Can You Make Sports Betting a Side Hustle?
Only a small group of people (3%-4% of sports bettors) know that sports betting can be a good side hustle.
Normally, a side hustle is an additional income stream that people pursue alongside their primary job.
Sports betting can be a side hustle only if you can practice it in a profitable way for a longer period.
After 9+ years of profitable sports betting + buying a home from these winnings, here is my experience on how to do sports betting as a secondary income source.
Key skills and knowledge required
No matter if you try/chase a formal side income opportunity or sports betting, there are some basic rules for each.
Before revealing the strategies for a good technique that can transform sports betting from simple gambling to a reliable side hustle, we need to understand the basics.
- Understanding sports and odds: like at other passive/active income side hustles, you need to understand how this industry is built up.
Before jumping into figuring out betting strategies, you need to understand the bare minimum of this activity. This includes understanding how the odds are created, why they change from one moment to another.
- Bankroll management: The right staking strategy will make or break your profits in the long run. There are betting techniques that do not require too much hustle when choosing the stakes, but in most cases this step will be crucial in your success.
- Discipline and patience: Avoiding impulsive decisions and sticking to the plans are the only way to use sports betting as a good side hustle or income source. Being successful in betting and practicing as a side hustle is only possible if you don’t make bad decisions. In this case, deviating from the techniques I will mention will most probably will lead to losing a part or the whole betting balance.
Focus on long-term results
To make sports betting a viable side hustle, you need to focus on steps that will make you successful in the long-term.
Matched betting and arbitrage betting for example can generate a consistent and predictable side income.
However, while using these sports betting strategies as a side hustle, there are some aspects that you need to be careful of.
One of the biggest factors is protecting your account from being banned too early. By no being greedy your overall profits can be increased significantly.
Risks and potential downsides of sports betting as side hustle
Each betting strategy has some level of risk. Even the simplest ones like matched betting holds the opportunity of human errors.
Placing a bet on the wrong market, even though you know for a fact which is the right one, is not impossible.
Everybody can get tired and make similar mistakes.
The biggest risk when pursuing sports betting as an income source is deviating from the strategy.
Some of the techniques mentioned in this article are simply bulletproof. There is no way to fail even in the short run.
The big downside of having such low risk is being noticed by bookies. This can lead to getting your betting accounts limited or even banned.
For US bettors there is a list with the best Bovada competitors
and alternatives to proceed with your betting strategy after getting limited.
Luck is simply excluded, and you just need to place some simple bets to harvest the profits.
The risks with these strategies come when bettors get bored, greedy, or they think they can beat the market even without these techniques.
It’s not unusual to see bettors in this industry who can make $2.000-$5000 a month as guaranteed profits.
But the ones who try the dark side and start placing bets outside the strategies will easily become gamblers.
Even bettors with a short history know that you can easily lose you whole betting balance in a single day.
The only difference between a gambler and a smart bettor who sees sports betting as a profitable side income source is.
Is Sports Betting a Side Hustle for Quick Income?
Some of the strategies such as matched betting or arbitrage betting can generate a significant in a pretty short period.
If you start with $1000 investment, you can easily double it in a matter of weeks. There are only a few investment or side income sources that can offer such ROI.
The best thing about these strategies is that you can apply them at any betting site.
These include anonymous betting sites
with crypto deposits.
Sports betting can be an exciting and potentially lucrative side hustle for those with the right skills, knowledge, and dedication.
However, it`s essential to recognize the risks involved, practice responsible gambling, and maintain a balanced approach to ensure long-term success.
By following the tips and strategies outlined in this article, you can optimize your sports betting performance and make informed decisions about whether this side hustle is the right fit for you.