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The dream of many gamblers is to be able to quit their boring regular job and gamble for a living. They know that some people do it, so why can't they do it to?

The truth is that many people try to make a living by gambling full-time, but only a small percentage of gamblers are able to do it. You'll face many challenges, but if you can take the pressure and learn how to make the correct wagers, the dream can be real.

I've put together a step-by-step plan of how to make $50,000 a year gambling. It includes everything you need know, including the good and the bad.

$50,000 isn't a random number. I chose it because it's $1,000 a week if you take two weeks off during the year. Some people would be happy gambling for a living and making $1,000 a week. Others might want or need to make more.

  • In short: Keep as much money as possible from free bets. Matched betting is the.
  • Yes, I know it’s got the word ‘betting’ in the name – but it’s not gambling. This is a way to make money from betting sites without losing money. I know it sounds too good to be true, but stick with me here.

The key thing to understand is if you can build your skills to the point where you can make $50,000 a year you can probably keep working and increasing your bankroll so you can make more.

In 1997, David Sklansky and Mason Malmuth of Two Plus Two Publishing, released a book titled How to Make $100,000 a Year Gambling for a Living. It isn't one of their most popular books, but it shows that there's a market of people who want to know more.

The good news for you is you can find out everything you need to know on this page for free, so you don't need to buy the book.

Bankroll

If you want to make a living gambling you have to have a bankroll. All forms of gambling have ups and downs, and nothing you do is going to cause you to win all of the time.

Your bankroll is the life blood of your gambling career. If you don't have any money to risk, you can't make any money.

It's important that you have enough money so you can ride out the winning and losing streaks and let the long-term edge work in your favor. The first mistake most would-be professional gamblers make is not having a large enough bankroll.

You need to have enough money in reserve to live on while you build your bankroll enough to ride the ups and downs, and eventually start taking profit from it.

In the case of making $50,000 a year, you need to be able to take $1,000 out of your bankroll every week. This means that your bankroll needs to be big enough to make bets large enough to make this much money with the edge you create.

The required bankroll depends somewhat on the variance in the gambling activity you choose. The three realistic gambling activities for professional gamblers, each with their own section below, include blackjack, poker, and sports betting.

The required bankroll for each varies, but you can follow some guidelines to help you get a good idea of how much you need. I cover these guidelines in each of the game sections below.

Finding an Edge

In order to make $50,000 a year gambling, you have to find situations where you can get a long-term edge. Casino and gambling games are designed to give the house an edge. So your choices are limited when it comes to finding an edge.

Blackjack is designed in a way where the house rules change the edge. It also is played with a specific set of cards. This gives you an opportunity to keep track of the ratio between high and low cards and vary your bet sizes so you can get a long-term edge. This is called card counting, and you're going to learn more about it in the blackjack section.

Poker is a unique game in gambling, because instead of playing against the house, you play against the other players and the house takes a small cut from each pot. This creates an opportunity where you can get a long-term edge if you can play better than most of your opponents.

Sports betting is the other area where a few people are able to create a long-term edge. The betting lines are set by the bookmakers and sometimes change based on the amount of money bet on the game.

This can create opportunities for smart sports bettors to find games that offer value on one side or the other. If you can identify enough games with value and can bet enough on each game you can turn a long-term profit.

Other possibilities to find an edge include a few video poker games and other advantage play opportunities like arbitrage, hole carding, shuffle tracking, and ace tracking. These are more difficult in many cases than the three gambling opportunities listed above.

Some gamblers are able to combine two or more opportunities to get an edge, but you should focus on mastering one area before looking to add a second and third option.

The Numbers

The numbers behind making $50,000 a year gambling are fairly simple, but they also show why most players fail to make a living.

If you learn how to count cards playing blackjack, you can usually achieve a long-term edge of between a half percent and one percent. Knowing this, we can determine how much you need to wager each week to reach your goal of $1,000 in profit.

If you want to make $1,000 a week in profit playing blackjack with a half percent edge, you have to make $200,000 worth of bets per week. This means that if your average bet is $100, you have to play 2,000 hands. At an average of 50 hands per hour, you need to play 40 hours per week.

This seems like a realistic number at first, but card counters have a hard time playing in the same game and at the same casino for too long. When the casino figures out that you're counting cards, they stop you from playing.

Also, blackjack players that average $100 per bet are watched closer than ones that make lower bets. But let's look at a few different situations.

If you can get a 1% edge, you can play 20 hours a week with an average bet of $100 and get the same outcome as playing 40 hours at a half percent. Or you can play 40 hours with an average bet of $50 with a 1% edge.

It's not easy, but with the proper bankroll and card counting skills, blackjack is a real possibility.

Poker gives you the opportunity to play as many hours per week as you want to, because the casino or poker room doesn't care if you win or lose. Good poker players can win one big bet per hour in limit games, so if you play 10 / 20 and play 50 hours per week you can grind out $1,000 in profit.

Good no-limit players can win more per hour in some situations, so you might be able to turn a $1,000 profit playing $500 buy-in no-limit Texas hold'em playing fewer hours. It's even easier for a good player to make $1,000 a week in $1,000 buy-in games.

For these reasons, poker is the best option for many players who want to make a living gambling.

In many ways, sports betting is the most challenging of the three possibilities for gambling for a living.

The profit margins for winning sports bettors are usually thin, and large amounts of money must be bet in order to show enough profit to make a living. As a sports bettor, it's almost impossible to win over 55% of the games you bet on in the long-run, and the vig takes a chunk of your profit.

In order to make $50,000 a year, you need to win $4,167 a month. If you can find 100 games a month that offer value and win 55 of them, here's how the numbers work out:

If you bet $1,100 on each of the 100 games for the opportunity to win $1,000, your total investment is $110,000. On the 55 bets you win, you get back your $1,100 and the $1,000 win. This means your total return is $115,500.

This creates a profit of $5,500 for the month. It sounds like a workable situation, but there are a few challenges. The first challenge is finding 100 games a month that offer value.

The second challenge is the short-term variance and how it can hurt your bankroll and profit. If you only win 50 to 52 out of 100 games, you lose money for the month. And if you only win 53 or 54 of the 100 games, you don't make much.

  • If you win 50 games you lose $5,000.
  • If you win 51 games you lose $2,900.
  • If you win 52 games you lose $800.
  • If you win 53 games you only make $1,300 for the month.
  • If you win 54 games you make $3,400.

And when you have a month where you lose money or don't make enough to cover your bills, you still need to pay the bills. This money has to come out of your bankroll unless you have money put back for expenses.

Of course, if you're a good sports bettor, you're going to have months where you win more than 55 games, but don't count on this happening often.

If you can't find enough games to bet on each month, you need to bet more per game. This is usually a better strategy because it's easier to find games that offer value if you don't need to find so many of them. But it also means you need a bigger bankroll to safely make larger bets.

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Playing Full Time and the Grind

It's fun to play blackjack or poker or bet on sports in your spare time. But it can quickly become a grind if you have to do it to pay the bills. Many players find that it's as bad as a job when they're forced to pay hour after hour to grind out a living.

Let's say you learn how to be a decent poker player but can only make $10 an hour. If you want to make $1,000 a week, you have to play 100 hours. It's possible to play 100 hours a week but it's hard on you mentally and physically and you're probably going to burn out quickly if you try to do it.

Card counters often need to spend as much time looking for games and moving from game to game as they do playing. So if you need to play 40 hours a week to make $50,000 you might spend another 40 hours finding games and keeping from being thrown out.

In the last section, you learned how many games you need to bet on each month as a sports bettor, so it can be a full-time job evaluating and betting on games.

I'm not telling you to forget your dream of gambling for a living, but you need to be aware of what you're getting into. If you don't have a large bankroll that lets you make larger bets, you're forced to spend more time gambling.

A good poker player playing $1,000 or higher buy-in no-limit games will be able to make $1,000 a week faster than one playing $200 or $500 buy-in games. And a sports bettor who can bet $5,000 a game or more doesn't need to find as many games offering value as one betting $500 a game.

The constant stress of playing with an edge and needing to make a certain amount of money each week can take a toll on you. Make sure you're mentally and physically prepared for the grind before you start. Gambling for a living isn't for everyone, even if you have the skills to do it.

Blackjack

If you want to make a living as a blackjack player, you need to learn how to count cards. It's not as difficult as many people think, but you also need to be able to do it in a way that keeps the casinos from figuring out what you're doing and have a large enough bankroll to survive the downswings.

Even the best card counters have losing days and weeks. The edge is so small that short-term variance can and will go against you often. This means that you need to be able to keep playing the way that gives you a long-term edge no matter what happens.

The amount of money you need in your bankroll to make $1,000 a week in profit involves many variables. This isn't an exact estimate, but I wouldn't try to do it with less than $20,000 if the average bet is $100. $50,000 is even better.

The mechanics and how-to of card counting are deep subjects. Dozens of books have been written covering the subject, and thousands of pages of information are available. I suggest learning about the Hi Lo counting system or one of the unbalanced systems like the K O or Red 7.

The basics behind every card counting system are tracking the ratio of high and low cards remaining in the shoe or deck. You raise your bets when the ratio is rich in high cards and lower your bet when more low cards remain than high cards.

This is done by adding and subtracting a small number, usually one, from a running count. Just about anyone can learn to be a card counter with a little effort, so don't be afraid to look into it.

You also need to learn about camouflage, which helps you learn how to count without getting caught.

Poker

Just like blackjack, you can find a wide range of books that can help you play winning poker. It also is a game that lets you get started with a smaller bankroll than blackjack or sports betting. For these reasons I always suggest poker to anyone who thinks they want to try making a living gambling.

To be a winning poker player you simply need to learn how to play better than most of your opponents. Realize that this means that you can try to find worse players while improving your game at the same time.

Here are some rough bankroll guidelines for poker players. You need to understand that until you learn how to be a winning player, no bankroll is large enough.

For limit poker you should have 200 to 300 times the big bet. For no-limit ring games you need 20 to 30 times the buy in amount for the normal game you play.

This means that if you play 10 / 20 limit Texas hold'em or Omaha you should have between $4,000 and $6,000. $10,000 is even better.

If you play $500 buy-in no-limit games you should have between $10,000 and $15,000. Once again, more is better, so $20,000 is even safer.

You can also specialize in tournament poker, but the ups and downs tend to be bigger in tournaments. I suggest having a big enough bankroll to buy into at least 20 tournaments at the average buy-in you play.

I suggest learning how to play winning limit Texas hold'em or Omaha first. Mistakes cost less in limit play, and as your skills progress, you can start consistently winning a percentage or multiple of the big bet every hour on average.

Once you master limit play you can consider playing no-limit or pot-limit, but you might find it more profitable to play higher limits and stick with limit play.

Sports Betting

You've already learned why sports betting can be beat, and the challenges that sports bettors face in finding enough games that offer value, as well as why you need a big bankroll. In this section, I'm going to get into more details about the size of your bankroll.

Most recreational sports bettors place bets of $100 or less per game. But it's almost impossible to make a living with small bets, even if you can evaluate games and find value.

I don't recommend trying to make a living as a sports bettor until you can afford to make $500 or $1,000 bets per game. I also recommend betting a maximum of 1% of your total bankroll per game. This is a conservative suggestion. But remember that your bankroll is the life of your career as a professional gambler.

This means that you need a $50,000 bankroll to make $500 bets and $100,000 to make $1,000 bets. Some bettors are good enough to stretch their bets to 2% of their bankroll, but I don't recommend trying it until you have a long track record of successful results.

Health Care and Benefits

When you gamble for a living, it's just like when you own your own business. You don't have health care and other benefits that some jobs offer.

This means that you're either going to need to have health care provided by your spouse or purchase it. This can be a large expense, and if you need to buy health care, you might need to be able to win more than your original goal.

Before you start your professional gambling career, consider your options and find out how much things are going to cost. If you're young, you might be tempted to go without health insurance, but this can be a costly gamble.

The other thing you need to think about is that if you don't play, you don't get paid. You can take time off whenever you want, but the bills don't go away and you don't have any income when you take a break.

You also don't have retirement benefits that many jobs offer. You need to put some money away for your retirement as you earn.

Conclusion

Can you make a living as a full-time professional gambler? Many players can. But the real question is should you try to do it? Only you can answer this question, and it's not simple.

After reading this page about how to make $50,000 a year gambling, you know how to get started and the many challenges you face. You can use what you just learned to decide if you have what it takes to be a professional gambler.

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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.

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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?

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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

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.

Money

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).

Glitch

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 100TH 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.

  1. 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.

  1. 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.

  1. Don’t try to win big.

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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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

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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.

  1. 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.

  1. 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.

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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.

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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.

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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.

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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.

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