"I lost $256,000 in a day" Jonas Gjelstad - Professional Sports Bettor - pt 2

So, starting the year 2016, I've now made a million dollars betting on sports in the Asian markets.

I've had the best month in October. I topped it in November, I topped it in December and I felt like there's nothing that could knock me down. I cracked this now, everything is great.

The number of bets I was having was well over 3,000 a month and everything was just amazing.

In January, I bet for 4.4 million dollars and I made 357,000 dollars.

But I want to discuss something that happened on the last day of January that's sort of set me a bit back. During that month, I bet for 4.5 million dollars, profited 326,000 with 7.75 percent, which I was really happy about.

But the night before the last day, I was up 581,000 dollars and I almost run a 16 percent ROI. And then, the last day, I lost 256,000 dollars in one day.

So coming off that last day of January, I started February, which was also a pretty big month. I bet for over 4 million dollars and I lost 347,000 dollars, which is almost 10 percent on average per bet.

But also the number of bets I had in was only 1,200, which compared to all the previous months where I've been rolling at an average of 3k, it was really low.

So again, when having fewer bets, one can expect a higher variance. And considering the amount of money I bet (almost the same as in January with a third of the bets), it didn’t help.

This is something where I think I made a mistake. I should have been a bit more cautious.

The next month, I decided to step down, so I placed 776 bets for 1.5 million dollars, and I had another losing month. I lost 110k which is almost 8% per bet.

Obviously, during this period, I know I was extremely unlucky, but at the same time, I had months where I was running about 10%. So we can say that it evens out in the long run, which is the most important thing to think about. This is what separates the good from the bad bettors.

Everyone is good, everyone is happy, and everyone thinks they're flawless when things are going good. But when things go bad, that's when you can actually learn from your mistakes, and there’s when you need to put in the hard work.

Going on from there, you can see that I lost 110,000. Then I started off April winning some and I upped my bets from 1.5 million to 3.3 million. I placed over 2,000 bets and I made 90,000 with a 3% ROI, which again made me feel like “I'm back at it, this is good”.

In May, last games of the season, betting 4 million and making 327,000 with almost 9% felt just great.

Going into the summer like that, the Euros were going to start and I was feeling good about it because I can't just sit there and think “oh I lost 256,000 dollars in a day, what if that's going to continue happening?”.

This is because I know that things can go the other way around, so obviously made me a bit more aware that.

Now I need to think about the amount I'm betting per game and if I want to have these swings. I'm starting to get to a point in which I'm quite comfortable with my lifestyle.

And at this point, for me, it's much more important to have 1 million than to have 1.5 million or 500,000. So I’d rather lower the swings and have, let's say, 75 percent chance of reaching 1.250 million dollars and a 25% chance of going down to $ 750,000.

In the end of the day it's actually significant money that one could invest in real estate or other safer investment rather than sports betting and get a long-term passive income on it.

Nonetheless, sports betting is by far my highest return of investment. I can flip my money over so many times and still have over 3 percent return on my money for every 90-minute investment which is beyond crazy.

When I tell it to people that are involved in other types of investments like in the stocks market, they don't believe it. For them, it's too good to be true, but it's all about being on the right side and knowing what you're doing because if you don't, then you will keep losing.

I also made a video about this, you can also check out the first video of our series: £10,000 TO £1,000,000 IN 12 MONTHS - THE JONAS GJELSTAD STORY PT. 1