How to make money from sports betting in 2024?

Sometimes we can read that sports betting is becoming an alternative way of income for more and more users and players. That is why some wonder if it is possible to make a living from it and make sports betting a job or investment. The reality is very different.

Chance is always present

There is a factor that is always present in sports betting – random . Unlike other investments such as the stock market or real estate investments, for example, in online sports betting there are some factors that do not depend on us, and hence its complexity.

How many times have we seen a humble team give the surprise at the Santiago Bernabeu or at the Camp Nou? Isn't Real Madrid or Barcelona infinitely superior to Leganés, Getafe or Eibar? The answer is yes, but football is not an exact science and it also depends on luck. A penalty, a bad day, an injury to your star player, an refereeing error...

There are many factors involved in a football match that can affect the profits of our bets.

Bookmakers also have their own limits

Unlike other sectors or markets, there are certain limitations in sports betting. It is true that there are many sports betting houses to make money, but each of them has limits that we cannot control or modify, although there are also bookmakers with no profit limit .

It is not possible to bet, for example, $100,000 on Cristiano Ronaldo's goal, or $6,000 on the Third Division. The houses offer us limits, marking the maximum profit we can get. In addition, there is a very common practice nowadays that is the personal limitations to users who obtain benefits in a certain bookie.

It's not all benefits, there are also expenses

Living from sports betting seems a priori something very easy and simple by reading some web pages or newspaper articles, but all that glitters is not gold. No one doubts that it is possible to earn some money with sports betting, but there are also many expenses that must be taken into account when considering betting as an investment. We can mainly talk about two: Hacienda and Tipsters.

Like every benefit, we must declare and tax on the profits obtained . The betting sector is not recognized as a profession, so its taxation is high and resembles lottery prizes or contests.

On the other hand, every tipster who generates profits becomes a “Premium” or paid tipster, that is, charging for their forecasts. Making a portfolio of tipsters we will have monthly expenses that we must assume and take into account if we want to have the best and most reliable forecasters.

Bad spells also exist, emotions play a fundamental role

Knowing how to control emotions and having a cool head in complex situations are undoubtedly the two basic aspects of online sports betting. No matter how safe a forecast looks, or how good a tipster is, the chance factor makes bad spells exist and be uncontrollable .

Is it that maybe the best teams or footballers in the world don't have bad streaks? The same thing happens in betting. The only solution is to be clear about the way forward and not get carried away by emotions, and in no case bet with the sole motivation of recovering eventual losses.

Betting responsibly is the most important thing , as well as being aware that, although it may seem easy to make money, it is not. That is why at Innovate Change we recommend understanding betting as just another hobby, whose main purpose is our fun and entertainment, studying well each tipster or forecast to follow, and always being clear how much money to allocate to sports betting, being aware that you can lose.

Considering sports betting as an investment or a job is a personal decision for everyone, but like any investment, it has its risks. As we have mentioned, these bets depend on chance and luck and in no case can they guarantee us a certain profit or benefits, therefore the most advisable thing is to play solely for entertainment, allocating to bets an amount of money that does not entail any economic damage and that, in the worst case, we may be willing to lose.

Published by:

Ines Ledo
Editor of the Innovate Change