Gambling for a living is nothing more than a pipe dream for most of us.
Wouldn’t it be cool to make money gambling to the point that your profits could be considered income?
Certainly!
Should you give it a go?
In all seriousness, probably not.
Why?
Being skilled to the point that you can profit from gambling in any serous way requires more than practice or knowing a basic strategy.
There are various factors at play that put the average gambler (that’s most of us) at a disadvantage. Some of these factors include:
- The house edge
- Random number generator software
- Volatility
- Predetermined and fluctuating odds
- A gambling company’s ever-changing terms and conditions
- Gambler’s fallacy…
…,just to name some.
Gambling is an activity where the odds are already stacked against us. Knowing the rules of the game and understanding the odds isn’t enough for most of us to tip the money-making scale in our favour.
Still, you likely clicked on this post because you want to know how to make money gambling online, right?
How to Make Money Gambling
If you’re wondering why I’m covering this topic (since I seem to be such a naysayer about it), it’s because I frequently run into this question on Quora.
While I’m aware most of the questions about this subject on that platform are generated by bots, I thought that on the off chance you’ve been curious about how to make money gambling, I’d blog about the basics.
So, how can you make money gambling?
đź’°Have good bankroll/risk management – Having strict bankroll management is key to success, and it must always be maintained, regardless of whether you’re on a winning streak or gain an edge over the gambling establishment – no exceptions.
Regardless of your bankroll size, the goal of risk management is to limit the potential for loss while maximizing profits from winning bets. Some pros risk 1% – 2% of their bankroll while more aggressive players risk 3% – 5% of their gambling money. Ultimately, Whatever percentage you choose to risk should apply to any game you play.
It’s easiest (and less risk) to start with 1% because all you’re doing is dividing your bankroll into 100 parts, with each bet costing you one part.
Having good risk management requires self-control and patience. As soon you as disregard risk management, you’ll quickly begin to bleed money.
đź’°Have money to support your gambling habit – It is possible to make money gambling with a small bankroll, but this is an expensive habit in the long run, and you still need to have this money to begin with. The money you need for it can’t be the money you need to cover your life expenses and responsibilities, and it can’t be from a loan.
Let’s be real, if you start off gambling in debt, you’re not making money. You’re only going to wind up putting yourself in deeper debt.
đź’°You’re likely to have better success making money with certain games – Most gambling pros who have success and making a living gambling tend to be poker players, blackjack players, and sports bettors. That’s because with these forms of gambling you can use strategy (e.g. bluffing, card counting, etc.) to tip the scales in your favor.
đź’°You need to develop and evolve your own gambling strategy – Understanding odds and basic strategies like using a blackjack strategy chart is fine when you’re first starting out. However, if you’re serious about gambling to make money, you need to develop a strategy that gives you an edge over other players and the gambling company.
Developing a profitable gambling strategy takes experience and time. Finding an edge won’t be easy, even with the best risk management strategy. Hence why there are so few successful profitable gamblers.
đź’°Become a social media influencer – Another option you can try to make money gambling is via a social media or a live streaming platform like Twitch or YouTube. Some people enjoy watching others play online casino games, including slots and live casino entertainment.
Of course, gaining enough of a following that would lead to profit from gambling via this method is, again, easier said than done.
What’s the fastest way to make money gambling?
There are two options:
- Save your money and stop gambling. In fact, put that money you were going to use for gambling into a savings account or contact your financial advisor to find out other ways to make your money grow.
- Make money from someone else’s gambling by working for the gambling industry.
Honestly, the fastest way to make money gambling is to give up on that dream and do something practical with the money you have. I’m dead serious.
Consider this: Less than 5% of people who gamble will make money from it. That’s no joke. In fact, a 2024 study carried out by researchers from the University of California San Diego Rady School of Management, found that of the over 70,000 gamblers studied, 96% lose money gambling.
“Only 4% made money from online betting,” Kenneth C. Wilbur, a professor of marketing and analytics at the Rady School and study co-author told UC San Diego Today, “That is by design. Online gambling platforms often ban or throttle frequent winners’ accounts,” Wilbur said, adding that There is no right to gamble.”
Why Gambling for a Living Isn’t in the Cards for Most People (me included)
Knowing how to do something in theory is one thing. Having the skill (and luck) to actually do it is another.
Those who are the exception and gamble for a living are in the minority, and there are several good reasons for this. Most of us:
- Don’t have the money to continually support a large bankroll and survive catastrophic losses.
- Lack self-discipline and have poor risk management, irresponsibly putting the money we’ve won back into gambling, so we end up losing more in the long run.
- Don’t have the patience to roll with the punches of losing.
- Would be at risk of falling victim to gambler’s fallacy (believing that a random event is more or less likely to occur based on past outcomes) and chasing losses.
- Would be at risk of forming serious problem gambling habits.
- Aren’t likely to catch a lucky break as a social media influencer and gain a massive following that supports our gambling career.
The fact of the matter is that knowing the steps and/or theory of how to make money gambling vs. making it a viable money-making reality are a universe a part.
Very few people manage to take what they learn from how to make money gambling and evolve it into gambling for a living in the real world.
How do I know this? Because casinos, sportsbooks, poker rooms, racetracks, and other gambling establishments are still around – with more popping up online (and offline), across the world, all the time. If the average person could easily make a living off their gambling, lots of people (me included) would, and gambling businesses would struggle to survive.
These companies exist and get rich by profiting off our losses. They’re not in the business of sharing these profits with players.
It’s as simple as that and as simple as understanding this fundamental gambling fact:
The
Odds
Are
Against
Us
Always.
Mia’s Final Thought
Anyone can read up on how to make money gambling, but most of us are more likely to get struck by lightning several times than we are to take what we’ve learned and successfully apply it in a way that would lead to us feasibly profiting from gambling.
Remember, research has found that less than 5% of gamblers make money from the activity and it’s not uncommon for big winners to be banned from online gambling platforms.
Know-how isn’t enough and experience doesn’t guarantee success, especially since gambling is often more about luck than it is experience – even for a professional gambler.
For me, I really enjoy gambling, and I’m satisfied with it being a fun pastime that includes the excitement of potentially winning money from the games I like to play. I don’t think of gambling as a way to make money, and I’m 100% fine with that.
For you, obviously it’s your choice to decide if making money from gambling is something you’d like to pursue. However, if you’re genuinely searching for the the fastest way to make money from gambling, stop.
That pipe dream can quickly turn into a living nightmare.
Until next time, good luck, and have fun.
Mia đź‘©đź’»
*I’m not affiliated with anyone.
**All links and images in this post are for informational purposes only.
