Easy Ways You Can Turn LIVE BETTING Into Success

Live betting, otherwise known as in-play betting, is the process of wagering on sporting events in real time.

This means that as the game is taking place, bettors have the ability to bet live on the action right as it’s happening. Whether it’s betting the full game line at opportune moments, or in the case of NFL football for example, betting on the next play, live betting provides bettors with a more interactive experience and allows sportsbooks to offer a wider selection of bet types and live odds.

One of the great things about live sports betting is that with so many variables and constantly fluctuating odds to analyze, the edge sportsbooks have over their customers is decreased, meaning well-studied bettors may have a higher likelihood of profiting both in the short and long term.

But before we jump into live betting and trying to outsmart the books (historically a very losing proposition), let’s dig deeper into this fun betting format and figure out how to maximize our edge (or reduce the impact of our lack of one) and take advantage of live betting odds.

As outlined above, a live bet refers to a bet placed while the game or sporting event is already underway. These bets offer a live betting line that is continuously adjusted as the game progresses.

Online gambling has now been around long enough that we can confidently say that as long as you take the necessary precautions such as keeping your passwords secure and only betting with reputable sportsbooks such as William Hill and Americas Cardroom (as well as following the laws in your country or state), it’s as safe as any transaction done through the internet.

When it comes to actually placing your bets, some of the most established apps in the Apple App Store include Bet365 and FanDuel Sportsbook. However, many poker sites, such as the aforementioned Americas Cardroom, allow their customers to bet on sports through their mobile browser and offer live scores and odds directly on the betting page.

It was only a few short years ago that if games of your favorite team (or favorite team to bet on) weren’t being broadcast on your local television stations, the best you could hope for was following a live box score. Fortunately, both sports media and sports betting have evolved greatly in recent years and now not only can you find streams of nearly every sporting event you could conceivably bet on, but many of the same sites you place your bet on have live streaming feeds built directly into their systems. Sites such as Betway, 10Bet Sports, and Sports Interaction offer live streaming via either their website or app and make for a great way to follow the action while looking for optimal live betting lines.

First, let’s just point out that becoming a professional gambler (aka making a living entirely from sports betting) is as difficult and competitive as anything else in the world. And it’s potentially even more so considering the amount of resources betting houses deploy to avoid losing their shirt. That’s not to say it’s not possible to achieve your goal, only that it will require the same patience and hard work needed in nearly every other field.

With that said, here are a few strategies and tips for making a living out of sports betting:

• Bankroll Management Is King. For the most part, professional bettors bet no more than 2%-3% of their betting bankroll on any one bet. In fact, many top bettors adhere to a strict 1% rule as a way to ensure they can handle the extreme variance inherent in their profession. And while that might seem extreme if you only have a bankroll of a couple hundred bucks (unless you have the means to “reload” your bankroll should you go bust), having strict bankroll management guidelines is both the beginning and end point of any profitable betting strategy. So worry less about how much (or little) you can win on any one bet and instead focus on building a betting process that will reduce your risk of ruin and keep you in the game for as long as possible.
• Standardize From The Get-Go. On a related note, the vast majority of professional bettors use standardized betting units when making bets. This means that although the games will all be different, the amount bet on each will be the same. Once you become more comfortable with both your skill and betting process, you can begin to add 1 or 2 additional units to bets you feel most strongly about. So if you usually bet $100 per game, make 80-90% of your bets that size, keeping 10-20% of them for bets of $200 or $300.

• Accept Variance The Way You Accept Fate. For the most part, winning 55% of your bets in the betting world is about as good as it gets. And most profitable bettors actually win no more than 52.5-53% of the time. As you can imagine, when dealing with something that is only a marginally better bet than flipping a coin, the variance (aka winning and losing streaks) can get pretty intense. This is why the idea of bankroll management outlined above is so very critical when betting sports, be it in its regular format or in live sport betting.
• Be Religiously Selective. Although some professional bettors can make high volume betting work for them (in fact, once you reach a certain level it’s all but required in order to get a large-enough bankroll in play), for beginning bettors the real key is doing a ton of research on each potential bet and only risking money on the ones you feel most strongly about. Of course, if you’re only betting for the fun of it – or to give yourself a little added adrenaline rush when watching Monday Night Football, for example – that’s fine. Just remember to either reduce your bet to a smaller unit size, maybe just 25%-50% the size of your regular units or keep a separate “punting” bankroll that does not factor into your profitability calculations.
• Learn Your Biases. Due to the way our brains work, it is likely you will be looking for any reason to support arguments in favor of betting on the team or game you want to bet on. This could be your favorite team or the game of the night. However, if you are attempting to bet sports for a living, it is critical that you study your biases and be honest about when a bet is truly a good one and when it’s just your mind looking for a good sweat. If you struggle with this, one strategy is to make a personal rule never to bet on (or against) your home team, or only doing so within your ‘punting’ bankroll. The same idea applies following a tough loss, which is one of the most common times inexperienced bettors make a big mistake and “chase” by betting even bigger on the next game, even if the spot doesn’t call for a bet size increase. Instead, take the time to recognize your judgment is likely being clouded by emotions, and force yourself to walk away from the screen while you let go of the recent L. The added benefit is that the more often you deny your mind the opportunity to act on emotion, the weaker the impulse will become. This type of emotional control is one of the key things that separate professional bettors from amateurs who are destined to go broke.

Although there is no magic number for how much money you need to be a professional gambler, many professionals agree that it’s necessary to have between 6-24 months of living expenses (in addition to your betting bankroll) saved up before attempting to gamble as your sole source of income. As for the betting bankroll itself, conventional risk management strategies dictate that you have between 100-200 bets in your bankroll, meaning that if you plan to make $10 your standard betting unit, you’d need a minimum of $1,000 ($10 x 100) earmarked solely for betting.

Although exact stats are not released by betting entities (for obvious reasons), it is estimated that over a long enough timeline, only about 10%-15% of gamblers make money.

Apart from the concepts of bankroll management and proper bet sizing outlined earlier, being self aware about any addictive character traits you might possess is paramount to avoid experiencing any overly negative outcomes. Reaching out for help or self-excluding from betting platforms should be the first steps if an addiction-related issue has begun to develop.