How To Make Money Gambling

Have you ever dreamed about getting rich gambling? Some gamblers are able to do it, so why not you? What could be better than taking a risk and having it pay off in a big way?

Gamblers have been trying to get rich for years. Some of them have been able to do it by getting lucky and hitting a big progressive jackpot or a big lottery. But others have been able to amass riches by a more practical and straightforward method.

Most likely, you won't be able to make a living doing it, but here are some tips to help fatten your wallet. If you intend to come out ahead gambling online, make sure you choose the right games. How to make money casinoAt the end of the game, the casino how to make money casino is likely to win 20% of the drop money. Skip to the content. We Offer 0% Interest-Free Financing. Meet Your Private.

I’ve put together seven ways you can get rich gambling with real money below. Some of them are easy, just requiring a small bet and a great deal of luck. But some of them are within your reach, if you’re willing to do the work and put in the time.

1 – Win a Big Poker Tournament

Just about every poker player knows the winner of the WSOP main event takes home millions every year. But did you know there are hundreds of poker tournaments that pay out over $100,000 played every year?

You don’t have to win the WSOP main event to win a big score. But even if you only look at the biggest poker tournament in the world, your odds of winning are still much better than you get with things like one of the big lottery drawings.

2 – Grind It out as a Blackjack Card Counter

This one isn’t glamorous like some of the other ways to get rich gambling on this list, but it’s one of the things that offers a realistic opportunity for anyone with the skill and desire to make some serious money.

When you buy a lottery ticket, you have the chance to win a huge prize, but the odds are strongly stacked against you. If you learn how to count cards, you can methodically make money.

But there’s one thing you need to understand, and it’s in the title of this section. Getting rich by blackjack card counting is a grind. You have to play as much as you can, you have to keep your mind in top shape, and you’re always doing your best not to get caught.

Even if the money is good, the grind can wear you down. On the plus side, you don’t have to be a genius to learn how to count cards, and like I mentioned above, it gives you a realistic opportunity to make money gambling. Anyone with average intelligence and the desire to master it can become a winning card counter.

3 – Hit a Progressive Jackpot

Most large progressive jackpots are available on slot machines, but some other games have them also. The problem with slot machines is they have a high house edge. The odds of hitting a progressive jackpot are also highly against you, but they’re not worse than hitting the lottery.

One thing you need to watch for is many of the slot machines with big progressives require a large bet per spin to be eligible for the top prize. If you’re betting $2 or $2.50 per spin, it doesn’t take long to burn through your bankroll.

4 – Win a Big Lottery

If you’re like me and most other people, you’ve probably spent some time thinking about what you’d do if you hit a big lottery prize. After all, most of us have never had a million to spend, much less 10 or 100 million. And the cost of a ticket is only $2 or $3.

I don’t know of any other bet you can make that offers the chance at such a high return for a small investment. This is one of the reasons why the lottery is so popular, and I’m all for taking a small risk for a big reward.

The odds of you hitting a big lottery, even if you play every day your entire life, are very small. It’s not really a realistic chance, but someone is going to win, so I don’t blame you for buying a ticket. If you want a better chance at riches, read one of the two sections on this page about grinding out your fortune.

5 – Poker Grinding

It’s not as flashy as it looks on television, but many poker players are able to grind out a good living at the tables. They play hour after hour, making $20 to $30 or even $50 an hour.

The first thing you need to do is learn how to win on a consistent basis. This isn’t easy, but it’s possible with enough study and practice. Once you learn how to win, the next key is to find the most profitable games and play in them as much as possible.

It might become less profitable because the players change or because you start getting tired and start making mistakes. But if you’re killing the game, you need to ride it until you can’t do it anymore.

Just like grinding out a living as a card counter, making good money as a poker player is a grind. It quickly changes from a fun game to something much like a job. This is acceptable to some players, but it makes many players quit playing. Only you can decide if this is a good option for you, but be aware that it can turn a game you love into one you dread.

6 – Sports Gambling

Sports gambling is a tough business to get rich in, but a few players are able to do it. I cover it more in the next section, but one way to use sports betting to take a shot at fast riches is by trying to win multiple bets in a row while rolling your profits into the next bet. Another way to try for quick money is by betting a multi-team parlay ticket.

How To Win Money Gambling

Most sports bettors who try to roll their profits, or win a big parlay, usually fail. The sports bettors who make money are the ones that grind out wins over time, like some poker players and blackjack card counters.

Most successful sports bettors develop their own systems or models and use them to find games and lines that might be profitable. Then, they combine their models and systems with study of the players and teams involved, and find profitable betting situations.

The biggest problem sports bettors run into while trying to get rich, even when they figure out how to win more than they lose, is getting a large enough amount of money in action to win big. It’s easy to get large bets down on big games like the Super Bowl, but how do you get $50,000 or $100,000 down on a small conference game in the middle of the season?

If you want to try for fast riches sports betting, pick a multi-team parlay and take your chances. The odds are better than the lottery, but the rewards are smaller, too.

7 – Let It Ride

I’m not talking about the popular table game Let It Ride here. Instead, I’m talking about making a bet and betting the total amount again when you win. When you win a bet and place the original wager, then win back into action, it’s often called “let it ride.”

Many times, these types of bets are made on even money wagers, like red or odd at the roulette wheel. But this requires a long series of wins to add up to a large amount. The same concept is in use in sports betting using multiple game parlay bets.

But let’s look at the numbers using an example with a much higher pay out than even money.

If you place a $100 wager on a single number on roulette, you get your original wager back and a win of $3,500 when you win. If you let the $3,600 ride and hit a single number again, you suddenly have $126,000 plus your bet of $3,600.

The odds are heavily stacked against you, but not as much as they’re stacked against you in the lottery. If you’re playing on a single zero wheel, you have a 1 in 37 chance of hitting any single number. The odds of hitting a single number two times in a row are 1 in 1,369. This translates to .0007304602, or if you convert it to a percentage, it’s .073%.

You can use the “let it ride” strategy in many different situations. At the dog or horse track, you can bet on a long shot, then let your win ride on another long shot to try for a big win.

Conclusion

If you want to get rich gambling, you can either try to develop the skills you need then grind out profits over time, or you can rely on luck of the draw and try for a huge win on very long odds. The grinding method offers a more realistic path, but it takes a great deal of work.

Even if you aren’t willing to be a grinder, you can still take a shot from time to time at a big poker tournament, the lottery, or by letting your profits ride.

Gambling is taking a risk of losing something of value on an unpredictable outcome. When you gamble at either an online or land based casino both you and the casino take a risk in losing something of value. The risk is greater for you because the casino only offers games that provide a statistical advantage to the casino.

However, much statutory and some case law has been devoted to ensuring that casinos and players don’t cheat each other by subtly altering the conditions of gambling games without each other’s knowledge and permission. You can, though, change the terms of the game. The casino often provides a way for you to do this.

But should you take the offer?

There are two things you need to understand before you can start improving your chances of winning when you gamble. First, you can change the outcome of a gambling game. Second, you will almost always confuse yourself if you try to do the math. These two most common of gambling mistakes help the casinos earn tens of billions of dollars every year.

How You Change the Outcome in a Gambling Game

How To Make Money Gambling On Horses

Many casino gambling games allow and even encourage players to change the stakes, the odds, and even the percentage chances of winning. Here are a few examples of how you can change the outcome of a gambling game (almost always for the worst).

Say you are playing a slot machine game and you win a prize on a spin. A special “Gamble” button lights up. You are now prompted to play a secondary game, maybe betting on the outcome of a virtual coin toss, using the prize you just won as the stake in your new bet. This is an exciting feature. It also means you are risking the loss of what you just won on a game with a better “edge” for the casino.

Most slot games have a theoretical return to player above 75%. Games developed after 2010 usually have better than a 90% theoretical return. The RTP is an estimate of how much money would be retained by a hypothetical player who spun the reels continually for a period of several years. It’s not a realistic estimate of how much money you will win, lose, or hold on to. It’s a statistical measurement used to gauge how friendly the game is to the gambler.

In a coin toss the theoretical return to player is 50% or 1 in 2. So let’s assume you just gambled $5 on a spin in the basic slot game and that you won $10. You have doubled your money. Now the “Gamble” light activates and you are invited to take your $10 and bet it on the outcome of a coin toss. And suppose the “Gamble” feature allows you to wager on the outcome of two concurrent coin tosses. Now you have a choice: bet on 1 coin toss for a chance to double your $10 to $20 or bet on 2 concurrent coin tosses for a chance to quadruple your money.

Your chances of winning the double concurrent coin toss are 25% or 1 in 4.

You would have a better chance to keep your $10 prize and just spin again on the basic game. By taking the “Gamble” challenge you improve the casino’s chances of winning your next bet. It’s like paying $5 for a quarter of pie at one restaurant and then paying another $10 for an eighth of a pie at a different restaurant. Are you really getting a better piece of pie at the second restaurant?

In the game of blackjack if the dealer offers you insurance most experts tell you not to take it. Why? Because you are betting that you will lose your basic wager. The chances of being correct (that the dealer has a blackjack) on your insurance bet are worse than the chances that you can beat the dealer’s hand (your original wager).

The bottom line here is that casinos will sometimes offer you ways to change your stakes and your chances of winning to their own benefit. If you want to win at gambling, don’t take the deal behind door number 2. Stick to your original game and be consistent. Let someone else win the goat.

How to Confuse Yourself at Any Gambling Game

There is a certain idea among gambling experts that comparing the “house edge” in various gambling games helps you to make informed choices. The edge is a theoretical return to the casino, the complementary percentage for the theoretical return to player. In other words, in every form of gambling, there is only a 100% allocation of money. Gambling does not generate new wealth; all gambling does is pool wealth between the bettors and redistribute that wealth between the bettors (and sometimes also a middle man).

In the 1-on-1 game of blackjack there are only 2 bettors in your game: you and the casino. The casino is willing to pay up to the full amount of your bet if you win. It’s an even money match up, and that is really what makes blackjack so profitable for a casino. They risk less per round than they do with, say, roulette or a slot game. But if you have been reading blackjack tutorials you should know by now that the house edge is lower in blackjack than in other games, and therefore you have the best chance of winning in blackjack.

In fact, the dealer has a better chance of coming out ahead because at a busy table the dealer is playing multiple hands at once by the most conservative of rules. In other words, the casino is taking less risk per round in blackjack than the players while at the same time multiplying its chances of winning.

Players make mistakes when playing blackjack. Blackjack dealers don’t have to make hard decisions. In fact, by always going last the dealer often doesn’t have to make any choices at all. The players make most of the decisions in blackjack. And yet blackjack remains profitable for the casinos. The casinos are profiting from player mistakes.

Players make several types of gambling mistakes. One of the most common mistakes is to confuse the probability of winning with the theoretical return to player. The probability of winning is limited to the next round of play. The theoretical return to player is an estimate of what all the players of a game will collectively receive over the life of a specific game (or an arbitrarily large number of rounds in the game).

The rule of thumb is that the more rounds played for a given game the more the actual results of that game will average out close to the theoretical return to player (or the house edge).

But what are the chances of your drawing a natural blackjack on the next deal? What are the chances that the dealer will not win against you on the next deal? These are probabilities that can be computed on the basis of how many cards are left in the shoe, less the cards that have already been played. Those probabilities change as more cards are played but they rarely if ever line up with the theoretical return to player.

The mistake players make is assuming that the house only has a 2.5% chance of winning the next round. The dealer’s chance of winning that next hand can be as high as 100% and as low as 0%. The house edge is always irrelevant with respect to any individual round played on any gambling game from keno to slots to blackjack to baccarat.

When you gamble, it’s nice to know how much money the house is expected to retain over the next 30 days but that won’t help you predict how much you win or lose in any of the next 10 rounds of play.

Expert gamblers like to calculate probabilities but probabilities do not predict the next round’s outcome. The roulette wheel always has a 1 in 37 or 1 in 38 chance of landing on any given number. The chance that the ball will land on number “7” 100 times in a row remains 1 in 37 or 1 in 38. That never changes (allowing for truly random spins, although the laws of physics mandate that the spins won’t be completely random).

On the other hand, what is the expected probability of a random spin of the roulette wheel producing “7” 100 times in a row? This is where you multiply your individual spin probability (1/3x) by itself the number of times in a row (100 in this case). The expected probability of the wheel hitting “7” 100 times in a row is 1.51296e-157 (a very, very small number). But that low probability has no bearing on the probability of the next spin.

This is the dichotomy of probability theory, where you are dealing with large sequences of independent events. The expected probability does not mean you cannot or will not see the unlikely outcome. In this hypothetical example, we are simply computing how many possible outcomes there are and assuming the chances of producing the same result 100 times in a row are equivalent to a certain percentage of those possible outcomes.

Unfortunately (even semi-) random events have a way of defying the probabilities. But if someone offers you 100-to-1 odds that a roulette wheel will land on “7” 100 times in a row, verify their ability to pay and take the wager. They lose as soon as a different result turns up before the 100^TH spin.

The bottom line here is simple: don’t try to do the math like an expert. Random chance will always eventually prove the experts wrong.

What You Must Do to Improve Your Chances of Winning

Here are a few basic rules for improving your chances of winning when you gamble.

1. Stop second-guessing yourself.

Every casino game offers you a fair chance of winning. The games, when played fairly and legally, pay prizes that correspond to the expected probabilities of given outcomes, although casinos will hold back a little bit extra in most games to ensure they make some money. Hence, in roulette, the most you can win is 36-to-1 instead of 37-to-1 or 38-to-1.

The odds are always stacked against you. But random chance favors the fool, as the old saying goes. You just cannot guarantee you are the fool upon whom random chance showers its favors.

2. Take the least possible risk.

In a hypothetical game where you win 100 rounds out of 100 rounds, you will kick yourself if you only wager $5 on each round for the chance to win $5 instead of wagering $100 on each round for the chance to win $10,000 on each round.

In reality, positive thinking doesn’t work when you gamble. The more you assume you could win the more you are likely to lose when you do lose.

Risking less does mean you win less per round but that’s okay.

3. Manage your money so that you play as many rounds as possible.

You are more likely to win back $100 in wagers if you divide them into twenty $5 wagers than if you divide them into five $20 wagers.

Instead of playing numbers games (which is second guessing yourself) or assuming you will win a certain number of times (which is taking more than the least possible risk) you should assume you are going to lose more rounds than you win. When you play slots or even a modest keno game (like a 5-pick) you can still come out ahead when you play more rounds with small wagers than fewer rounds with large wagers.

But how does playing conservatively work in blackjack, when the average prize is an even money bet? If you lose only 49% of the rounds in blackjack you lose. Okay, smart guy, you know you need to double down a few times. Instead of playing numbers games and assuming you can lose X number of hands and double down on Y hands, just accept that once in a while you’ll have to double down to improve your chances in blackjack.

When should you double down? The experts agree that if the dealer is showing a 5 or 6 and you have an ace and anything less than a 7.

You don’t need to double a lot as long as you can double enough to come out ahead.

4. Don’t try to win big.

That’s the real fun in gambling, though, isn’t it? You want to win the jackpot, hit the long odds, and outwit the dealer at every hand.

Going for the big win is the worst possible way to gamble. You may not be playing all-or-nothing but you are playing too much.

Still, you can adjust the amount of your wagers upward if you are doing well. Just keep them proportionate to your bankroll.

5. Use a consistent percentage ceiling in your wager to bankroll ratio.

Although it is prudent to limit your initial wagers to 5% of your original bankroll, at some point you may double or triple your money. Does it make sense to continue playing by the original 5% measure?

Most gamblers will feel confident enough to increase their wagers. But while it’s usually good advice to ignore all betting systems when you gamble (because each has its flaws), you can set a limit of “5% of your current bankroll down to half”, meaning you gamble with $5 bets until you lose half the money you came in with.

If you double your money then you can double your wagers as long as you don’t go above 5%.

Five percent is not a magic number. You can set the percentage at 1%, 5%, 15%, or even 20%. You should be consistent about not going above your percentage. You still have the flexibility of making larger wagers if you roll up your money.

6. Divide Your Bankroll At Certain Split Points.

This technique works best in land-based casinos, especially when you can put your money into tickets that are easy to carry around. A split point is a multiple of your bankroll. Say you begin gambling with $200 and you roll that up to $400 at the craps table. Now take half your money and put $200 of it into a ticket.

You can continue playing craps with the remaining $200 or you can try another game. When you roll up your second $200 to $400 again you split the money into another ticket plus money to play with.

After you have 3 or 4 tickets you can rotate them. Never play a ticket all the way down. Leave at least a few dollars on it so you can leave the casino with some money (and a little dignity).

When you gamble online it makes some sense to shift money from the game balance back to your main account. As long as you have money in your game account you should be good. It helps you to stay focused on conservative betting if you take money out of the game when you get ahead of your original bankroll.

7. Play with Casino Bonus Money Whenever Possible

Land-based casinos may not offer you signup bonuses but many online casinos do. Play conservatively with the casino bonus money to increase your chances of fulfilling your wagering requirement with just the bonus money. While that won’t always happen the longer you can delay putting your own money into the game the better the chances you’ll start winning.

You can try this strategy with the “no deposit” welcome bonuses some casinos offer but they do limit how much credit they extend to you. You have more bonus money to work with when you accept a deposit match bonus.

8. Stick to the Basic Game.

Whether you play slots, craps, roulette, or blackjack the less complicated you make your game the less likely you’ll place dumb bets.

The casino is counting you to make dumb bets. You should count on the casino to be less than generous with its odds on the best most likely to pay off.

There are few progressive wagers that are worth the money. The more you throw into a round the harder it will be to recover from a loss.

In craps bet on Pass or Don’t Pass and play the odds but keep it simple.

In blackjack bide your time and don’t split every time you get a pair of cards of the same value. Should you really split two 5 cards when you’re showing 10 on the table? Should you split two tens? Two nines? You have three options: play the basic game, double down, or split. On some tables you may be able to surrender if you don’t like the dealer’s cards but look at the strength of your cards first and your options for splitting second.

9. Assume the free games are more generous than the paid games.

When you have a chance to “try before you buy” at an online casino the free game just may be slightly more generous than the paid version. There are several reasons why this might happen. If you can check the theoretical return to player for a free game and the paid version, look for differences.

Does the free game run on a different server? The different server may be using a different random number generator, a different random seed number, or a different estimated percentage for the theoretical return to player. Variations in all these things can affect the randomness of the outcome of the game.

10. Play low variance games.

Sad to say, but the less volatility there is in the prize to wager ratio of a game the more likely it will pay you prizes. Volatility is an important measure for a casino because it needs to know how much cash to keep on hand. But you need to know how long you may have to play a game before you win a nice prize. That is where the variance comes into play.

Think of variance as “how much any random outcome of a game varies from the average expected outcome”. There is a relationship between variance and volatility (in fact, some gambling writers use these terms interchangeably). The casino cares more about the volatility and the player cares more about the variance.

How do you judge variance? It comes down to how long you can play the game with your initial bankroll. A low variance game has a tendency to take less of your money.

Hence, as noted above, you can affect the variance of the game in a limited way by playing conservatively and ignoring the extra bets the house offers.

Conclusion

Think of gambling as an endurance race between the bettors. Whoever can go more rounds wins the most money, unless random chance steps in and hands a big win to the individual gambler. Then gambling is more about who has the most self-discipline. The casino is playing a numbers game and just has to be there with enough cash on hand to keep the games going. The player has to have the wisdom and the self-discipline to walk away with the cash.

Harvard Medical School published a trove of data about online gamblers that was collected from 2005 to 2007 by an online casino (Bwin). Researchers who studied the data concluded that about 11% of gamblers were likely to win and that winners were more likely to play less frequently. Subsequently, researchers from the University of Michigan and the University of Connecticut compared that analysis to their own analysis of data from a Native American casino’s database. The second study found that about 13.5% of the land-based gamblers were winners.

The good news for most gamblers is that fewer than 5% of them contribute about 50% of the casino’s net revenue, and about 10% contribute 80% of the casino’s revenue, so most gamblers are not big losers. That means approximately 80% of gamblers share the burden of about 20% of the casino’s net revenue between themselves. Given that most people cannot lose enough money (for lack of wealth) to drop into the lower 10% (the Big Losers) changing how one gambles increases an individual’s chances of moving into the upper 10%.

Gamblers with little wealth to lose should still learn to make better choices. You cannot guarantee you will win but you can always cut your losses short or take fewer risks. Gambling is more fun when it is just entertainment. If your losses amount to no more than what you would spend on other types of entertainment such as concerts and travel, then have fun.