0.001 BTC to 1 BTC Challenge [sports betting]

[niagwai]

Can I turn 0.001 BTC into 1 BTC by betting on sports? It is a simple question I am looking to answer by running a fun experiment. More specifically: is it possible to consistently win at sports betting? At the time of this post 0.001 BTC is only $0.42 and it will not hurt at all to lose this amount. Whether I fail or succeed doesn't matter, it's about the knowledge gained in the process. I will try to update my progress weekly. If you are interested in attempting this challenge join me on this journey! Who can't afford to lose 0.001 BTC?

My investigation begins with the belief that it is possible to gain profit by sports betting. From what little I have read on the topic how I think I should approach this:

1. Figure out which side is more likely to win. How? Follow a betting system/strategy, create a simple prediction model, and follow other knowledgeable tipsters picks in areas I do not follow.

2. Get the best possible odds on every wager. Compare odds between bookmakers, and pay attention to timing when bets are placed during the day/week to get the best possible odds.

3. Look out for errors on posted odds/lines, and look for scalping/arbitrage/sure bet opportunities. Possibly lay off risk on bets by betting the other side using live betting once your team is up.

4. Track all wagers, graph results to know how you are doing, and learn/analyze what you are doing good and bad from past bets so you can adapt.

5. Adjust bet sizes to where you cannot lose everything from a bad string of results. I've read between 0.5% and 5% per bet, depending upon how confident/how much risk you want to take on. It seems to make sense to increase bet sizes when your bankroll grows, and decrease wager sizes when you are losing. It also makes sense if an event comes along that presents a unique opportunity where it's clear you have a large advantage that you should bet more on it. (These two ideas are kind of contradictory and I'm not sure how I feel about it.)

6. Take advantage of sportsbook bonus programs, promotions, and free bets.

My first concern is the amount I am starting with: 0.001 BTC. All of the above makes sense if you have a large bankroll, but if you only have $0.43 it does not seem to make sense to be betting 1% of that per bet. I suppose it takes money to make money... and I suppose I am going to have to risk it all to start. This does not seem to be the smart thing to do. Many bitcoin sportsbooks have 0.001 as a minimum wager amount. I'm going to have to be ultra selective in what I choose to bet on. I'm going to have to figure out how to research a sporting event, what is important to pay attention to, and what is just noise...

[Sengoko]

Looking forward to see anyone who would gamble at scam gambling site such as 999dice.com with high multiplier and very low odds to win

He/she is playing sports and it's very different from dice since you pick the teams and not just rolling a number, analysis and general knowledge about the teams you are playing sure helps. @OP good luck! I like playing longshot parlays/consecutive plays like these every once in a while!

[RussianRaibow]

Can I turn 0.001 BTC into 1 BTC by betting on sports? It is a simple question I am looking to answer by running a fun experiment. More specifically: is it possible to consistently win at sports betting? At the time of this post 0.001 BTC is only $0.42 and it will not hurt at all to lose this amount. Whether I fail or succeed doesn't matter, it's about the knowledge gained in the process. I will try to update my progress weekly. If you are interested in attempting this challenge join me on this journey! Who can't afford to lose 0.001 BTC?

Didn't we have someone trying similar thing recently, and of course failing I wish you good luck though, what sports will you be betting on? I hope not soccer, way too unpredictable.

I saw someone else trying to go from 0.01 to 1 and failing, and OP is going further, from 0.001 to 1.  That's quite the distance to go.  You are right 0.001 isn't much to lose if you do, but I think it's very unlikely that you will make it to 1.  However, I wish you luck OP.  I'll be following this thread to see how you do.

[Everybitbit]

good luck on your journey, hope this will make it, saw some people with this kind idea few week ago but none of them are success yet..
its possible to reach that amount with skill and good prediction but of course with luck
and yea good luck to you.

[BitcoinSupremo]

Can I turn 0.001 BTC into 1 BTC by betting on sports? It is a simple question I am looking to answer by running a fun experiment. More specifically: is it possible to consistently win at sports betting? At the time of this post 0.001 BTC is only $0.42 and it will not hurt at all to lose this amount. Whether I fail or succeed doesn't matter, it's about the knowledge gained in the process. I will try to update my progress weekly. If you are interested in attempting this challenge join me on this journey! Who can't afford to lose 0.001 BTC?

Didn't we have someone trying similar thing recently, and of course failing I wish you good luck though, what sports will you be betting on? I hope not soccer, way too unpredictable.

I saw someone else trying to go from 0.01 to 1 and failing, and OP is going further, from 0.001 to 1.  That's quite the distance to go.  You are right 0.001 isn't much to lose if you do, but I think it's very unlikely that you will make it to 1.  However, I wish you luck OP.  I'll be following this thread to see how you do.

It was me that said going to 0.01 to 1 but haven't tried yet, so how can you say that I failed ,if you are referring to me ? I still haven't because all my attention is to my premium tips threads which is going extremely well so far.

[BTCevo]

Can I turn 0.001 BTC into 1 BTC by betting on sports? It is a simple question I am looking to answer by running a fun experiment. More specifically: is it possible to consistently win at sports betting? At the time of this post 0.001 BTC is only $0.42 and it will not hurt at all to lose this amount. Whether I fail or succeed doesn't matter, it's about the knowledge gained in the process. I will try to update my progress weekly. If you are interested in attempting this challenge join me on this journey! Who can't afford to lose 0.001 BTC?

Didn't we have someone trying similar thing recently, and of course failing I wish you good luck though, what sports will you be betting on? I hope not soccer, way too unpredictable.

It is hard but somehow Carles made some good profit before he opened jar. I think if you can earn like 0.1 from 0.01 this is already been good enough because it is already 10x from your balance. And you can try to start over again so your profit will not be gone like that. Why soccer is unpredictable? I guess soccer has so many options for us to bet so I would say that with some experience you can manage to make a good pick out there

[twister]

Winning 1 BTC from 0.001 ?? I don't think so, not possible, even the best sports bettors can't do this. To make 1 BTC one would atleast need 0.1 according to me.

[Wendigo]

I highly doubt you will be successful with 0.001BTC starting bank. You will not be able to handle the transfer fees let alone having a proper bankroll manager with that kind of a starting bank. I think you should up the amount to at least 0.01BTC and divide that into at least 100 units if you want to last longer.

[rio3233]

Turn 0.001 bitcoin to 1 bitcoin on sports. Good luck mate, i think you can turn it into 1 bitcoin on sports but it's so rare, is all your bet will be all in until 1 bitcoin ?

[leex1528]

I think you would have better odds at turning .001 on dice games, blackjack, or any casinos.  Keep in mind you are picking against professionals on sports betting.  It is extremely tough to to that many times in a row.  I don't know if it can be done or not.  Good luck though!

[BitcoinHodler]

your starting amount is very small, but that makes your plan that much more interesting to follow.

6. Take advantage of sportsbook bonus programs, promotions, and free bets.

do you know any place that currently has any kind of giveaway?

[beerlover]

Can I turn 0.001 BTC into 1 BTC by betting on sports? It is a simple question I am looking to answer by running a fun experiment. More specifically: is it possible to consistently win at sports betting? At the time of this post 0.001 BTC is only $0.42 and it will not hurt at all to lose this amount. Whether I fail or succeed doesn't matter, it's about the knowledge gained in the process. I will try to update my progress weekly. If you are interested in attempting this challenge join me on this journey! Who can't afford to lose 0.001 BTC?

Didn't we have someone trying similar thing recently, and of course failing I wish you good luck though, what sports will you be betting on? I hope not soccer, way too unpredictable.

I saw someone else trying to go from 0.01 to 1 and failing, and OP is going further, from 0.001 to 1.  That's quite the distance to go.  You are right 0.001 isn't much to lose if you do, but I think it's very unlikely that you will make it to 1.  However, I wish you luck OP.  I'll be following this thread to see how you do.

It's not possible to turn 0.01 or lesser than this amount into 1 as then you need to bet on over 100 matches to earn the amount and one loss will ruin everything. Betting a small amount always makes the risk low but you need to think logically as well.

[Mickeyb]

Surprise me with that challenge you say? Knock yourself out. It is undeniable that you won't cross 0.02 BTC profit, much less 1 BTC profit

[eternalgloom]

Can I turn 0.001 BTC into 1 BTC by betting on sports? It is a simple question I am looking to answer by running a fun experiment. More specifically: is it possible to consistently win at sports betting? At the time of this post 0.001 BTC is only $0.42 and it will not hurt at all to lose this amount. Whether I fail or succeed doesn't matter, it's about the knowledge gained in the process. I will try to update my progress weekly. If you are interested in attempting this challenge join me on this journey! Who can't afford to lose 0.001 BTC?

Didn't we have someone trying similar thing recently, and of course failing I wish you good luck though, what sports will you be betting on? I hope not soccer, way too unpredictable.

I saw someone else trying to go from 0.01 to 1 and failing, and OP is going further, from 0.001 to 1.  That's quite the distance to go.  You are right 0.001 isn't much to lose if you do, but I think it's very unlikely that you will make it to 1.  However, I wish you luck OP.  I'll be following this thread to see how you do.

It's not possible to turn 0.01 or lesser than this amount into 1 as then you need to bet on over 100 matches to earn the amount and one loss will ruin everything. Betting a small amount always makes the risk low but you need to think logically as well.

It would be possible if you could make very low minimum bets and if you apply good bankroll management.
Though it would take a very long time and you'd have to be pretty lucky to achieve this, but it's definitely not impossible.

[leex1528]

Can I turn 0.001 BTC into 1 BTC by betting on sports? It is a simple question I am looking to answer by running a fun experiment. More specifically: is it possible to consistently win at sports betting? At the time of this post 0.001 BTC is only $0.42 and it will not hurt at all to lose this amount. Whether I fail or succeed doesn't matter, it's about the knowledge gained in the process. I will try to update my progress weekly. If you are interested in attempting this challenge join me on this journey! Who can't afford to lose 0.001 BTC?

Didn't we have someone trying similar thing recently, and of course failing I wish you good luck though, what sports will you be betting on? I hope not soccer, way too unpredictable.

I saw someone else trying to go from 0.01 to 1 and failing, and OP is going further, from 0.001 to 1.  That's quite the distance to go.  You are right 0.001 isn't much to lose if you do, but I think it's very unlikely that you will make it to 1.  However, I wish you luck OP.  I'll be following this thread to see how you do.

It's not possible to turn 0.01 or lesser than this amount into 1 as then you need to bet on over 100 matches to earn the amount and one loss will ruin everything. Betting a small amount always makes the risk low but you need to think logically as well.

I think your math is a little off.  Assuming they win double what they bet, it could easily be about this many bets

.001 * 2 = .002  1 Bet
.002 * 2 = .004  2 Bets
.004 * 2 = .008  3 Bets
.008 * 2 = .016  4 Bets
.016 * 2 = .032  5 Bets
.032 * 2 = .064  6 Bets
.064 * 2 = .128  7 Bets
.128 * 2 = .256  8 Bets
.256 * 2 = .512  9 Bets
.512 * 2 = 1.024 10 Bets

10 bets and he could win over 1BTC.  Now he could even make this smaller if he won some with worse odds, or larger if he won some with really good odds.

[Freddynic159]

It is a very ambitious purpose. I am sure that with the passage of time and a bit of luck you can comply with it.

[onlinedragon]

Will be great if you can archive this but don't think it's that easy few bets in a row and you lose a big part.

[niagwai]

This is the start of my research on deciding what to bet. My aim is to share my  thoughts and strategy. I want to be as transparent as possible, and it would be  cool to get feedback to check if my thoughts make sense.

Starting with such a small amount (0.001 BTC) means I have little room for error.  What should I start to examine first? Immediately what comes to mind is to bet on  good teams, and bet against bad teams. This seems simple enough, but what defines a  good team? What makes a team bad? What makes one side better than another?

Most sports have a table that show their teams standings for the current season. In  these standings teams that are having a successful season will be above teams that  are not successful. It appears that good teams may be at the top of the table, and  bad teams may be at the bottom of the table.

So if a team is at the top of the standings should you bet them automatically? No.  While the standings reflect the combined results of a team's season, they do not  take in other factors:

1. How has the team been performing recently? Teams can go on winning or losing  streaks. A team could be near the top of the table, but have lost their last five  games. It must be investigated why a team has won/lost their last five games, and  an interpretation must be made about what a team's recent form says about them.

2. Has the team played this opponent before? Who has won more head to head? How  long ago were these games played? I believe more weight should be put on games  played during the current season, and the more recent the games the better. Over  time teams and players are changing, and that team years ago, maybe even  months/weeks/days ago, is different. If the record is very lopsided, or very close,  this seems to be valuable information. An interpretation must be made about what a  team's head to head record reveals about their match up.

3. What is the margin of victory (or defeat) typically for the team? Are they  blowing out the teams they have played, or are they barely scraping out wins by a  few points? Recently what is the margin over the last few games compared to the  season as a whole? What is their average game margin against teams ranked above  them, similarly to them, and below them? Do they under perform or over perform  against certain teams on a consistent basis? When they gain a lead how often do  they maintain it, and how often do they give it up? I'm not sure that I totally  believe "the better the team the more they should win by", but having a  consistently positive margin is an expression of skill, and it also seems to be a  measure of consistency. An interpretation must be made about what a teams margin of  victory says about their potential skill and consistency.

4. Are there any notable players included/excluded, or injuries that are important to  a team? Certain players can be more important than others, and have a greater  impact upon a team. Who are these key players, and how can we identify them? Are  certain players playing while injured while not being 100% healthy? Teams and news  sites publish lineups and injury information before a game starts. A judgement must  be made on whether or not a team is better or worse with the current starting  player lineup, and whether or not the players are healthy,  and what effect this will have on the team's performance.

5. Where is the game being played, and what other various lesser important  conditions/intangibles surround it? (Warning, here I seem to go down a rabbit  hole):

The coach. How long has he been coaching? What is his track record? What is his  philosophy on the game versus how the team is actually playing right now under him?  Does the team appear to respect and listen to him? The man who prepares and manages  his team must be accountable for their performance. An interpretation must be made  about the impact of the coach on the performance of the team.

Is it being played at home? Away? At a neutral location? Maybe a team has played  better at home, or worse away. An interpretation must be made about whether the  location has an impact on the performance of a team.

What will the weather be like? whether it's pouring rain, extremely hot/cold, or an  absolute perfect day, surely this will affect performance. I'm unsure how to  quantify the effect of weather though, and I need to think about this question  more, but an interpretation must be made on the impact of weather on a team's  match.

Will there be a biased crowd? Maybe the crowd could affect officiating decisions.  Who are the officials/referees for the match, and do they have a history showing  their style of officiating, and what effect will this style possibly have? Maybe an  official is reluctant to call certain fouls and this will affect how the game is  played. An interpretation must be made on the effect officials may have on a team's  match.

How long ago did the team travel and was it far? Maybe a short turnaround between  games and traveling could have an effect. People get tired. Jet lag is a real  thing, crossing time zones, and just travel in general can take a lot out of you.  An interpretation must be made on the effect of a team's travel/match turnaround  time on their performance.

When was the last time the teams played? Is it the first week of the season, or are  teams coming off of a holiday/break/bye week? How do breaks affect teams? Do teams  become more refreshed, or do they become rusty needing time to adjust? I'm unsure  to the answer, but an interpretation  must be made examining the effect of time  between matches played on a teams performance.

What is the financial status of the team, and are there any concerns with the  organization? Is the team as a business being run by competent people, or are there  concerns? Is attendance good or poor? These may be distracting issues to  players/coaches affecting performance. Or to go further, if the team's backbone,  the owner and general organization, are doing a poor job hiring and managing  staff/talent then maybe it has a lingering negative effect on a team. An interpretation must be made on whether the business operations of a team has an  effect on the teams performance.

In any case these are only some of the factors to consider that I thought of. Can  you think of others? There seems to be an absurdly large amount of things that can  have an effect on any event, and it seems impossible to consider them all. This has to be a game of having an imperfect set of information, and drawing conclusions from it. Better yet, this is all before we look at the available odds to bet on from the sportsbooks, which is what I will look at next...

[leex1528]

This is the start of my research on deciding what to bet. My aim is to share my  thoughts and strategy. I want to be as transparent as possible, and it would be  cool to get feedback to check if my thoughts make sense.

Starting with such a small amount (0.001 BTC) means I have little room for error.  What should I start to examine first? Immediately what comes to mind is to bet on  good teams, and bet against bad teams. This seems simple enough, but what defines a  good team? What makes a team bad? What makes one side better than another?

Most sports have a table that show their teams standings for the current season. In  these standings teams that are having a successful season will be above teams that  are not successful. It appears that good teams may be at the top of the table, and  bad teams may be at the bottom of the table.

So if a team is at the top of the standings should you bet them automatically? No.  While the standings reflect the combined results of a team's season, they do not  take in other factors:

1. How has the team been performing recently? Teams can go on winning or losing  streaks. A team could be near the top of the table, but have lost their last five  games. It must be investigated why a team has won/lost their last five games, and  an interpretation must be made about what a team's recent form says about them.

2. Has the team played this opponent before? Who has won more head to head? How  long ago were these games played? I believe more weight should be put on games  played during the current season, and the more recent the games the better. Over  time teams and players are changing, and that team years ago, maybe even  months/weeks/days ago, is different. If the record is very lopsided, or very close,  this seems to be valuable information. An interpretation must be made about what a  team's head to head record reveals about their match up.

3. What is the margin of victory (or defeat) typically for the team? Are they  blowing out the teams they have played, or are they barely scraping out wins by a  few points? Recently what is the margin over the last few games compared to the  season as a whole? What is their average game margin against teams ranked above  them, similarly to them, and below them? Do they under perform or over perform  against certain teams on a consistent basis? When they gain a lead how often do  they maintain it, and how often do they give it up? I'm not sure that I totally  believe "the better the team the more they should win by", but having a  consistently positive margin is an expression of skill, and it also seems to be a  measure of consistency. An interpretation must be made about what a teams margin of  victory says about their potential skill and consistency.

4. Are there any notable players included/excluded, or injuries that are important to  a team? Certain players can be more important than others, and have a greater  impact upon a team. Who are these key players, and how can we identify them? Are  certain players playing while injured while not being 100% healthy? Teams and news  sites publish lineups and injury information before a game starts. A judgement must  be made on whether or not a team is better or worse with the current starting  player lineup, and whether or not the players are healthy,  and what effect this will have on the team's performance.

5. Where is the game being played, and what other various lesser important  conditions/intangibles surround it? (Warning, here I seem to go down a rabbit  hole):

The coach. How long has he been coaching? What is his track record? What is his  philosophy on the game versus how the team is actually playing right now under him?  Does the team appear to respect and listen to him? The man who prepares and manages  his team must be accountable for their performance. An interpretation must be made  about the impact of the coach on the performance of the team.

Is it being played at home? Away? At a neutral location? Maybe a team has played  better at home, or worse away. An interpretation must be made about whether the  location has an impact on the performance of a team.

What will the weather be like? whether it's pouring rain, extremely hot/cold, or an  absolute perfect day, surely this will affect performance. I'm unsure how to  quantify the effect of weather though, and I need to think about this question  more, but an interpretation must be made on the impact of weather on a team's  match.

Will there be a biased crowd? Maybe the crowd could affect officiating decisions.  Who are the officials/referees for the match, and do they have a history showing  their style of officiating, and what effect will this style possibly have? Maybe an  official is reluctant to call certain fouls and this will affect how the game is  played. An interpretation must be made on the effect officials may have on a team's  match.

How long ago did the team travel and was it far? Maybe a short turnaround between  games and traveling could have an effect. People get tired. Jet lag is a real  thing, crossing time zones, and just travel in general can take a lot out of you.  An interpretation must be made on the effect of a team's travel/match turnaround  time on their performance.

When was the last time the teams played? Is it the first week of the season, or are  teams coming off of a holiday/break/bye week? How do breaks affect teams? Do teams  become more refreshed, or do they become rusty needing time to adjust? I'm unsure  to the answer, but an interpretation  must be made examining the effect of time  between matches played on a teams performance.

What is the financial status of the team, and are there any concerns with the  organization? Is the team as a business being run by competent people, or are there  concerns? Is attendance good or poor? These may be distracting issues to  players/coaches affecting performance. Or to go further, if the team's backbone,  the owner and general organization, are doing a poor job hiring and managing  staff/talent then maybe it has a lingering negative effect on a team. An interpretation must be made on whether the business operations of a team has an  effect on the teams performance.

In any case these are only some of the factors to consider that I thought of. Can  you think of others? There seems to be an absurdly large amount of things that can  have an effect on any event, and it seems impossible to consider them all. This has to be a game of having an imperfect set of information, and drawing conclusions from it. Better yet, this is all before we look at the available odds to bet on from the sportsbooks, which is what I will look at next...

Most of the reasons you listed have little to do with what determines a sporting outcome.  As a matter of fact most of the ones you listed usually result in the exact opposite happening.  I would try reading a few books on this, lots of great authors out there and you will realize how hard it is to win at sport betting

[niagwai]

Most of the reasons you listed have little to do with what determines a sporting outcome.  As a matter of fact most of the ones you listed usually result in the exact opposite happening.

I'm sorry, I am confused at what you are trying to say here. Can you give an example? What do you personally think determines the outcome of a sporting event, and what should be investigated? Have you had success betting on sports?

I will give some examples of my thinking:

- A team at the top of the standings should on average win more than lose against a team at the bottom of the standings.

- A team who is recently playing poorly (losing their last five games in a row) should on average lose more to a team who is on a roll (winning their last 10 games in a row).

- A team who is 12-0 head to head against another team is likely to win again in their next meeting.

- A team who has never lost by more than a 15 point margin this year is getting 22 points on the spread. They are more likely to cover the spread than not.
 
- A team who is 24-2 at home is likely to win their next home game.

- A team who is replacing multiple impact players with lesser players due to injuries or other circumstances is going to be weaker than they are normally, and are vulnerable.

- A team is playing a match in which where they must overcome a deficit like an aggregate score, and will alter their playing style to aggressively take more risk. Say it's the soccer world cup, and a team needs to overcome a 2 goal lead to qualify. It is likely for there to be more goal scoring chances.

- A team has a coach who has patterns where he does certain things in certain situations. For example in a college basketball game where a coach has designed a certain style of play where he slows down the game, creating considerably less possessions and points, games may become closer and lower scoring.

- A team who has more finances/resources to spend will likely win more over time than a team who has less to spend.

I would try reading a few books on this, lots of great authors out there

Any books on sports betting that you would suggest reading?

My first bet today I risked 0.001 BTC on the Worcester Wolves ml at 1.28 odds in the  British Basketball League team. They were 8 point favorites, 7 places in the standings above their opponent Leeds Force, and top 2 in the standings for the BBL, so it seemed more likely they would win over a team who has performed worse over the current season.

https://i.imgur.com/IBJL9Fb.jpg

http://www.betexplorer.com/basketball/united-kingdom/bbl/matchdetails.php?matchid=rPFDil9b

https://nitrogensports.eu/betslip/b0cfb5bQ21ESzFJbEszVXZMWVB3SzF1b0Q2dz09/r/595422/