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Can you make a living from gambling on online football betting?
Find out the truth behind living on your soccer betting profits. Is it possible for you to become a professional football bettor and sports gambler?
Published on 22 August 2018
Updated on 22 August 2018
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This is something that has interested a great many people. They want to know if it’s possible to make a living gambling on soccer, they want to know if it’s possible to move from a recreational sports bettor to someone that can rely on their football betting skills to put money on the table and support their lifestyle.
There are some people that can do this over a long period and there are some that have a great lifestyle whilst watching soccer and reading betting news and betting statistics. Whereas, others work on their fantasy football teams, place bets and enjoy an above average lifestyle relying on their sports betting income and bankroll.
Is it possible to make your living using online football betting?
As with anything we need to understand the numbers and not just stories from random sites on the internet or Instagram posts of fast cars and handfuls of cash. We need to know if it's realistic to learn how to make money gambling on the Internet.
What is the REAL story behind the betting income posts and does it seem 100% genuine?
Well, this post will help you to decide on the best approach for your soccer betting and how you would need to use online soccer betting to get closer to this desired lifestyle.
Before we decide if it is possible to support yourself using gambling, we first need to know what level of income we would need to make this achievable.
How much money would you need per month to live? We just need a number that would seem realistic. Remember this is not necessarily what you’re earning now, as we’re just looking at the minimum amount required to maintain your lifestyle. We can always grow from there, but just use the minimum as an initial base.
To make things easier, I’m going to use $1000 per month. This is widely dependent on where you live and your current outgoings, but it’s an easy round number and will make some of the calculations much easier.
How much monthly income is required?
Okay. At a minimum we’re looking at bringing in $1000 a month to cover all living expenses. $1000 may be too low or too high for your location, so simply multiply all numbers by whatever factors makes sense.
So if you need to bring in $3000 you would multiple all calculations by 3, but if you only require $500 you would multiply all calculations by 0.5.
Unfortunately, it’s not quite as simple as just returning $1000 a month from betting, as we need to make sure we cover potential losses and the inevitable expected longest losing streak and any other overheads, such as subscription fees or access to premium soccer betting news or content.
So, I will estimate that we would need the following monthly income:
Basic living expenses (including bills, etc): $1000
Cover Losses (based on an average 60% strike rate): 40% losses, so you need an extra $400 (40% x $1000)
Premium betting content: $50
Subscription fees: $50
This now comes to $2000 a month as the minimum required monthly income.
Note: I have ignored taxes, as depending on your location, betting tax is usually subtracted at source following the bet or some countries do not charge betting tax. If you’re subject to a betting tax in your country, then you would have to increase the minimum monthly income numbers to make sure betting tax is covered.
How bankroll is required for online betting?
Now there is varying opinion about the suggested betting bankroll. Some people prefer to use conservative numbers (50x-100x times stake) and others prefer to be a little riskier (5x-10x stake).
For the purposes of this post, I’m going to go for somewhere in between and use 20x stake. This means that whatever your stake; your bankroll will have to be 20x of that number to ensure that you maintain a betting bank to overcome issues and maintain positive cashflow for placing bets when you have already placed bets on other selections.
Therefore, you must ensure that your betting funds do not affect your day to day lifestyle. This means the betting bank and any money risked throughout your online soccer betting should not be directly linked to your day-to-day spending.
There should be physical separation between any betting activity and your regular funds. The betting account should only be funded by money that you do not need monthly and the betting account should be 100% separated from any current account or checking account used for rent, mortgage, bills, groceries, etc.
We have suggested the bank roll size, but what about the stake and the staking plan for each of our bets?
What is the best staking plan for online betting?
There are a number of soccer staking plans options, which we will discuss in a future post, but for the purposes of this post let’s work with a level staking plan. Level staking is when you bet the same amount for each wager irrespective of your confidence, your current bankroll or the bookmaker odds.
A level staking plan will make our example easier to calculate, but it will also give you a good idea of what your betting levels would have to be to try to ensure that you could potentially maintain your lifestyle and determine your betting goals.
Remember we’re talking about potentially living on the money and as this is an example, we need to use larger numbers that are realistic and indicate exactly how you could make this work if you were able to meet the minimum success rates, betting bank and income levels.
So, let’s assume your minimum stake is $100, which is quite high for a recreational soccer bettor, but remember this is not a high level for someone that desires to live on their betting proceeds!
Let’s use $100 as our example minimum stake. We can use this $100 to then work out how much bankroll we would require based on the 20x bankroll recommendation.
Minimum Stake: $100
Bankroll (20x Stake): $2000
We now have our desired income, we know our level stake for each bet and we also know the required bankroll, so we’re ready to start placing bets. This is where things get a little more interesting.
What is the best success rate (i.e. hit rate) for online betting?
We can place bets, but remember we need to hit our minimum income level, which is currently standing at $2000 each month. This means that we also need to maintain an average success rate across the 12 months of the year to support this kind of income level.
If we assume that we can hit a 60% success rate (the average success rate of some of models within iwinsoccerbets), we can then start to get some numbers on paper and work out the quantity of bets required and the average odds to hit the $2000 monthly threshold.
If we correctly predict 60% of our selections at an average of 2.00 odds, we need to correctly predict the following using a level stake of $100:
Number of Bets:
Number of bets x Level stake x Average odds x Success Rate
100 x $100 x 2.00 x 0.6 = $12000
100 x $100 = $10000
Profit: Return – Amount risked = $12000 - $10000 = $2000
This means that you would have to place over 100 bets every month at $100 level stake and correctly hit at least 60% of your bets (i.e. winning 60 bets and only losing 40 bets) to ensure you’re able to reach $2000 monthly income.
Can you make a living from gambling on soccer in the real world?
The above example is quite interesting as it points to something that sounds vaguely realistic. However, in the real world we would deal with a number of other issues that cannot always be expressed within a back of the envelope example.
You would have to overcome variance, which is the difference in success rates over a number of months, some months you may overachieve and hit more than 60% of your selections whereas other months you’re not getting anywhere near 60%.
This variance means that it would be very difficult for you to withdraw your $2000 each month if your profit levels are not the same throughout the year, which would make it equally challenging to plan without saving enough profits to sustain the long losing periods.
Additionally, you will need to cover a lot of bets within a single month to ensure that you can reach the desired income levels. This example is obviously focussed on single bets, as it’s more straighthood to demonstrate, but the same could be calculated for multiples or accas. The only concern is the increased risk linked to multiple selections goes hand in hand with the potential for increased profits.
Therefore, professional bettors usually demonstrate an above average ability to take betting ups and downs into account, so they can smooth their income levels over time and prevent unexpected income drops.
Do you think you’re capable of returning long-term soccer betting profits? Can you become a professional soccer bettor? I would love to hear more about your ability to predict correct selections or your belief that you can maintain an above average success rate with large odds. Get in touch and give us your views.
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