Can sports betting make you rich?
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Last Updated: May 8, 2020
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Fact Checked By:
Adam Zdroik
Sports betting is unlikely to make you rich unless you turn it into a full-time job and become one of the best bettors in the world.
That's an extreme statement and before getting rich, it's important to remember that only a small percentage of sports bettors are simply profitable. If you want to make sports betting a career, you need to first follow some of the basic ideas.
Set a bankroll
Study
Shop Odds
Don't trust others
Gradually Grow Your Bankroll
If you can turn a profit after a certain amount of time, the next step is to gradually grow your bankroll. If you continue to have success betting on sports, it's not going to be a one bet and you're done kind of thing. It's important to abide by the unit rule and limit wagers from one to five units per bet. Just because you really like one matchup doesn't mean you should put all of your money into it. Successful bettors steadily grow their bankrolls and don't fall into the trap of becoming overconfident.
While you can become a full-time sports bettor, getting "rich" is another story and one that's unlikely to happen no matter how successful you become. To turn a positive, you have to hit more than 52.4% of your bets, though that depends on what kind of odds you're getting.
It may be possible to hit more than 60% for a season, but doing that consistently, year-after-year, is another question.
Read More Sports Betting Q&As
A futures bet is a bet on a future event, usually before a season starts.
Yes. Where legal, the Super Bowl is one of the most popular sporting events to bet on in the world, if not the most popular.
A hedge is a method to reduce risk and secure winnings for a specified bet.
If you've never bet before, there are surely a lot of words and phrases you've never heard before and even if you have bet before, you may not know...
Vig, or vigorish, is the cut or amount charged by a sportsbook for taking a bet, also known as juice.
Yes. Tennessee sports betting was legalized in 2019 and launched in 2020.
Yes. Sports betting is legal in North Carolina, but it will be fully operational on March 11, 2024, with pre-registration beginning on March 1, 2024.
Pennsylvania passed legislation to allow sports betting in 2017 and sportsbooks began taking bets in 2019.
Yes. Indiana passed a bill to allow sports betting in 2019 and wagering started in October with online betting opening a couple months later.
Yes, sports betting is legal in the state of Ohio.
Yes. Sports betting is legal and regulated in Arizona as of football season in 2021.
Yes. Pennsylvania passed legislation to allow sports betting in 2017 and sportsbooks began taking bets in 2019.
Yes. Michigan passed legislation to allow sports betting in December 2019 and the first physical sportsbooks opened in March 2020.
Yes, sports betting is live in Massachusetts.
Yes, sports betting is legal in Maryland. It launched on November 23, 2022.
Sports betting is legal in Ohio, and takes bets as of January 1, 2023.
Yes. Sports betting is legal in Virginia and residents began betting via FanDuel in January 2021.
NFL Week 1 odds came out on all the best sportsbooks following the release of the 2024-25 NFL schedule in May.
Yes. Colorado legalized in-person and mobile sports betting in November 2019.
Yes. New Jersey was one of the first states to legalize sports betting and online wagering after the 2018 Supreme Court decision.
Yes, FanDuel pays out real money. Whether you use the DFS portion of the website, sportsbook, or online casino, you will be paid out in real money.
Yes. Illinois passed sports betting legislature in 2019 and launched at legal sportsbooks in March 2020.
Yes. Sports betting can be a career if you make it your full-time job and put in the hours.
Bonus bets in sports betting are often connected to deposits and are also referred to as bonuses.
The plus (+) and minus (-) in sports betting can refer to either the point spread or betting odds.
