Seriously how hard is it to make money doing this?

I have been doing this for about 2 years now, and I just go back and forth back and forth. One week I will win $300. the next week I lose $400. Any advice is appreciated.  I love betting sports it makes games so much more fun to watch. However, I feel like I am going down a bad path because I just feel like I want to win money doing this all the time. I haven't been consistent. So I turn to the vets here, the ones that have been doing this for years, that have weathered storms, the ups and downs, and I look to you for advice on if it is best to cut my losses now, or is it worth it to keep going. Anything helps!

Rule #1.  Don't gamble.  In the long term you will lose.  Ever been to Vegas?  Enjoy it, you helped build it and your losses maintain it.

But, if you ignore this like the rest of us, here are some things I've picked up along my 30+ year ride...

*If you gamble, consider it a hobby.  Like drinking beer, you spend the money on it because you enjoy it.  There are no returns other that the up and down emotions of consuming it.  Winning is simply like a t-shirt in the case; a bonus.

*Know when to leave the table, winning or losing.  Don't try to 'double' up 'cause you have a "feeling" or chase your losses because you're on tilt.  Start off with 'X' amount and when that is all bet, watch the games and turn off your computer.

*Play with money you can afford to lose.  Start off with a bankroll at the beginning of the season and expect to lose it (without crying when you do).

*Limit your selections, don't sprinkle money everywhere.  Key in on a game or two, read as much as you can from any source online, on the radio, tv, etc.  Take it all in, whether you agree with it or not it's still information.  Form your own opinion and die on that hill.

*The only folks making money are the ones selling picks or the books themselves.  The others who make money live in the shadows and they prefer it that way.

Summary?  It's a losing preposition long term so have fun with it and treat it like a hobby that costs a couple of grand a year.  Anything you win it then a bonus.

Good luck!

I agree. Even tho i know in the end ill never be ahead as ive been doing this for years i cant stop.The thrill of winning keeps me going. Gambling definatly is a roller coaster atleast it is for me. UP down up down. Quick summary of last week. Won 2100 on monday night on the raiders. Won like 400 the next day on baseball. Im feeling great. Fast foward to sat. Lost like 2000 on college. Alabama got me.  Came out ahead sunday on raiders and cowboys but then gave that back on the chiefs. Still finished a lil ahead on the week but not what i was hoping for. Best advice is bet what you can afford to throw away and it wont change your life one way or the other. Easier said then done as ive had bets in my life where i couldnt really afford to lose it but still bet it.

1. Type A gamblers (95%) - gamble for fun, entertainment, action junkies, chase, bet teasers and negative EV parlays, use CC to fund their accounts, think of gambling money as rent money or spending money, bet haphazardly, dont understand or care to understand theory, never introspect about how to get better, are jealous, dont understand those who win, believe myths about gambling, believe in luck, believe in non correlated trends, dont care to know math or probability, talk about fixes, talk about their own bad luck, criticize anyone who wins, theorize about how people win incorrectly, put emphasis on all the wrong things, spend all their time searching for the winner of the day, are emotional and let their emotions rule them and their decisions, and lose money. These are the equivalent of cavemen looking up at the stars, hypothesizing about how a world they dont understand works.

2. Type B gamblers (5%) - Everything is done to make money, treat gambling as a business, understand winners are not the most important thing in making money, use advanced techniques to make the most money, constantly evaluate process rather than handicapping, use methods other than handicapping to make money, dont chase, dont bet for action, pick their spots, are emotionless, are like machines, understand math and probability, and make money.

Now - its no surprise that 95% of the posters on covers are type A gamblers. Most just dont get it, probably never will because you dont have the patience or the fortitude, and you will always be on the sidelines losing money wondering with your buddies (the majority) "how can anyone make money doing this"?

I can also tell you that there are plenty of others here who are professionals and make money too - I know this for a fact. The bottom line is that I can make more money going 53% than others can going 60%.  I cant post on covers all the times I make money without even making a bet, or how I can make money live betting, or how I sell games off at HT, or all of the other strategies I employ - you guys dont understand all of this - all you understand is the "winner of the day mentality".

Ever wonder why the most popular threads are the ones with the hot handicapper of the day? Ever say to yourself "I wonder why that is?" Why isnt the guys posting in Puckus threads today going to be in the guy who is hot handicappers threads 4 months from now? Because he is already broke. Because he has no idea, even with Puckus picks how to make money and he is BROKE. 

READ MORE HERE

Check my thread. I posted all my plays and track record all year long.

9 winnings streak last 2 weeks.

@vanzack 

 98/2 is my opinion, but everything you wrote is perfectly said...for most in the 98 percentile, they will choose to ignore the reality and keep doing what their doing amd look for external sources to blame for their lifelong losing streak...without them, people in the 2 percentile would have to look elsewhere for their side hustle.

@vanzack

 I'll bet you're one of the 5% with no proof!  

@packersbackers

 Are you in the 2%?

I wish you both good luck into the future!  

The only proof I have is consistently writing about it here at covers for 20+ years.

What proof do you want?  You want to come visit me?  Inspect things?

Weirdo.

BTW - the post I made above (post #4) is a cut and paste from a thread I wrote in 2008.

@vanzack

 We all want to be in the 5%! Keep trying dude.

You have a better chance at becoming a doctor or a astronaut. 

@vanzack

 Thanks for the write up... or copy and paste. I am definitely in the Type A but want to get into the Type B. I am taking everything you wrote to heart and hoping it can make me better at this.

Lots of good advice on here. I appreciate everyone taking the time to reply and to share their thoughts. I just want to get better. I don't want to give it up. 

Patience is the main factor.  

Unfortunately, you need to lose before you understand how to win. The problem is…. Can you learn from your loses?

@jpot34

 Yes i am and proud of it 

@vanzack

 I remember that thread well. I have done quite well just from the arbitrage and live wagering aspect of the game.

And I started out Type A all the way, it took losses, time and self inventory to change.

@smartbets

 we all started out type A, just experience and fine-tuning as you go along

@dubz4dummyz @smartbets very well said  

also it aint a get rich quick scheme.....its slow and steady wins the race in a sense....as you go along you will better understand what that means

for the most part im still type A, just bet for entertainment, but i pick up on book errors, promos and good spots better than i used too

  nice thread 

type b where you at?! 

Very hard. Just have to stay the course.

Paying a 10% tax(or worse) consistently, is a bad idea.