Making money gambling is a mystery to many. There’s a reason why most people think the house always wins.
If you look at statistics, they almost always do. On average, casinos can make about $630,000 a day. Yes, that’s one casino in one day.
With numbers like that, it can seem like breaking even can be a better goal than making money. If you play your cards right, it is possible to leave the casino with more money in your pocket than you walked in with.
Read on to find out how you can make money gambling.
Start with the Winning Mindset
Do you know what the difference is between hugely successful people and those who seem to be on the outside looking in?
It’s the mindset!
It’s true in business, sports, and gambling. Those that have a healthy approach to gambling seem to have a leg up on those who don’t.
They have a healthy respect for money, too. They don’t gamble with desperation to win. They gamble to enjoy it.
If they win, great. If they don’t, they move on. Losing money isn’t the end of the world to them.
How Much Should You Bet?
How much should you bet? It depends.
It depends on your bankroll, it depends on the quality of the bet, and the game you’re playing. For example, if you’re playing games that go slowly like poker or roulette, you can bet a little more.
A game like video poker will go fast, so you’ll have to manage your bets wisely. Otherwise, you could go through your entire bankroll in 30 minutes.
What you want to do is to go into the casino or sportsbook with a set budget to gamble with. You can have a little extra on hand to pay for food and drinks, too.
Your gambling budget is something that you stick to. You can have that in cash or chips and when you’re out, you’re out.
Rate Your Bets on a Scale from 1-10
One helpful method to determine how much you should bet is to take an analytical approach to betting. You can rank your bets on a scale from 1-10. It’s like creating a table of odds.
Let’s say you’re playing blackjack. You have an ace and a seven. Should you take a hit? In that moment, what do you think the odds are? If it’s higher than 7, bet more. If it’s a 5 or under, bet less.
Play the Right Games
Making money gambling comes down to choosing the right games to play. You can either pick games that have the best odds of winning or play games that you like to play.
The best case scenario is that you like to play games that have the best chance of winning. On top of that, you play the games that have the best chance of winning and become a master at them.
Think of the best poker players in the world. They didn’t become the top of their field by sheer luck. They trained and worked for it. Like world-class athletes, they became masters in their field, always improving and getting better.
If you can apply a bit of will to become a master at some of those casino games, you’ll be making money gambling more often than not.
Are You Going to the Wrong Casino?
Did you know that not all casinos are created equal? Some have better drinks and better entertainment options. Others have a reputation for winning.
Casinos offer rewards programs for gambling there. You can earn discounts, free rooms and more just for gambling there. For example, The Sands Casino in Bethlehem, PA offers rewards points and free drinks while you’re playing the slot machines.
Another thing that sets casinos apart is the minimum and maximum bets at the table. You’ll want to consider this along with the amount that you bankrolled.
You can also opt for online casinos, which have an array of games to play.
You Don’t Have to Go Big or Go Home
Don’t let your ego do the gambling for you. That’s one lesson that you have to learn. You may want to be the bigshot at the table to impress everyone, but you’re only going to lose in the end.
You don’t have to be the person who places the big bet that’s over budget. You just need to be smart and strategic with your best. Think of hitting base hits instead of home runs.
Avoid Betting to Get Your Money Back
Gambling requires discipline. It also requires an exit strategy and a plan before you walk in the door. You want to know how much you’re going to bet and what you’re going to play.
You also have to know when you have to walk away. Gamblers have a tendency to miss the mindset part and try to win the massive bet right out of the gate.
They inevitably fail because they start to lose a little bit. Then they play from behind the rest of the night, trying to make up losses.
They dig themselves deeper and deeper into a hole. That happened to one person who lost $127 million gambling in over the course of a year. He later sued the casino for his losses.
The lesson for you is that you have to know when to stop and walk away. It’s OK to lose money, but when you play to get it back, you turn into a desperate gambler who loses in the end.
Making Money Gambling Takes a Lot of Strategy and Little Luck
Have you ever seen someone who’s always making money gambling? They seem to have the Midas touch when they’re gambling. It’s not necessarily the Midas touch, rather it’s being strategic with their bankroll.
They know exactly how much to gamble, they manage their funds well, place smart bets, and walk away.
They want to win, but they treat winning like a preference, rather than having their kid’s college fund riding on their bets.
The more you understand the magic behind money, the more likely you are to win. Want to learn more about making money gambling? Take a look at these tips to win at blackjack.