Sports bettors are thrilled when they win any amount of money from their hobby. But can you imagine being able to earn $1 million through sports betting? You might just dismiss this as a fantasy. After all, very few people are skilled enough to win at sports betting consistently, let alone win seven figures. So let’s explore how to win millions in betting with bestsoccertips.com through the following article!
Simplifying the Path to $1 Million
The easiest way to earn $1 million through sports betting is to bet $1.1 million on -110 odds. You could bet on a standard NFL point spread and have a chance to earn seven figures this way. Of course, you may not have that much money to gamble with. Even if you did, betting that much on a single contest would be terrible money management (unless you’re a billionaire).
Assuming you are like many regular people who bet on sports, your bankroll ranges from a few hundred to a few thousand dollars. For the purposes of this post, I’ll assume you have $1,000 to risk. The idea of turning $1,000 into $1 million through sports betting seems almost impossible. After all, you’ll find it challenging enough to turn $1,000 into $2,000.
However, you can eventually turn your $1,000 into a million dollars conservatively. A good goal is to earn 1% of your bankroll as profit each day. Clearly, you can’t expect to win 1% every day. Sports betting involves a lot of variance, regardless of your skill level.
Nevertheless, earning an average daily profit of 1% of your bankroll is a straightforward path to $1 million. You can use a compound interest calculator to check the math. Just enter the number of days (instead of years) in the “years to grow” field. Again, your path to $1 million won’t be smooth. But you can see that making a large sum through sports betting is possible with a small bankroll and conservative short-term goals.
What Kind of Bets Should You Place?
Parlay bets (also known as accumulator bets) allow you to quickly earn large profits. For example, you can bet $10 on an 11-team parlay and win $15,000. This figure is still far from a million. However, you can keep letting your parlay winnings roll over until you reach $1 million. The problem is that parlays have extremely high odds. Assuming you win 50% of your picks, your success chance with an 11-team parlay is only 1 in 2,047.
As stated earlier, you can still reach seven figures by earning 1% of your bankroll each day. Thus, you don’t need to rely on lottery-like sports betting chances repeatedly. Instead, you can place bets with high winning percentages and collect small profits. For example, you can find favorites with -2000 odds. Assuming you win the bet, you’ll earn $5 for every $100 risked. However, note that losing one of these bets can cost you a lot. Suppose you lose the aforementioned bet at -2000 odds; you would need to win 20 bets with the same odds to break even.
Another strategy involves arbitrage betting (also known as sure betting). Of course, you can’t bet on all outcomes at the same sportsbook. Otherwise, you will certainly lose when the vig (also known as juice) comes into play. Instead, you need to find two or more sportsbooks with different odds sufficient for you to lock in a profit. You must also place bets on these different odds before the sportsbooks change them.
Below is an example of arbitrage betting:
- Boston Celtics -195
- Brooklyn Nets +215
- You bet $200 on the Celtics.
- You need to bet $96.06 on the Nets to maximize your arbitrage profit.
- Your profit will be $6.54.
After identifying a potential bet, you can use an arbitrage betting calculator to find the perfect bet amount. Sportsbooks are well aware of arbitrage betting. They try to move their lines almost in sync to prevent arbitrage opportunities. You also have to worry about sportsbooks limiting or banning your arbitrage betting accounts. They do not appreciate gamblers using techniques that guarantee a profit.
However, overall, arbing is a relatively safe strategy to earn a 1% or 2% profit. In fact, this is the standard profit range you can expect with an average arb. Another method to earn a 1% profit each day is steam chasing. Bookmakers are then forced to quickly adjust their odds to minimize any additional bets on the same outcome. A steam chaser looks for lagging bookmakers who haven’t changed their odds yet and then takes advantage of the opportunity. Sportsbooks view steam chasers in the same way they view arbitrage bettors. They will ban or restrict the accounts of anyone they believe to be a steam chaser.
Complications on the Path to $1 Million
I’ve mentioned the challenges of using certain methods to win $1 million through sports betting. However, you will face even more complexities on the path to reaching seven figures. Below are some additional factors to consider before pursuing such an ambitious goal.
You Will Likely Make Many Missteps Along the Way
Whether you’re arbitrage betting or betting on high odds, you will encounter difficulties in your pursuit of fortune. Once again, sports betting always involves volatility, even if you have the right betting strategy. Sometimes, you will win consecutive bets. Other times, you will feel like sports betting is impossible. You may face significant setbacks along the way that cause you to step back or even give up on your dream.
You Might Get Bored with the Process
The idea of earning $1 million in 695 days sounds great to an average person. But it becomes a long process, especially after several hundred days.
Coupled with potential missteps, you might become extremely frustrated with pursuing small short-term profits. You may even place larger bets and try your luck with bigger wins.
Of course, deviating from your plan will backfire when trying to achieve such a big goal. You could lose a crucial bet and give up all hope.
You Still Need to Be a Successful Bettor
The primary purpose of a betting system is to avoid the house edge or compensate for a lack of skill. Martingale, which requires you to double your bet after each loss, is a perfect example. Using a model of 1% profit per day to earn $1 million is just another example. This system sounds great but is certainly not foolproof.
You won’t win a million dollars, or even $10, in the long run if you lack good skills. No goal or betting system can overcome the inability to beat the odds and the house edge. This may not seem like a daunting task, but it’s not easy. Most sports bettors lose in the long run. Therefore, you need to be much better than the average bettor to sustain success.
Earning $1 million through sports betting is no easy feat. If it were as simple as aiming for a 1% daily win, everyone would do it. However, you don’t necessarily have to give up on this dream just because it’s difficult. You can still attempt to earn a million dollars through sports betting without risking a fortune.
In the earlier example, you start with $1,000 and work from there. You could potentially earn $1 million in less than two years if everything goes according to plan.
Of course, I’ve emphasized that the dominoes won’t fall perfectly. You will experience many ups and downs on the path to a big win. No plan will work if you don’t win often enough to beat the house. You can try winning by traditional point spread betting. However, only a small percentage of bettors are skilled enough to beat the sportsbooks.
It’s easier to win by arbitrage betting or steam chasing. But both techniques can lead to your accounts being limited or banned. You also need to invest in betting software to have any realistic chance of profiting from arbitrage or finding attractive moves. These methods are nearly impossible to use on your own.
Conclusion
In conclusion, learning how to win millions in betting is an ambitious goal that requires a combination of skill, strategy, and patience. While the path is fraught with challenges, from managing the volatility of sports betting to dealing with the limitations imposed by sportsbooks, it is not entirely out of reach. By employing techniques such as arbitrage betting and steam chasing, and maintaining a disciplined approach, you can work towards this lofty objective. However, always remember that consistent success in sports betting necessitates a solid understanding of the game and careful management of your bankroll.
See more: Share top 7 betting tricks to win
