Is It Possible to Live on Online Gambling?

By  //  February 1, 2021

This question has been asked many million times since people discovered gambling. Can a player make consistent profit in online gambling to live comfortably? It depends on who you ask.

If you won the World Series of Poker championship, you could live the rest of your life on the winnings. But can you hunt lucrative bonuses on and make small consistent wins to live on? Perhaps you could.

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Start by Perfecting Your Skills 

It is very hard to win consistently at anything by luck, even gambling. The best games to build your skills are card games. Slots depend on Random Number Generators; you can never train enough to beat a machine. But skill games like poker and blackjack are good candidates. You can learn to read bluffs, confidence, weakness, and the other emotions that happen in card games.

Sports betting is an even better proposition for building skills and knowledge. There are tons of historical data on teams, leagues, and players. Sports like football (soccer) have punters who analyze the game in great detail. There are hundreds of websites on match predictions. There are paid tipsters with proven profitability.

If you have to build your skills from the ground up, be prepared to put in the work. It is said that you perfect anything by working at it at least 20 hours per week. Pick your favorite card game or sport and start working at it.

Prepare a Bankroll

You need capital just like investing in a business. There are stories of people who built $50,000 from $1,000 in a year. But this is very unlikely to happen. Expert gamblers recommend starting with a bankroll of at least $5,000.

Remember that you will lose some games. What you are looking for is a winning rate to keep your bankroll growing, even as you draw your living expenses from it. Be prepared for the likelihood that your bankroll will go bust at some point. It has happened to many gamblers before they perfected their craft.

Learn to hunt for Value 

Casinos and bookies are always looking for ways to stay ahead and make a profit. They will drop the odds in games whose outcome is fairly predictable. They will offer lucrative bonuses but have high playthrough requirements which restrict withdrawals of these bonuses.

Again, sports betting is better for hunting value. There are thousands of matches happening across different games in a day. Sportsbooks cannot capably keep track of the things that influence match outcomes. For example, if a crucial player does not appear at the last minute in a third-tier league. The bookies may be slow on picking the anomaly, and you will bet at an advantage.

There are thousands of scenarios like the one above, happening every day which makes sports value betting lucrative. The good thing is that there are websites that keep track of these value bets so that you don’t have to spend hours hunting them.

Learn Money Management  

Many gamblers have decent winning rates, but their money management is poor. It is important to learn how to quit while you’re ahead. It is very tempting to keep going and wagering bigger when you are on a hot winning streak. You are also likely to keep wagering bigger stakes when you lose, hoping to recover your losses.

Money management involves having target profitability and loss levels. You quit once you hit either level. You will need lots of discipline for effective money management. It will make or break your aspirations to become a professional gambler.

You can make a living on online gambling if you put your mind to it. Professional gamblers call it the grind. Pick a game you like, develop skills, know when to play and when to quit. You will be set to live on the grind.