Should you quit your job and start betting full-time? The urge to do so may be getting to you, especially if you’ve been paying attention to the recent milestones in sports betting.
People have been winning thousands of dollars at such fast rates that they barely know what to do with all this cash.
Moreover, the offers on international betting sites have been helping punters hedge their risks and increase their payouts. As a result, many people have become fully-fledged punters. But is this a road you should take?
Why people bet full-time
Let’s first consider some of the motivations behind taking on a full-time career as a sports bettor:
- You get to choose how to spend your time because you can place wagers at the most convenient times. This flexibility enables you to cater to other needs, e.g., more social activities, added time for rest, etc.
- You get to gain rankings in the punter world and can even start offering expert advice on how people can place wagers,
- You get to develop your judgment skills and can use them in other areas of life as well,
- You get to make a lot of money which you can invest in low and medium-risk investment vehicles to help you secure a stable future.
Looking at these perks, it’s easy to see the allure of betting as a career.
Why do some full-time bettors fail?
If betting were as easy as ABC, everyone would do it. Anybody with a smartphone and a betting account would have the guarantee of millions of dollars. But that’s not the case. Instead, the percentage of successful punters is much lower than those who have wagered money and lost continuously. So, what are the challenges that punters face?
- Betting is a high-risk venture where you can lose all your capital. If you are not careful, you can end up wagering your savings and going into debt,
- Some bookies may ban you from their site if you keep winning large amounts often as they may think that you are up to no good,
- Wagering is often related to other vices, and you may find yourself engaging in risky behavior due to this. Plus, a lot of stigma is associated with eking a living from placing wagers.
It would help if you also considered the laws in your country and how they would affect your career.
Can you make it as a professional punter?
Of course, you can! It comes down to understanding some basic yet essential rules of the game:
- Learn the game: There are many sports you can bet on, from football to basketball to tennis. The thing is that some people start by understanding one game and place a few wagers on its games. Then they hear about another lucrative sport and jump on its bandwagon. This shifting robs you of the chance to understand how a game works, which would help you place more informed wagers. Do not try to be a jack of all trades – focus on one game and understand its markets. Then choose the market you understand best and keep working on this until you finally clinch that win.
- Expect Losses: Even if you have done your research, there will never be a guarantee you will win. Lineups change, the weather gets in the way, players get injured, etc. So, while you might expect your team to win, that’s all you have – expectation. Each time you place a wager, do so, knowing that you might lose all the cash you have put into the game. Else, you will often end up disappointed.
- Start Slow: Most people want to start by wagering $500 on a single game to make a lot of money at once. But that motivation (spell greed) can have you down and out in a matter of days because you can run out of money.
- Have a Limit: How much can you afford to spend on betting each week? Say, for example, you can spend $500 a week. Use that. You can wager it all at once (not advisable) or break it down into small wagers which you spread throughout the week. If your wagers fail and you feel like placing another one but have already spent your $500, take a breather and wait. Chasing losses is never a good idea, which can have you dipping into your bankroll.
Most importantly, do not quit your job to seek income in sports betting unless you have already secured a six-month emergency fund. Things can go either way. Good luck!
