How To Make Money Gambling Online Reddit
- R/gambling: All about Gambling. Gambling has a specific economic definition, referring to wagering money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods.
- 15 votes, 73 comments. 4.6k members in the onlinegambling community. A community for gambling online.
- Published by Kevin September 16, 2020 Categorie(s): Casino News. Every player wants to know if they can make money gambling online. The most common answer is yes; you can. However, only if you know what you are doing. There are plenty of professional gamblers that make money gambling for a living.
Almost every online casino has some sort of welcome bonus to help try and persuade you to sign up and use their website rather than their competitors. With a little bit of thought and cleverness, we can take these new-player casino bonuses and convert them into withdrawable cash.
It’s a good way to make money online if you know your art and don’t need the money right away. Related: 4 Profitable Ways to Invest in Fine Art. Start a paid membership community. I’m a member of several paid membership communities — some in life coaching and personal development and others related to online business. I’m not in debt and I have a 100k of liquid cash savings—but as much as I want to believe I can make money gambling sports—I can’t prevent going on tilt and I think that I’m more.
But before we delve into casino bonuses, let’s talk about sportsbook bonuses. Making money from them is known as matched betting and is pretty easy and may be where you started off?
But right now because of the COVID-19 coronavirus most sports aren’t running so there aren’t that many matched betting offers available. But to try and keep customers casinos are offering better bonuses than normal. Now is a great time to try some casino bonus bagging – especially as we all need to make some more money!
Contents
Unlike Matched Betting, Casino Bonus Bagging Isn’t Risk Free
Unlike matched betting, making money from casino bonuses is not risk-free. But that doesn’t mean that they can’t be profitable and worth doing.
We call this notion EV (expected value). By using maths we can work out how much money we will make on average from the bonus. So why is that not risk-free? Because of variance. Each time we make a slightly different amount, but over the long term it averages to the EV.
If you understand what I mean then feel free to skip straight to the how casino bonuses work section.
Note: this can get quite complicated. If you want someone to explain it to you one-to-one then Oddsmonkey have an onboarding coach who will hold your hand when you sign up to their £17.99 a month service.
The Maths – How Casinos Make Money
Let’s say that we are playing a game of flip the coin, and because we’re fun people we’re also betting on it.
If we bet £1 a throw.
- I win £1 and you lose £1 if the coin comes up heads.
- You win £1 and I lose £1 if the coin comes up tails.
That is what we call a fair game.
There is risk – we could play 100 flips and I might lose money, or I might win money. But either way, it is just down to luck. Statistically, I am not more likely to win than to lose.
There is a 50% chance of me winning each throw, and a 50% chance of me losing each throw.
That is not what it is like in a casino. The casino has an edge.
Let’s change the rules slightly:
- I win £1 and you lose £1 if the coin comes up heads.
- You win £1.10 and I lose £1.10 if the coin comes up tails.
That is not a fair a game.
There is still risk – we could play 100 flips and I might make money. But I am more likely to lose.
On each coin toss I expect to lose 5p. We use this word “expect” a lot when it comes to making money from casino bonuses. It means the average in the long-term.
Here is a very simple tree showing you how we worked out that expected loss of 5p.
(0.5 x £1) + (0.5 x -£1.10) = -£0.05
That number becomes what is called the house edge. For every £1 we bet we expect to lose 5p.
If we play 1,000 flips, I will have bet £1,000 and expect to lose £50 (1,000 x 5p).
The More We Play The Closer To Expected We Get
Now we get a bit more complicated. The longer I play, the more likely I am to lose money.
I am not going to explain the maths here (email me if you want to know), but over 1 coin flip my chance of walking away with a profit is 50%. The coin can either come up heads or tails.
Over 100 coin flips my chance of making a profit has dropped to 31.7%, that’s almost a 1/3rd chance which still is quite high. I might decide that I’m feeling especially lucky and take that 1/3rd chance. But over 6,000 coin flips my chance of leaving with a profit drops only 1%.
That is how a casino makes money. If there are 60 people playing at your casino and each plays the coin flip game 100 times, then each person has a 31.7% chance of leaving with a profit. But as the casino is playing 6,000 total flips it only has a 1% chance of not making a profit overall. A pretty clever business model.
What Are The House Edges Of Different Casino Games?
Now you can’t actually play our coin flip game in a casino so let’s apply this concept to two real casino games.
Roulette. Is a very basic game which almost everyone understands.
There are 36 numbers not including the zero. Of those 36 – 18 are red and 18 are black. The number zero is not red or black. Each time the wheel spins there is an equal chance that the ball will land on any of the numbers 0 – 36.
If you bet on red and it comes up, you win your stake back. So a £1 bet would win £1.
There is an 18 out of 37 chance of a red colour coming up. That means that you have a 48.6% chance of winning, and a 51.4% chance of losing.
Let’s draw that same tree we did earlier but this time for roulette:
(0.486 x £1) + (0.514 x -£1) = -£0.028
For ever £1 bet we expect to lose 2.8p. That’s the house edge.
That’s pretty low. But roulette is not the casino game with the lowest house edge. That award goes to….
Blackjack. Forget card counting or anything you’ve seen in the films, your basic blackjack is the casino game with the smallest house edge.
There are many different rule sets for blackjack, and the house edge depends both on those rules and also on how close to perfect strategy the player is playing. But most games of blackjack have a house edge of about 0.5p per £1 bet (0.5%).
Let’s just think about that, 0.5%. That’s so low! It’s the equivalent of playing the coin flip game with the rules:
- I win £1 and you lose £1 if the coin comes up heads.
- You win £1.01 and I lose £1.01 if the coin comes up tails.
If we played 1,000 hands of blackjack at £1 a bet, we would have staked £1,000 and expect to lose just £5.
How Casino Bonuses Work
Thank you for sitting through all of that. Now that the basics are out the way let’s talk about the juicy stuff. How we can actually make some money from casino bonuses.
Just like with matched betting, most casinos offer new players an incentive to sign up and play at their casino.
Unfortunately, unlike with matched betting, there is no way we can hedge out our bets. But we can use this knowledge of the house edge to turn things in our favour. Provided the bonus is good, we can expect to make money.
Let’s take a look at one bonus that is currently offered by William Hill on their live casino.
To get the bonus, we need to deposit £25 and then place a series of bets that total at least £200. When we have reached that target and we contact customer service, a bonus of £25 will be added which we are then free to withdraw along with whatever is left of our initial deposit.
How We Make Money From Casino Bonuses
£200 sounds like a lot, but after what we’ve learnt about house edges and blackjack it shouldn’t sound so bad. Remember blackjack has a house edge of 0.5%.
Over £200 staked we expect to lose only £1. That means we expect to keep £24 of the bonus!
This is what we expect to happen.
- We deposit £25 into William Hill Live casino.
- We place 200 £1 bets. At the end, we have lost £1 and have £24 left.
- A £25 bonus is added to our balance.
- We withdraw our balance of £49 (£24+£25).
- We have made a profit of £24.
But, there is risk.
There is a chance we will lose more than just £1. There is even a chance of us losing more money than the bonus is worth. If we use up all of that £25 we would need to deposit more in order to finish the staking.
We won’t go into the maths on variance. But understand this. Blackjack has a house edge of 0.5% and a standard deviation of 1.15.
That means that at a £1 bet size there is a 95% chance we will make somewhere between £7.75 and £40.25. But it also means there is a 7% chance of making a small loss.
That is the essence of making money from casino bonuses. You are simply moving the odds to your favour.
Websites like Oddsmonkey and Profit Accumulator (more on them later) have calculators for working out your variance and house edge from different casino games. They also have strategy calculators to help you play the games optimally.
Whew. So after all that explaining, the actual steps were very simple.
But we had to go into all that details because it will enable you to look at more advanced offers and take advantage of them as well. Every casino bonus has different terms and you need to be able to work out what strategy to follow to get the highest ‘expected profit’ or ev from the bonus.
Which brings us on to the hardest part of making money from casino bonuses.
Where To Find The Best Casino Bonuses
How To Make Money Gambling Online Reddit Games
You can only do that William Hill Live casino offer once, so to continue making money you need to find some more offers.
And the unfortunate truth is for more casino bonuses it is not profitable to make money from them. You need to find the diamonds in the rough.
You can do this in exactly the same way as you would when sports matched betting. And in fact, if you have done matched betting before you will probably already know the following two choices:
- Look through casino terms and conditions manually.
95% of people pay for a service. Compared to the EV you can make the services are cheap, they give you a curated list of offers to work through, and they point out any dangerous loopholes in the terms and conditions.
My two favourite paid for services for casino bonuses are:
- Profit Accumulator. Free for your first few bonuses, then £19.99 a month.
- Oddsmonkey. Free for your first few bonuses, £19.99 a month.
Nowadays they are both pretty similar with largely the same offers but different communities, website feel and customer service. They each have free accounts you can try out so I suggest signing up to both and then choosing which one you like the most.
Note: this can get quite complicated. If you want someone to explain it to you one-to-one then Oddsmonkey have an onboarding coach who will hold your hand when you sign up to their £19.99 a month service.
There Are Lots Of Different Types Of Casino Bonuses
Wow what a beast of a post!
Let’s just finish on saying that there are lots of different types of casino bonuses and all have slightly different best ways to exploit them.
By now you should understand the concept of expectedvalue and therefore making money from casino bonuses. You have a guide to tackle your first bonus and you have plenty of resources to help you research and find new offers. Good luck!
USEFUL LINKS
- More details on casino wagering requirements.
- My summer betting diary where I made £250 a week throughout the summer holidays.
FAQ
What happens if I lose all of the £25 before completing the wagering requirement??
This is a very real risk and is also the reason why there is a chance of losing a small amount of money while completing the wagering requirement.
What you need to do is to deposit more money and finish the betting.
I hear people talking about ‘sticky’ bonuses or doubling up. What does that mean?
You should really join a forum and start asking people there. You are getting into some quite complicated areas with the potential to lose some large amounts of money if you make a mistake.
But in short: A sticky bonus is one that you can never withdraw. You can only withdraw the winnings. This means that the tactics we spoke about earlier don’t work. Doubling up is a technique to make money from them. You basically bet the whole bonus on red on roulette. If the bet wins you withdraw the winnings. If you lose you’ve lost the bonus which you couldn’t withdraw anyway.
What are the house odds of some other casino games?
- Baccarat – 1.06%
- 3-card Poker – 2.01%
- Craps – 0.34%
- French Roulette (you get 50% of your stake back if it lands on 0) – 1.35%
- American Roulette (two 0s) – 5.26%
- Slots – 3-10%. Average is about 5%.
Can I card count online blackjack?
No, you cannot. Card counting relies on the contents of the remaining cards changing as the rounds go on. In online blackjack the cards are shuffled every hand so the contents don’t change. You can do it with live blackjack – but I believe they shuffle regularly to make it more difficult. I have never tried.
I have a question that is not answered here?
Drop me an email at hello@sampriestley.com and I will do my best to get back to you.
Can you make money from casino bonuses while self-isolating or under quarantine?
Yes you can! It is actually a very good time to do it because you can do every step of the offer from your home.
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Being a gambler is an extremely risky proposition. There are some people that have pulled it off. Here are the richest gamblers in the world, including some tips on how to make money gambling.
If your favorite guilty pleasure is placing a wager at the gaming tables, you’re probably living in hope that you’ll one day win an enormous jackpot. Building wealth really is easy. Just find a hobby or craft. Get really good at it. Then, scale it.
If you’re ready to find the best place to try gambling so you can start your journey to riches today and click here.
I’ve used a number of different tools to track my wealth over time. Most of them are free and extremely easy to use.
One example is Personal Capital. A completely free platform to track your money. This was instrumental in me building my wealth and cash flow over time.
There are plenty of gamblers out there who’ve done just that and who are now living a lifestyle beyond your wildest dreams.
If you’ve already visited and chosen a particular game to win cash. You now might be waiting for your dreams to come true, you might be inspired by the tales behind some of the richest gamblers in the world.
If you don’t like forking up cash, you might want to consider free money giveaways.
I’ve covered millionaire farmers, but now we cover a less straightforward approach to wealth… gambling
How to Make Money Gambling
Most casino games have a favorable advantage and you are playing against the odds. If you want to make money gambling, you have to focus on games that you can gain an edge. In order to make money gambling, you must be very disciplined and determined for success.
Professional gamblers are very keen on winning. They’ve studied what works well for them and what doesn’t. You can apply the same theories to anything you do.
In addition, pro gamblers have realized that they need to make consistent value bets, which mean that you put out money where you have a slight edge in winning. If you don’t follow this, your chances of winning consistently will be zero.
You have to approach investing the same way and I’ve covered that in my book Dividend Investing Your Way to Financial Freedom.
Games that are best to try to make money gambling:
- Poker
- Blackjack
- Baccarat
- Fantasy sports
I’ve been a big player of fantasy sports. While luck is a serious component, there is no doubt in my mind that skill is the majority. In addition, I’ve played poker and enjoy playing it. I will never turn down a good poker game.
Gambling is a tough way to make money, but you can make money instantly if you are good.
List of the Richest Gamblers in the World
Here, you’ll find a rundown of some of the most successful players at the tables, and you might get some top tips that will help you to improve your game. Pro gamblers continue to look for an edge in order to succeed.
There’s definitely a difference between rich and wealthy, but either way, these gamblers made out very well.
How To Make Money Gambling Online Reddit Money
1. Bill Benter – Maths Genius Supreme
Bill is a perfect example of how to make money gambling. He used math and provide analytics to make money at the casinos.
Born in Pittsburgh, PA in 1957, Bill Benter is a self-proclaimed mathematical genius. Having studied physics at university, he put his skills to good use, learning how to count cards. Having honed the art, he headed to Las Vegas where he plied his trade at the blackjack tables.
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.
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.
See Related: How to Watch Ads for Money
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.
See Related: Best Money Management Tips
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.
See Related: List of Apps That Pay You Real Money
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.
See Related: Jobs that Pay Cash Daily
Conclusion on Richest Gamblers in the World
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.
How To Make Money Gambling Online Reddit Websites
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!
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