Can You Really Make Money Betting on Sports? Most People Don’t Say Experts

Sports betting is more popular than ever. Since it became legal in many places including over 30 states in the US after 2018 millions of people are placing bets on their favorite teams and games. But one big question remains. Can you actually make money doing it

Experts say it is possible but very difficult.

A Growing Industry

The global sports betting market was worth about 95 billion dollars in 2023 and is expected to grow to over 130 billion by 2028 according to Statista. More people are now betting using apps on their phones often while watching games live.

As the market grows more people are trying to win big but most will not succeed.

Skill vs Luck

Betting on sports is not just luck. Knowing about teams players and stats can help but it is not enough. Even professional bettors who do this full time usually win just over half of their bets.

“Even the sharpest professional bettors only win around 55 to 57 percent of the time” said Ed Miller a betting expert and co author of The Logic of Sports Betting. “They work hard use data and manage their money carefully”

A study by the UK Gambling Commission in 2023 showed that about 97 percent of sports bettors lose money in the long run.

How Bookmakers Make Money

Bookmakers the companies that take bets set odds in a way that guarantees profit. They charge a small fee on every bet called the vig or juice. This gives them an edge over bettors.

“The betting market is efficient and competitive” said Sarah Brenner a gaming industry analyst at Fitch Ratings. “Any small mistake in the odds is corrected fast. That makes it hard for regular bettors to win over time”

Online betting platforms also monitor smart or winning players and may limit or close their accounts.

The Risks

Sports betting also comes with risks. Besides losing money it can lead to gambling problems. The National Council on Problem Gambling says calls to its helpline went up by 45 percent from 2019 to 2023 with many related to mobile betting.

Some governments and companies are working to reduce harm. Apps now let people set spending limits or take breaks. In return legal betting also brings tax money. For example in 2024 New York collected over 900 million dollars from sports betting taxes.

Most People Lose

A few people do make money betting but they are rare.

“Treat it like going to the movies or a night out” said Brenner. “If you win that’s great but expect to lose because that’s what usually happens”

Professional bettors use tools experience and strict rules to succeed. Most people do not have that.

Final Thoughts

Sports betting can be fun but it is not a good way to make money. Most people lose and the risks are real. Experts say to bet only for fun and never more than you can afford to lose.

Sources: Statista UK Gambling Commission National Council on Problem Gambling Fitch Ratings The Logic of Sports Betting New York State Gaming Commission