Many people dream of betting on sports for a living, but the reality is that isn’t a sustainable strategy. To make money in sports betting, you need to win 52.4% of your bets at odds of -110 and the standard 4.76% vig, or house edge, that a book charges to handle each wager. Even a strong betor can’t do that if they risk 10% of their bankroll on each play, as a single bad loss could wipe them out completely.
The secret to making money in sports betting is finding value and spotting inefficiencies in betting markets. Just like the stock market, the odds (or prices) of a game or team total are always changing, and understanding how they move can help you get the best price on a bet.
Separating yourself from your fandom is also crucial. Many people place bets based on their own beliefs and opinions about teams or players, and that can lead to big losses. A bet on the wrong side can easily ruin your day, so you have to be able to separate yourself from your emotions and let statistics and math guide your decisions.
West Virginia and Iowa both legalized and went live with sports betting after the Supreme Court ruling. Several well-known sportsbook operators have jumped on the bandwagon, including DraftKings, FanDuel and Caesars. Check out our Promos page and Odds Boosts for more details on current offerings in these states.