February 28, 2022
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 and statistics guy who has always loved to gamble, so I was immediately drawn to the simple question: “Is there money in sports betting?” 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, it’s like poker — you can actually win in the long run.
Line shopping and looking for value in the 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. Get more sportsbooks! There’s over 25 in Pennsylvania and New Jersey, and, because sports betting is now online, they’re all a tab click away. It takes five seconds to go from DraftKings to FanDuel and place a bet at better odds. Nobody wins every time — in terms of your actual sports betting profit over the course of a year, it’s all about the odds you’re getting.
We just explained how sportsbooks have different odds from one another. The key to betting mathematically (and profitably) is looking for value in the odds. We can see in Marlins vs. Phillies game, Jesus Luzardo over 4.5 strikeouts is +115 odds on Betway sportsbook (see the 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 1-4%, and watching those returns compound on a daily basis. It can be a very lucrative side hustle, as described in this YouTube video.
Alex Monahan is the co-founder of OddsJam, real-time odds and betting tools for 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 contact@oddsjam.com.
This content was created and sponsored by OddsJam.com. 21+ Please gamble responsibly.
