Why sports betting won’t make you rich
When you think of gambling the first images that come to mind are of a casino and poker table, but what is also likely to come to mind is sports betting. Sports betting is very similar to the view people like to take on things like poker and blackjack, as that it is skills based and that with enough understanding of the sport or its players that you can make wild riches. The reality is there are few people who make their living as sports bettors without a high level of existing capital. Sure you could make a wild speculation and make off with riches, but if you were to try to establish a stream of income coming from sports betting alone you would have a very low chance of success. So lets look at 5 reasons why sports betting won’t make you rich.
- Your winnings are taxed
What many people don’t realize is that if you are not a professional gambler or sports bettor, your winnings are taxed. Many believe that once they have had their win, that they can walk away, but rarely are you walking away with the amount you think you are. The more you win, the higher the taxes.
2. It is a gamble
Sports betting is at its core gambling. While many believe that investing in the stock market is also a gamble as it comes with some risk, it is much lower risk than betting on sports. The odds of earning significantly more…
