How Much Money Do Tipsters Make?
The idea of being a sports tipster is incredibly appealing to many people. If you love sports then you probably like the sound of this job.
Researching sports events and giving tip sounds great. It is the sort of job that offers a lot of freedom too. You can do it from home, from the racetrack or anywhere else. Who wouldn’t want to live like that?
They probably earn a fortune every month as well, don’t they? Yet, we need to look more in-depth to find out if this is the truth or not.
What Do Tipster Sites Say About Their Income?
Naturally, these sites want you to think that the tipster is a huge success. What if they said that the tipster was barely scraping a living? Not many people would be tempted to trust their services. They need to give off the warm glow of success and financial freedom.
Websites that offers services from different tipsters also mention high earnings. This is because they want to show this as a great way to make money. Their business relies upon new tipsters joining the network. It needs to be an attractive choice for betting experts to join up.
Therefore, it isn’t in their interests to show low earnings. But maybe you have some doubts about the figures. You might think that it probably isn’t possible to earn so much in this way. We need to look into the matter fully to discover the truth.
The Differences Between Tipsters
To start with, we need to understand the different types of sports tipster. The most successful are well-known in the industry. They have great reputations and command a lot of respect.
These experts usually have outstanding track records. They can prove their consistent success over a long time. Because of this, they have a lot of followers. They can also charge more for their services, knowing that people will pay it.
However, this only accounts for a small percentage of the industry. For every high-flier earning great money, there are others who are earning less. We could call this the top 10%. In truth, it is probably closer to the top 5%.
There are far more of them who earn a lot less. This could be due to them just starting out. The internet now makes it easier for anyone to give this a try. Many will fail and give up quite quickly.
Or maybe their records are mixed to date. This means that they can’t charge as much. And they won’t have as many followers either.
Then there are the tipsters who don’t charge a fee. Anyone who gives out tips to punters can call themselves a tipster. So, just because someone uses this title doesn’t mean that they earn money.
A free tipster might be looking to build up a following. Perhaps they plan to charge in the future. Or maybe they have a different plan to monetise their website or earn through social media.
The Need for Long-Term Profits
Let’s say that you want to become a profitable tipster. Now that you know the different types around, you want to be among the successful ones. Therefore, you need to see how to do this.
The first point is to convince people that you make profits. If they are paying for tips, they want to win more than they lose. Indeed, they need to win enough to cover your fees. And they need to earn something extra on top of that.
Punters will be wary of any tipster who doesn’t provide evidence. To charge a healthy fee, they need to prove long-term, sustainable profits. This is what gets punters to sign up.
It is also why tipsters show their full record. A newcomer to their site needs to be convinced that they will earn profits in the long-term. Remember that this is a business. It is a business that relies upon the customers making money.
Check Out the Evidence
We just saw the need for evidence. But might it be tempting to make it up? An unscrupulous tipster might be tempted. They could decide to claim results that never happened. You should never simply accept the numbers that they tell you.
This is why reviewers will often do their own research. They will carry out a proofing period. In this way, they will see exactly how often the service is right.
Tipsters can’t just lie about their profits. They would soon get found out. However, if you want to see their true history don’t just look at their figures. Check out the review numbers too. Looking at a few reviews is best, as their results will vary.
Do They Look After the Customers?
This is a hugely competitive market. So, they need to look at customer service too. If you are thinking of becoming a tipster, looking after people is important.
Punters get very emotional about betting. This means that they get excited about wins. But they also get angry if they lose a lot.
All of the best tipsters have good support and communication. This means explaining things clearly and being there to help.
Does this affect the price they charge and the profit? It certainly does. For the tipster, it means more overheads. They might need to do this full-time or employ a support team. Great customer service can’t just be done now and then.
Does this also mean bigger or lower profits? It really just depends whether they charge more for the service. Top-class service plus great results makes for a worthwhile combination. Customers may be happy paying more for reliable service.
What Is the Tipster’s Strength?
To charge a premium price, it needs to be a premium service. A tipster service with no obvious strong points needs to be cheap. However, if they have some real selling points this makes a difference.
The following are some of the main selling points that can be used.
- A high return on investment
- Very fast and easy to use
- Great strike rate
- Interesting analysis on their choices
- Selections sent out every day, with enough time to place bets
- A couple of selections or more each day
- Easy to secure the odds quoted
Does a Profitable Tipster Mean Customers Will Make Money?
Now that we have looked at tipster’s profits, what does that mean? Should punters always use services that make a lot of money?
The truth is that this isn’t always the case. Just because the tipster makes money it doesn’t mean their customers will.
One reason is that they might earn more from subscriptions than wins. Even a tipster that loses a lot can make money from selling enough tips. They don’t need the users to win. Naturally, this would only be a money-making business for a short period of time, though.
Therefore, the profit a tipster makes isn’t always relevant. If you want to know whether to join, more important are their results.
Yet, these can also be mis-leading. They might make money on their bets but you won’t. There are some situations when this could happen.
- They provide more tips than you can follow. You risk missing the best ones in this case.
- You don’t follow their staking advice. A good tipster will let you know how much to stake.
- Using your own judgement. What if you follow a tipster but use your own judgement? You might decide to only bet on the selections you like.
Dealing with Losing Runs
Not everyone understands that it is impossible to avoid losing runs. Some people think that tipsters have some sort of magic power. They expect to win every single time.
This means that customers get nervous after a few losses. They might start to worry that the whole thing is a scam. Or that the tipster has lost their touch. Either way, it can be disastrous.
Experienced bettors will understand that losing runs happen. However, newcomers may lose their faith and cancel. This means that the tipster’s profits drop. Since losing runs can happen at any time, this is a constant risk.
Good tipsters will warn about losing runs right away. This means that new members go in with their eyes open.
How to Start Off as a New Tipster
Many people start off by giving tips to friends. You might do this by putting messages on Facebook or Twitter. It is a good start and sure to be exciting. But you won’t be making any money from your tips.
To monetise your service you have a couple of options. One is to go it alone. The other is to join a website where different tipsters are published.
The first option gives you complete independence. You can charge what you like and it is all your profit. You can also run this business in any way that suits you. However, it is likely to be more difficult.
To go it alone, you need to set up a website. Then you need to deal with running it, collecting fees etc. It could easily turn into a demanding, full-time job.
However, this comes at the cost of losing independence. You will only earn a percentage of the fees. This is likely to be between 20% and maybe 40%. You also have no control over the site, the marketing or the fees.
Your decision probably comes down to how confident you are. Do you have the technical skills and marketing knowledge necessary? Also, do you have the time that is needed to run your own website?
It is a huge decision that will define your future. Therefore, you need to take your time and be honest with yourself.
Either way, this is a business venture. You shouldn’t look on it as a hobby. Going into it seriously and with a solid plan is vital for your progress.
What Are the Earnings Like?
So far, we have covered a lot of the crucial points. But the main point is still waiting for us to look at. How much can a tipster actually make?
We have seen there are a lot of variables. So every tipster will earn differently. However, the first point to cover is around unrealistic expectations. If you have 100 members paying £20 a month, that doesn’t mean that you earn £2,000.
There are costs to cover no matter how you do this. For example, if you go with joining a tipster network you will by paying commission. This goes from 60% to as high as 80%. So, with the £2,000 fees earlier, you actually earn between £400 and £800.
It’s a lot less impressive once you look at the final figure. As you can see, you need a lot of followers to earn really good money.
Remember that the amount you pay the network covers a lot of things. These include the website design and maintenance, hosting and marketing. Then there is customer support and payment processing fees. It is an easy sort of place to get started. But you might be disappointed with the overall financial results.
Would going it alone be easier and more profitable? In this way, you keep all of the income that you generate. However, you also need to meet the same costs that the network charges for you.
You need to pay for a website, marketing, payment processing etc. It is more difficult to put an exact figure on this. This is because there are different ways of doing it.
As a general rule, the following are the main costs.
- Design and build a website. This could be as low as £500.
- Website hosting. There are a lot of good deals around. But it could still be about £10 per month after any introductory deal ends.
- Member area hosting. Probably about £75 to get set up.
- Marketing set-up. The initial cost is likely to be about £100 to £200 to get started.
- Customer support could cost you from £200 monthly. It depends how big your audience is and what your requirements are.
- Bank fees and payment processing. This might eat in your income to the tune of 5% or a bit less.
These numbers will differ in the real world. They are services that vary over time. What it costs to set up a website today might not be what it costs next month.
Overall, expect to pay an absolute minimum of £1,000 to start your own business. This could go as high as £3,000 or so. You will want to be careful and look for good value.
With the £2,000 income we looked at earlier, how does it now look? You are going to be left with a maximum of £1,500. These numbers are quite conservative.
The first few months will see you paying off the set-up costs too. In addition, costs will rise as your business grows. More visitors and more members means more income. It also means more maintenance fees.
Is Running Your Own Site Best?
Having looked at the two options, you probably have a decent idea now. Do you like the sound of greater independence? Or do joining an established tipster network sound safer?
Don’t forget that there is one thing you can only get from an existing network. That is the access to betting fans. The best sites of this type have huge audiences. This makes it easier to get started.
At the end of the day, it comes down to personal preference. You should earn more money going it alone. With no fees taken off at the start, there is more income. The costs you need to meet are lower than the fees charged by networks.
Are you happy playing it safe? Or would you rather take the risk on earning more? It mainly comes down to your own personality.
Running your own site will take up a lot more time too. So, this is more suitable for someone looking for a full-time job. If you want to dedicate less time to it then joining a network makes more sense.
Sports tipsters can earn good money. Yet, they don’t rake in the fortunes that some people think. It is something that requires time and effort, for a decent but not spectacular return.
If you are thinking of selling tips there is a lot to think about. First of all, how will you get started? It is a tough choice but your lifestyle and personality should help you to decide. It may sound like a cash cow, but it all depends on how good your tips are. Most tipsters make very little money.
For anyone who follows tipsters, this could be an eye-opener. These people aren’t earning millions off their services. Most are hard-working people just trying to make a decent living.