February 7, 2025 • 1hr 3min
The secrets of a $100m+ sports betting genius
My First Million
Key Takeaways
- Gambling Success: Made $10-12 million per year for 10-15 years through sports betting, primarily on NBA games
- Edge Discovery: Found a major edge in NBA betting by recognizing patterns in first half vs second half scoring based on which basket teams were shooting at
- Bitcoin Investment: Invested heavily in Bitcoin since 2013, often leveraging up to 160% of net worth, after seeing its utility for moving money in gambling operations
- Business Evolution: Transitioned from pure gambling to running an automated sports betting operation and owning a professional soccer team
- Investment Philosophy: Focuses on Bitcoin over traditional assets like real estate, viewing it as better for wealth preservation
- Health Optimization: Heavily involved in biohacking through peptides, stem cell therapy, and other cutting-edge treatments
- Operating Style: Works primarily alone but has built small, focused teams when needed
Introduction
Haralabos Voulgaris is considered one of the most successful sports bettors of all time. Growing up around gambling through his father, he developed systems and edges that allowed him to make millions betting on NBA games. He later expanded into other ventures including Bitcoin investing and soccer team ownership. This episode explores his journey, methods, and current interests.
Topics Discussed
Early Gambling Background (0:00)
Haralabos grew up around gambling through his father, who was an unsuccessful gambler at racetracks. This early exposure shaped his understanding of gambling psychology and patterns.
- First gambling experience was at Assiniboia Downs racetrack from ages 12-18
- Observed that most gamblers were very emotional and lacked process
- First visited Vegas after high school and spent time studying basketball games in sportsbooks
- Initially lost money but maintained discipline to avoid major losses
Finding Early Edges (6:19)
His first profitable edge came in Canadian football, where he identified inefficiencies in how American expansion teams were handicapped.
- Key factors exploited:
- Different roster rules for Canadian vs American teams
- Stadium configuration differences affecting scoring
- Deep knowledge of Canadian football specifics
- Worked as airport skycap while developing betting operation
- Made $50-60k per summer through tips and side hustles
Major NBA Betting Edge (19:23)
Discovered his biggest edge in NBA betting by recognizing patterns in first half vs second half scoring based on which basket teams were shooting at.
- "This was the biggest, greatest edge in the history of gambling edges, I can promise you"
- Key insight: Teams scored differently when shooting in front of their own bench vs opponent's bench
- Only 3-4 teams had different preferences, creating exploitable patterns
- Edge was so profitable he could risk significant leverage knowing it would pay off
Casino Operations (27:28)
Explains why successful sports bettors avoid casinos and work through other channels.
- Casinos are "for losers" - serious bettors work through bookmakers
- Used "beards" to place bets to avoid detection
- Built relationships with bookmakers who would extend credit
- Even briefly worked with Floyd Mayweather as a beard
Bitcoin Investment Strategy (30:02)
First got into Bitcoin in 2013 after seeing its utility for moving money in gambling operations.
- Often invested 160-170% of net worth in Bitcoin
- Sold multiple properties and assets to buy more Bitcoin in 2017 crash
- Views Bitcoin as superior to real estate for wealth preservation
- "Every dollar I make betting sports goes into bitcoin and has forever"
Getting Paid in Gambling (35:36)
Discusses the challenges and methods of collecting gambling debts.
- Built reputation as consistent winner which helped ensure payment
- Used persistence and presence to collect from debtors
- Bitcoin eventually solved many payment challenges
- Maintained relationships through understanding of debtor circumstances
Soccer Team Ownership (37:31)
Originally wanted to buy an NBA team but shifted focus to soccer after seeing "how the sausage was made" in the NBA.
- Lost interest in NBA during COVID bubble period
- Found soccer more mathematically interesting
- Currently owns team in Spanish soccer league
- Working on building new training facilities and infrastructure
Bitcoin Investment Philosophy (46:11)
Detailed explanation of his all-in approach to Bitcoin investing.
- Sees fiat currency as fundamentally flawed
- Uses custodial services rather than self-custody
- Has made more from Bitcoin than sports betting
- Friends attempted intervention when he sold all assets for Bitcoin
Current Interests and Biohacking (49:27)
Discussion of his current focus on health optimization and lifestyle changes.
- Health interventions:
- Peptide therapies
- Stem cell treatments
- Regular blood testing
- Sauna and red light therapy
- Interest in "analog" things like records and books
- Desire for simpler lifestyle including ranch ownership
- Avoids alcohol and other substances for mental clarity
Conclusion
Haralabos Voulgaris represents a unique combination of gambling expertise, technological adoption, and health optimization. His journey from sports betting to Bitcoin investing and soccer team ownership shows how initial expertise in one area can evolve into broader success. His disciplined approach to decision-making, whether in gambling, investing, or health, has been a consistent factor in his success.
Key lessons include:
- The importance of finding and exploiting edges others don't see
- Value of maintaining emotional control in high-stakes situations
- Benefits of automation and systems thinking
- Power of conviction in investment decisions
- Balance between risk-taking and disciplined execution