How to get filthy rich betting

General Betting Tips and Resources
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Posts: 86
Joined: Sun Aug 27, 2017 6:07 pm

How to get filthy rich betting

Post by stan » Mon Sep 25, 2017 9:23 am

Betting professionals such as Matthew Benham, Tony Bloom or Billy Walters are some of the world's richest gamblers and have developed mathematical models that they have continuously refined over the years. There's one thing they have all in common: They became rich through sports betting.

Billy Walters has proven that it's possible to become filthy rich outside soccer betting – he has specialized in NFL football and NBA betting. As the youtube video shows, once you're placing bets for a lot of money there's organizational issues you have to deal with.

While Walters commands a small army of “runners” (people placing bets for him in Las Vegas) Matthew Benham went ahead and founded a whole company to provide data for his model, and to develop it further.

You want to be like them? First things first. Let's get to the 10 things you need to become rich from sports betting.

1. To Get Rich You Need To Find Value

Getting rich from betting consists of several components. The most important cornerstone is being able to spot value. Being able to spot value means that you are able to spot odds that are too high, consistently and systematically – and capitalize on those opportunities.

In principle this is not unlike successful trading with stocks: It makes sense to buy a particular stock when it is undervalued, as this means it likely will appreciate in value later. If you are focused on sports betting, than your job each match day is to find the undervalued teams, and “buy their stock” in a manner of speaking.

Your value for a 50% shot at 2.30 odds

How to get rich from betting on sports

Spotting value is in essence aboutjudging probabilities more correctly than the market does. Of course it is difficult to do that for every game and every sport, but that isn't necessary. Your big advantage over the bookmaker lies in the ability to skip matches with unfavourable odds – just like you don't have to purchase all stocks available. The bookmaker pretty much has to offer odds for almost all games, at the very least in the most popular leagues.

Spotting value is the hardest thing to do in this business, and you will need a lot of practice to pull it off consistently. Only once you are sure to have a systematic edge you are well and truly on your way to getting rich through betting.

2. Money Management

It isn't just all about value though – the ability to correctly manage your money is almost as important. Money management is about two fundamental goals, that partially contradict themselves:

growing your bankroll as quickly as possible
while avoiding bankruptcy in the process
Provided you find value regularly, your bankroll will of course grow faster if you stake more per bet. But if you stake too much per bet, you risk bankruptcy. Sadly this aspect is often severely underestimated by most people. The random swings can be brutal even if you mostly place value bets. Luckily this can be handled easily by a very simple rule: Personally I would recommend you never stake more than 1-2% of your bankroll on any given bet.

If you are able to come up with a reasonably accurate estimation of your actual value, you can use the Kelly-formula to make the most of your edge – and stake ever more efficiently.

3. Have Patience

Never forget: Betting, like any other form of serious investment, is a marathon, not a sprint – especially if you're aspiring to get rich. Accordingly it will take a while for your bankroll to grow. If you’re patient and successful however, the compound interest effect will be on your side. What will look like painfully slow growth initially will end up picking up a remarkable exponential dynamic.

You will have to deal with more swings, losing streaks, winning streaks, making the curve less smooth and requiring a greater number of bets. Nevertheless the general dynamic holds true – how far you can get with 5% value is quite amazing, and doesn't even take all that long.

4. Find The Right Bookmaker(s)

If you want to bet successfully, you need the right bookmaker. If you want to get rich through betting you can only use bookmakers that actually let you win. Sadly it's an ugly truth that most bookmakers won't andwill limit their successful customers, or may even outright ban them.

Of course that way you can't possibly plan for success, as your winning would always stay fictional. Happily there are certain bookmakers that do not limit or ban their successful customers. One of the most well known bookmakers of this kind is Pinnacle Sports (residing in Curacao), as well as the Asian bookies SBObet and IBCbet. The latter two also happen to be the worldwide market leaders when it comes to soccer betting.

The business model of all these bookmakers is based on low margins and high volumes. This means they simply want to have as much action as possible, encouraged by a small bookmaker margin which translates into better odds for the customer. These bookies accept winners not because they want to make the world a better place (that's just a side effect), but rather because they can use that information to their advantage, for instance by adjusting their betting lines.

Posts: 86
Joined: Sun Aug 27, 2017 6:07 pm

Re: How to get filthy rich betting

Post by stan » Mon Sep 25, 2017 9:25 am

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