Most of those who wish to bet on sports and win are already sports fans. It’s widespread for gamblers to put some sports bets during big games like the Super Bowl and the basketball Final Four. But most bettors are simply sports enthusiasts trying to make some additional money by using their knowledge of a game or its stars.
Being a fan of a specific sport, a team, a college or professional team, all of these things are considered a prerequisite for placing a sports bet on Sbobet or any other similar bookkeeper. Sports betting is also a chance for a fan to participate in the action of the game while putting something more than their pride on the line.
Gambling is all mathematics; even games of chance are based on mathematics. You will be able to give yourself an advantage if you understand the arithmetic behind the game. Many games, like penny slots and roulette bets which are poorly placed, are so unreliable that smart bettors gain an advantage by completely ignoring them.
The math is more sophisticated and complicated when it comes to sports betting. Bye weeks, underdogs, quarterback ratings, and injuries may require the same level of consideration as elaborate winces, depending on your favorite sport.
But how challenging is the mathematics of sports betting?
Although the arithmetics which lie under the placement of a winning bet are still very sophisticated, staying one step ahead of the bookmaker is relatively simple.
The math says, “if you win 52.4 percent of your wagers, you will break even,” which is a no-profit no, loss situation. We’ll get into more detail about that number later with an example and try to understand why it requires more than 50% wins to break even?
So, let’s get going on the topic of the day, and like always, you will get something new to learn.
Is “Betting For a Living” a real thing?
Whether you believe it or not, some people make a living out of the profession of sports betting. There is a group of gamblers who bet on sports for a living. They may work part-time at a sportsbook or in some other peripheral job in the casino industry.
Now, you know that a 52.4% winning percentage will get you to break even. So, the simplest approach to turning sports betting into a career is to bet enough so that just a 53 % winning percentage can get you the money you want.
A Practical Example
Let’s now try to understand the fundamental mathematics behind this 52.4% formula. For that, you will have to look at the situation and carefully analyze – How the math works from behind the curtain and create magic in gambling and sports betting.
Let’s say, in the upcoming football season of the first four months this year; you plan to invest or bet $10,000 in sports betting. That $10,000 is allocated for betting on sports where you can win or lose.
During your investment time, you want to bet on around 160 games. You wish for a 55 % winning percentage because that winning percentage would provide you with a record of 88-72. This equates to a gain of +8.8 units.
Are you still thinking, how did we arrive at that figure?
Well, subtract the number of your losses from your wins to arrive at your unit profit.
If you bet $460 on each of these games and win 55% of the time, you’ll make $4,048. Likewise, in just four months, $10,000 will generate $14,048, which is about a 40.48 percent return. It is quite high for investment for such a little time duration. But that is all after presuming that you can correctly predict the winner around 55% of the time.
Always do your research properly. Make it a habit to investigate the track records of professional sports gamblers. While not impossible, a 55% winning percentage would put you among the top sports wagers in the nation.
How do Professionals calculate?
Professional sports bettors are most concerned about variance than any other thing. Fighting against the forces of volatility is maintaining your bankroll throughout the season to avoid the poor outcomes that could completely deplete your betting account. Professional sports bettors have the time and resources to calculate these variances.
There is much software available in the arena to assist them in determining the best bet when faced with negative variance situations.
But the bottom line is that professional sports bettors fantasize about having a 55 percent winning record since it ensures that they are winning the house and making a lot of money.
This is the reason many sports bettors who bet for longer terms are math lovers. When it comes to placing a wager, good sports bettors understand math, particularly inferential statistics.
Beginners vs Professional – Sports Betting Perspective
Betting is an exciting method for many individuals to enjoy sports while also winning money. Some people only bet on clubs and players they are familiar with, while others bet on random games as long as they have enough information to make correct predictions with the least risk involved.
However, for many professional gamblers, sports betting is just another job. They get up every morning with the intention of selecting the best matches and putting the best bets. To improve their talents, they invest in books, guidelines, and lessons.
To be clear, making a living off of sports betting is easier said than done. According to experts, here’s what it takes.
The major distinguishing factor between professionals and casual gamblers is that professionals wager as if their lives rely on it. They do not make wagering decisions based on their emotions. They also don’t gamble on sports to feed an addiction.
And according to the former deputy chairman of the New Jersey Council on Compulsive Gambling, professional gamblers never cross the line. In place of that, they conduct extensive studies to identify unique prospects for maximization of their profits.
Another characteristic of a professional gambler is that they keep meticulous records. This enables them to keep an eye on trends in their wins and losses. They will be able to identify new strategies to improve revenues and decrease losses as a result.
On the flip side, the beginner gamblers are the reverse of them, who dive into sports betting with half knowledge. And that isn’t enough to start betting for a living because it may let you go through consecutive losses.
Without any doubt, sports betting can be done profitably, and even the chances of winning can be drastically increased. The only requirement is fully dedicated research and being good at mathematics which frequently works behind the betting world.
If one judiciously uses the numbers, it can bring wonders in the results and definitely make you a bet booker who earns their living through betting as a full-time professional.