Making a living from betting on sports is viable path but difficult to say the least.
Let’s say you’re a winning sports bettor with a solid ROI over a large sample size and thinking about going full time. I would recommend first grinding it out as side hustle and only go pro when you really know what you’re doing.
If you’re not even a winning player then don’t bother even thinking about sports betting as an alternative career. At the very least if you want to get into to this, try to grind out a profit betting small amounts and gradually increase your bet sizes then revisit the idea of becoming pro. Becoming a sports betting pro is a high risk/high reward profession and should be viewed in the same regard as entrepreneurship, musician, actor, sports athlete, etc. It’s not something you just do on a whim. I personally had several years of profitable results before I jumped into this. And before that, I played poker on a professional level so I was used to the lifestyle and knew I had the analytical capability of making it since I had done it once before.
Before, I start breaking down the numbers I would like to add that the level of self delusion is huge in sports betting. Lots of degenerates with selective memory who think they’re winning players. Most people are better off not pursuing sports betting. For many it’s like a drug where they get their fix. If you’re reading this and thinking about going full time please look yourself in the mirror and be honest with yourself, are you a square or a sharp?
By the numbers, if your goal is to make $50,000/year or even $100,000/year you’re probably not going to struggle that much assuming you’re a winning player. The real problem isn’t actually finding soft betting lines to take advantage the real problem is the limits. Sportsbooks don’t like winning players for obvious reasons so they ban/limit them from playing. If you’re looking to make $1 million per year then you really need to be ambitious, very few ever get to that level.
For the vast majority of people limits will never be an issue, you basically need to be dropping several thousands $ per game before the bookies to take notice. Someone betting on big betting markets such as NFL or the NBA can easily drop $100K on a game without limits really affecting them. You will run into problems when you want to drop $100K on an obscure MMA fight in Cage Rage or Bellator. But even in MMA, high profile MMA fights are easy to get down large bets.
The second problem is the swings. In theory, there is no difference between betting $1 and betting $10,000(assuming you don’t get limited) other than the dollar amount. Your edge doesn’t change. The same strategy you use to be profitable betting peanuts is the same when betting minor fortunes.
However, we’re emotional beings. Even as a solid sports bettor you can’t win all the time, you will go on temporary downswings and this where psychological aspect of sports betting becomes vital. The bigger you bet the bigger you downswings become the harder it will be to deal with. This is why bankroll management is key. Professional poker players suffer from the same issue. It’s when you’re on a downswing when you start making bad plays and chase losses.
Another thing most people don’t immediately think of are the pros and cons for your social life as a sports bettor. On one hand betting on sports will give you the freedom to live anywhere you want, all your betting can be done on a smartphone these days. If you never want to leave your bedroom or traveling around latin america you can do that. On the other hand, some people can’t deal with the freedom. They will feel isolated. Some people do better in an office enviroment where they to interact with other people. Unless you have an active social life outside sports betting, you could end up becoming lonely.
If you ever think about hanging up the gloves after several years of making a living from sports betting you might find it difficult to transition into normal life.
This is a whole seperate discussion but if you’re lucky enough you might live in a place where all winnings from gambling is tax free. If you’re professional gambler and living in the UK consider yourself lucky because you will pay 0% in taxes. I won’t go into detail about taxes as a full time pro because every country have their own laws, please do your research.
Whatever you decide, don’t rush into it. Take your time.