Can you become a millionaire from betting?

Betting millionaires typically fall into one of two buckets:

1. Those that have made their millions through sheer luck, and;

2. Those that have made their millions through pure skill

Either way, they're the minority so don't be fooled into thinking that there is an easy way to become one.

Becoming a sports betting millionaire through luck

Accumulators

Accumulators, also known as accas, multi-bets, parlays and jackpot bets, are bets made up of multiple selections. They are a very popular type of bet in every country where gambling is legal because of their small stakes and big payouts.

Example of a £1m accumulator

• £5 bet at odds of 200,000/1

• £10 bet at odds of 100,000/1

• £25 bet at odds of 40,000/1

• £50 bet at odds of 20,000/1

• £100 bet at odds of 10,000/1

• £250 bet at odds of 4,000/1

• £500 bet at 2,000/1

• £1,000 bet at odds of 1,000/1

• £5,000 bet at odds of 200/1

• £10,000 bet at odds of 100/1

You should always check what your preferred bookmaker's maximum bet payouts. These typically range from £10,000 to £2,000,000.

Rolling accumulators

Rolling accumulators, also knows as rolling bets or rolling accas, are another fun way to try and win big. Instead of placing one bet with multiple selections and high odds, bettors place one bet with much lower odds, usually evens (2.00) or lower, and reinvest all of the winning into their next bet.

Example of a £1m rolling accumulator

Here's an example of how you can turn a £10 bet into £1m in 17 bets:

• Bet 1: £10 at 2.00 (2/1) returns £20

• Bet 2: £20 at 2.00 returns £40

• Bet 3: £40 at 2.00 returns £80

• Bet 4: £80 at 2.00 returns £160

• Bet 5: £160 at 2.00 returns £320

• Bet 6: £320 at 2.00 returns £640

• Bet 7: £640 at 2.00 returns £1,280

• Bet 8: £1,280 at 2.00 returns £2,560

• Bet 9: £2,560 at 2.00 returns £5,120

• Bet 10: £5,120 at 2.00 returns £10,240

• Bet 11: £10,240 at 2.00 returns £20,480

• Bet 12: £20,480 at 2.00 returns £40,960

• Bet 13: £40,960 at 2.00 returns £81,920

• Bet 14: £81,920 at 2.00 returns £163,840

• Bet 15: £163,840 at 2.00 returns £327,680

• Bet 16: £327,680 at 2.00 returns £655,360

• Bet 17: £655,360 at 1.53 returns £1,002,700

The probability of winning 17 rolling accumulator bets is exactly the same as winning one £10 accumulator with odds of 100,000/1 but you have the option of stopping at any point. And let's be honest, it takes some serious courage to place bet 17!

Becoming a sports betting millionaire through skill

There are plenty of professional sports bettors and traders who have made their millions from betting, but – be under no illusion – there is only a very small number of bettors around the world that possess the knowledge, skill and bankroll to become millionaires from betting.

Becoming a millionaire from betting is simple in theory: consistently find value bets, and manage your bankroll effectively, in order to consistently grow profit over time.

Put another way, you must find a way of consistently identifying bets that have been mispriced by bookmakers in order to get an edge, and you must bet the right amount in order to minimise the risk and maximise the value of every bet.