If you’ve been around amateur punters long enough, you’ll periodically come across the question “How do I make money gambling”? As you might have guessed, the answer isn’t a simple one.
While we would love to give you an SOP of how to earn from online wagering, there isn’t a single strategy that works all the time. However, we can help you grasp the basics, which should give you a clear insight on how to improve the odds of winning.
We’ll be looking at games with the best odds and the list includes skill-based online games, table games, and sports betting. Quick spoiler, it’s possible to make a quick buck from each of these games. However, gambling must never be viewed as a primary form of earning.
Equal Parts Luck and Skill
If you’ve been gambling long enough, you must have come across punters who’re sure they’ve hacked the system. But the problem is, such people are never in the money. If they truly figured out how to beat the system, wouldn’t they be living a high life?
The reason seasoned punters don’t gamble for a living is the game is equal parts luck and skill. Luck-based games are the ones with the house edge. This means that at the end of the day, the casino will always win. The most prominent examples are video slots and video poker.
Most gamblers go on for months, even years without winning. And there is a witty catch-phrase that sums it quite well – Vegas wasn’t built on winners.
On the other hand, skill-based games don’t have a house edge. Here the punters wager against one another while the casino retains a small portion of the pot. Skill-based games are a sustainable way to make money at a stretch. Competitions can help players make a full-time living out of the game.
How to Maximize Your Chances of Winning?
The bad news is there is no fixed strategy to beat the house. Therefore, you’ll never see a professional video slot or a video poker player. However, this doesn’t mean you can’t make money from luck-based games.
The house edge works in the long-term, usually over hundreds of millions of spins. You might play your entire life without noticing the statistical corrections. Jackpots play a massive role in evening out the variance. While not every punter will hit the jackpot during their lifetime, if you do, you’ll make the profits of a lifetime.
Depending on its size, the jackpot affects the statistics and house edge. Bonuses play a critical role in fighting the house edge too. As you might already know, bonuses boost your chances of striking the jackpot. These come in various shapes and sizes like free money, free spins, or free play.
While bonuses can turn the odds in your favor, they don’t guarantee a win. Moreover, casinos will only hand out bonuses periodically. But in the short while when bonuses are available, don’t forget to jump on the opportunity.
How to Make Money from Sports Betting?
Contrary to luck-based games, sports betting is skill-based. Therefore, with a keen eye for detail and a bit of luck, you can make a living as a sports bettor. While it might be difficult, even borderline impossible, people do it every day.
How to bet on sports, you ask? Start by finding a reputed online sportsbook. Just make sure the platform is licensed by a reputed authority like the MGA, or UKGC. European punters find it easier to make a living out of online wagering due to the numerous opportunities and safety measures in place. As a result, you can even easily find tons of reputed online gambling venues in Latvia, with a quick search. Not to mention Germany, the UK, and other nations with a regulated gambling market.
If you’ve reached this part of the blog, we hope you have a better understanding of how to make money from online gambling. At the end of the day, it pays to be realistic about your career choices.