Sports betting, if done well, can be very profitable. There are many people, including myself currently using Trademate as a side income or a part-time job. This article is for those looking to take on Trademate as an additional income source and want some key tips on how to get started and succeed.
Firstly, you need to set out a strategy and some goals. Be realistic and ambitious, but understand sports betting takes time. Give it time, stick to your strategy and you will succeed and make profits. You need to decide:
- Your Bankroll size — This is your initial investment, how much you start with is dependent on your risk tolerance. Understand you may not start off on a winning streak so be prepared for variance and focus on the long run.
- Your Strategy — This could be something as simple as placing 1000 bets per month with an average closing edge of 3%.
- Financial goals — While in the short term it’s impossible to determine results due to randomness, you may set financial goals over a monthly, six month or yearly period.
- EV goals — This is arguably more important than financial goals. Due to the variance element of your new part-time job, you won’t know which months will return the money you set out to make. So instead, have a goal of how much EV (expected value) you want to make over the month. Hitting those goals will better equip you to hit your long-term financial goals.
Finally and most importantly you have to make sure these points all match up. By this I mean, if you want to make €1000 a month, you will need more than a €1000 bankroll as it’s unlikely you will double your investment monthly. Your strategy also has to be taken into account, based on how risky your strategy and staking are and how much variance you can expect from it, then adjust your goals accordingly. Once you feel you have your strategy and goals aligned you can begin your job.
To elaborate on aligning your bankroll, strategy and goals it is important to understand some key factors.
Firstly it’s crucial to adjust your bankroll size to make your financial goals possible. In this previous article, Alex used Trademate for three months, after starting with a bankroll of $1000. He emphasises the limitations of a small starting bankroll, even with good short-term results there’s only so much to be made when you can only stake a limited amount. I recommend looking at the charts and tables in that article to get a better overview, but generally speaking, if you wanted to make $800-$1000 per month (long term) as a part-time job you’d need closer to a $3000 starting bankroll.
The great thing about this part-time job, is you’re able to reinvest in yourself. By not withdrawing profits or even investing more into your bankroll, you’re able to increase your future earnings.
Strategy and EV goals
Financial goals and ambitions are important to have, but similarly to bankroll sizing you’ll need a sound strategy and EV goals to hit in the short term in order to achieve the long-term success you want. In the same article, Alex goes into detail about his hypothetical profits from EV. While EV and profits won’t be the same, in the short term it’s best to focus on the growth of your EV.
So essentially you’ll need to make EV targets for each month. If you want to make $1000 each month you’ll need $1000 of closing EV and so on. You’ll need a strategy in place to obtain that amount of EV as well. This would entail making presets with a certain ‘X’ amount of minimum edge and placing a minimum of ‘X’ amount of bets each month.
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