The Business of Betting is the world’s leading gambling podcast. It features intelligent conversations with the most successful people in the gambling industry.
We have collated and distilled the advice and recommendations given by these experts into the following lists;
- Podcast profile and all recommend resources by category
- Most recommended tools and resources
- Most recommended books
- Most recommended gambling operators
- Most recommended data, ratings and models
- Advice on how to win long term (this post)
The host has asked dozens of professional bettors what helped them improve their profitability and what advice they would give to others wanting to turn pro. These are the most common responses.
Keep comprehensive well organized records and notes
You need to record and categorize all of your bets. Then depending on your system you may need to keep notes on why you made the bets.
That means be data driven and ignore trends and narratives told by the media.
Exercise sound money management
Your staking plan, that is how much you stake per bet, is almost as important as your bet selections themselves. You need to be able to survive a bad run. If you’re staking 10% of your bankroll per bet you can only go on a losing streak 10 bets long before you go broke.
Discipline is key, if you don’t know where to start with staking plans then start with the Kelly Criterion. This has you betting small with the exact stake depending on how big your edge is.
Put in the time and effort to get the best odds
Have lots of accounts at lots of sportsbooks and take the best odds wherever they are (if you bet crypto use these odds comparisons). If you use an exchange then put up your own odds rather than taking the best available.
Specialize in 1 or 2 sports, or even 1 or 2 leagues
Most pro sports bettors specialize in 1 or 2 sports or even 1 or 2 leagues within a sport. You can’t be an expert on everything; ideally you want to know more about what you’re betting on than the sportsbook does.
Be persistent and find your own way to win
The first few things you try might not work but there is money to be made and there are many different ways to make it. Your path to success will suit your individual strengths and minimize your individual weaknesses. Look for your own way and don’t try to imitate someone else.
Follow good process, be disciplined, learn and adapt and you will find the way that works for you, but it might take years.
Master spreadsheets at a minimum
Consider learning to code in Python or R and use databases as well.
Get out amongst it, build and maintain a network
Don’t be solitary, interact with smart bettors in real life and on social media. Build and maintain a network of relevant friends and connections.
Adapt to change
If you have found an edge or a way to make a profit, it will be gone in a couple of years at most. To stay relevant in this industry, you will have to reinvent yourself multiple times. Almost every guest has a story of ways they used to make money in the gambling industry and why they no longer work. The gambling industry’s survival of the fittest is survival of those who can best adapt to change.