September 07, 2021
Pretty simple article, we’re going to discuss how to make money sports betting. I was working at a quant trading firm in Pennsylvania when legalized sports betting started to hit the US. DraftKings, Fanduel, MGM - all the large operators entered the market quickly. I’m a math & statistics guy who has always loved to gamble, so I was immediately drawn to the simple question: “How can I make money off these sportsbooks?” Below, I put together a few simple tips that any sports bettor should follow. No fluff, just simple tips. Sports betting is a skill-based form of gambling; it’s not like slots, you can actually win in the long run and have a mathematical “edge” over the bookmakers.
Line shopping and looking for “mispriced” odds is the first key to successful sports betting. U.S. sportsbooks want to be unique. They want their odds to be different from other books. This means that, as a sports bettor, you need to get multiple accounts to get the best possible odds and be successful.
We just explained how sportsbooks have different odds from one another. The key to betting mathematically (and profitably) is looking for large discrepancies in odds. We can see in Marlins vs. Phillies game, Jesus Luzardo over 4.5 strikeouts is +115 odds on Betway sportsbook (image from OddsJam). The under 4.5 strikeouts is +110 odds on BetMGM. Luzardo will of course either have over 4.5 strikeouts (5+) or less than 4.5 strikeouts (0-4). Betway is giving you +115 odds on over 4.5 strikeouts, whereas DraftKings, Fanduel and MGM all have the odds -110 or worse! Clearly, it seems like there is some value on Luzardo over 4.5 strikeouts +115 odds. This is the power of having real-time odds at your fingertips.
You’ll never get rich quick as a sports bettor. Sports betting is a game of small profit margins, typically 2-5%, and watching those returns compound on a daily basis. It can be a very lucrative side hustle, but it will never be an attractive full-time career due to bookmaker limits, as described in this YouTube video.
Alex Monahan is the co-founder of OddsJam, real-time odds and betting tools for US sports bettors. Alex graduated from Stanford in math/computer science before pursuing a career on Wall Street, and then ultimately building OddsJam. You can contact OddsJam at email@example.com.
This content was created and sponsored by OddsJam.com. 21+ Please gamble responsibly.