (which also means that you can benefit from several betting deals) to make sure there is less chance of a pattern emerging, or that if one account is limited, you still have others you can use.

Other resources available to you

As you might expect, the resources available to you don’t end with this guide but stretch across pretty much all the information you’ll need to know if you want to make money betting on sports, even if you are just starting small for now.

We have a massive range of guides that will take you through everything you need to know. This will include all of the sportsbooks you’ll see, their bonuses and how a savvy sports bettor can make the most of them, reviewed in detail so you can choose easily, as well as guides to betting on all of the major sports you’ll come across, and the best payment methods you’ll need to do this.

Most importantly, we’ll also have guides on the strategies you’ll need to take you forward, including matched betting and positive EV betting to help you make the transition from betting for fun to making the types of informed wagers made by those who have made gambling for a living a reality.

Conclusion – can you make a living gambling?

So, having read this report, you have discovered that yes, anybody can make a living from gambling if they have the right strategy, but equally importantly, develop the right mindset. You will have also seen how you can profit over time by finding the edge, and how finding the right place to place your wagers might be more important than you think. However, as you might expect, there are some more things you need to know if you want to successfully continue your journey towards gambling for a living.

So what do you do next? Well, to find out more about all of the topics discussed in this report, check out the other resources available to you here, which will give you all the information you need.

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How to make money gambling FAQ

👉 Where can I find out how to make money gambling?

Gambling for a living is a dream for many people who want to make money online this way. However, there are several things you’ll need to know before you get started to give yourself the best chance of turning that dream into a reality. You can discover what these things are by reading our free online guide. 

❓ Is gambling for a living legit?

If you want to make money from gambling online, you might be confused whether or not what you are doing is legal. To find out what you need to know about how to make money gambling, check out our free guide, along with all of the other resources available at PromoGuy.

🙋 Will winning too many bets get be banned?

Discovering if winning too often is likely to be picked up by your sportsbook and get you banned is one of the many questions you’ll need answered before you start gambling for a living. To give yourself the best chance of getting off to the right start, check out our free guide that contains this vital information, and much else besides.

🤑 How much money can I make gambling for a living?

Gambling for a living is one of the many ways people can make money online. To get the lowdown on what you need to know before you get started, read our candid guide on the subject that will give you all the information you need to work this and many other things out. 

🤔 Can I learn how to make money gambling free?

Learning how to make money gambling isn’t always a quick process and some can take longer than others. A good place to start is to read our free online report into everything that is involved if you want to start gambling for a living.

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