Should you Trade Sports for a Living?

This article will look at whether it is a good idea to trade sports for a living and at some of the main problems you will find if you go full time with your sports trading.

I hope to convince you that your aim should be to make sports trading a second income rather than aiming to make it the sole way you make money.

Should you Trade Sports for a living?
Should you Trade Sports for a Living?

Top 5 Problems with going Full Time with your Sports Trading

Below is a list of the main problems I see if you decide to take your sports trading full time on betting exchanges like Betfair, Smarkets, Matchbook and Betdaq.

1. Increased Risk of Over Trading

If sports trading is your sole source of income then you may be more likely to enter the market when there isn’t really any value and you only enter because you are looking to meet your weekly/monthly profit target.

If sports trading was more of a side income for you, then you are more likely to wait for better opportunities to enter the market as you won’t have the same pressure to make a profit.

Trading full time can also lead you to take on more risk on your trades, especially if you have had a run of losing trades as you feel the need to make up for the losing trades by hitting a big win.

You may get lucky on a few of these higher risk trades but over the long term you will end up losing more money.

2. Lack of Social Interaction

Sports Trading can be very lonely at times as you don’t have the same interaction with other people that you do in a regular 9-5 job.

It can also be very hard when you have had a couple of losing trades in a row or you have had a losing day as you may not want to talk about it when your partner or close family as you don’t want them to worry about your sports trading.

If you are a football trader then most of your sports trading will be done in the weekday evenings and at the weekend which is not great for your social life.

If you are thinking of going full time with your sports trading, it is important that you make time for social events as skipping social events to trade will not be good for you in the long term.

3. Can Lead to Poorer Trading Decisions

If you are solely relying on the profits from your sports trading to earn a living, you may be more likely to take a short term view of your trades by hedging for a profit too soon or exiting a trade too soon as you are afraid of making a loss.

If you are sports trading part time, you will be more likely to let your winning trades run as you aren’t relying on the profit on the trade for your income and you are more likely to take a long term view that aims to increase your bank over time.

4. Lack of a Daily Routine

When you leave your 9-5 job to trade sports full time, the first thing you will notice is the lack of a daily routine.

You may only be trading 2-3 hours so you will need to figure out how to fill the rest of your day.

5. Problems Getting Finance

If your sole source of income is from sports trading, then you might find it hard to get finance from a bank as they will think that your income from sports trading is not sustainable and that you are just gambling.

Even if you can show regular payments into your bank account and you have a healthy amount of savings, you may still find that you have issues getting finance as the average person doesn’t understand how sports trading works.

Final Thoughts

As you can probably guess from reading the above, I am not in favour of people doing sports trading on a full time basis as it puts too much pressure on your trading and will lead you to make too many poor trading decisions.

Instead, I would recommend that you treat it as a second income that tops up your main income source.

This doesn’t mean you have to stick in a 9-5 job that you may hate as you can use the profits from trading sports to start up some sort of side hustle that can grow to replace your 9-5 job eventually.

Personally, I opted to start a network of niche websites that generate a fairly passive income for me each month from display advertising and affiliate programs.

Other side hustles you could try are dropshipping, freelancing and blogging.