April 16, 2014

Ways to Earn Money Betting Online

I don’t know if that has happened to you as well but when I got into wagering I imagined that the only way to profit would be by hitting the encounter’s winner. In time I realized that there are other ways to profit. So, I propose to list some alternatives.

In this Guide I will introduce you to all the possible ways and even alternatives of how to profit in the long term with Sports betting and with bookmakers that offer us the bets.

There are eight in total, listed below:

  1. Punting
  2. Trading
  3. Arbitrage
  4. Bonus offered by bookmakers
  5. Building a bot for Betfair
  6. Selling Predictions and Hunches
  7. Selling Systems

1. PUNTING

Punting will probably be the most popular way to bet. It consists in betting in which we think will be the most likely winner of the sports event. There is who does it for fun putting some Euros on his/her heart team while others take it a bit more seriously.

If you wish to make money with punting you have to take things more seriously or in other words, to spend some time studying the match.

ADVANTAGES: Whether it is the bets or the matches’ study it can be done when it best suits you.

DISADVANTAGES: Hard to profit for the difficulty in analysing the match and making against the advantage that the house has to set unfavourable odds.

TIP: In case you don’t have the time to analyse a match there’s always the chance to follow the hunches of someone that does it for you. The Betting Forum is a good starting point because you will be able to find people that contribute daily with their analysis.

2. TRADING

With the appearance of the betting portfolio like Betfair, it brought to the bettors the possibility to bet against contrarily to those of the traditional bookmakers that only allow betting in favour.

Trading consists in ensuring profit regardless of the event’s final outcome. In order to achieve that, we have to manage betting in favour at a higher price than to the one against.

There’s who does trading before the start of the event whilst others do it during the course of the match/race. Although risky, the most popular trading way is during the event (like live) whilst others prefer trading before the encounter/race.

Regarding trading before the race/match the ADVANTAGES are: regular profit.

DISADVANTAGES: Learning time. In the case of horse races trading it demands a lot of patience and a lot of failed attempts until we manage to profit. It demands a big deal of spare time.

TIP: There are several Trading tutorials here in the gateway and the forum has got a section exclusively devoted to this wagering way.

3. ARBITRAGES

Have you already imagined betting on the three possible outcomes of a football match? You’d never failed a bet, would you?

Unfortunately it does not work because if you did it, and due to the bookmakers’ profit margins, they would always lose money. To that profit margin we’ll call overround.
Overround is that percentage that comes on Betfair on top of the bets in favour.

In ordinary situations that amount is always higher than 100% but, if by any chance there is an anomaly in the odds that makes the percentage decrease from 100% then we have a possible arbitrage. Therefore, when the overround is lower than 100% it is possible to bet in all possible outcomes with guaranteed profit.

For being such an easy way to profit it is hard to find them because there are many people looking for arbitrages. So, nowadays, to profit from arbitrages we are almost forced to subscribe arbitrages alerts paid services. But note: The arbitrages also carry risks. Have you imagined if one of your bet gets cancelled.

ADVANTAGES: Maybe the easiest way to profit from betting.

DISADVANTAGES: There’s the danger of the bookmaker to cancel the bet.
It requires a big bank and accounts in several places.
It requires availability to bet at any time since the arbitrage can appear at any moment.

TIP: There are several Arbitrage tutorials here on the gateway.
Read the rules regarding bets cancellation criteria thoroughly. Check, near the beginning of the match if the bet was cancelled or not. If it was cancelled minimize the losses.

4. BONUS OFFERED BY THE BOOKMAKERS

With the purpose to motivate the registration of new customers, the bookmakers usually offer bonuses when they register. There are even bookmakers that compensate users already registered for bringing in new customers.

In general, it is only possible to withdraw the bonus amount when we reach certain pre-established criteria by the bookmaker in question.

There is who try to accelerate the process of withdrawing the arranged bonus, in most cases, bets in favour with bets against in a betting portfolio.

ADVANTAGES: Like the arbitrages it is a very easy way to bet.

DISADVANTAGES: Unsustainable in the medium and long term because it will come a time in which you will no longer find bookmakers to register with.

TIP: We have a tutorial that totally explains this: To make money with no Risk with the Betting Bonuses. It is ideal for who is beginning in wagering and wants to create a bank in order to enable higher leaps.

5. BUILDING A BOT FOR BETFAIR

Betting is often heard the expression “chicken of the golden eggs”. In this chapter, I propose to speak about the chicken of the golden eggs of the modern times or, in other words, a true machine to make money.

A bot is no more than an automated betting solution. Yes, that’s it, a machine that bets for us.

Although it is an attractive idea, putting it in practice is a different thing. Apart from the compulsoriness for computer knowledge it is necessary to have an idea that works. Well, in bets, ideas that work are not easy to find and who does find them keeps them locked with seven keys.

But so it doesn’t seem too vague, I will provide some examples:

A) Do you still remember the lesson about overround?
I’m sure you do.

Now imagine that you have a machine that is constantly monitoring the overround and always that it decreases below 100% it bets the exact amounts in order to ensure profit whatever the final outcome.

B) In the betting portfolios we can bet in favour and against, right?
Then imagine that you have a bot that monitors two betting portfolios at the same time for example, in the horse race market. As you should know, in these markets, there is a constant up and down in the prices so, sometimes it is possible to bet in favour and against in a profitable way.

C) Do you want to see a bot in action? Alright, I will give you what you want.
I have chosen three random matches that are occurring at this precise moment.

Building a bot for Betfair

Do you think that those 2€ at the “1 goals or more” are there by accident? No my friends. Those 2€ are all but a coincidence.

As soon as the match starts the person’s bot in question straight away throws that bet that it hopes someone matches. It seems impossible to happen, doesn’t it?

What if I tell you that it does this for over a year and for all matches?

Do you think the strategy author would go through the effort of laying the bets manually?

Don’t you think that if it didn’t work he would have given up already? The given person has got a machine working for her and don’t doubt that it works.

ADVANTAGES: Automated solution not needing the human presence.

DISADVANTAGES: It requires above average computer knowledge.
For all these reasons, this would be my elected wagering way, weren’t it for the lack of computer knowledge that would allow me to create a bot.

TIP: There are software programs that facilitate the creation of a bot since they integrate directly in Excel making the creation of a bot much easier.

6. SELLING PICKS AND TIPS

When we speak of bets it is almost inevitable to speak about risk. Like in everything in life there are exceptions and this is one of them. If you’re really good in hunches in one or more modalities this will be a good alternative. What I propose is a regular income flow without any associated risk.

ADVANTAGES: Monthly profit similar to that of a salary.

DISADVANTAGES: Required time and talent in the analysis of the matches.

TIP: As you can imagine selling your service you will need a website where you can eventually, put bookmakers’ advertisements. This advertisement may very well be a source of extra income.

7. SELLING SYSTEMS

It is not unfounded the mistrust of many, concerning the so-called systems, whether because most are no more than nonsense ideas or because some are no more than another system copy, in the end there are a thousand reasons.

But you can make the difference. Still, there is a minority of systems that I consider true.

I’ll give an example.

I have read about a system regarding wagering in tennis where only the initial part extended for several pages. And no, those were no pages explaining, once more, how to bet on Betfair. It was a small resume of the better known tennis players, female and male. The system would provide instructions where these were more or less strong, which bets to lay and which to avoid. I consider this a serious research work.

Despite these systems’ frail image, curiously, there’s always a market. There’s always someone hoping to find the already mentioned chicken of the golden eggs.

ADVANTAGES: Once more, profit without risk.

DISADVANTAGES: Knowledge at the internet marketing level.

TIP: If you have a really good idea, don’t sell it.