Starting a consultancy business in any field can be highly profitable if you know what you’re doing. However, the internet has elevated the possibilities of owning a business into a new dimension. By utilizing the internet, there is now more opportunity than ever to move into a field of your choice.
Sports betting online has for many years been a popular pastime for millions of Americans. As more states legalize online sports betting, the market is expanding at a growing pace. If you regularly gamble online on any of your chosen sports, you may have noticed the rise of sports betting consultancy businesses such as the online sports betting company DraftKings.
Today, we will look at this emerging subdivision of the multibillion-dollar gambling industry. We will try to establish what drives this market and how you could carve yourself a space in this burgeoning sector as a successful sports betting consultant.
What is sports betting?
Any professional sports sector that offers gambling markets would fall into this category. There are dozens of categories you can find online, and there are other niche sectors of gambling you may be unaware of that also fall into this definition, such as esports.
Within each sport, there are hundreds of markets. Depending on the sport you are gambling on, you will find markets specific to that sector. For example, if you are betting on soccer, you can often combine games across several leagues as a parlay bet.
The likelihood of a parlay bet winning decreases rapidly with the number of games added to it. However, if you do win, the odds are multiplied. Given the rise of the internet, you can place multiple bets on sports in play, whether you’re looking to bet on the NBA, NFL, NHL, tennis, MMA, boxing or a wide range of other sports.
What is a sports betting consultant?
Due to the increase in available gambling markets, a sports betting consultant is usually an expert in analyzing their chosen sport. However, if you are looking to bet on a specific market, you need to fully understand the factors that drive that sport.
Although the bookmakers rarely get the odds wrong, on some occasions, they do, and this is the value you are looking for in sports betting. A sports betting consultant aims to offer that by providing a niche insight into a specialist market, but it should only ever be used as a guide.
Consultants will often spend hours every day crunching data and statistics and compiling news from multiple sources that could affect the outcome of a game to see if there’s any value in a particular sports betting market.
One recent example would be the boxing match between Liam Smith and Chris Eubank. Eubank went into the match as the bookmaker’s favorite.
Liam Smith had fought at a higher level against better opposition, and Eubank was boiling himself to a catchweight to fight Conor Benn. Some people within the industry picked Smith to win despite the bookies having him as an outsider.
He demolished Eubank and won by knockout, which few people predicted. Some sports consultants will better understand how external factors can influence certain sports, but this doesn’t guarantee a return by any stretch of the imagination.
Gamble responsibly
You should only view information provided by a sports betting consultant as a guide. They do not guarantee you will make money, and no gambling venture should be considered as a source of income.
If you are using a sports betting consultant to develop a flow of revenue, this is misplaced faith, as nobody can predict the outcome of a sports game.
You should only ever gamble with money that you can afford to lose; however, if you find yourself gambling on negative emotions or if it is beginning to have a destructive impact on your close friendships, then it is time to seek help.
How to start your business
In today’s day and age, it is virtually impossible to start a business without having an online presence. Depending on the region where you are based, you will need to register your business and set yourself up as a registered entity.
If you are running a business, reaching out to other people who operate in the same sector successfully can be advantageous to see how they started.
In addition, you can seek specialist advice from accountants on setting up your business account. This is so you know about any taxes you need to pay or other governing bodies you need to register with.
You also need to register your sports betting consultancy business to ensure it is operating legally. Once you have done this, you can start your journey with your new business.
