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How to Make Money From Betting: A Numbers Game, Not Luck

March 19, 2024

Written by    |
Bill Harrelson

Making easy money from sports betting appeals to many people, but the reality is that there is a lot more thought that goes into the process than you realise. If you’re going to make a profit and beat the odds, you need to understand that sports betting is a numbers game, not a game of luck.

how to make money from betting

Our customers understand this logic at Elite Pickz; they’ve always trusted us to deliver transparent sport-betting picks they can bank on. In this guide, we’ll show you how to make money from betting using the same logic we employ to remain profitable in the business for years.

4 Tips to Help You Make Money From Betting

Let’s face it; there’s no one-size-fits-all approach to making money from betting.

Nonetheless, by adhering to these four tips, you can beat the odds:

  1. Forget luck.
  2. Do your research.
  3. Find value bets.
  4. Manage your money.

1. Forget luck; focus on the math: How probability and odds work.

If you want to make money from betting, you must understand that it’s less about luck; focus on the math instead. Sports betting is a numbers game, not a game of chance. The odds and probabilities are what ultimately determine if you win or lose.

focus on maths

The odds represent the likelihood of an outcome happening; the higher the odds, the less likely that outcome is to occur. When oddsmakers set the odds for a game, they’re not trying to predict the winner — they’re trying to get equal betting on both sides. Their goal is to have the math work out so that no matter who wins, they make a profit.

As a bettor, your goal should be the opposite. You want to find value by identifying odds that don’t accurately reflect the probabilities. If you can spot odds higher than they should be based on your calculated probability of an outcome, that’s where you’ll find your edge.

Over time, making a large volume of value bets where the odds are in your favor will lead to profits. It’s not about picking winners but finding mispriced odds and probabilities. Do your research, understand the stats, and look for trends and matchups that give specific teams an advantage. Then compare your assessment to the odds to find your spots.

It’ll take discipline and patience, but if you make math and probability your guide instead of emotions, sports betting can be a game you can win. Forget about luck — the numbers don’t lie. Play the long game, value each bet, and the profits will follow.

2. Do your research: Know the teams, players, and stats inside out.

If you’re keen on making money from betting, you must put emotions aside and look at the numbers. Research the teams, players, and stats extensively to make informed decisions.

Get to know the teams inside and out. Study their win/loss records, strengths, weaknesses, matchups, and trends. See how they perform against the spread and in different situations. The more you know, the better your predictions will be.

Dig into player stats and matchups. See how certain players perform against each other and how that impacts the outcome. Look for key players that could influence the game and gain an edge.

Making a profit from sports betting

Analyze trends and stats. Look at how teams perform after a loss, on little rest, or against top defenses. Compare stats like points scored/allowed, 3rd down conversions, and turnover margins — spot outliers and patterns to uncover value.

Review expert opinions but think for yourself. See what the analysts and pundits say, but don’t just follow the herd. Look for angles and insights they may have missed. The more you rely on your unbiased analysis, the more you learn.

Do practice bets to test theories before putting real money on the line. As you get better at predicting outcomes, you can bet more confidently. But desist from betting beyond what you can afford to lose, no matter how sure you are.

Making a profit from sports betting takes work. However, if you try to understand the games, you’re likely to make a lot of money. Do your homework, think logically, not emotionally, and the odds will be in your favor.

3. Find value bets: Spotting opportunities the bookies miss.

If you’re seeking how to make money in betting without losing, the key is finding value bets, i.e., opportunities where the odds don’t correctly reflect a team or player’s chances of winning. Bookmakers are human, too, so they make mistakes. Spotting them is vital.

Here are helpful tips on how to spot these errors and find value bets:

  • Find bets where the odds seem off: Maybe a team is on a hot streak, but the odds haven’t caught up yet. Or two teams seem evenly matched, but one has much better odds. Compare odds across different bookies to find the best deals.
  • Consider player or team matchups: Some players or teams just match up well against certain opponents. If the odds don’t account for this, you’ve found an edge.
  • Pay attention to schedules and fatigue: Teams playing their 3rd road game in 4 nights or coming off an emotional win might underperform. Bet against them.
  • Look for bets others overlook: While everyone else bets on big matchups, you could value in smaller games bookies pay less attention to.
  • Do your research: The more you know about teams and players, the more edges you’ll find. Analyze stats, matchups, schedules, and trends to make informed bets.
  • Consider prop bets: Look for player or team props where the performance seems likely to exceed the odds. These niche bets often offer value.
  • Don’t bet with your heart: It’s easy to bet on your favorite team or players but make bets objectively based on the odds and the math. Your money depends on it!

The key is thinking like a contrarian and finding opportunities where the odds don’t make sense. With experience, spotting value bets can become second nature. Make intelligent bets by researching teams and analyzing all the factors properly. While luck ultimately plays some role, making money from betting is a numbers game.

With the proper knowledge and judgment, you absolutely can gain an edge. And if you want a more reliable way to predict, sign up to join our discord channel; we’ll send you daily picks from our team of professional sports pickers — who predict with numbers and have always had more wins than losses.

4. Manage your money: Set a budget and only bet what you can afford to lose.

It’s easy to get so engrossed in making money from betting that you forget to manage your resources properly. One crucial skill to generating money off betting is managing your finances wisely. Set a strict budget for how much you can afford to lose, and stick to it; only bet what you can afford.

We recommend starting small, around 1–5% of your budget per bet. As you win, you can slowly increase your bet sizes. However, avoid “chasing losses” by dramatically increasing bets after losses — that’s a recipe for going broke fast.

making money from betting

Track your wins and losses to see how you’re performing over time. If you’re not winning more than 50–60% of the time (depending on your odds), you likely need to rethink your strategy. Consider limiting the types of bets you make to those you have an edge on. Maybe focus on just one sport or league.

Some scammers in this industry prey on people’s emotions and dreams of easy money. However, the truth is that profitable betting takes discipline.

At Elite Pickz, we aim to educate bettors and provide transparent recommendations based on data. You don’t have to use our service, but these guidelines can set you up for success if you bet on your own. You may contact us for more info on how we operate or check out our customer reviews to see what users have to say about our services.

Ultimately, it all comes down to managing your money, making informed bets, starting small, tracking your performance, and not relying on emotions. Following these principles and betting tips can be an intellectual challenge and a source of profits. Still, always go in knowing the odds will always be against you, and be prepared to lose for the chance to win big. With the right mindset and strategy, you can defy those odds.

Frequently Asked Questions

Is betting a good way to make money?

Yes, betting is an excellent way to make money, but it’s not about luck but the math — the numbers don’t lie. If you go in thinking you’ll win big on a “hot tip,” don’t hold your breath. The pros who profit from sports betting follow a proven strategy based on statistics, not emotions.

Here are four tips to help you make money betting:

  • Do your research: The more you know about the teams, players, matchups, and stats, the better your odds of winning. Study past games, performance trends, injuries, coaching changes — anything that can influence the outcome. Knowledge is power.
  • Manage your money: Betting more than you can afford to lose is a recipe for disaster; only gamble with money set aside for entertainment. And use staking plans to minimize losses, like fixed-profit staking. For example, you can focus on betting a fixed amount, say 2% of your bankroll, on each wager. If you lose, you lose small; if you win, profits accumulate.
  • Compare odds: Don’t just bet with your usual bookie out of habit; compare odds across bookmakers to find the best options. Even slight differences in odds can add up to big money over time. Some sites offer odds comparison tools that make this easy.
  • Consider hedging: Hedging means betting against yourself to minimize risk. For example, if you bet on Team A, you could also bet on Team B to balance it out. That way, you’ll win no matter the outcome. Hedging reduces your potential winnings but also decreases losses. For some, it’s a safer strategy.

The bottom line is if you go in with realistic expectations, do your homework, manage your money wisely, and take a mathematical approach, you can live off sports betting. Sure, there’ll be wins and losses, but by following the fundamentals, the odds will be in your favor most of the time.

Which is the best betting strategy?

There isn’t a single “best” betting strategy that guarantees consistent wins. The effectiveness of a strategy in making money from betting depends on various factors, including the type of game or sport you’re betting on, your risk tolerance, and the odds involved.

Some popular betting strategies include:

  • Martingale: This strategy involves doubling your bet after a loss to recover previous losses when you eventually win. It’s important to note that it can be risky and can lead to significant losses if losing streaks occur. We don’t recommend it.
  • Value Betting: This strategy involves identifying bets where the odds provided by the bookmaker are higher than the perceived probability of the outcome occurring. It requires research, analysis, and a deep understanding of the sport or game you’re betting on.
  • Fixed Staking: With this strategy, you place a certain amount on each bet, independent of the odds or previous outcomes. It helps manage your bankroll and can suit those who prefer a consistent approach.
  • Handicapping: This strategy involves analyzing and assessing various factors that can influence the outcome of a game or match, such as team form, player injuries, and historical performance. It requires thorough research and knowledge of the sport.

Remember, all betting strategies come with risks, and there’s no foolproof method for guaranteed wins. It’s important to gamble responsibly, set limits, and base your decisions on pure calculations, rather than luck and emotions.

Is gambling a skill or luck?

Unlike sports betting, gambling involves a combination of both skill and luck. The extent to which each factor contributes depends on the type of gambling activity.

In games like poker, or blackjack, skill plays a significant role. Players can apply strategies, analyze statistics, and make informed decisions to improve their winning chances. Skillful players can gain an advantage over time through knowledge, experience, and understanding of the game.

However, luck is the primary determinant of outcomes in games of pure chance, such as slot machines or roulette. These games rely on random number generators or spinning wheels, where no amount of skill or strategy can influence the results.

It’s important to note that even in skill-based gambling activities, luck can still play a role. Unpredictable factors like card distribution, injuries in sports, or unforeseen events can impact the outcome, even for the most skilled players.

Ultimately, gambling involves a balance between skill and luck. Understanding the rules, applying strategies, and making informed decisions can enhance your chances of winning, but there’ll always be an element of chance that can’t be controlled.


The four tips discussed in this guide summarize how to make money from betting. It’s not about luck or gut feelings; it’s about numbers, data, and discipline. Research, find the right betting strategies, manage your money wisely, and don’t get caught up in emotions. If you follow our advice and stay dedicated, you’ll be well on your way to generating real profits from this billion-dollar industry.

While scammers are out there, we’ve aimed to provide transparent and actionable advice to set you up for success. With hard work and persistence, you can beat the odds. However, if you’re skeptical about going in yourself, consider signing up with us to get daily picks from our experienced cappers, who’ve enjoyed plenty more wins than losses over the years. You won’t always win, but you can expect that following all of our advice will incur a profit.

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