Sports betting question
Long story short, I’ve come up with a consistently profitable betting strategy on the side with several friends from university. Have successfully modeled with programming and excel and back tested and have been running on a very small scale, currently working to potentially automate since none of us have time during the day to execute and track. Back in school when we first worked on it for fun, I was able to pull in enough to cover my rent for a year. My question is what should be the next step in terms of scaling, if that’s even a good idea? Obviously, I don’t plan on quitting my day job, but should I seek out some sort of seed funding? Because of the secrecy around any type of strategy, there’s no real guide on what to do if you find something that works
Obviously you're not going to give anything away, but how is this even possible? Does it involve just using every stat possible to put odds in your favor? I mean it's akin to saying you found a strategy that can win over time at blackjack or roulette. I see sports betting the same way. So I'm actually really curious as to what goes into this. How did you backtest it, considering a lot of the data (I'm assuming) isn't widely historically available, similar to historical options data. Like I said I don't expect the details but just wondering how it's even viable. If you actually have done it, congratulations. I would say the next step would be to treat it like your personal trading account. I guess I just don't know shit about sports betting, because after a quick Google search it seems like there are a few mainstream guys who have made it work. And theoretically it's even better than a profitable trading strategy because you're not relying on something as unpredictable as the market. Therefore, I would treat it like your personal trading account. In order to ever be in the running for outside funds, you need to show a LONG track record. Not many high net worth individuals are eager to throw their money at some kid who thinks he's hot shit after getting lucky on one bet (not saying you are, but that's the perception). I know I wouldn't. So if you truly believe in the strategy, I would save as much from your regular income and do this as much as possible to see if you can consistently profit. If you can over enough events (I'm thinking a couple hundred), then yes I would look into outside funding. Obviously, make sure you document all stats and your exact strategy, because like I said, this is far more of a reach for most people compared to a standard investment. Once again, I don't know much about sports betting, so take anything I say on the actual betting side with a grain of salt, but I think that'll be your best bet (pun intended) moving forward with the scaling/funding aspect. Ngl this sounds pretty awesome. Definitely not something you hear every day
I definitely see what you mean, and a lot of what you’ve said is what I’ve heard from friends that I’ve asked about it. I really appreciate the insight and although I won’t go into much detail, the process involved a large amount of web scraping and aggregating many years of historical box score and odds (it’s for mlb) data and running different simulations. My friend who’s Korean is an avid baseball fan and noticed the particular nuances and opportunity while initially following KBO
I love the KBO- announcers are hilarious
Several large prop firms have sports betting desks although I think mainly in Europe for regulatory reasons.
have not, but appreciate the insight
Wrong. There are platforms which are agnostic to your winnings.
It is very much possible to scale this business to some decent volumes. You should contact Asian providers for liquidity if you are so big, otherwise Pinnacle or BetFair are enough. Of course it assumes you have a "real" edge -- true statistical advantage. If your strategy is to just skim the best available odds from the range of bookies -- this is a dead end path.
This sounds extraordinarily akin to the movie "Two for the Money."
Betting on sports is a scorching topic today. A few years ago, it seemed impossible for some people, but now if you develop your own scheme, you can really make a fortune on it. When I started to get into sports betting, I didn't know that it could be combined with cryptocurrency, but now I already know about it, and I use it regularly. I haven't had any unsuccessful cases yet, only winnings in all six months of my practice. Probably it sounds unbelievable, but it can be achieved gradually
Thank you for sharing this information. I agree with you.
Scalability is an issue because many bookies would ban you when you win too much. I had 2 accounts limited, one with 7K profit in a month so they limited real fast; another one with 45K over a year and they banned me after finding that I was making money.
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