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Online Betting – 5 Things You Should Know

Here's how much money you can make betting online...

online betting business

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.

How can you make money online with betting?

Here are the legit ways I’ve found to make money online with betting…

Sports Betting

Jonas Gjelstad is one of the rare few who have made quite a bit of money online betting on sports…

  • Jonas Gjelstad

  • Co-founder of Trademate
  • $54,000 monthly sports betting profit

Matched Betting

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…

  • Foxy Michael

  • 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.

  • Wendy Wage

  • HealthyWage Winner
  • $1,945 average weight loss prize

Other sites and apps where you can bet on yourself:

  • DietBet – similar to HealthyWage
  • StepBet – bet that you’ll take a certain number of steps
  • RunBet – bet that you’ll run a certain distance
  • ProveIt – bet that you’ll beat other people in arcade games

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.

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