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 parlay is a bet on two or more point spreads, over/unders or moneylines to increase the possible payout.
Yes, sports betting is legal in North Carolina. It officially launched statewide on March 11, 2024.
Yes. Colorado legalized in-person and mobile sports betting in November 2019.
Sports betting is legal in Ohio, and takes bets as of January 1, 2023.
Yes, sports betting is legal in the state of Ohio.
Yes. Illinois passed sports betting legislature in 2019 and launched at legal sportsbooks in March 2020.
New Jersey was one of the first states to legalize sports betting and online wagering after the 2018 Supreme Court decision.
Yes. New Jersey was one of the first states to legalize sports betting and online wagering after the 2018 Supreme Court decision.
Yes. Sports betting is legal in North Carolina. It went live on March 11, 2024.
Yes. Michigan passed legislation to allow sports betting in December 2019 and the first physical sportsbooks opened in March 2020.
Pennsylvania passed legislation to allow sports betting in 2017 and sportsbooks began taking bets in 2019.
Yes. Pennsylvania passed legislation to allow sports betting in 2017 and sportsbooks began taking bets in 2019.
A unit in sports betting is a measurement of the size of a given bet.
Yes. West Virginia passed a law to legalize and regulate sports betting in 2018 prior to the ending of PASPA.
Yes. Sports betting was legalized in Arkansas in 2018 and launched at physical locations a year later.
DraftKings is legal for sports betting via the DraftKings Sportsbook mobile app, website or retail location in close to 20 U.S. states and 44 for DFS.
While 21 is the more common age limit, there are states in which you can bet on sports if you are at least 18 years old.
The plus (+) and minus (-) in sports betting can refer to either the point spread or betting odds.
No. Maine's governor vetoed a sports betting bill in early 2020 and while the Senate and House tried to overturn it, they didn't succeed.
The DraftKings promo code for today gives you a Bet $5, Get $200 in bonus bets instantly welcome offer.
Kentucky sports betting is legal. It went live on September 28, 2023.
Yes. Sports betting launched in Kentucky in September 2023.
What is a vig in gambling? Learn more about vig betting, how the vig (or juice) affects your bets, odds & payouts to make smarter bets.
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.
