Whether you’re new to sports betting or a betting pro, our How To Bet and Sports Betting Strategy and Advice pages are for you. You can get started with our 101 section — including Common Sports Betting Terms — or head to more advanced strategy — like 10 Tips to Become a Sharper Sports Bettor — to learn more. Sep 27, 2018 How to make money from sports betting Business 27 September 2018 27 September 2018 Business Matters While many people consider betting on sports to be a hobby or their favourite pastime which adds particular spice and adds thrill to watching games, others consider it a serious business and sort of a job if you wish.

You might have heard of a famous winning gambler named Ashley Revell. You might even know that he bet his entirebankroll on a single roulette spin. (He put it all on red, by the way.)

How to make money gambling on sports illustrated

Depending on your perspective, Revell might be one of the biggest fools in the gambling community.

But he might also be one of the savviest roulette players in history.

For those who aren’t familiar with Revell’s story, here it is in a nutshell.

When he was 32 years old, Ashely Revell sold everything he owned – including his house and car – and then bet all his money on red in a roulette game.

How to make money gambling on sports betting

He was worth $135,500, and he won his bet at the Plaza Hotel and Casino in Las Vegas. Since red’s an even-money bet, he walked away with $271,000 in his pocket.

As it turns out, this is a perfect example of something called “the maximum boldness strategy.” The theory behind the maximum boldness strategy is that the best probability of doubling your moneyin a negative expectation game is to make a single huge bet.

How To Make Money Gambling On Sports Teams

Here’s why.

Make

Suppose you have $100, and you want to double your money playing roulette. You could make a single $100 bet, or you could make a couple of $50 bets. You could bet four times, putting $25 on eachbet.

What’s the probability of doubling your money in each of those scenarios?

The first thing to understand is the probability of doubling your money on a single spin of the roulette wheel. If you’re playing on a standard American roulette wheel and placing an even-moneybet, you have 18 ways to win out of 38 possible outcomes. Your probability of winning, therefore, is 18/38, or 47.37%.

Money

That’s as close as you’ll get to a 50/50 shot in this scenario.

How To Make Money Gambling On Sports

To calculate probability when multiple events must happen, you multiply. To double your money when placing two bets of $50 each, you must win both of those bets.

How to make money on sports spread betting

The probability of that is 47.37% x 47.37%, or 22.42%. That’s a little better than 1 out of 5 and a little worse than 1 out of 4. This is because you also face other scenarios – losing both spinsor winning a spin and losing the other spin.

How To Make Money Gambling On Sports Transfers

The more bets you make, the harder it gets to win all of them. If your goal is to double your money, the best way to do it is to place one big bet.

How To Make Money Gambling On Sports Game

This is also a good example of how and why the house edge works in gambling. The more bets you make, the likelier it is that the casino will win all your money.