The world of professional sports betting is one of the most clandestine in the world. Remember first that professional gamblers never admit that they are gamblers. This is because gambling is frowned upon in many cultures. Thus, they will be harshly evaluated if they engage in it. Secondly, gamblers who have consistently discovered a means to win their wagers tend to keep quiet about their success for fear that word would get back to the bookmakers and cause them to cut them out of future profits on football bets.
Though professional gamblers tend to keep their identities under wraps, betting sites and their affiliates have no shortage of instances of people they have labeled as “professionals” based on the amounts they have won with a particular bookmaker. However, we view this with great skepticism as bookmakers do not like winning customers. The “professionals” the books claim to attract are likely high-stakes players who win and lose big for both sides. Or, dare we say, do some labor for the bookie.
Winnings of gambling
Last but not least, the winnings from gambling are not taxable in the United Kingdom and other nations. Due to this, many high-income gamblers choose to keep their financial success under wraps. Many of them are members of what is known as a “syndicate,” a squad that pools resources and plays as a unit in the hopes of increasing their odds of winning. This makes it much more challenging to estimate the income of professional football bets. Ultimately, we don’t think anyone recognizes today’s names and faces of the richest sports bettors.
Influential Factors on Financial Success
The exact earnings of professional sports bettors are difficult to ascertain but are determined by several factors. Three factors influence the forecasted earnings for any particular time frame:
Percentage of Return on Investment (ROI): Potential Plus or Minus (ROI)
If your betting strategy has a positive edge (EV+), you can increase your predicted profit with each additional wager. On the other hand, a negative edge (EV-) strategy is one in which the larger the wager, the more likely it is that the wager will be lost.
. Revenue = Total Bet
The Turnover equals the entire amount wagered. How much you win or lose in any given time frame may be roughly estimated by looking at the Turnover. The Expected Value is found by multiplying the Turnover by the Edge (EV).
Betting Averages and Stake Sizes
- How dramatically your football bets outcomes fluctuate over time is also affected by the average stake amount. The variance measures the extent to which PnL varies from the mean. For instance:
- The anticipated value of a sequence of bets is $50 if the Turnover is $1,000 and the house advantage is 5%.
- In a situation with low stakes (more bets), modest changes in the outcome are more likely because of the larger sample size.
- The stakes (number of bets) are higher. The more extreme the results are likely to be. Remember that regardless of the amount you put into the game, your anticipated value will always be $50.
The Truth of the Matter
- It’s not as easy to make money as it looks when betting on sports. This is why it is crucial to consider the triad above of factors.
- Look up “how much do professional gamblers make?” on YouTube, and you’ll see jaw-dropping videos demonstrating how one gambler turned $50 into $500 in only a few minutes.
- Although significant, it’s nothing to get too excited about because the EV of the $50 world is probably somewhere in the range of -10% to +10%. Let’s say 10% to be conservative. If the identical wagers were made throughout a broad sample, the expected return would be $5 per wager in the long run.