So, what exactly is a professional gambler?

1. How To Make Money Gambling On Sports Transfers
2. How To Make Money As A Kid
3. How To Make Money Fast
4. How To Make Money Online

A professional gambler is a person who lives from gambling and spends most of his time at the casinos. Professional gamblers are actually earning their paychecks by making the right bets when they play at the live casino tables.

Set aside a certain amount of money that you can use for your bankroll for the week, the month, or the season. A general sports betting strategy for money management is to only make bets with 1%-5% of your bankroll. For example, if your bankroll for the NFL season was $1,000 you would be making $10-$50 bets on each NFL game you wanted to bet on. Jun 28, 2017 Different ways to make money from sports betting There are 2 main ways to make a living from sports betting: The first is being able to pick winners. Which is what 99% of all tipsters and bettors out there are trying to do, and of which probably 98.9% are failing at.

For the best chance of making money on sports betting, you need to be skilled in identifying betting opportunities that represent good value. This is the real key to consistent profits and something we explain more about in the next article. Finding the best odds possible is guaranteed to have a significant positive effect on your sports betting ROI. Line shopping is the closest thing to a foolproof, sure-thing strategy in sports betting. It’s guaranteed to net you bigger profits and long-term success in sports betting. The sooner you start doing it, the better.

In this article, I will go over some general misconceptions about casino gaming as well as go over a few real-world examples, gathered from several friends of mine who are professional Advantage Players. We won’t give out real names or when these “adventures” occurred, but rest assured this is about as truthful as an accounting of what real-world play is like.

The gambler lifestyle has been portrayed by Hollywood, and more so, by commercials for casinos, to be a glamorous one. Men are always dressed sharply and women are in their best gowns and, both seem to be having a wonderful time. They are winning money, eating at 5-star restaurants and drinking the best champagne.

This is all done to entice the average person to come to the casinos and gamble, but more importantly to lose the maximum amount of money they can. The reality of the casino gaming world is very different.

What Makes a Pro

The term “professional gambler” is sometimes used interchangeably for both people who earn part-time and full-time income through gambling.

But I keep a much tighter definition of a professional gambler.

Real pros not only make a profit through gambling, but enough to pay all of their living expenses. This includes housing, utilities, car payment, insurance, food, clothing and anything else deemed necessary.

A semi-pro is somebody who makes enough to supplement their income but doesn’t earn a full-time living through gambling.

But, when you are on the positive side of the spectrum it’s like taking candy from a jar labeled “free candy”. The hard truth is that the mentality of a professional casino player is equal to a manic depressive.

The gambling world doesn’t offer an abundance of opportunities to make a living, but there are a few different games where you can earn some nice profits. If you play smart and stick to the plan.

Game On

Let’s take a brief look at the most common games that you can make long term profits with and I’ll then go into each with more detail:

• Blackjack
• Daily fantasy sports (DFS)
• Poker
• Sports betting

Blackjack sees you try to win money directly from the house.

Casinos do everything in their power to hinder successful card counters. This includes using continuously shuffling machines, multi-deck shoes, and vigilant security measures.

Anybody who’s caught counting cards is often kicked out of the casino and banned. This is why it’s so important for card counters to blend in with normal players.

DFS and poker both see you compete against your fellow man. The house merely takes a small cut of tournament fees or cash game pots for poker.

Sportsbooks create lines in an effort to get equal betting action on both sides. The sportsbooks make their money by taking 10% juice from the losing group.

Every form of advantage betting has its pros and cons, but the key is that each of these activities offers the chance to make a healthy income.

Counting on It

People have been making a living through card counting since the early 1960s, and despite all the obstacles that casinos have put in players’ way, it remains possible to earn a living with card counting today.

You need a sizable bankroll in order to properly spread your bets and survive variance. The recommended minimum you should aim for is $20,000, but it’s better to have closer to $40,000.

How much you make depends upon several factors, including the following:

• Skill level – Successful counters have between a 0.5% and 1.5% edge on casinos.
• Hands per hour – 50 to 200 depending upon dealer speed & table size.
• Bet spreading – Difference between your lowest and highest bet.
• Deck penetration – The further into the shoe you get, the more confidence you can bet with.
• Counting system – Some systems are more accurate than others.
• Game rules – You want the best rules possible in order to lower the standard house edge.
• Tips – $5 per hour for the dealer is standard.

The final step is to figure out how many hours you’ll play and convert this into an annual salary.

The key is keeping an accurate count amidst casino distractions and blending in with normal players.

Fantasy

DFS is the newest game that offers skilled gamblers an opportunity to make money.

Daily fantasy sees you pay an entry fee to enter contests and compete against other players. The goal is to create lineups that score the most points and rank the highest in tournaments.

The truth, though, is that only a small percentage of those who play actually win. A study from 2015 showed that 1.3% of daily fantasy baseball players collect 91% of the winnings.

Saahil Sud, profiled in a WBUR piece, said he made over $3 million in profits in a single year. Former poker-pro Aaron Jones switched over to DFS and won a DraftKings contest worth $5 million in early 2016.

Of course, the average professional DFS player doesn’t earn quite this much. To determine a standard DFS salary, let’s consider the following factors:

• Entries per day— Most DFS pros enter several hundred contests every day.
• Stakes – Typical entry fees range anywhere from $1 up to $1,000.
• Fees— DFS sites tack on a 10% fee to each buy-in, which is where their profits come from.
• Skill level— Some pros have a bigger edge than others.

Of course, DFS is filled with variables, which is why it’s key to have a large enough bankroll to survive the ups and downs.

Poker

Poker has long been one of the most viable options for becoming a professional gambler. The reason why is because you’re competing against other opponents instead of the house.

It’s tougher to make a living in poker these days because the strategy is more prevalent. Real money online poker gives players a chance to rapidly accelerate their learning curve by seeing more hands per hour.

You can still become a profitable player with enough hard work and experience though. In fact, some pros still make six or seven-figure annual incomes with the game.

However, the vast majority of pros these days earn between $40,000 and $100,000 per year.

Poker is unique in that there are essentially two types of professionals: tournament and cash game pros.

Let’s look at the different considerations for cash vs. tournament play:

Cash Games

• Profit measured in big blinds (BB) made per hour.
• House takes 5% rake from cash game pots for running games.
• More control over annual salary than tournaments.

Tournaments

• Profit measured by rate of return (ROI) on buy-ins.
• House adds 10% fee to buy ins (e.g. $10 + $1 fee).
• Only the top 10-15% of the field makes money.
• Tournaments have more variance than cash games.

A cash player must figure out what stakes they must play to make a comfortable living based on BB earned per hour.

A tournament pro must decide what buy-in level they must choose to make a high enough ROI to live comfortably.

One more consideration here is whether you’ll dedicate the bulk of your time towards live or online poker.

Online cash games and tourneys offer more volume because you can play multiple tables. Plus hands and tournaments go much faster, giving you an opportunity to boost your hourly wages.

Nevertheless, many players find that their win rate is higher in live games. The most lucrative tournaments are found in land-based casinos, too, such as the World Series of Poker events.

Sports Betting

The good thing about sports betting is that you don’t need to have a massive win rate just to book profits.

Sportsbooks only take 10% juice from the losing side. This differs from DFS and poker tournaments where you must pay an extra 10% fee regardless of whether you’re a winner or loser.

The juice can be lowered or adjusted based on where the sportsbook is trying to push action, but 10% is generally the amount you’ll see taken from the losing side.

Pro sports bettors must be very keen at handling their bankroll since they’re dealing with such small profit margins. They also need to make larger wagers than “Gary the CPA from Ohio” to increase potential profits.

Some sports bettors have made millions of dollars with this model. But the average bettors are looking at more modest salaries ranging from $50,000 to $150,000 annually.

Conclusion

Being a pro gambler has some obvious benefits, including flexible hours, being your own boss, and the ability to increase your income.

Some gamblers, such as Saahil Sud and Bob Voulgaris, have even gotten rich with their skills. Of course, you may be perfectly happy making mid-5-figures, as long as you get to enjoy the aforementioned benefits, but there are also some downsides to be aware of. These include risk, highs and lows, no sick days, and the potential to lose everything.

The potential rewards can be great in the case of card counting, DFS, poker, and sports betting, but you also have to be disciplined and good at handling risk.

One of the fundamental, appealing aspects of sports betting
is that it’s possible to consistently make a profit. You need
to know what you are doing and apply the right strategies, but
it can be done. However, most bettors lose money in the long
run. There are several reasons why this is the case, one of
which is the fact that bookmakers use certain techniques to make
sure they are always at an advantage.

Successful sports betting is basically about overcoming this
advantage. Bookmakers are essentially your opponents, and you
have to learn how to beat them. Before you can do this, you need
to understand exactly how they are ensured to make money.

In this article, we explain the methods bookmakers use to
give themselves the advantage. We also look at the other main
reason why they make money: most bettors
make bad bets.

So, How Exactly Are the Bookmakers Making Money?

Bookmakers make money by the following:

1. They set the right bet prices (the vig)
2. Setting and changing the betting lines
3. Balancing the Book – Eliminating Risk
4. Counting on Bettor Emotions and Lack of Knowledge

Basic Principle of Bookmaking

The basic principle of bookmaking is straightforward and
pretty obvious. A bookmaker takes money in whenever they lay a
bet to a customer, and they pay money out every time one of
their customers wins a bet. The idea is to take more money in
than pay out. The art of bookmaking is in making sure this
happens.

Bookmakers can’t control the outcome of sports events, but
they can control how much they stand to win or lose on any
particular result. They set the odds for all the wagers they
lay, which ultimately enables them to ensure a profit.

Charging Vigorish/The Overround

The main technique bookmakers use to put the odds in their
favor is the inclusion of vigorish. Vigorish, or vig, is also
known as juice, margin, or the overround. It is built into the
odds bookmakers set to help them make a profit. In essence, it’s
a commission charged for laying bets. To best explain vig, we’ll
use a simple example of a coin toss.

The toss of a coin has two possible outcomes and each is
equally likely. There is a 50% chance of heads and a 50% chance
of tails. If a bookmaker were offering true odds on the toss of
a coin, they would offer even money. This is 2.00 in decimal
odds, +100 in moneyline odds, and 1/1 in fractional odds. A
successful $10 bet at even money returns $20, which is $10
profit plus the initial stake back.

Let’s say this bookmaker had 100 customers all betting $10 on
the toss of a coin, with half of them betting on tails and half
of them betting on heads. The bookmaker would stand to make no
money at all in this scenario.

As you can see from the above image, the bookmakers are
taking in a total of $1,000 in wagers, but they also have to pay
out a total of $1,000 in winnings whatever the result. Since
they are in business to make money, this is obviously not a good
scenario.

This is precisely why they build in the vig to the odds. They
can thus guarantee, theoretically at least, that they will make
money regardless of the outcome. When two outcomes are equally
likely, it is common for them to use odds of 1.9091 (-110 in
moneyline, 10/11 in fractional).

Continuing with the coin toss example, the odds on heads and
tails would still both be the same, but they would now be at
1.9091. This means that a successful $10 would return a total of
$19.09 ($9.09 in profit, plus $10 original stake).

Let’s see how that looks for the bookmaker now, with 50
customers betting on tails and 50 customers betting on heads.

As you can see, the change in odds has made a big difference,
and the bookmaker is now making a guaranteed profit on every
toss of the coin. The total amount they pay out is always going
to be $954.50 against the $1,000 they have received in total
wagers. Their built-in profit margin of $45.50 is the vigorish,
or overround, and it’s usually expressed as a percentage of the
total wagers received. In this case, the vig is equal to roughly
4.5%.

This is a very simplified example, but it does serve to
illustrate how bookmakers set the odds to give them an
advantage. Things get a little more complicated when it actually
comes to sports events, as the possible outcomes aren’t usually
equally likely. There are more than two possible outcomes in
many betting markets, and bookmakers aren’t always going to
take in exactly the same amount on all possible outcomes.

For these reasons, making money as a bookmaker isn’t as
straightforward as simply charging vig. Other techniques are
required to ensure consistent profits, and this is where the
role of odds compilers comes in.

The Role of Odds Compilers

Odds compilers set the odds at bookmaking firms. They are
also known as traders, and their role is absolutely essential.
The odds they set eventually determine how much in wagers a
bookmaker is likely to take in, and how much money they are
likely to make. The act of setting the odds for a sports event
is known as pricing the market.

There are a number of aspects involved in pricing up markets
for sports events. The primary goal is to make sure the odds
accurately reflect how likely any particular outcome might be,
while also ensuring that there’s a built-in profit margin.
Determining the likelihood of outcomes is largely based on
statistics, but very often a certain amount of sports knowledge
must be applied as well.

Compilers therefore have to be very knowledgeable about the
sports for which they are pricing markets; thus, they often
specialize in just one or two. They also have to have a solid
understanding of various mathematical and statistical
principles.

Let’s look at how a compiler might price up a market for a
tennis match in which Novak Djokovic is playing Andy Murray.
These two players are very close in ability, so the compiler
would have to take a number of factors into consideration. They
would look at current form, for example, and each player’s known
ability on the relevant playing surface. They would also take
the results of past meetings into account.

Based on all these factors, they might reach the conclusion
that Djokovic has roughly a 60% chance of winning the match and
Murray roughly a 40% chance. The odds that approximately reflect
these chances are Djokovic at 1.67 and Murray at 2.50. These
odds don’t include any vig, which would also need to be
considered.

Generally speaking, compilers have a target margin. This may
vary quite significantly for any number of reasons, but let’s
assume in this case that the compiler wants around a 5% margin.
They would reduce the odds for each player by 5%, giving 1.59
for Djokovic and 2.38 for Murray.

A bookmaker’s margin can be calculated by adding the
reciprocal of the odds for all possible outcomes and converting
it to a percentage. In this case, there are two possible
outcomes, and the following equation would be used.

How To Make Money Gambling On Sports Transfers

As you can see, the compiler has achieved the target of a 5%
margin. However, the job doesn’t end there. Compilers also have
to try and make sure that a bookmaker has a balanced book.

Creating a Balanced Book

When a bookmaker has a balanced book on a particular market,
he stands to make approximately the same amount of money
regardless of the outcome. With an imbalanced book, the outcome
would affect how much is made, and it could even result in a loss. A
balanced book is usually the preference, for obvious reasons,
and is what odds compilers typically aim for.

Continuing with the above tennis match example, a balanced
book would look something like this.

As you can see, based on $10,000 in total bets, the bookmaker
stands to make roughly $500 regardless of the outcome. This is
the target 5% margin. Let’s look at what would happen if that
$10,000 in total bets was spread evenly on both players.

In this scenario, the bookmaker has an imbalanced book. He
will make a profit if Djokovic wins, but will lose money if
Murray wins. It’s usually a scenario to try and avoid.

This is why you see odds on sports events fluctuate over
time. Odds compilers will continually adjust them to make sure
their book is balanced. For example, in the above scenario, they
could increase the odds on Djokovic to encourage more bets on
his winning, or they could reduce the odds on Murray to
discourage further bets on his winning. They could even do both.

There’s no guarantee that adjusting the odds will always
create a balanced book, but it usually helps. This is one reason
why the volume of bets is so important to bookmakers. As a
general rule, more money coming in means they are more likely to
get the balance right. It’s actually quite rare to get markets
perfectly balanced; the goal is simply to get as close as possible.

It’s worth noting that sometimes odds compilers will actually
want an imbalanced book. If they have confidence in a particular
outcome, they will try to create a situation where they stand to
make the most profit if it happens. If they are very confident
that Djokovic could win the match against Murray, for example,
they might decide to push the odds out on Murray to get more
action on that side of the book.

Summary

How To Make Money As A Kid

It should now be clear why bookmakers have a mathematical
advantage over their customers. They don’t always win money on
every single market they price up, but this advantage does help
to ensure they win money in the long run.

The advantage can be beaten, however. It’s not like casino
games where the odds are always stacked against you no matter
what you do. That being said, the mathematical advantage isn’t
the only reason why bookmakers make money. Their success also
comes down to the simple fact that most bettors place more bad
than good bets.

How To Make Money Fast

To avoid being one of those bettors, you need to understand
what actually makes for a good bet. Contrary to what many
believe, a good bet isn’t simply betting on what you think
might happen. Although this approach can be successful if you
are accurate often enough in predicting the outcome of sports
events, but the reality is that most people are not.

How To Make Money Online

For the best chance of making money on sports betting, you
need to be skilled in identifying betting opportunities that
represent good value. This is the real key to consistent profits
and something we explain more about in the next article.