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30.08.2023, 07:06
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Unlocking Profit Potential: A Guide to Earning from Sports Betting

Legal and offshore bookmakers accept sports bets. Players learn through experience how to make money on sports betting with minimal risk. The task for a gambling enthusiast is to choose a bookmaker, define a strategy, evaluate the gaming situation, and predict the match's outcome.

What Are Sports Betting

Sports betting is a wager for money between a player and a bookmaker. The bookmaker pre-evaluates the likelihood of sports events occurring. The player's goal is to guess the outcome of the match correctly. If the fan's prediction is correct, the bookmaker pays out the winnings to the client. If the user fails to predict the outcome correctly, the money goes to the bookmaker.

Legal Nigerian Bookmakers

In Nigeria, 52 bookmakers legally accept online sports bets. Some of these companies operate exclusively on the Internet. Here is an example from the top 16 bookmaking platforms:

22 Bet: An online sports betting platform that offers a wide range of sports and events to bet on, as well as casino games and live dealer options.

Bet9ja: A popular Nigerian sports betting website that covers various sports and provides virtual betting options, casino games, and more.

Betway: An international betting site known for its user-friendly interface, offering sports betting, casino games, and esports betting.

BetKing: A Nigerian sports betting and gambling platform that provides a variety of sports markets and virtual games.

1xBet: A global sports betting and casino platform with a vast selection of markets, live betting, and casino games.

Betwinner: An online gambling platform offering sports betting, casino games, and virtual sports, known for its diverse betting options.

Bet365: A well-known international betting platform offering a wide range of sports, live streaming, in-play betting, and casino games.

Frapapa: One of the most popular betting platforms in Nigeria

Parimatch: An international betting and gambling platform focusing on sports betting, esports, and casino games.

N1bet: A fast-growing platform on the Nigerian market

Yangasport: One of the most popular betting platforms in Nigeria

Melbet: An online bookmaker offering sports betting, casino games, and virtual sports, known for its extensive coverage of sports events.

Sportybet: A platform that provides sports betting, virtual games, and live betting primarily targeting African markets.

Nairabet: A Nigerian online sports betting platform offering various sports markets and virtual betting options.

Wazobet: An online betting site focused on the Nigerian market, providing sports betting, casino games, and virtual sports.

Accessbet: A Nigerian sports betting platform offering various sports markets and virtual games.

How to Choose a Betting Company

In the gambling market, services are provided by international bookmakers as well as companies licensed in Nigeria. Before placing their first sports bet, both enthusiasts and experienced players choose a betting office based on criteria important for comfortable and safe play:

  1. availability of a comprehensive lineup, including live betting;
  2. wide betting options;
  3. odds sizes;
  4. availability of live streaming;
  5. requirement for identification;
  6. number of methods for deposit and withdrawal;
  7. promotions, bonuses, incentives;
  8. quality of customer service.

Advantages of playing with licensed bookmakers:

  • guaranteed payouts;
  • protection of personal data;
  • legal assistance in disputes;
  • availability of websites and apps.

Offshore bookmakers attract customers with a variety of services:

  • betting types that are banned in Nigeria, such as card games, dog races, horse races, and casinos;
  • the ability to create an account without identification;
  • a large number of bonuses.

Disadvantages of illegal bookmakers:

  1. illegal operation in Nigeria;
  2. the necessity to access the site through a mirror link;
  3. risk of the account being blocked;
  4. obligation to pay tax on winnings independently;
  5. customer service communication in a foreign language.

Features of Sports Betting

Betting involves mandatory preparatory work:

  • Financial analysis: Skillful management of the deposit prevents losses.
  • Choice of sports discipline: Making forecasts in a familiar sport is easier.
  • Statistics analysis: Information on previous matches helps calculate the probability of winning.
  • Bookmaker commission calculation: The odds' size affects the number of potential winnings.
  • Strategy and market selection: The lineup offers many events and options for placing bets.

The Guinness Book of Records records the highest odds for an accumulator bet at 209,856.00. The coupon included 14 matches from the 2014 FIFA World Cup qualification round.

Popular Strategies and Types of Bets

Gaming strategies help to reduce the risk of losing the deposit, analyse the effectiveness of the chosen betting algorithm, and ultimately turn a profit over the long term.

Examples of Strategies

Common betting strategies include:

  • "Arbitrage" involves placing bets on 2 opposite outcomes of an event to ensure a win regardless of the result. The downside is that bookmakers often identify and block arbitrage bettors.
  • "Football Draw" can yield good returns over the long term. The chances of the bet winning are higher if the favoured team is playing without key forwards, on an away field, or in bad weather.
  • "Handicap" in tennis or basketball involves giving a fictional point advantage to the weaker side. This strategy is easier to apply when there is a clear favourite and underdog. The downside is the wide range of point values.
  • "Goal by the Favored Team" allows you to place a bet at enhanced odds for the favoured team to score. Bookmakers usually increase the odds 10–20 minutes after the start of the first half or when the match goes into halftime with a tied score. The advantage of this strategy is the high probability of winning. The downside is that the odds are generally low.

Betting Markets

A "Market" is a bet within a game or match with 2 or more outcomes. The bigger the tournament, the more markets a bookmaker will offer for each event.

Popular Markets:

"Winner": Determines the winning team; a win by the opponent or a draw results in a loss.

  • Advantage: High limits, low margin.
  • Disadvantage: The possibility of a draw increases the number of options from 2 to 3.

"Total": A prediction of the total number of goals, points, or pucks in a match.

  • Advantage: Choice of 2 options, low margin.
  • Disadvantage: Difficulty in forecasting.

"Both Teams to Score": A bet that both teams will score at least one goal during regulation time.

  • Advantage: Choice of 2 options.
  • Disadvantage: The bet is profitable only if the odds are not lower than 2.00.

"Double Chance": A single bet on the match outcome, choosing 2 out of the 3 options; the bettor wins if any of the chosen events occur.

  • Advantage: Increased probability of winning.
  • Disadvantage: Low odds—1.20–1.30 for teams with equal chances of winning.

"Yellow Cards": A bet on the statistics, predicting the likelihood of players receiving penalties for rule violations.

  • Advantage: High odds.
  • Disadvantage: Difficulty in forecasting.

Each of these markets comes with its own advantages and disadvantages, offering bettors various options for their betting strategies.

How to Earn Money from Betting

The essential conditions for successful betting include discipline, a systematic approach, and an awareness of the risk of loss.

How to Win in Betting

Successful bettors only place bets after conducting a preliminary analysis of the upcoming match. They also analyse their own mistakes and thriving and unsuccessful attempts. Experts recommend maintaining a file with a table or using the history feature in your account on the bookmaker's website.

Each loss should be scrutinised to identify the reasons behind it. This analysis will help avoid repeating mistakes and improve performance. Keeping a diary makes it convenient to summarise the financial results for the month and monitor the state of your deposit.

Top Betting Victories in Nigeria

  • Top Betting Victories in Nigeria
  • 2015 – Godwin Ighala Takes Home ₦58.5 Million
  • 2016 – Melvin Chike Ekpe Secures ₦27.3 Million
  • 2016 – An Unidentified Winner Bags ₦37 Million

In 2015, Godwin Ighala, an academic specialising in Computer Engineering at Ambrose Alli University, landed a staggering ₦58,945,553 from an initial stake of just ₦800 in English Premier League games. With over a quarter-century of experience in betting but only modest wins, Godwin never lost faith that his big win was on the horizon. He suggests that his probability and data analysis background may have contributed to his success in selecting winning EPL teams.

Following Godwin's impressive feat, 2016 saw Melvin Chike Ekpe claim the title of that year's largest winner by racking up ₦27.3 million from a meagre ₦100 bet. Melvin, a 30-year-old steadily betting for more than three years, finally had his diligence rewarded. His precise forecast of the outcomes in 16 soccer games, each with over 2.5 goals, magnified his ₦100 into a life-changing sum.

Also, in 2016, an unnamed individual defied the odds to win a monumental ₦37 million jackpot from Bet9ja. Opting for anonymity, the winner left us with only his bet slip identifier, B941AQPSTTZQE-219492, as a clue to his identity. He made this windfall with a humble bet of ₦500, proving once again that sometimes fortune favours the bold.

Game Addiction

Gambling addiction, also known as ludomania, is an addiction to various forms of gambling: sports betting, lotteries, slot machines, card games, casinos, and any money-related wagers. This addiction is distinct from casual entertainment. The obsessive attachment takes a central place in the life of the addict, pushing out other activities. A person who views betting as leisure aims to profit but doesn't prioritise winnings.

Negative consequences of gambling addiction:

  • Mental health issues
  • Stagnation in moral development
  • Family conflicts
  • Job loss
  • Financial debts
  • Unlawful behaviour

Causes of gambling addiction:

  • An attempt to escape or relieve prolonged stress
  • A desire for intense sensations
  • An aspiration to earn money effortlessly

Psychotherapy is the primary and effective method of treating gambling addiction. The patient and the therapist analyse the individual's behaviour during gambling together. The success of the therapy depends on the individual's willingness to break free from the addiction. Support from loved ones increases the chances of recovery.

FAQ

What are the basic steps for becoming successful in sports betting?

The fundamental steps include selecting a reliable bookmaker, determining a betting strategy, assessing the game situation, and predicting the outcome. Successful bettors only place bets with prior analysis, manage their bankroll wisely, and learn from their mistakes.

What are some popular betting strategies?

Common strategies include "Arbitrage" for guaranteed wins regardless of the outcome, "Football Draw" for long-term gains, "Handicap" in tennis or basketball, and betting on the "Goal from the favoured team" at increased odds. Each strategy has its pros and cons.

What are 'Markets' in sports betting?

Markets are bets within a game or match containing two or more possible outcomes. Popular markets include "Winner," "Total Goals," "Both Teams to Score," "Double Chance," and "Yellow Cards," among others.

What are the necessary conditions for successful betting?

Discipline, a systematic approach, and understanding the risks are essential for success. It's advisable to keep a record of your bets to analyse your performance and control your bankroll.

What is ludomania or gambling addiction?

Ludomania is an addiction to various forms of gambling, where the addiction becomes central to the individual's life and other activities become secondary.

What are the adverse effects of gambling addiction?

This addiction can lead to mental health issues, moral stagnation, family conflicts, job loss, financial debts, and illegal behaviour.

How can gambling addiction be treated?

Psychotherapy is the most effective method for treating gambling addiction. The success of the treatment largely depends on the individual’s willingness to change. Support from loved ones also significantly improves the chances of recovery.

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