Is it possible to make a living from betting?

Roads55 said:
there's a thing called the premium charge which you refereed too, it's fairly complicated and I don't know much about it tbh. but they basically take a large part of any winnings, luckily you need to be making something like 250k a year to get it which most people don't.
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It is pretty complicated..

http://www.betfair.com/aboutUs/Betfair.Charges/

But you don't need 250k profit to get hit with them. From what I can make out you only have to have bet on more than 250 markets + if your total lifetime commission paid < 20% of gross profits, you pay the difference up to 20% as a premium charge (although you're exempt from the first £1,000 of charges).

They note that less than 0.5% of their "most successful customers" will incur these charges. But then if you're making a living from this you've got to be pretty close to that 0.5%.
 
I think you need a lot of experience, so if you get into an insane bad beat you can still keep calm.
I've had experiences going bust a few times, so now i can calmly claw my way back up even if im 50 percent down on a bankroll, which in the past i would have been chasing like crazy.

So yea not only do you need to know your mma, but to have confidence you are gonna be long term profitable so you dont panic when things get ugly, which they always will.
For me more importantly than picking winners is bankroll managment and the way you bet. For example i won like 70 percent of my bets at 217 and still lost a ton because of Joanna and bisping, yet there have been times when one good underdog can make your night like Poirier this sunday.
 
molest said:
I think you need a lot of experience, so if you get into an insane bad beat you can still keep calm.
I've had experiences going bust a few times, so now i can calmly claw my way back up even if im 50 percent down on a bankroll, which in the past i would have been chasing like crazy.

So yea not only do you need to know your mma, but to have confidence you are gonna be long term profitable so you dont panic when things get ugly, which they always will.
For me more importantly than picking winners is bankroll managment and the way you bet. For example i won like 70 percent of my bets at 217 and still lost a ton because of Joanna and bisping, yet there have been times when one good underdog can make your night like Poirier this sunday.
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Prettymuch, but sportsbetting's no different from other forms of trading. I do STIR and FX for a living, and I've been moving further and further into MMA since I think there's a whole lot more slack in the market and less chance of getting aggressively kicked in the dick.
 
Gugabe said:
2 of those are miracle plays, though I also hit on Assuncao KO3 @ 34. Just had $5 on it, sadly.
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Its still a good call mate,after all assuncao didnt finish anybody since 2013(๑`･ᴗ･´๑)
 
Sadistics said:
Fake bet slip? That Poirier rd3 KO 100:1 looks off as well.
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Yeah. I'd be amazed if Poirier KO3 was above 20. Assuncao was 34 and is far less consistent a finisher than Poirier
 
Ahhhh, ignore me. Thought the decimal odds was amount bet
 
thanks everyone

i know now not to take too many shots in the dark and to hedge myself. this seems to be a fine art

if i can even make $10 per card i would be happy
 
NinjaCat456 said:
It is pretty complicated..

http://www.betfair.com/aboutUs/Betfair.Charges/

But you don't need 250k profit to get hit with them. From what I can make out you only have to have bet on more than 250 markets + if your total lifetime commission paid < 20% of gross profits, you pay the difference up to 20% as a premium charge (although you're exempt from the first £1,000 of charges).

They note that less than 0.5% of their "most successful customers" will incur these charges. But then if you're making a living from this you've got to be pretty close to that 0.5%.
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yeah you don't have to make 250k but most ppl who get charged it do i think. they've changed the rules a few times over the years, this charge is one of the big reasons betdaq does such good business on the horses and other big sports. they don't have a charge like this last time I checked, but I use them the least compared to other exchanges. a lot of people who pay the charge simply migrate a lot of their business to other exchanges. there's a lot of ways around it for a lot of people. unless your betting really large amounts it works out better almost all of the time than every book except pinnacle. I'm not anywhere close to that 0.5% but I do a lot of trades and bets elsewhere too.
 
MrSkin said:
thanks everyone

i know now not to take too many shots in the dark and to hedge myself. this seems to be a fine art

if i can even make $10 per card i would be happy
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be careful hedging, doing it wrong will lose you money in the long run. I see it a fair bit on sherdog, betting too many outcomes in each fight leaves you very vulnerable and at the mercy of variance and reduced value as the bookies overround applies to each bet you take remember.
being consistent and disciplined with your bankroll is key and don't scale your bets too soon. slow and steady is key especially for your first couple years. never chase. always look for value odds etc. try to find a niche in the things you bet on, where you can get an edge on the books and the rest of the market, look at where you win most consistently and stick to those types of bets. analysing your results is really important to see what losing bets you make in the long run and improve your strategy from, there.
keep it simple to start with, with logical reasoning behind each bet you make, never bet on emotions. watching others on here is a good place to start, there's many successful people in here and identifying what they do right and what they do wrong and applying that to your own strategy. never blindly tail without a solid reason though.
 
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Roads55 said:
be careful hedging, doing it wrong will lose you money in the long run. I see it a fair bit on sherdog, betting too many outcomes in each fight leaves you very vulnerable and at the mercy of variance and reduced value as the bookies overround applies to each bet you take remember.
being consistent and disciplined with your bankroll is key and don't scale your bets too soon. slow and steady is key especially for your first couple years. never chase. always look for value odds etc. try to find a niche in the things you bet on, where you can get an edge on the books and the rest of the market, look at where you win most consistently and stick to those types of bets. analysing your results is really important to see what losing bets you make in the long run and improve your strategy from, there.
keep it simple to start with, with logical reasoning behind each bet you make, never bet on emotions. watching others on here is a good place to start, there's many successful people in here and identifying what they do right and what they do wrong and applying that to your own strategy. never blindly tail without a solid reason though.
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Agreed, especially about the hedging. There are some instances where the nature of the matchup lends itself perfectly to a small hedge, but I find it to be largely overused to the point where people are cutting into their profits quite a bit in an attempt to cover off several "what if" scenarios.
 
chemmy said:
Agreed, especially about the hedging. There are some instances where the nature of the matchup lends itself perfectly to a small hedge, but I find it to be largely overused to the point where people are cutting into their profits quite a bit in an attempt to cover off several "what if" scenarios.
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Very good point about the hedging. Agree with that, see it loads here.
 
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