What is online betting?
I define betting as placing a wager on a certain outcome and winning money if your prediction proves correct.
This is similar to gambling but not purely based on luck. Your skill, knowledge or ability can influence whether you win or lose, sometimes significantly.
For the purposes of this site, we’re only concerned with online betting, which is betting that can be done over the internet.
Betting is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
How can you make money online with betting?
Here are the legit ways I’ve found to make money online with betting…
Jonas Gjelstad is one of the rare few who have made quite a bit of money online betting on sports…
- Co-founder of Trademate
- $54,000 monthly sports betting profit
With matched betting, the aim is to make money via the free bets and deals offered by online bookmakers.
This chap earns a decent hourly rate doing exactly that…
- Matched Bettor
- £31 – £42 per hour
Bet On Yourself
With HealthyWage you can bet money that you’ll reach your weight loss goal. Win the bet and they’ll pay you a cash prize.
- HealthyWage Winner
- $1,945 average weight loss prize
Other sites and apps where you can bet on yourself:
Pros and Cons of Betting Businesses
- Betting is considered by many to be a fun activity.
- Possible – though very unlikely – to win big money.
- In some countries your winnings from betting may be tax free.
- Possible to lose lots of money.
- Highly unlikely to earn you a consistent living.
- No significant skill-building opportunities.
- Some countries do not allow online betting.
Is betting a good way to earn a living online?
I wouldn’t recommend it.
It can be a fun distraction but it’s virtually impossible to earn a significant and consistent income by betting online.