Can you make a living off sports gambling?

Sports betting can be profitable, but the majority of bettors lose money, which is why sportsbooks exist. Sports betting is not always profitable because it is against your favor due to the vig.

rotowire.com - Can sports betting be profitable? - RotoWire.com

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Can sports betting be profitable?

Sports betting can be profitable, but the majority of bettors lose money, which is why sportsbooks exist. Sports betting is not always profitable because it is against your favor due to the vig. For sports betting to exist, companies have to make money off it, which is why PASPA was struck down in 2018. While Nevada has been raking in millions of dollars through sports betting, new legislation will allow every other state to benefit from sports gambling. If states are benefitting from sports betting, that means those wagering are losing money more often than not.

It can be profitable...

To be a successful sports bettor, one has to put time into studying and researching various aspects of a matchup. While turning a positive in sports betting is possible, it's not easy if you want to do it on a consistent basis. Before starting, a bettor should know the majority of terms used within the sports betting world. From there, research begins which could involve studying team trends, looking at odds or shopping around for the best lines. To be a successful bettor, one doesn't simply win a few bets from a guess and continue to win. There's a reason sports betting is a big business and states turn a profit of millions.

...but it's not easy

Of course, if you want to win on your own terms, it will take time. Looking at simple numbers like home/away and against-the-spread records is the first step, but there's always another level to dive into. In baseball, you can examine batter vs. pitcher matchups and the same goes for coaching matchups in football. In basketball, you can compare efficiency numbers or look at each team's pace. The number of stats to study is endless, but finding the most important ones is the key distinction to being a successful bettor. Once you have a preferred side, you can look around to see which sportsbook has the best odds for your bet. If you really like the Buffalo Bills and think they can beat the New England Patriots as an underdog, most sportsbooks will have different numbers. For example, your favorite site could have +200 odds as an underdog, but another one may have +220 odds. At that point, you have to decide if it's worth it to bet at the other sportsbook in order to get better odds. Another example is if the Bills are a +6.5 underdog at one site and +7 at another, both with -110 odds. It's clear the site with +7 and -110 is the better bet, but only if you're comfortable having money at numerous sportsbooks. Some will be swayed by sports betting touts and handicappers, but paying for a service likely means you have to win a bigger portion of your bets. Sports betting is already difficult in order to come out in the positive as you have to hit roughly 52.4% of bets. Throw in the extra few dollars spent on a tout service and that percentage can rise to 55 or even higher, assuming you want to win something. You could win at sports betting by using a service, but there's no guarantee the service will be profitable. If you want to put in the time, an individual can study as much as he or she wants and make bets based on those calculations. Every stat you research isn't going to help, but that's the fun in betting.

What does a team minus 5 mean?

For example, let's say the Dallas Cowboys (+5.5) are playing the New England Patriots (-5.5). If you bet on the Cowboys, they don't have to win, they just have to lose by 5 points or less. If you bet on the Patriots, they have to win by at least 6 points.

americangambler.com - What does + 5.5 mean in NFL betting? - American Gambler

The most popular form of NFL betting is by the spread. When looking at the spread for an NFL game, each team in the game will have a plus or minus. The team with a + is the underdog, so they are receiving points. The team with a – number is the favorite, so they are giving up points. If you are betting on the favorite (-), they have to win by more points that the spread indicates. On the other hand, if you bet on the underdog (+), they only have to get within the spread for your bet to win. For example, let's say the Dallas Cowboys (+5.5) are playing the New England Patriots (-5.5). If you bet on the Cowboys, they don't have to win, they just have to lose by 5 points or less. If you bet on the Patriots, they have to win by at least 6 points.

How do you read the odds on a spread?

For spread betting, the odds are always close to even. The spread is set differently for each game, which depends on odds makers and advanced algorithms. The odds on each spread will be around -110. It could move slightly if one team is receiving more wagers than the other.

How do spread bets pay out?

Since the odds are similar on both sides, you will come close to doubling your money regardless of who you bet on. Unlike betting on moneylines, the underdog and favorite will pay out close to the same, if not exactly the same.