Making A Living From Online Sports Gambling

[kiakaha]

Of course this is technically illegal in Thailand ,so I'm talking about people outside of Thailand making a living from online gaming in a legal jurisdiction.

I met a bloke who claims to net on average 5000 USD a month sports betting using some hand crafted arbitrage calculation software to guarantee profits by laying and backing strategically in the same event.

Not really my thing, but none the less a rather nice way to pay the bills, and slightly more liquid that stocks and derivatives markets. I'm sure there are loads of blokes doing this in LOS under the radar.

Any interesting stories ?

[blizzard]

no. but there cant be loads doing it. if there were then there would be no arbitrage situations that would arise as they would all be trying to bet the same thing.

[pumpuiman]

Your bloke with a "system" is full of it.

If he really had a system....why only 5000? Wouldn't he bet the 5000 to make 50,000?....50,000 to make a million?...... it's a sure thing isn't it?

Lying sack o' shit

[kiakaha]

Your bloke with a "system" is full of it.

If he really had a system....why only 5000? Wouldn't he bet the 5000 to make 50,000?....50,000 to make a million?...... it's a sure thing isn't it?

Lying sack o' shit

its not that hard to figure out in your head how it might work on an online betting exchange. just basic elementary school maths really.

a rough example :

back a horse at $10 with decimal odds of 3.0

lay that same horse at $11 with decimal odds of 2.5

horse wins, you make a $3.50 profit ( + $20 from the back - $16.50 from the lay)

horse does not win, you make a $1 profit (+ $11 from the lay - $10 from the back)

guaranteed profit on that event.

you just need to either sit at your computer screen waiting for these favorable conditions or write a custom program(bot) to do it for you.

Edited January 20, 2008 by kiakaha

[GuestHouse]

I met a bloke who claims to net on average 5000 USD a month sports betting using some hand crafted arbitrage calculation software to guarantee profits by laying and backing strategically in the same event.

Thailand attracts more than its fair share of these... let's be polite...... Walter Mitties.

[kash]

just basic elementary school maths really.

Still you screwed up? :-)

[kiakaha]

just basic elementary school maths really.

Still you screwed up? :-)

No , I am precisely correct.

Decimal odds differ from Fractional odds.

horse wins maths

----------------

$10 back , decimal odds of 3.0 = $30 payout , minus $10 back bet = $20 profit to you

$11 lay , decimal odds of 2.5 = $27.5 payout , minus $11 lay bet = $16.50 liability to you

profit - liability = net profit

$20 - $16.50 = $3.50 guaranteed profit if horse wins

horse loses maths

-----------------

$10 back bet , $10 liability for a loss

$11 lay bet , $11 profit for a loss

profit - liability = net profit

$11 - $10 = $1 guaranteed profit if horse loses

[steveromagnino]

these arbitrage opportunities are usually nowhere near this magnitude, and get arbirtraged away fairly quickly; it is a business model reliant on market inefficiency, and as such, the gains are fairly small and likely to reduce/disappear over time.

It isn't a zero sum game either; sportbetting has a significant house percentage as well.

No doubt money can be made, particularly using mulitple country based systems (e.g. lay Ricky hatton in Uk, lay Floyd Mayweather in LV) but with enough people doing it, this is at least iMHO a relatively shortterm business. Bots and software help no doubt, but the opportunities will just get arbitraged away.

Easier... methinks.... to do an honest day's work.

And that's said as a former card counter, the antithesis of a hard day's work. After grinding out my 1% edge for 8 hours a day over a week in Reno, I had to say, there must be easier ways to earn like what averaged out to about $4 an hour.

[sweetchariot]

Yeah I met one 'sports gambling professional' a few months ago. He stayed for about 2 months, never changed his clothes, never bought a drink, lived in a shitty 3,000 bt/mnth room, and then had to go home due to 'family commitments'.

BS, BS, BS.

He blatently did not have a pot to pee in, but continued with his Walter Mittie (thanks Guesthouse) stories until his few hundred quid ran out, and he had to leg it home.

Bookies are not silly, you will never (or very, very rarely) get a no-lose betting opportunity.

BS, BS, BS. And he stank as well, no money for soap I think.

[blizzard]

online poker is the way to go. not hard to make wot an avg thai makes. think bonus for playing and als o rakeback. hrad to make way more than an avg thai makes...........lol. time zones is a major deterrent to making money.

Edited January 21, 2008 by blizzard

[kiakaha]

Yeah I met one 'sports gambling professional' a few months ago. He stayed for about 2 months, never changed his clothes, never bought a drink, lived in a shitty 3,000 bt/mnth room, and then had to go home due to 'family commitments'.

BS, BS, BS.

He blatently did not have a pot to pee in, but continued with his Walter Mittie (thanks Guesthouse) stories until his few hundred quid ran out, and he had to leg it home.

Bookies are not silly, you will never (or very, very rarely) get a no-lose betting opportunity.

BS, BS, BS. And he stank as well, no money for soap I think.

"betting exchanges" offer far more arbitrage possibilities than a bookie or a tote ie: betfair , because you have many more amateurs in the game

its person vs person and betfair make their $ by taking a commission on profits

[sweetchariot]

Yeah I met one 'sports gambling professional' a few months ago. He stayed for about 2 months, never changed his clothes, never bought a drink, lived in a shitty 3,000 bt/mnth room, and then had to go home due to 'family commitments'.

BS, BS, BS.

He blatently did not have a pot to pee in, but continued with his Walter Mittie (thanks Guesthouse) stories until his few hundred quid ran out, and he had to leg it home.

Bookies are not silly, you will never (or very, very rarely) get a no-lose betting opportunity.

BS, BS, BS. And he stank as well, no money for soap I think.

"betting exchanges" offer far more arbitrage possibilities than a bookie or a tote ie: betfair , because you have many more amateurs in the game

its person vs person and betfair make their $ by taking a commission on profits

Your names not Dave is it??

[kiakaha]

Yeah I met one 'sports gambling professional' a few months ago. He stayed for about 2 months, never changed his clothes, never bought a drink, lived in a shitty 3,000 bt/mnth room, and then had to go home due to 'family commitments'.

BS, BS, BS.

He blatently did not have a pot to pee in, but continued with his Walter Mittie (thanks Guesthouse) stories until his few hundred quid ran out, and he had to leg it home.

Bookies are not silly, you will never (or very, very rarely) get a no-lose betting opportunity.

BS, BS, BS. And he stank as well, no money for soap I think.

"betting exchanges" offer far more arbitrage possibilities than a bookie or a tote ie: betfair , because you have many more amateurs in the game

its person vs person and betfair make their $ by taking a commission on profits

Your names not Dave is it??

no.

[Jai Dee]

Of course this is technically illegal in Thailand ,so I'm talking about people outside of Thailand making a living from online gaming in a legal jurisdiction.

You are correct, and as such, this subject should be posted on a forum other than ThaiVisa.

/Closed.