What is Betting? How to Gain Income in 2020?

What is Betting? How to Gain Income in 2020?

Today betting is opening huge opportunities for everyone looking to generate income. In order such activity not to become unprofitable, it’s necessary to choose the right approach to making bets at the betting shops.

What is betting? What principles are adjusted by the providers and how to multiply your earnings with bets? Read in the article below.

The story behind the betting business: how it evolved?

The story behind the betting business

Betting is understood as a process of wagering with a purpose acquiring profit. Bettors or punters are people who make bets.

Betting shops and providers offer services and opportunities to make bets and gain income. Clients of such companies can place bets on the outcomes of sports results and other events happening in politics, show business, culture and other sectors of life.

Roughly speaking, there were three stages of betting shops development.

First stage

The modern betting system originated at the end of 18th century. At that time, an Englishman named Richard Tattersall has organized an auction for sale of pedigreed horses. A jockey club has been established for the upper class society, whereas the organization somewhat similar to a betting shop started accepting bets on horseracing.

In the middle of 19th century, Fred Swindell and Leviathan Davies introduced the term of a “fair bookmaker”. They were publishing leaflets with chances of winning for each participant of the event.

Second stage

The second period of betting development can be identified with the spread of betting establishments in various countries. First venues of such kind opened in the USA in 1866. Afterwards, they appeared in other states across the globe.

Third stage

The third stage of betting business development can be linked to the automation if the industry. It gave birth to mechanic and electric machines for registering bets. In particular, the first electric totalizer machine was tested in New Zealand in 1913.

In the 20th century, due to the technological progress, betting companies started providing services not only at the land based shops, but also online.

In 2020, sports betting is regarded to be one of the most profitable segments of the gambling business. Modern betting providers allow its clients to make profit on placing bets, also becoming sponsors and partners of various sports teams, leagues and championships.

According to Zion Market Research, the global betting market value may reach $155,5 bn by 2024, which is $51,2 bn more than in 2017.

How modern betting providers work?

What is betting

Betting shop is arranging the list of events that players can bet on. These could be sports events, various tournaments, matches, contests, premiums and many more. Depending on the scalability, betting platforms may open bets for various number of events.

Each game or tournament have several outcome options. For example, basketball match can end in a win, loss or tie for any of the teams. Each betting shop has specialists that use analytical and heuristic methods to evaluate the possible outcome of the event.

Next, bookmaker is calculating the odds. This is a numerical form to indicate the event probability. The more obvious the event, the lower odds it gets. As long as the predictions from different betting platforms can vary, the odds they provide can be different as well.

Becoming a client of a betting shop, the player makes a money bet, e.g. on the win of some athlete. In case the bettor’s prediction is true, the winnings are paid out.

What profit does the betting provider get from this? Each betting shop charges the margin for its services – some percentage of the amount deposited by the bettor. The fees of the betting venue are included in the odds. Usually it’s up to 10-15%.

How to earn on betting?

How to earn on betting

Betting on sports and other events is a method of earning income with high risks. Trying to multiply your income in this way, you can get high rewards or big losses.

In order to minimize risks of losing money, stick to the following rules:

  1. Take betting seriously and take your time for analytics. In order to make precise predictions and guess the results of various events, every day spend time analyzing the market, statistics, trends etc.

  2. Play only for “extra” money. Given that betting is a part of the gambling sector, it’s important to learn how to manage your finances properly not to lose all savings. It’s also better to gamble for money that you can allow to lose. Thus, try not to use money from family budget or borrowed funds.

  3. Think about finances. Don’t spend all money that you have at once, because you’re risking to lose it all. Initial amount for gaming (bankroll) shall allow you to make as many bets of the same value as possible.

  4. Don’t try to get it back. Even if you lose big, it’s not recommended to continue making bets to return your money. In this situation a person might be experiencing stress and thinking irrational, which may lead to even bigger financial losses.

  5. Make bets at the reliable betting shops. In order to prevent the possible unpleasant situations, try to use services of the companies with positive reputation.

  6. Make bets for the sports that you understand better. If you’re a fan of football but don’t know much about tennis, obviously, you would have better chances of winning if you place bets on the football matches results and ignore tennis.

  7. Forget about your favorite teams. When it comes to favorite athletes or clubs, a person may overestimate their chances and underestimate their opposition. Making bets requires objectiveness. For example, if you support the National Lithuanian football team, it’s necessary to consider all pros and cons before placing a bet on its win in the match versus Brazil.

  8. Study the theory of betting. It’s hard to earn on betting if you don’t know its basics. Thus, each punter shall thoroughly study all peculiarities of the segment and terms used in the industry.

How to choose a betting provider

How to choose a betting provider

Today the betting market offers a wide choice of betting shops. They accept bets online and offline. Large companies are operating in both segments. Oftentimes they open offices in various countries of the world.

Due to the presence of many betting companies, beginner players may find it difficult to choose one of them.

In order not to make a mistake, one shall mind some useful factors:

  1. License certificates. In the countries where betting is regulated on a legislative level, betting providers can work only under the existing license. The companies with such certificates are more reliable. Their operations are monitored by the regulating bodies. Thus, clients of such betting shops are better protected from the unfair actions of the providers.

  2. Payment systems. Leading gambling companies offer a wide choice of payment methods that players can use to deposit funds and withdraw winnings. When you register at the betting shop, make sure that it supports the payment solutions you prefer.

  3. Limit for financial operations. Some betting providers set up minimum amount for deposits and withdrawals. Before becoming a client of the platform, analyze whether its requirements meet your expectations and financial possibilities.

  4. Betting lines variety. Modern bookmakers accept bets for various events, sports, leagues and championships. Choosing a betting shop, make sure that the offered lines suit you.

  5. Learn the rules of the betting shop. Before registering, spend time to learn the rules stipulating the relations between the betting shop and its clients. Thus, you’ll stay tuned with all requirements to the bettors.

Gaming and financial strategies in betting

strategies in betting

Professional bettors don’t make random bets. In order to increase the probability of their win, they stick to gaming and financial strategies.

Find out about four most popular tactics applied in betting:

Martingale strategy

This is the financial strategy with its principles built on the action of increasing each bet twice after the loss until getting a win. But the ratio shall always be reaching 2.

For example, if you bet €5 and lose, your next step would be betting €10, then €20, €40 etc. until the moment you win. This allows not only to get the lost amount back, but also to gain profit.

Flat

Within this approach, the player defines the fixed amount. Usually it’s about 1-5% of the bankroll. Next, you need to always bet the same amount.

Betting forks

This is a strategy requiring punter to bet on all possible results of the competition. However, bets are made at various betting shops. Thus, you’ll be able to win regardless of the competition outcome.

Value Betting

Here players are making bets on the events underestimated by providers.

The special thing about this tactics is that a bettor analyzes the probability of a certain event on his own. Then, it’s necessary to compare the results to the odds provided by the betting shop. In case the betting provider sets the odds too high, player makes a bet on the underestimated event.

In conclusion

In order betting activities to provide high income, it’s not enough to choose a reliable betting platform and learn to calculate the probability of events. You need to constantly follow the news, analyze the situation on the market, elaborate new gaming and financial strategies and always keep track of the latest updates in the industry. Only this way, you’ll have a chance to multiply your revenue.


Do you want to find out how the betting market changed because of the quarantine restrictions imposed due to the coronavirus pandemic? Join Betting in face of COVID-19 online conference! Event will take place on April 17.

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