Yes it can be profitable.
It is actually a skill based game.
If you will study about teams properly before their match and their home/away performances then you can make profit by betting on the right one.
Yup, there have been many people here predicting matches correctly and some of them even have won over 100 of btc. However, all these took a lot a lot of time to research and analysis.
even in short term it can be profitable but it always depends in our luck if we can make profit with our capital.