The side hustle is a part of everyday life for most people. We work our 9-5 jobs and then have passion projects or means of making extra money on the side. This has led to a constant drive to find new ways to make money or to build an empire.
One option to consider is the world of sports betting. From horse race betting to wagering on the Super Bowl, there are ways to make money from sports betting and it can be quite the lucrative side hustle.
True, it’s not a straightforward means of making money. You aren’t creating a product to sell or offering a service to a customer. However, sports betting can be looked at in a similar way to trading on the stock market. The same steps apply:
Know Your Sport
When trading and investing, your first job is to understand what you’re trading on and how the market is performing. The same goes for sports betting. You need to understand the sport back to front and inside out. You need to know the players, the teams and how the game and tournaments work. Once you know this information, you can start to make educated bets based on what has happened before.
If you take horse racing as an example, you should know who the horses, jockeys and trainers are and what kind of track records they have. For the horses, you should know their lineage – what kind of races did their parents win? You need to know what kind of races there are, how track meets work and how the seasons operate as well.
Research The Odds
Next, you want to look at the betting formats. Something like horse racing has a whole range of betting options – from outright winners and working out who will place where in individual races through to winning times or overall number of wins in one day. It’s vital that you understand what bets you can place in your chosen sport.
It’s also vital that you understand the odds and what they mean for the amount of money you’re putting down. It’s pointless doing all the research on who might win and not understanding what you could get out of your bet.
Monitor Your Track Record
Finally, your track record is an important piece of the puzzle. It’s vital that you keep a record of bets you’ve placed and the outcome of those bets. You can learn so much from this information. You’ll see where you went wrong and where you got it really right. You can also use this data to help make future predictions.
Sports Betting Can Be Just Like Investing
With investing, you’re never sure how the markets will play out on a given day. The same goes for sports betting – you can never be completely sure if your pick for the winner will be right. However, the more information you can gather, the more likely you are to make money from your new side hustle.