Handicapping, Sportsbooks and Profits – OH MY!
Do you like betting on Sports?
If so, what do you like the most today?
* The thrill of the action and winning?
* The ease of betting online from anywhere in the world?
* The potential to win substantial amounts of money?
All of these are part of the fun. But of course, gambling isn’t
for everyone. For some it is against their beliefs, for others
it is too powerful an addiction, and for others…well, you get
But for those that can treat sports betting like investing in the
stock market, there are substantial benefits. You need a system.
You need to do your homework. You need to realize it is not a
get-rich-quick scheme, but rather a long-term investment of time,
money, research, and experience.
But once a person decides to get involved, what should they do?
1. You should contact a lawyer about whether it is legal for you
to engage in offshore betting where you live. This is often an
overlooked step which can lead to big headaches later on. Don’t
forget to do this!
2. Set up an accounting system so you can report your winnings.
You should always report your winnings, period. If you have
gambling losses, make sure you report them separately from all
other sources (including lottery losses).
3. If you have a proven, winning system at betting on sports
then you have an edge. This makes you an advantage player.
However, most people don’t have this level of knowledge and
experience, and should rely on somebody else at least in the
beginning that has done the research beyond looking up sports
scores in the daily newspapers. These experts are known as
handicappers. If you are just starting out, it may be worthwhile
for you to seek one out, one you can trust. Odds are that if you
just try doing it yourself, or, pick just any tout claiming to be
a handicapper, you’ll probably wind up losing all your money.
4. Actual betting is done using Sportsbooks, also known as books
or bookmakers. As a personal aside, I recommend you don’t call
them bookies as it carries a connotation of illegality and won’t
get you into their best graces if you know what I mean. Picking
a sportsbook you can trust is vital since you will be giving your
money to them to make your bets for you, and you are relying on
them to pay you your winnings.
5. Make sure the countries your sportsbooks reside in have
strong gaming commissions. Countries such as Antigua (Barbuda),
Australia, Austria, Belize, Curacao, Gibraltar, the Isle of Man,
Jamaica, Mauritius and England have strong gaming commissions
with expensive and stringent gaming licensing procedures. In
addition, they also have good technology infrastructures with
adequate bandwidth for real-time betting.
6. Once you find a sportsbook you like, you will need to open an
account. All I can say here is you need to enter all your
information completely and correctly. Remember that this
information will be used to send you your winnings.
7. Finally, make sure to record your plays. A simple
spreadsheet works well for being able to add up your winnings and
losses each year. However, sometimes players don’t want others
snooping in their affairs. If this is just a family issue, you
can just save your open wagers page by using your internet
browsers’ “File Save As…” feature to some obscure folder on
your computer. However, if the snooping is a really big problem,
you may want to check out utilizing offshore banking accounts to
keep your privacy intact.
In essence, if you do your homework and find people that you can
rely on, betting on sports can be fun, entertaining and
lucrative. But keep in mind that this is a totally unregulated
business worldwide (with the exception of Australia). There is
no safety net, and you are totally responsible for your own
funds. So be prepared to do your due diligence…so you can
enjoy this exciting and potentially wildly profitable industry.