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• What Makes You Rich
• Does Gambling Make You Rich
• Gambling Will Not Make You Rich
• Can Gambling Make You Rich

There’s a reason that the popularity of sports betting has exploded in recent years. In fact, did you know that during the last recession, the gambling industry relentlessly continued to grow? That’s because, in times of desperation, many people try their luck and think of ways that they can turn their hard earned money into…well, even more money. But can you make money from sports betting?

If everyone could get rich gambling, well, you know everyone already would be rich. The good news is that at least one person has used each of the following methods to make a fortune gambling. People have (and do) use all of the following methods to get rich gambling. But you already know that only 5% or so of gamblers can make it pay. In order for you to make money, someone has to lose. It’s a zero-sum game, where gambling operators also get their cut. Thus, we need to exploit the market, looking for leaks and biases, like the favorite-longshot bias. In reality you have a limited capital and there is a lower (in casino also an upper) bound of the stake. In a fair game (with 50/50 chance of profit and loss) the probability of profit after a series of losses is still Continue reading 'Mystery and misery of the martingale betting system: why it will not make you rich'. You might not expect a wholesome Midwestern state like Iowa to be a gambling hotbed, but it is. The state’s 19 commercial casinos generated $2.4 billion in economic activity and $717.1 million. It’s not just money credits, it’s real money you’re being paid out. So if you’re looking to play a few hands, or chasing the ponies at the park, and want a real money casino, or if you’re looking for the best online casino for real money for USA players, our top choices have got to be your sure bet. There is something that has always fascinated me about beating the casino at their own game and luckily I was able to turn that fascination into a career. I was a professional gambler for over six years and in this post I will take you through seven different ways to make money gambling.

Everyone is attracted by the thought of making easy money. When you’re slaving away in your 9-5, struggling to make ends meet, it’s only natural.

But the truth is this. Making money from sports betting is HARD. Very hard. But if you’re serious about becoming better at sports betting, this article will help.

How to make money from sports betting

Skills and Attributes

One thing that you must understand when you start sports betting is this. It’s got very little to do with how good you are at predicting individual events.

You’re going head to head with the bookmaker. You’re going to war with them, so you better be prepared.

The biggest bookmakers employ hundreds of smart people to enhance their profits. They obviously make their profits from you losing. See the problem here?

Mathematicians, programmers, sports experts.; They create tools that accurately predict the probability of a whole host of events.

Maths

A strong ability with numbers is probably the number one skill you need to bet successfully. Surprised that it isn’t sports knowledge?

As I said, betting is about probability. You have to be able to compete with the statistical models churned out by teams of betting experts. The key is to find value and spot where the bookmaker has priced something incorrectly.

Sports Knowledge

To be honest, sports knowledge isn’t a prerequisite to being successful at sports betting. In can, in fact, get in the way. Your opinions can go against what the numbers are telling you.

But it does help to have a knowledge of how sport works. A passion and interest in it is also helpful, because you’re going to be watching it an awful lot if you want to gain an advantage over the bookie!

Motivation

Successful sports betting is hard work. It’s not about watching a game with your friends and opening up your betting app and placing a bet.

Successful gamblers spend hours or days planning a bet. They study the numbers and news in the minutest of details.

This is why most people aren’t even remotely successful with betting. They see sports betting as easy money and aren’t willing to put in the hard work.

Discipline

Gambling is a very emotive process. The highs and lows when you win money are some of the most compelling motivators around. It’s one of the reasons that people become addicted to gambling. They don’t bet to make money anymore. They gamble to chase those emotions.

Having discipline over your emotions and your money is vital.

Preparation

So you may have been getting the feeling so far that this isn’t going to be easy. You’d be right. But it isn’t impossible. Before you start placing bets, there’s some prep you need to do.

Bankroll

To get off to a good start, you must put your bankroll aside. Place it in a separate bank account. Then write it off in your mind, because you may NEVER see that money again.

Staking Plan

The only way to take advantage of incorrect prices is by having a sensible staking plan. The goal is for long term profit, and to do that; your stakes must be consistent.

This means only betting between 2% & 5% of your bank. The percentage you choose to place on the bet varies depending on your confidence.

What & When

Sports betting is available 24 hours a day, 365 days per year. Yes, that’s right, you can even bet on Christmas day! Once you’re done with the present-opening, Bucks Fizz-drinking and cracker-pulling, obviously…

It’s for this reason that you need to get clear on what you’re betting on and when. You need to set strict rules for yourself so that you can ensure you stick to them when your reasoning goes out of the window and your emotions are telling you to bet.

You also need to get clear on exactly what your strengths are. Where can you find the edge? Which sport? Which markets?

Don’t become a jack of all trades. The only way to get an edge over the huge teams the bookmakers employ is to become a specialist in one sport, perhaps one competition, and just a few markets.

Strategies

You need to think carefully about what strategies you bet on, and how you’re going to apply them to the markets you have chosen to focus on.

These strategies will further enhance the rules you put in place, and you must stick to them, otherwise you risk losing your edge.

Mindset

To be successful, your mindset is crucial. It isn’t an easy fix, and it’s something you need to change over time.

Here are a few things that you need to train your mind to accept if you actually want to make money:

Don’t Chase Losses

This is perhaps the most difficult thing to master when sports betting. Why? Because money is linked deeply with your emotions.

Money is the thing that your brain links to a lot of the core emotions that drive every human on earth, like fear. Fear is obviously your body’s natural emotion to help you survive.

So when you grab that money and place it on a horse, your brain isn’t thinking “Oh, I’m throwing some spare cash on this horse for fun!”. It’s thinking “Danger! Money = Food = Life or Death.”

That’s why the emotions behind your gambling can be so intense. It’s why some people feel physically sick when they lose a bet.

It’s also for that reason that people decide to chase losses. That’s why sports betting is so difficult to do in an unemotional and detached way. You are fighting the natural instincts that have been built into humans over hundreds of thousands of years!

Slow & Steady Wins The Race

The natural instinct of many people is to try and hit the jackpot every time. That is why accumulators are one of the most popular bet choices in sports betting – particularly football accumulators.

It’s important to get into the mindset of being happy with small gains. Forget the get-rich-quick mindset; This is all about small, incremental profits over a long period.

There may even be long periods of time when you go without profit. This is when you need to have faith in your sports betting strategy.

You Won’t Win Every Bet

You need to come to terms with the fact that you won’t win every bet. Far from it in fact.

It’s all about the long term process and gaining a few % of profit. That’s why your numbers need to be planned to precision from the outset.

It takes a lot of nerve to go on long losing runs. But they will come, and before you start, you have to decide whether you can ride them out.

General advice

You should, by now have got the impression that sports betting successfully is difficult. Very difficult!

Bookmakers closing accounts

We need to tell you that, unfortunately, the game is rigged. Once you start to be successful with sports betting, the bookmakers will show you the door.

They have developed sophisticated algorithms that rate every player based on their win rate, how sensibly they stake. They have a rating for every single customer.

Read our post on account restrictions.

The second that you start to show that you aren’t going to be good for business, then the bookmakers will dramatically lower your stakes. We’re talking about maximum bets of £1.

Be Sensible

It takes a special kind of person to be successful with sports betting. You must show unwavering positivity throughout.

You are going head-to-head with multi-million pound businesses on your own, and when the inevitable losses follow you will doubt yourself. That doubt is incredibly difficult to let go of.

But it’s natural, and you have to know when to quit. Millions of people know that they should quit betting, but they fail to and end up developing a problem.

Or, you could just turn the table on the bookies and stack the odds in your favour for once…

Guaranteed Profit

How many times have you heard the sentence “you’ll never beat the bookies”? Probably lots. And for good reason. It’s very difficult to do so with sports betting as the odds are stacked in the bookie’s favour.

But there is a way to completely turn that on its head and stack the odds in your favour for once.

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How?

It’s called matched betting and it’s a method that is now being used by millions who’ve realised that it’s incredibly hard to win with sports betting alone.

What Makes You Rich

The great thing is, you don’t have to be good at betting. You don’t even have to have placed a bet before.

Whether you have experience with betting or not, you will have seen the free bets that bookmakers advertise on the TV.

This is their way of luring potential customers. The industry is so competitive, with hundreds of bookmakers. So they need a way to hook customers into signing up for their service.

Unfortunately, there are stipulations attached to these free bets, and customers usually lose money when they sign up. Before you are allowed to withdraw the free bet, you must wager it 5x. This makes profit extremely difficult.

This is where matched betting comes to the rescue! Matched betting allows you to bypass these terms and conditions and extract that free bet. You can take that money straight from your bookmaker to your bank account with ease.

Because of the huge number of bookmakers, there is literally thousands of pounds worth of free bets. This is so much more lucrative than sports betting, and it is for that reason that the bookmakers are scared.

You see, it’s completely legal, and there isn’t much they can do to stop it. Find out more in our ‘Is matched betting legal?‘ post. Millions of people from all walks of life are now taking this path and have quit sports betting.

Want to give it a go?

The great bit about that is that one service has laid it all out for you. No hours wasted frustratingly searching through Google looking for answers.

OddsMonkey has done all the research, built all the sophisticated tools and created step-by-step guides for you to follow. Make money from sports betting in no time.

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During my years as a blackjack and roulette dealer I watched a lot of people lose a lot of money. I also saw a few players win money — I’ll get to that in a moment.

Oddly, most of my coworkers loved to gamble. You would think they’d know better, since all of their wages (and all those pretty buildings) are paid from gambling losses.

I didn’t (and still don’t) share their gambling habits. On the other hand, it can be fun to hang out in a casino, especially if they have free drinks.

So I understand why people might budget a little bit of money to lose at the slot machines or table games.

Of course it would be even more fun if you could do better than limit your losses, right? It would be great if you could make money at casinos.

Well, you can! And 44 states have casinos!

Here are ten ways to make money at casinos, along with some ways to save money by going to a casino, and — in case you need to satisfy your inner gambler — a way to risk a little money to win big.

1. Become a Card Counter

Regular blackjack gives the “house” (the casino) an edge of about 0.5% to 3.0% depending on the rules and how well you play. However, at times the game is in your favor as a player.

Specifically, you have an advantage when the remaining cards include more aces and face cards than normal.

To know when this situation has developed you can track the cards using a simple plus-or-minus count, and then bet more when the count is right.

You can learn card counting in a few hours, but to be proficient while playing at a busy blackjack table takes many more hours of practice.

Keep in mind that casinos can ask you to leave, even though card counting isn’t illegal. Where I worked management tolerated small-time card counters.

They probably figured that having a few winners encouraged the less-disciplined players to keep trying. The edge from good card counting is only 0.5% to 1.0%.

So, for example, if you play at a table with a $5 minimum and alternate your bets between $5 and $50 (when the count is right), and there are 50 hands dealt per hour, you might bet a total of $700 per hour, for an expected profit of just $7 per hour (with a 1% edge).

Clearly, to make some serious money you have to be good and bet more.

By the way, having the odds in your favor doesn’t eliminate the ups and downs. I can tell you from experience that even the house, with a larger statistical edge, loses on some days.

So with bets of, say, $25 to $100, you may do well in the long run, but you have to stomach nights when you lose thousands of dollars.

Still, if you do it right, you’ll be ahead in the long run, so you’re working, or investing, not gambling.

2. Try Credit Hustling

Credit hustling is simply looking for leftover credits on slot machines. Players often forget and leave without cashing out.

On slow nights when I had no players at my blackjack tables, I used to watch credit hustlers checking the machines, and they sometimes found credits.

A Daily Mail article on people who live in the tunnels under Las Vegas reports on one couple that survives by doing this.

They once found more than $900 in a single machine, although finding a dollar or two is the norm.

While not illegal (if the credit have been truly forgotten and abandoned), casinos don’t care for credit hustlers, so you’ll normally try to keep a low profile.

3. Join A Players Club

Almost every casino has some sort of “players club” you can join for free.

Apart from earning points as you play, which can be redeemed for freebies of all sorts, you also usually get some rewards up front for signing up.

For example, many casinos offer “match play” money. That might be $5 coupons or chips, for example, but you have to bet $5 of your own along with each one.

You can lose, but when you win $10 for betting $5 of your own money the odds are with you even at the worst games.

If you round up enough of these deals you can be pretty sure you’ll make a profit playing just long enough to use up your match play.

Casinos may offer a free meal or other goodies for joining the club too, which at least saves you some money.

4. Take Advantage Of Promotions

The casino where I worked handed out out $10 in free play to everyone who walked in the door (for a while anyhow).

Some couples came every day to get $20, playing perhaps 50 cents each in the slot machines before leaving with the rest of the money.

When my wife and I lived in Florida we went to a casino where they gave us each $5 in free slot machine play, and a free dinner, and free wine.

The catch was we had to play at least 100 times, but at nickel machines with a 12% house edge the expected loss is only 60 cents (100 x 5 cents x 12%), so, by playing slowly, we left ahead (and full) every single time we went.

Watch for any promotions at casinos near you, and see if there is some way to turn a profit from them.

5. Become A Good Poker Player

When you play against the casino, the house has the edge, but when you play against other players, you can have the edge if you’re good.

There are plenty of online tutorials on how to win at casino poker, but keep in mind that the house takes a cut of every pot, so you have to be significantly better than the other players to come out ahead.

As someone who has won money at poker (and chess) without much skill, I can tell you that the key is to play against weaker players.

Going against stronger competitors might help you prove something, but if you want to make money, look for tables with weak players.

6. Play In Slot Tournaments

Slot tournaments usually involve playing to see who does best in a set time, using machines set up with fake credits.

These events encourage fast play and are meant to get people into the casino, where they might gamble their own money before and after the competition.

Googling “free slot tournaments vegas” turns up (at the moment) a couple options, including one tournament that cost nothing and has prizes of up to $500 in slot play (you may have to play it through a machine, and then you keep whatever you’ve won).

Even tournaments with an entry fee can be money makers, because the prize pool often significantly exceeds the total of the entry fees.

In other words, if you’re good, and you play in a dozen tournaments, you’ll probably win more than what you spent on entry fees.

7. Play A Biased Roulette Wheel

There are 38 pockets on an American-style roulette wheel, and a “straight-up” bet pays 35-to-1 when you win (plus you keep the bet). You can see that this is a losing proposition.

But what if, instead of each number coming up randomly 1-in-38 spins, some numbers came up more often than they should?

It happens.

When I ran a roulette table one of my customers made a profit of $80,000 over the course of 16 months or so. I met him at a coffee shop after I quit, to get the whole story. Here’s the short version:

He wrote down the winning numbers for 5,000 spins (it took weeks). The number 2 was winning an average of 1-in-28 spins.

He bet $5 repeatedly on that number. On average, he lost $135 for every 28 spins (27 losses), but won $175 (35-to-1 payout) when the number 2 came up, for a net profit of $40 per 27 spins.

There are various possible reasons for a bias, ranging from a sticky pocket (temporary) to manufacturing imperfections (a more durable bias).

The good news is you don’t need to know why a certain number comes up more often to take advantage. You just need to verify that it’s a true bias (which takes thousands of spins).

I’ll let others teach you more about biased roulette wheels, but I’ll warn you that it’s tedious work to find one, and even with an edge you’ll have losing nights (my customer sometimes lost over $700 in a night, even though he was far ahead in the long run).

8. Identify A Roulette Dealer Signature

Some dealers may habitually (unconsciously) repeat certain patterns when they spin the wheel and the roulette ball, which makes the winning pocket more predictable.

My experience? On a slow night with no players a pit boss and I each chose a number and alternated spinning the wheel and dropping the ball, betting a dollar for each win

I came out $14 ahead in couple hours, meaning I spun my number 14 times more than he spun his.

So I strongly believe dealer signature is possible, and even gambling expert Frank Scoblete agrees, but how often it happens in real play, and whether you can take advantage of it… well, who knows? But here’s what you might look for…

Note the number passing by at the moment the dealer releases the ball, and note the winning number. After doing this many times (with the same dealer) look for a pattern.

For example, a dealer might be so consistent (in the speed of the wheel and the ball) that the ball lands in a certain “section” of the wheel (in relation to the release point) more often than it should.

If it lands in a section that covers a third of the wheel, but lands there half of the time, you have a signature.

Now it gets trickier. If the target section is, say, the 13 numbers starting 4 pockets to the left of the release number, you have to identify the release number and quickly place bets on as many numbers as possible in the target section, before betting is closed.

Could it work? If not casinos wouldn’t be so quick to change balls, change dealers, and move roulette wheels when it looks like people are winning. Where I worked they did all three often.

Good luck!

9. Use Casinos For Business Networking

I heard a lot of conversations at my tables. Sometimes they resulted in players getting new clients or developing new business relationships.

And I learned about how to make money from scrap metal from one such conversation.

It’s common for players to talk to other players at a blackjack or roulette table, which makes a casino a great place to network and find new ways to make money.

And watching how players handle those stacks of chips in front of them can tell you a little about whether you want to do business with them or not.

10. Get A Casino Job

In 1994 I was making $14 per hour dealing blackjack and roulette. A BLS inflation calculator tells me that’s the equivalent of $24 per hour in today’s dollars.

And, in fact, a friend who still works at that casino says she makes over $20 per hour.

Dealing table games is just one of the many positions you might find at a casino near you. One of my coworkers started as a surveillance officer with no experience, and used the knowledge and experience gained to later build a successful business selling surveillance equipment.

Other positions include slot machine tech, bartender, waiter, cage worker (handling the money), and pit boss.

Also, working in a casino usually means you’re forbidden from gambling there, which might be a good thing for some readers.

Save Money By Taking Advantage Of Casino Freebies

Some casinos have free events at which they put out snacks or even full meals. Other casinos offer inexpensive meals at their restaurants. Watch for these deals as a way to save money on a night out.

Even the free drinks offered by many casinos can make for a cheap night out if you know what you’re doing.

For example, my wife and I play 5-cent slot machines, set the speed to “slow” (keno machines usually have three settings), and, by the time we have lost a couple dollars we’ve had a few drinks and some fun.

Turn $60 Into $600 By Betting The Right Way

Maybe you like to gamble, and you’re smart enough to limit your losses. But how you play still matters.

For example, with a $60 bankroll, if you bet $5 per hand at a blackjack table you can often play all night, but you’ll never be very far ahead at any point.

Does Gambling Make You Rich

That’s great if you want to sit there and enjoy the free drinks.

But to win big you need to make bigger bets at some point. For example, if you’re $20 ahead, bet $10 per hand, and if you get further ahead, bet $20 or $40 per hand. To summarize:

Bet the table minimum when you lose, and bet more and more when you’re winning.

Most of the time you’ll lose your $60 faster this way (because you’ll often those big bets), but it gives you a chance to win big from time to time.

I saw many people turn $60 into $600 over the years, and not one player did it by always betting the table minimum.

You have to “press your luck” to win big. Just be sure to bring a limited amount of money, so your losses are not a big deal.

Final Thoughts

You may like to gamble, and if you limit your losses, it’s affordable entertainment. Even better, if you time your casino visits to coincide with promotional events you might get some free food and drinks.

And finally, if you’re willing to do the necessary work, you can even make money in a casino, and without really gambling.

Gambling Will Not Make You Rich

If you know other ways to make money in a casino, share your ideas below … and keep on frugaling!

Can Gambling Make You Rich