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Can I Make A Living Gambling


Online gaming is commonly praised for its convenience. You can enjoy online gambling virtually anywhere through a smartphone or tablet.

Now, imagine if you were also able to make a living through this convenient form of gaming. Some people actually have the skills and know how to pull this feat off.

Part of their knowhow includes choosing the most-profitable forms of online gambling. After all, only certain types of gaming offer a long-term edge.

What can you play to emulate professional online gamblers and earn big profits? Here are the types of online gaming that can actually lead to profits.

Online Sports Betting

  1. Are there people who actually make a living gambling? Absolutely I made a great living in the gambling industry. Of course I worked for the house and we always win. Here's the thing.
  2. Clearly if you hope to make a living gambling you will become an expert on one (or more) of the four major games that can be beaten. They are horse race betting, sports betting, poker, and blackjack.


Sports betting sees you wager on outcomes involving sporting events. The most-common bet is a moneyline, which is a straight-up wager on which side will win a contest.

Here’s an Example:
– San Francisco 49ers +155
– Seattle Seahawks -185

You can see that the odds attached with these bets aren’t even. You stand to win $100 for every $185 wagered on the Seahawks. Meanwhile, you’d earn $155 for every $100 bet on the underdog 49ers.

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Unbalanced odds give sportsbooks a profit margin (a.k.a. juice). As long as they don’t consistently lose big money to pros, they’re virtually guaranteed to make money thanks to the juice.

This profit margin might seem like a house edge, which guarantees that the average gambler will lose over time. But sports betting works differently.

You can still earn long-term profits by wagering on sports. You just have to win at a high enough rate to beat both the odds and juice

The rate that you need to win at to become profitable in sports gambling depends upon the exact odds. You can find plenty of calculators that allow you to determine the break-even point for each set of odds.

If you’re wagering on a team with -135 odds, then you’d need to win 57.4% of the time to break even. Assuming you betting on a team with +120 odds, you’d have to win 45.5% of your wagers.

The exciting thing about sports betting is that you don’t really have to win frequently to make profits. At 10% juice, the average professional only wins at a 53% to 55% rate.

The problem, though, is that sportsbooks have sharp enough lines to where it’s difficult to win over half the time. You’ll need to put in plenty of work to become a strong bettor.

Handicapping is the best place to start. This process involves looking at multiple variables involved with a match, then determining which side offers the best value.

Some of the variables that you want to consider include a team’s past performance, injuries, weather, statistics, and lineup changes. These aspects only cover the surface, but they provide a nice starting point with regard to learning handicapping.

You might also consider investing in a sports betting software program. They offer a number of helpful statistics that help you spot profitable betting opportunities.

Here are some of the situations that you can spot with these programs:

  • Arbitrage opportunity – A difference in odds at multiple sportsbooks that helps you make a guaranteed profit by wagering on both sides.
  • Public betting percentage – Shows what percentage of betting slips are on each side of a wager.
  • Odds change – Tracks every time that major online sportsbooks shift odds for various games.
  • Reverse line movement – When a line changes differently than expected, thus indicating which side the “sharp money” is on.
  • Steam move – When bookmakers change a line in near unison to counteract sharp money.
You don’t necessarily need to have software in order to be a probable bettor. But these programs are something that you should consider as you gain experience.

One more thing to realize is that being a successful sports gambler isn’t anything like people expect it to be. You don’t just get to sit around watching games and making money. Instead, you need to constantly analyze the action from a gambling perspective.

This process certainly doesn’t sound as exciting as merely being a fan. But sports betting is still a more-entertaining job than most.

Esports Betting


Online sportsbooks completely ignored esports a decade ago. After all, competitive gaming was confined to a very nice audience back then.

But Esports have rapidly gained popularity within the past several years. As a result, most online sportsbooks now see the value in covering this industry.

Esports gambling isn’t anywhere near as big as traditional sports betting yet. But it’s definitely picking up steam and is projected to be worth tens of billions of dollars in the coming years.

Betting on esports can earn you a decent living now. Of course, you definitely have to know competitive gaming in order to earn serious profits by betting on it.

The easiest path towards big esports winnings include popular markets like Dota 2, League of Legends (LoL), Counter-Strike: Global Offensive (CS:GO), and Overwatch. These games have enough liquidity and different bet types to where you can earn significant money with them.

The secondary markets are a bit lacking in esports gambling. Too much is focused on the major games at this point.

Nevertheless, esports bookmakers don’t have the sharpest lines on games like World of Tanks, Street Fighter II, and SMITE. You can gain some additional value by betting on these games.

Overall, esports wagering is a good form of gambling to jump into now. It only looks to grow in popularity in the future, meaning you can be on the ground floor and develop your skills now before the industry explodes.

Online Poker

In the mid-2000s, online poker experienced a boom unlike any other form of gambling has ever seen before. It went from something that was typically played by hardcore poker enthusiasts to becoming a global phenomenon.

Many pros have since become multi-millionaires through this game. Di Dang, Hac Dang, Tom Dwan, Phil Galfond, Phil Ivey, and Ilari Sahamies are just some of those who made a fortune with online poker.

Unfortunately, the online game has lost some of its luster due to various factors, including laws, regulation, and bots.

Many countries have segregated their player pools after regulating online poker. These actions have reduced online poker’s liquidity and made it harder for sites to offer high stakes and huge tournaments.

Bots are AI that are designed to play poker. Some of the best bots can consistently beat low and middle stakes, making them quite dangerous to the average recreational player.

Despite the drawbacks, online poker is still one of the most-viable ways to earn a living through. It offers the opportunity to earn serious profits through cash games and/or tournaments.

The catch, though, is that you must dedicate a lot of time to improving your skills. Both amateurs and pros have improved significantly over the years.

But that doesn’t mean it’s impossible to become a highly profitable player. If you’re motivated to log numerous hands and learn enough strategy, then you have a chance of being successful at this game.

You should also pay special attention to bankroll management. You need enough money to survive any major downswings so that you can stay in the game.

Cash players should have enough to cover at least 20 full buy-ins (100 big blinds) for their desired stakes. Multi-table tournament players should aim for 75-100 buy-ins.

Daily Fantasy Sports


Daily fantasy Sports (DFS) are much like online poker in that they also saw a big boom. DraftKings and FanDuel pushed this industry to new heights by running countless advertisements in the mid-2010s.

The result is that the public quickly became aware that they could gamble on fantasy sports. Industry growth has slowed down since then due to regulation. But DFS is yet another avenue for earning a living with online gambling.

DFS involves filling out fantasy sports lineups while staying under a salary cap. For example, you might have to choose 10 NFL players without going over a salary cap of $100,000.

The skill is choosing players that’ll outperform their given salaries. The better you are at doing this on a consistent basis, the stronger your chances of winning money.

DFS is similar to online poker tournaments with regard to prize pool structures and fees. These tourneys require you to pay a buy-in, which contributes to both the prize pool and house fees (usually 10%).

Here’s an Example:
– A tournament requires a $10+$1 buy-in.
– $10 goes into the prize pool.
– The site takes the extra dollar as a fee for offering the tournament.

Your goal is to win enough money to cover your buy-ins and also book profits. Of course, accomplishing this feat is easier said than done.

Can I Make A Living Gambling Losses

DFS prize money is heavily weighted towards the top, with only around 10% to 15% of the field cashing. This structure creates plenty of volatility, where you’ll often go for a long time without cashing.

I suggest having a sizable bankroll before getting started with DFS. After all, you need enough money to handle the variance.

If you’ve play online poker, then you may already be familiar with this level of volatility. As covered before, a poker tournament player should have anywhere from 75-100 buy-ins.

The same holds true when playing DFS. You need enough money to survive the dry spells in between your tournament cashes.

Daily fantasy Isn’t the easiest route towards making online gambling profits. But the opportunity is here if you thoroughly understand sports/athletes and put the hours into learning specific DFS strategy.

Conclusion

Is It Worth Trying to Make a Living through Online Gambling?

Can I Make A Living Gambling

You have to take multiple factors into account before deciding if an online gaming career is right for you. The first of which is if you truly love any of the forms of gambling covered above.

You must spend lots of time honing your skills for whatever path you choose. If you’re not passionate about a certain game, then there’s no way you can stand spending hours learning it.

Another consideration is if you have the time to take online gambling seriously. You can’t realistically expect to become a pro if you only have 3-5 hours to spend on it each week.

You’ll of course need to figure out which kind of gambling you want to pursue. As discussed above, DFS, esports betting, online poker, and sports betting can all be beaten.

Bankroll management is yet another aspect to consider. You want a large enough bankroll to help you get past any low points so that you’ll eventually get back to profitability.

Bankroll requirements vary based on the specific stakes and game you’re playing. It’s up to you to figure out exactly how much money you’ll need.

Professional online gambling can be a great career that allows you to make your own hours and earn big profits. But like anything else, you’ll get out of it what you put in.

Can I Make a Living Betting Sports

Sports betting appeals to the smart bettor because it does not have a fixed house edge for the casinos. Betting sports for a living is a difficult but rewarding profession. Sports betting requires more skill than luck and is similar to live poker. You do not win every time but the skilled handicapper has a huge advantage over the recreational bettor. How sports betting can be a profitable investment involves an understanding of numbers, odds and sports.

Casino sports book operation

The casino sports books make their money on sports bets by collecting a commission on losing bets. This is called vigorish or vig for short. The most common odds are 11 to 10. This means if you want to win $100 you are risking $110. Place a bet on the Steelers, the sports book pays $210 (110 bet + 100 win) to a winner and keeps the $110 from losing bets.

Ideally, the Sports book would like to have the same amount of money wagered on the two teams playing. The winner gets $100 and the book collects $110 for the loser. This gives them a $10 profit. To accomplish this they assign a line or spread to make the contest equally attractive for both sides.

The point spread

Many people believe that the point spread is the predicted margin of victory one team will beat another team. This is not true but a spread number is needed to create wagering on both sides. The line is the handicapper’s prediction of what number will be required to split the wagering evenly on both teams. The line may change a little before game time. The sports books goal is to have the betting as evenly as possible.

If the public is swayed by sentiment to bet on a certain team then the odds makers need to adjust the line. Otherwise, the betting would be heavily lopsided. The general betting public reacts from the opinions of others. Smart bettors usually go against public sentiment when bettors over-value a certain team.

The sports books line is flawed if it does not attract the same action amount on both sides. The line is flawed when it does not compute to his predicted outcome of the game. A weaker team can actually become the favorite if public sentiment is with that team. When this happens the underdog presents a huge overlay for the seasoned handicapper tilting the odds in his favor. This is the contrarian principle and why many smart handicappers go against the general betting public.

A winning handicapper formulates his own opinions

A handicapper gets information from numerous sources and assigns weights and values to the wagering data. They will make their own power ranking and predict what the point spread should be without looking at the official line. They compare their predictions to the line to look for discrepancies. A large amount of data is available via the internet and other sources that the handicapper will find value bets. The use of computer programs can help when searching through the data.

Can You Make A Living Gambling Online

Why don’t more people win at sports betting. Like any other endeavor, it takes time, patience and practice to become successful. A person of average intelligence can become a winning handicapper if they have the desire. Based on the odds of -110 for a straight football or basketball bet a handicapper only need to be right 52.38 percent of the time to break even. However, many sports bettors cannot achieve that percentage of winning over the long run.

The chart below shows the break-even points for the various odds you will encounter when you make a money line bet. With higher odds, you have to have a higher winning percentage to break even. If you bet the underdogs you can have a lower win percentage and still make money.

Winning Percentages

Favorite Winning % Underdog Winning %
-110 52.38 +110 47.62
-115 53.49 +115 46.51
-120 54.55 +120 45.45
-125 55.56 +125 44.44
-130 56.52 +130 43.48
-135 57.45 +135 42.55
-140 58.33 +140 41.67
-145 59.18 +145 40.82
-150 60.00 +150 40.00
Betting favorites vs underdog

The best part about sports betting is that you always have the potential to make some money. You always have the ability to win, which not only feels great but puts a little extra padding into your wallet. This money making does not have to stop with just making a few extra bucks here and there.

A lot of people have trained themselves to become professional sports bettors. They have learned how to sift through stats with a keen eye for making correct picks. If you are good at predicting how games are decided, sports betting may be for you.

Lack of knowledge

Most sports bettors know just enough to make them dangerous. There is a great difference between being knowledgeable in the NFL and NFL betting. Being able to name the starting offensive line for the Cowboys is not likely to help a person win a bet.

Can You Make A Living Gambling In Las Vegas

Can

Bettors are competing against other bettors who spend countless hours on handicapping, studying trends, injuries, and betting angles. If you fail to study the games, find somebody who does it for a living. A reputable sports service is skilled with sports betting professionals.

The sports betting industry is a major investment market for a limited number of successful traders. Alternative investment markets are a popular destination for investors with excess cash waiting for a decent return on investment. Most stocks are tied into the economic news with no parameters and direction.

Sports betting as an investment

It is becoming more difficult for even savvy investors to time the bottom. They have to become much more selective. The sports betting market has been around a long time with some controversy in the earlier years. However, there is a vibrant market in today’s highly competitive sports arena. The regulated Nevada sports books have the monopoly on legalized sports betting.

Can the amateur recreational bettors make money at these books — sometimes, but not in the long run. The professionals know how to look for the edge and only need to hit a minimum of 54% to make a modest return on investment. Making a 15% to 25% return for the year is very possible.

The good ones are few but the results are quick and opportunities exist everyday when soft betting lines are found and exploited. The betting lines are made to divide the betting public. They ideally want even betting on both sides. Their number does come close about 70% of the time.

The market scope

Can I Make A Living Gambling Without

This happens a lot in all sports. They do provide a good service but their stats and computer models can only go so far. Investments in this area have a limited scale and cannot handle the millions or billions that pour into those other markets. But investors with up to one million can see a very nice return with the right professional.

The Nevada Senate Bill 443 passed in 2015 has made it legal for individual investors to deposit money in a sports betting mutual fund investment entity group for the purpose of betting on sporting events. What are the requirements of sports betting mutual funds and what legal business is needed This sports betting mutual fund entity group is usually a Nevada corporation or LLC.

Established by gaming executives and sports bettors that manage the fund as a Nevada fiduciary agent. They can solicit funds from investors anywhere in the world. However, major restrictions do apply and is open to anyone that can go through the difficult approval process.

Is It Possible To Make A Living From Gambling

Investment structure

Can I Make A Living Gambling Winnings

The entity or fund manager can take US investors and can charge fees or commissions for managing the fund. This includes placing the bets and where to allocate the funds for future investments. No investor can make a bet through the fund. It is a private hedge fund for sports betting. It is a different format than the current sports advisory business of selling picks to subscribers.

The application process is far from just providing standard information. Many applications have been rejected with about 10% being approved. The application process is an attempt to secure very personal and private information about the applicant. Any investor has to approve such scrutiny and invasion of privacy.

This would include a background check, source of funds invested and other customer data. In other words, a lot of red tape. If any prospective investors are not dismayed by the application process, there are other alarming issues to confront.

Strict investment guidelines

CG Technologies is the only option for entity group formation and execution. They are the center of the application process to get things moving through the state. Their managed sports books accept and review investment groups detailed information. Other sports books could eventually join in the experiment but most are weary of the red tape. The additional regulations make things more difficult for other books to participate.

The biggest issue for the actual betting decision selection is the absence of shopping for a better line. There are over a dozen different point spread lines in Nevada. Entity groups and their investors get access to only one line from CG Technology managed sports books. This restriction is the main problem of trying to find an edge when placing a bet.

Most experienced veterans in the industry have joked bill. They even dismissed it as a bad “beat bill” without a redeeming quality.

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