Yes It is possible to earn money by playing FIFA and betting on it, but it is important to note that there are risks involved. Betting on video games is a form of gambling, and like any form of gambling, there is always the possibility of losing money.
Players are encouraged to continue purchasing packs to form the best possible team, but the randomness of FUT packs means there's a high degree of chance involved in this process. Players can spend a significant amount of money before establishing their desired team.