Does Rich Mean Happy?
If you type into Google the exact phrase, “how to get rich in a short time” you will find around 37.5 million search results. That’s 37.5 million web pages tackling the topic of finding wealth. In comparison, the expression, “how to live a happy married life” produces only 4 million results.
Mathematically speaking this equates to just 1 in every 10 websites writing about a “happy life” whilst the other 9 are trying to show a route to riches! This is certainly an indicator of which is more important to the public!
Collage of Shutterstock images; Foreground: stocknadia, Background: Nuno MonteiroAs Soccerwidow focuses on gambling, finances, and football betting in particular, we have compiled a list of advisory tips on the subject of how do you get rich with football betting (around 580k Google results). Of course, the following elements can be applied to any form of betting or gambling.
Top 10 Tips on How to Get Rich with Betting
1. What is your Perception of being Rich?
What is your acceptable level of wealth before you consider yourself rich? Without knowing the answer to this question, you will be unable to set wealth targets or plan for how much money you wish to earn over the time period you have set yourself. Obviously, the answers are different for everyone but the question is relevant to us all.
2. “SMART” Targets
Success with online football betting should be planned for as thoroughly as setting-up a business. It requires a well-thought out and methodical approach. There is no get-rich-quick scheme or system and commitment to your chosen strategy must be applied long-term. Targets have to be ‘SMART’: Specific; Measurable; Achievable; Realistic; Timed.
3. Identify your Target Leagues and do your Homework
At Soccerwidow, we only analyse and bet on league games with plenty of historical statistics as cup matches tend to be one-off events, are more volatile, and include too many upsets or giant-killing episodes.
Which leagues do you want to research? Do your homework; is there liquidity with the bookmakers or betting exchanges for your chosen markets to allow the size of bets you wish to make?
4. Understand the Different types of Bets
Absolute clarity and a firm grasp of the differences between back and lay bets is needed. This is especially the case when trading or hedging for a profit with little or no intended risk of loss involved.
5. Excel Spreadsheet Competence
A strong knowledge of Excel spreadsheets is also needed to save time calculating formulas, staking plans, net winnings, effects of betting exchange commissions (i.e. their slice of your winnings), and also to record your results for full control and continued focus on how well the ‘business’ is performing.
How do you get rich with a business? You become rich by constantly monitoring and evaluating performance, fine-tuning trading areas that require improvement, and cutting away the loss-making areas. What is going right; what is going wrong? Without a spreadsheet or copious written records, you will have no idea and the question, “how do you get rich?” will have had no chance of a solution from the outset.
6. Enough Knowledge to Recognise a ‘Value’ Bet
Absolute knowledge of what a ‘value’ bet is and how to calculate value bets using statistics is paramount in order to add the ‘edge’ that you will need in order to compete with the bookmakers on level ground. It is a myth that people ever become rich gambling on gut-feeling alone. The Soccerwidow course teaching you about statistics and value bets is a good starting point.
7. Staking Plans
These are an essential element of any successful betting strategy. Without a staking plan, your betting will be directionless, unreliable, and unrewarding. The staking plan will also help minimise losses and keep your betting bank trading for as long as possible (with a stop-loss mechanism in place), seeing out the losing streaks you will undoubtedly have to endure.
Equally important is the ratchet mechanism, to increase staking levels when you have achieved desired betting bank targets. Ratcheting stakes down again (i.e. stop-loss) is required if the bank drops back to previous target levels.
Ratcheting your stakes in this way will ensure you achieve the most reward for your money when things are going well, but retain full control when you hit troughs of losses. “How do you get rich” will be a roller-coaster ride, full of highs and lows.
Image: Pikoso.kz (Shutterstock)3. Start-up Capital and Money Management
Like a business, money is needed to bankroll the venture and we suggest a starting betting bank of no less than 1,000 currency units if you are serious. You will need to open accounts with at least one of the major betting exchanges, Betfair or Betdaq, in order to place ‘lay’ bets, and perhaps up to 20 bookmakers (or more) to achieve the best possible price when placing ‘back’ bets.
You can easily convert many bookmaker bonuses (free bets) into cash without risk using matched betting techniques to boost the size of your war chest, and this is where we would recommend you begin.
Ultimately, a wide range of bookmaker accounts is also needed to dilute and spread your success. You will need to consciously minimise the risks of account closure for being too successful with some bookmakers. Perhaps withdraw winnings via matched betting into your betting exchange account rather than withdrawing directly from the bookmakers.
8. Be Disciplined, Unemotional, and Patient
If you are gambling because you are desperate to earn money then you are doing it for the wrong reasons. You are already too emotionally attached to the task ahead.
If you enjoy the buzz and have decided to adopt a business-like approach to securing a regular income then you have a chance of succeeding.
Start by stop asking “how do you get rich?”. There is an established theory that if you put 10,000 hours of time into a project and really apply yourself to it, then success will invariably follow.
Keep financial records, just in case the taxman needs answers as to how you became rich! (We are being serious here!).
10. Never Gamble Tired or Drunk and Never Chase Losses
A fool and his money are easily parted. Casinos ply customers with free alcohol because they know it is a surefire way of unhinging your discipline and sense of reality.
“Never gamble more than you can afford to lose” is a mantra you will see repeated many times over in this blog.
hiii
i been betting for last 4 years and lost loads of money and still in very very bad loan and i just wanna pay all this loan so still been betting but still loosing i hav been so in depresion plzzzz help me…
wid regarts
Hi Rogit,
making money from betting is very, very, very difficult! It requires a lot of knowledge and discipline. It’s like with any other job. You don’t walk into a job and start making a huge amount of money straight away. It takes years to become a professional!
Therefore, the only advice I can give. Stop betting, and first learn the trade. Do paper exercises until you know what you do. No sense to chase losses if you keep losing, you will only lose even more. With paper exercises you only lose your time but at least no money.
I have been a soccer gambler for a while – I lost a lot of money through this now that I like betting online. But I lose all the time. I tried to stop gambling once, but in vain. Once I begin to think about money I keep on betting hoping I will get my money back. What do i need to do to make profit through online betting?
Nick,
We hear from a lot of people in your situation and I do sympathise.
The only advice I can give you is not to place another bet until you thoroughly understand the betting market, understand the mathematics behind successful gambling, and have successfully paper-tested a system before committing money to it for real.
I can’t tell you not to gamble. That’s not my responsibility. But if you wish to carry on with it, then it is like any other job – you have to learn how to do the job before you can be competent in it. Unfortunately, gambling requires you not only to be good, it also requires you to be an expert. You’ll have to work hard to learn your trade.
What I can say about your comment is that if are betting to retrieve lost money, then you are probably betting for the wrong reasons and need to rethink your position. If you cannot gamble unemotionally and mechanically now, then you need to change your mindset.
Start reading through this blog to get an idea what bookmaker mathematics are all about, and extend your reading to other areas of the web.
And remember, Rome was not built in a day. Once we decided to put our minds to it, understanding soccer gambling to a point where we now make regular money took more than five years of learning, testing and fine-tuning. Along that journey, we didn’t lose a lot of money purely because we paper-tested eveything without placing many bets.
Good luck with your journey.
I STARTED BETTING FOR 2 YEARS TO NOW, I MADE BETTING A HABIT TO THE EXTENT I CANT EVEN STAY A SINGLE DAY WITHOUT BETTING. EVEN IF THEY IS NO SOCCER TO BET, I WILL GO TO HANDBALL OR ICE HOCKEY TO MAKE SURE I LAY ONE OR TWO BET FOR A DAY. AND SINCE THEN I ONLY WIN ON 30% AND LOOSE ON 70%
I TRIED TO DECREASE MY ODDS AND NUMBER OF GAMES TO THE EXTENT I BET ON JUST 2 ODDS AND STAKE A LOT OF MONEY, YET THE OUTCOME WILL YIELD NOTHING.
I DO THIS FOR LIKE 4-5 MONTHS AND DECIDED TO STOP BUT NO WAY.
I JUST NEED A HELP. HOW CAN I BET ON GAMES FOR AS LOW AS 2-3 ODDS AND WIN 7/10 IN TEN GAMES
Hi Alex, I am sorry to say that it sounds like you have a serious problem with gambling, maybe even an addiction. Perhaps it would be best to see someone who can help you professionally. Or for the time being, just use Google and search for “gambling addiction help“.
Gambling is NOT the solution to a financial problem. Even the bookmakers’ business model is a long-term drip-feed strategy. Of course, you may occasionally read about someone who has succeeded to make a living with gambling, but these people are few and far between.
Alex, don’t be afraid to ask for help from your family and friends.
The only additional advice I can currently give you is to try and stop gambling altogether – get away from it for good and never return.
It will not be easy – here are a few articles that may help you to understand your problem better – understanding an issue is always key to dealing with any of life’s problems.
Good luck and by all means come back to me should you need any further assistance.
Hello Right! The tips you state down here can be helpful but I don’t really think can be handy broadly…
Sports betting to me its a game of strategic thinking, and one has to be very analytical to an extent of that you can separate brown surgar from the soil, what l mean is that you must have the ability to view the smallest detail that other people would not dare to even think of, as l say this during the lock down period when most leagues were closed l have managed to win almost $2000 in soccer betting for all those small leagues that have been open. I also note that l have basically natural good understanding of maths because l did it at school high school in 1993 and l still find it helpful even now, also l find it good to have a very good memory the reason why l say so is because l find it strange that one of my best friend who used to be the top/ or first in the class he can hardly name a few of our classmates from high school yet l can call almost 75 % of the classmates, very soon l will do soccer betting on a full time basis. This game must be in your blood lucky just count less than 1% in all my winnings.