How Gambling Sites Make Money
- How Do Gambling Websites Make Money
- Best Online Gambling Sites For Real Money
- Making Money Gambling
- Gambling For Real Money
- How To Win Money Gambling
- Can You Make Money Gambling
Without a doubt, the number one question we get asked in regards to betting
online is “How do I make money gambling online?” The answer as you might expect
is not a simple answer. While we wish we could just tell you to “do x, y, and z
and you’ll be rich,” it’s just not that simple.
Making money online comes down to game selection and having clear
expectations of what you’re doing. The opportunities are huge, and there are
millions and millions to be made if you look in the right spots. Lucky for you,
we’re going to do our best to educate you and point you in the right direction.
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The best way for us to approach answering this question is to answer it
individually for each different type of online gambling/betting that exists.
Specifically today we’re going to look at sports betting online, casino/table
games online, and skill-based online games. There are a few other obscure forms
of gambling online that do exist, but these main categories should encompass
almost all of the major types that are out there.
As a spoiler, I can tell you that it is possible to make money at each of
these, though, some will depend solely on your luck while the others are
sustainable based on your skill and abilities. The difference is going to come
down to whether the game is a luck based or skill based game. Let’s clarify the
difference first before we dive into each individual type of online gambling and
how to make money at it.
Luck vs. Skill
If you’ve ever hung around a casino or talked to gamblers before, you’ve
probably heard someone at least once tell you that they had a system to beat a
certain game. It might have been craps or roulette or maybe even blackjack. The
problem we always noticed when we heard this from someone was that they were
broke or were not rolling in the money. If they truly had a system to beat a
casino game, wouldn’t they be doing it 24/7 and living the high life?
The real reason they don’t do this 24/7 for a living and aren’t living the
high life is that
most casino games are luck based. Luck based games are games
where the house has the edge. This means that there are no super secret systems
out there that can beat these games outside of cheating. Does this mean you
can’t make money at them? Of course not. All it means is that in the long-run
over thousands and thousands of hands, spins, or rolls, the casino is going to
win.
This means you can most certainly make money in the short run. Many gamblers
go months and sometimes years winning at games. The thing to note, though, is
that this is a statistical anomaly that will correct itself. In the end, the
casino will ALWAYS win at luck based games. There is a silly cliché phrase
that explains this:
Spotting a luck based game is easy. If the game is run by a casino (live or
online) and you are playing against the casino and not versus other players,
this is a luck based game, and they are going to have a long run edge. Again,
you can still make money playing these games (and lots of it), but in the long
run over thousands and thousands of games, the casino will ultimately win.
Skill-based games, on the other hand, have no house edge. These games are
ones where players compete against each other instead of against the house (the
casino). The casino will take a small fee for facilitating the game, but
ultimately it is up to the players who wins the money.
Skill-based games are sustainable ways for people to make money long-term. If
you are good at a skill based game and can continually get people to compete
against you, you can make a full-time living playing the game. These games are
easy to spot as they are games where players are competing against other players
and not the house.
Making Money Online Playing Casino Games and Slots
We have some good news, and we have some bad news when it comes to making
money gambling on your favorite casino games and slots. The bad news is that
online casino games and slots are games of luck that the house will always have
a long-term edge on. The good news is that regardless of this, you can still
make a lot of money at them!
Addressing the bad news first, you need to realize that there is no system
out there to “beat” online casino games to make a living playing them. You will
never be able to be a professional slots player or a professional roulette
player or anything like that. Ultimately, the casino edge and statistics are
going to prevail, and the casino is going to win. Understanding this is
imperative to have a great time playing these games online.
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Regarding the good news, though, this does not mean you can’t make money
playing online casino games and slots. First, the casino edge is only for the
long term. The long term usually means hundreds of thousands and millions of
spins of a slot or roulette wheel or hundreds of thousands of tosses of the
craps dice etc. You may play the games and never ever experience the long term
statistics correcting themselves. The casino edge on most games is only a couple
of percentage points meaning you can totally have major winning sessions and
runs.
An Analogy to Help
Imagine this analogy. There are two bettors, you and a friend, who are going
to bet on the flip of a coin. You are going to take turns flipping the coin with
you allowed to bet on every flip. If the flip is heads, you win your bet. If the
flip is tails, you lose your bet. You do not have a choice; you have to bet
heads every time.
We all know that coins are going to land on heads 50% of the time and on
tails 50% of the time. Let’s say we alter the coin a little bit to make it more
like when we are betting against the casino giving them an edge. Let’s say that
this coin lands on heads only 48% of the time and on tails 52% of the time.
This represents the long-term edge that the casino is going to have.
You and your friend start flipping the coin and placing your bets against the
house. You each get to flip the coin 50 times. If everything happened without
any variance, you both would get heads about 48% of your flips and lose a tiny
bit of money to the casino over the course of the flips. But variance comes into
play. Variance says that over ALL 100 flips about 48% will be heads, but it
doesn’t necessarily say which of you two are going to get more or less of the
heads in the short run.
It’s possible that you get heads 48 of your 50 flips and your friend gets
heads zero times in their 50 flips. At the end of the day in the long-run, the
casino is still making money because it is winning 52% of its bets, but you’ve
made an absolute TON of money. The point here is that most recreational gamblers
will be operating in the short term for most or their entire gambling career.
Jackpots
Part of the way that this variance spreads itself out is through jackpots.
Not all players are going to win jackpots but if you do win one you can bet that
you’re going to be a lifetime profitable gambler (depending on the size of the
jackpot of course). Jackpots still fall in line when it comes to
statistics and house edge, but that doesn’t mean you can’t be one of the players
to fall outside of the statistical norm and strike it rich!
Bonuses
One way to fight back against the house edge and a lot of times turn it in
your favor (at least temporarily) is by
taking advantage of bonuses. Bonuses, as
you may already know, are free money/free spins/free play that online casino
sites will give you to try to attract your business. A lot of times the benefits
of these bonuses will turn the odds in your favor while you are using the bonus.
Of course, they won’t give you the bonus forever because they would lose
money and have to shut their doors. But in the short term, you can definitely
take full advantage of these promotions and clean up some easy cash. It’s also
of importance to note that there is no reason you can’t jump between a few sites
to take advantage of different promotions.
This is a lot like going to a different grocery store for a week because you
have a coupon for something. There is nothing unethical about it, and the sites
actually would prefer you use their promotions. The reason they run the promos
is to get you in the door to try out their product in hopes that you will stay
or make a change from your home site.
Making Money Online Sports Betting
Sports betting is a complete 180 the other direction from online slots and
table games. Sports betting is a skill based bet (depending on the bets you
choose). While you might think you are betting against the house, they are
actually manipulating lines so that you’re basically betting against other
players and they are taking a small fee for facilitating the bets. With proper
skill and a sharp eye, you can make a living as a sports bettor. Is this
difficult? You bet your butt it’s difficult but it’s completely possible, and a
lot of people do it every day.
So how do you make money online betting sports?
Simple. Join a sportsbook and
start making correct picks. Start with a sport that you know well and do
extensive research. If you can come up with a system to properly predict games
and outcomes, you can be a successful sports bettor.
One thing that is extremely important to point out is that you have to choose
the right type of sports bets or you’re going to be placing luck based bets
instead of skill based bets. As you may or may not know, you can bet on a lot
more than just who the winner of a game is going to be. You can bet how many
points will be scored, how many times they will do something, who will score
first etc. Some of these bets will require research and skill to make a correct
pick, and some are just going to be dumb luck.
Here are two different sports bet as an example. One is a skill based bet and
one is a luck based bet.
- Will Rob Gronkowski score more or less than 1.5 touchdowns in a game?
- Will the final score of the Patriots be odd or even?
As you can hopefully see, the first bet would require you to have strong
knowledge of how Rob Gronkowski is going to perform in a game. You would have to
look at the defense he is up against and predict the game plan of attack the
Patriots employ. There is a lot of skill that goes into picking this bet and the
more knowledgeable and skilled you are, the better off you will do. This is an
example of a skill based bet that you could profit from long term if you were
sharp enough.
The second bet about whether or not their final point total is odd or even is
really just dumb luck. You could make some crazy argument that you can predict
the exact game flow and how many points they score, but in reality, you are just
guessing. This is an example of a luck based bet that you can still make money
off of but it is not sustainable long term. As long as you’re aware of this,
have at it!
It’s important to point out that these bets are not segregated or separated
at all when you go to the online sportsbooks. The luck based and the skill based
bets are all going to be listed side by side, and it’s up to you to be able to
decipher the difference. Honestly, it should be easy to tell the difference by
just taking a few minutes to pay attention to what you’re betting on. If it is
something that you are struggling to find data and information to support your
pick, it is probably a luck based bet.
The Beauty of Line Shopping Online
One of the easiest ways to make MORE money online with correct sports betting
picks is through line shopping. Line shopping is a strategy that is not possible
with brick and mortar casinos due to logistics and has really only become
popular thanks to online sportsbooks. Line shopping is the process of checking
several different sportsbooks to get the best odds and payouts possible for your
bets.
You just can’t do this in real life unless you live somewhere like Vegas
where you have a ton of different sportsbooks right next to each other. Even
then, most of the books there are interconnected, so the odds are going to be
the same at all of them. Online, though, you tend to see a lot of greatly
varying lines for the same bet.
Let’s say you are planning to bet the Miami Heat to beat
the Golden State Warriors on the moneyline at +150. Let’s say you’re totally
confident on this bet and you think it’s the easiest bet in the world. Is this a
good bet for you to make?
A better question would be, is this the best bet you can make? If you were to
take a few seconds and line shop another online sportsbook, you would see that
one is offering the same bet for +170. This is the exact same bet except if you
place it at the second online sportsbook you will get paid out more money. If
you bet $100 and the Heat win, the first sportsbook will pay you $150 in profit
and the second will pay you $170 in profit.
How Do Gambling Websites Make Money
By simply taking advantage of the technology that comes with betting online,
you can make MORE money on a correct pick just by taking a few seconds to check
a few different sportsbooks. We can assure that this is not a rare occurrence to
find varying lines. It’s actually a fairly common occurrence to find different
lines, and it can greatly affect the amount of money you make betting online.
Making Money Online Playing Skill-Based Games
You may notice that in the title of this section it does not say anything
about “gambling.” This is because gambling refers to placing wagers on a game of
chance that you have no control over. Out of all the different bet types on this
page, these are the ones that you have the most control over. Skill-based games
are games that pit two or more players against each other. Skill-based games are
NOT played against the house, but as we stated earlier, the house takes a small
cut for facilitating the game.
Best Online Gambling Sites For Real Money
Skill based games can 100% be played for a living as long as you can continue
to get people willing to play against you. While some of these games do have an
element of luck, the majority of the game’s outcome is determined by skill. This
means that a worse player may win a few games in the short run, but the better
player will always win out in the long run.
For example, if you get your money in the middle playing Texas Hold em poker
(a skill based game) with pocket Aces against J-10, you’re supposed to win that
hand based on the statistics. However, it is entirely possible that you lose
that hand in an unlucky fashion. If you continue to get your money in
significantly ahead, though, statistics should even out, and you should make
money in the long run. Though you might lose in the short run, you will prevail
in the long run.
Some of the most popular skill games you can play for money online are:
For more information on playing these games online, here’s a guide we’ve put
together for you:
The Bottom Line of How to Make Money Gambling Online
Hopefully, if you’ve read until this point, you have a pretty strong idea of
the different options you have when it comes to making money gambling online.
Depending on whether you’re just looking for some recreational fun or a way to
make a living, we’ve given you several different options in both directions.
Remember, be realistic with your expectations and don’t try and make a career
out of a game that you are not statistically supposed to win long term at.
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:
- They set the right bet prices (the vig)
- Setting and changing the betting lines
- Balancing the Book – Eliminating Risk
- 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.
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.
Making Money Gambling
Summary
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.
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Gambling For Real Money
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 Win Money Gambling
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.
Can You Make Money Gambling
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.