Every gambler wants to win profits. But this is very difficult to do when considering that the casino holds an edge in most games. Of course, you can use a combination of luck and skill to win more money. But banking on luck is a terrible way to earn long-term profits through gambling.
Select Casino Games with the Best Odds. First and foremost, you should know that not all casino. There is no one-way system in gambling that is going to make you rich. You need to spend time grinding it out and finding your niche in the betting market. Closing Thoughts. Nevertheless, I genuinely believe this article provides a solid basis in finding the best way to make money in sports betting. GTA Online is a game around obtaining racks of cash to buy the most lavish of items. This guide will help players with the best method to make money in the game during 2020. GTA Online is a capitalist dream-come-true.Like the real world, nothing comes for free and must be earned from hard work and labor. 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.
Therefore, you need to find games and advantage play techniques that give you an opportunity to win in the long run. I’m going to discuss the best games and advantage gambling methods that’ll help you accomplish this goal.
Better way of making money can be found here. Inside Track To make the most profit in casino chips - head on down to the horse betting area and sit down at any of the machines. You will be greeted with this screen and we will only be focusing on the single events section. Click the place bet button on the right to enter the betting screen.
Poker has long been one of the top ways to make money with gambling. This reputation has only increased in recent times with the availability of online poker. The reason why poker offers such a great opportunity to earn money is because you’re competing against other players – not the house.
But I believe that any poker player can win with the right approach. The only question is what route you should take towards becoming a winner. Read the stories of any successful poker player – past or present – and you’ll see that there’s no single road to get there. But there are some universal steps you can take to becoming a stronger player.
Here are different methods you can use to improve your skills:
- Watching pros on Twitch streams.
- Watching training videos on YouTube.
- Joining a training site (usually $30 per month).
- Reading poker strategy books.
- Reading poker strategy articles.
- Hiring a poker coach.
- Reviewing your sessions afterward.
You also have to decide what poker variation and type you want to attack. After all, this game offers over a dozen variations along with different game types. Some of the poker variants include Texas holdem, Omaha, Omaha Hi-Lo, Seven Card Stud, Razz, Badugi, H.O.R.S.E., and Crazy Pineapple. The different types of poker include cash games, multi-table tournaments (MTTs) sit and go’s (SNGs), and lottery style games. You should throw out lottery style poker games right away if you’re a serious player. These games rely on too much luck in order to win anything significant.
This leaves you choosing between cash games, MTTs, and SNGs. Here are the pros and cons to each of these choices:
- Cash games – Pros: great for steady hourly profits, especially when multi-tabling online. Cons: your losses can accelerate greatly if you’re not skilled.
- MTTs – Pros: give you a chance at winning a huge payout for a small buy-in. Cons: bigger MTTs have lots of variance, meaning you won’t cash often.
- SNGs – Pros: you can make a steady profit from SNGs without assuming too much risk. Cons: you need to multi-table SNGs or play higher stakes in order to make serious profits.
The biggest thing to keep in mind about poker is that it’s not an easy way to win profits. This is especially the case in today’s poker climate, which features better players than ever before. But as long as you’re willing to take a long-term approach to the matter – rather than expecting quick winnings – then you can slowly grind up the stakes and make some money. Moreover, poker offers more opportunities to become a profitable gambler than anything else on this list. Despite modern poker’s increasing overall skill level, you’ll find lots of juicy cash games, MTTs, and SNGs.
Chances are that you’ve seen a daily fantasy sports (DFS) commercial or two. These commercials are often aimed at making sports fans think that they can easily win money. This couldn’t be further from the truth, though, because DFS is a skill-based form of gambling. The biggest winners are those who dedicate the most time to creating lineups, analyzing statistics, and learning other strategies. Much like poker, you’re competing against other DFS players to craft the best player lineups. This skill aspect gives you an opportunity to win on a consistent basis.
Of course, not everything regarding DFS is about analyzing stats. You also need to develop simple strategies that’ll help you craft winning lineups. One of my favorite simple approaches involves looking for low-salary value players before filling out the rest my lineup. Focusing on the best value picks first helps me fill multiple positions on a roster before going for the high-salary players. Additionally, this allows me to see how much remaining money I have to go for the All-Stars at the end. DFS isn’t as lucrative as poker or sports betting for the average gambler. But you can certainly win some major money through this form of gambling.
Case in point: former poker pro Aaron Jones won $5 million through a DraftKings NFL contest in 2016. Plenty of other players have won large payouts since then. First things first though; in that you need to become a successful player before dreaming about a big win. I suggest starting with general strategy in low-stakes contests, before diving into advanced stats and programs that can truly make your winner.
Sports betting is similar to poker and DFS in that you can win long-term profits. But it also works differently from these two games in some ways. Poker and DFS involve competing against other players, with the house collecting a small amount of rake from the contest. Sports betting, on the other hand, revolves around trying to figure out which side of the line has more value. Therefore, you’re not competing directly against other bettors for winnings.
For example, you’d need to win 52.4% of point spread bets with 10% juice (comes from losing side) to be profitable. Winning over 52.4% of your wagers doesn’t sound extremely difficult. But keep in mind that even the best sports gamblers only win 53% to 55% of their point spread wagers. The rate at which you need to win moneyline bets depends upon the odds you’re taking. For example, you only need to win over 43.5% of the time on +130 moneyline bets to earn profits. But it’s not any easier to beat moneyline wagers than point spreads or any other type of bet.
The reason why sports wagering is difficult to profit from is because bookmakers are really good at setting lines. Their goal is to create equal action on each outcome in a wager, thus guaranteeing them a profit when the juice is taken into account. I mentioned earlier how you’re directly competing against other bettors. But you need to find favorable opportunities before most other gamblers, because lines shift when there’s too much action on one side.
Jumping on lines early is one of the best things to do as a sports bettor. This allows you to find value before any potential shift occurs to balance out the action. Handicapping is the main strategy for finding value in lines. This technique involves examining a variety of factors to see if the bookmaker’s odds lineup with your take.
Here’s an example:
- Atlanta Falcons +140
- Carolina Panthers -165
- You handicap this game.
- You think that the Falcons are undervalued at +140.
- You bet on the Falcons to win.
The factors that you look at when handicapping differ based on the sport. But basic elements that you should consider include injuries, player matchups, travel schedules, motivational factors, and statistics.
Stats are very important in sports gambling, because you can use them to spot trends that’ll give you an advantage over time. You can also use sports betting software to help you analyze advanced stats and make better bets. Of course, sports betting is like DFS in that you want to first learn the basics while concentrating on low stakes wagers. As you become more competent, you can graduate towards making bigger bets and using programs to help you out.
The esports industry has been rapidly increasing in popularity over the past few years. Esports betting, which has spawned from this growth, allows you to bet on the action. If you’re already a sports gambler, then you’ll appreciate the easy transition into esports betting. This form of gambling uses the same odds and types of bets that are featured in traditional sports gambling. You can also use many of the same handicapping skills to win esports wagers. The only difference is that you need to learn about the different games, leagues, and players involved.
Esports betting allows you to wager on over a dozen computer and console video games. Here are just some of the available games:
- Battlefield
- Call of Duty
- Counter-Strike: Global Offensive
- Dota 2
- Halo
- Hearthstone: Heroes of the Warcraft
- Heroes of the Storm
- League of Legends
- Overwatch
- Rocket League
- Smite
- Starcraft II
- Street Fighter
These games all have different leagues too, which gives you even more chances to specialize. But I strongly suggest that you only focus on one game and 1-2 leagues in the beginning until you master them. There’s no sense in wagering on a bunch of options and spreading yourself thin. Instead, truly get to know a single game before moving on.
5 – Card Counting
Card counting is an advantage play technique that you can use in blackjack to make profits. The goal is to keep track of aces and 10-value cards so that you know when you have a better chance to get natural blackjack (21 on first two cards). Casinos pay you either 3:2 or 6:5 on your original bet when you have a winning natural blackjack. Therefore, you can gain a temporary advantage by making larger bets when your chances of getting a natural increase.
The biggest benefit to card counting is that you don’t have to compete with other players to win. Instead, this is a matter of you learning how to count cards and avoid being caught by the casino. The latter is one of the biggest disadvantages to card counting. It doesn’t matter how good you are if the pit boss detects that you’re counting cards and has security escort you out the door.
This makes it important that you don’t spread your bets too much when you have an advantage. Here are examples of an acceptable spread versus what’s not:
- Acceptable – Going from table minimum of $10 to $50 (1-5 spread).
- Unacceptable – Going from table minimum of $5 to $500 (1-100 spread).
- Acceptable – Going from table minimum of $5 to $75 (1-15 spread).
- Unacceptable – Going from table minimum of $10 to $5,000 (1-500 spread).
One other critical aspect involves researching casinos and finding out which ones are more tolerant of bet spreads. Some gambling establishments will become suspicious immediately when you use a 1-15 spread, while others won’t as long as you’re not obvious about your counting efforts.
Of course, you also have to thoroughly learn and master a card counting system. The actual process of learning a system isn’t overly difficult, especially if you use one like the OPP or Hi-Lo. The Hi-Lo is my favorite for beginners, because it’s simple and will still produce good results. You should be able to learn how to use the Hi-Lo within a matter of minutes.
Also note that you’ll need a large bankroll so that you don’t risk busting out in your card counting endeavors. The average successful counter only has between a 0.5% and 1.5% edge, which makes for a lot of variance. You also have to account for how you’ll be placing big bets when you have a positive count. This increases the risk, which is why you want at least a few thousand dollars in your bankroll when starting out.
Hole carding is another advantage play technique that you can employ in blackjack. This strategy revolves around trying to see the dealer’s face-down card (a.k.a. hole card) when they peek for a natural blackjack. As you may know, the dealer peeks for a blackjack when their upcard is either an ace or a 10-value card. The round ends if they have a natural, and anybody without a natural automatically loses.
Under optimal conditions with a dealer that consistently shows their hole card, you’ll have anywhere between an 11% and 13% advantage. The biggest obstacle to hole carding is that there aren’t many dealers who’ll actually reveal their value when checking for blackjack. Chances are that you’ll have to sit at 100 or more blackjack tables before you find a really bad dealer.
You also need to sit in the correct seat to spot the dealer’s hole card. First base (seat to croupier’s immediate left) is best when there’s a right-handed dealer, and third base (seat to croupier’s immediate right) is best when there’s a left-handed dealer.
Video poker is the only house-banked casino game that offers you a long-term advantage. Unlike hole carding and card counting, you can sit at a video poker game for as long as you want and take advantage of profits. The first step to being a video poker winner involves knowing which variations actually provide an advantage. Here are the three most-common variants that will deliver long-term profits:
He was so successful that he was finally banned from all the top Sin City casinos within seven years.
However, Benter wasn’t ready to call it a day. Instead, he relocated to Hong Kong and began working with Alan Woods on a formula to predict the most likely outcome in horse races.
The result was the first gambling operation in the world to be assisted by software, and it is still regarded as the most successful model today.
Benter is now believed to be raking in around $100 million every year thanks to his formula, and he has been rumored to have collected up to $10 million on just one race day.
2. Edward E. Thorp – Card Counter Extraordinaire
Edward E Thorp invented the skill we know today as card counting. Born in 1932 in Chicago, Thorp earned a PhD in maths at UCLA then began to work there as a professor.
Mr. Thorp was the first person to ever use computer simulation in the development of a strategy for blackjack, and he created a card-counting scheme which would improve the odds for the player.
He first tested his calculations in the casinos of Las Vegas, Lake Tahoe and Reno and thus proved his theories to be valid.
Best Way To Make Money Gambling
He then penned his book “Beat the Dealer”, still considered to be the definitive guide to the art of card counting.
Ahead of his time, Edward Thorp also invented the wearable computer in 1961 which he used at both blackjack and roulette tables for over two decades until it was finally banned in the mid-1980s.
His skills at the gaming table paired with his ability to predict the movements of the stock market have led to a fortune of approximately $800 million.
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3. Zeljko Ranogajec – An Advantage Gambler
Ranogajec, the son of Croatian immigrants, decided to give up his university education in favor of a life of advantage gambling. With his impressive maths skills and a photographic memory, he began playing blackjack and soon found he could turn a $100 bet into a 7-figure win.
Soon, the Australian casinos got wise to his abilities, and he ended up being banned. Undeterred.
However, he turned his talents to the world of horse betting. His mathematical skill helped him to predict the outcome of the races, and he soon became a billionaire.
Although he has never publicly confirmed his fortune, it’s believed that he could account for as much as 8% of Tabcorp’s turnover. He has certainly known to have had a record Keno win in the 1990s in the sum of $7.5 million.
4. Billy Walters – A Serious Sports Bettor
Anyone who knows anything about sports betting knows about Billy Walters. Having had a humble start to life, Walters was the son of a poker player and the nephew of a professional gambler, so it wasn’t surprising that he began gambling at just nine years old.
Three decades later, he was fined for running an illegal bookmaking service and relocated to Las Vegas where he works with analysts to improve his decision-making.
It is reported that he makes around $15 million every year and is rumored to have scored up to $2 million in a single day.
He has an estimated net worth of $200 million.
While he is banned from betting in Vegas and barred from most bookmakers, he now uses celebrities like Ashton Kutcher and Bruce Willis to place wagers for him!
5. Alan Woods – A Pioneer in Horse Race Betting
Alan Woods is sometimes called the godfather of horse betting software. The Australian pioneer was born in 1945, and during the first few years of his gambling career, he was a card counter at the blackjack table.
During the 1980s, he relocated to Hong Kong where he got together with Bill Benter to develop horse racing software that could accurately predict the outcome of races based on form, weather and track.
When Woods died back in 2008, he was believed to be one of the world’s best and biggest gamblers with a fortune to his name of $670 million AUD.
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6. Patrik Antonius – A Poker Star
Poker star Patrik Antonius has the honor of being the first poker player ever to win a seven-figure pot in an online poker game, having won a hand worth $1,377,000.
Born in Finland in 1976, the professional gambler continues to equally divide his gambling time between Monte Carlo and Las Vegas. Antonius wasn’t always set on a career in poker playing, in fact, he originally aspired to be a tennis player.
However, an injury to his back led him down a different path. When he was young, he enjoyed playing card games with friends, and later he traveled to Helsinki’s casino to play in tournaments.
Soon, he progressed to playing online poker and went professional a few years later in 2002. He relocated to Las Vegas and focused solely on the game. Just a year later, he ranked among Europe’s top internet poker players, and today he is believed to be one of the world’s best PLO players.
To date, Antonius is Finland’s all-time top moneymaker with total career earnings to date coming to more than $4 million.
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7. Phil Ivey – A Poker Icon
Phil is the riskiest version of how to make money gambling. He uses his skills but at the same time he’s taken on a lot of risk.
Having earned the title of the greatest poker player in the world, Phil Ivey is famous for having no less than 5 wins in the World Series of Poker Tournament before the age of 30.
Ivey is the same age as Antonius but was raised on the other side of the Atlantic in New Jersey. He learned to play poker at a very early age, with his grandfather teaching him how to play 5 card stud.
It’s no wonder, then, that Ivey’s professional move into gambling came at a very young age. He won the World Series of Poker title for the first time at the age of 23, beating famous players like Amarillo Slim and Phil Hellmuth.
His personal fortune has reached figures or more than $14 million, and he is believed to be one of the toughest players to beat. Unlike many of the other gamblers on this list, Ivey doesn’t use mathematical skill to win games.
He believes in taking risks, and it’s a strategy that’s paying off for him.
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Conclusion on Richest Gamblers in the World
Best Way To Make Money Gambling On Sports
Have you been inspired to place your next wager? These gambling legends are proof that with the right skills and enough determination you can make your fortune at the gaming table or on the race track.
These are all far different than the traditional income opportunities for financial freedom.
What do you think of the richest gamblers in the world? Would you consider a career or side hustle in gambling? Let us know in the comments below. We’d love to hear from you!
See Also:
Best Way To Make Money Gambling On Football
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