From time immemorial, humans have been known to bet on the outcome of different sports – some for the thrill and blood rush, while others for the economic gains.

However, there is an increasing number of people that have taken to sports betting over the last few years. 

With the increasing economical struggles in several countries, sports betting has been seen as a viable option to make money. 

In Nigeria especially, online sports betting has become so popular, with over 60 million people estimated to have placed a bet at some point. An estimated 730 billion naira goes into sports betting annually across the country.

The reason for the increased popularity of betting in Nigeria is not far-fetched. The appeal of making fast and easy money is not the easiest to resist.

This raises a huge question. Is sports betting really profitable as people imagine it to be?

The basic truth is that in sports betting, people lose more money than they win.

It is for this reason that betting companies exist. They are set up to make money, just like any other business, and the money we deposit on their sites is their main source of revenue.

You need a lot of luck and good fortune to be a successful gambler.

Having said that, earning profits through sports betting is not impossible, but you need to follow certain guidelines, have a lot of discipline and gamble responsibly.

You must conduct extensive study on the teams you choose to wager on. Don’t just place bets blindly or out of emotions. Because you support Manchester United does not mean you should always bet on the team to win. 

Obviously, research cannot guarantee absolute success, but it can help you create more accurate forecasts and reduce the level of risk you have to take.

Bonuses and incentives offered by betting sites should also be taken into consideration. Sports betting does consume a lot of money, therefore any opportunity to gain free bets and bonuses from your bookie should be taken advantage of.

It's critical to pick a betting site that gives a variety of bonuses so you can always get some free money to play with.

Another thing you can do is to identify tipsters and websites that have a good track record of making accurate predictions. It is more advisable to use sites that give free betting tips, and not the ones that demand money before giving you access to their tips.

You must have complete control over your betting finances if you want to profit from betting. You can't afford to take chances. You should set a betting budget and stick to it. And don’t forget to know when to pause if you have a run of losses. 

Creating a separate bank account for sports betting is the best approach to keep track of your betting business. You'll have a better understanding of how much money you're spending and the level of profit made if you do it this way.

If you're losing a lot of money, it's time to pause and review your strategy.

It is not easy to make money from betting, but having a set of principles that guide you and being accountable will help you make profit.