Can gambling be profitable?

While gambling has received a bad rap over the years in regards to how often and how frequently players are rewarded, it is possible to make a profit off of it if you know what you’re doing. It will take some time and effort, but with the right knowledge and strategy you could be earning just a little bit more cash..

Learn Your Stuff

If you want to win at the casino, you’re going to have to learn your game inside and out in order to put together an effective strategy.  If there’s any place to start learning from it would be at the bottom, so make sure you know all of the basics before you start trying to learn advanced techniques. You can do this by reading basic guides in books or online. Online casinos like Ladbrokes publish their own guides to their games that you can learn from, like their basic blackjack guide. They also have guides outlining popular strategies for their games, so make sure you take a look at those, too.

When it comes to sports betting, the first rule is similar – educate yourself. Don’t make your bets based on emotion. Making the right bets takes a lot of research and if you want to make a profit off of your bets, you’re going to have to dedicate a fair amount of effort to the cause.

Minimise risk and maximise profit

Gambling is a lot like making an investment. It’s unlikely that any right-minded investor would put money into a company or cause that they weren’t expected to make a profit off of. It’s the same with sports and casino gambling. Your goal should be to invest as much money as possible with 0% risk and guaranteed profits. The logic behind this strategy is to slowly build up your profits rather than put them in a risky investment and lose them all. Writer and broadcaster Simon Inglis had some interesting insight to this idea and after a year of following this method his profit margin stood at 18%:

“[I did it] by betting only on short odds. Never more than 1/1 (or “evens” as I learned to call it), but more often around 4/9. Thus my highest profit was £20, though typically it ranged from £6-£9.”

While his profit was small, it’s better to get a small profit than a big loss, so avoid betting on risky games.

When it comes to casino games, however, you can for the most part follow the same kind of principle. In card games like blackjack and poker, it’s sometimes better to fold and cut your losses than play on and lose even more. However, with games like roulette and the slot, you don’t really have the option to minimise your risks. You have the option instead to avoid these games completely due to their high risk factor or, with games like video slots, you can make your decision based on the jackpot and your odds if the odds aren’t enough in your favour and it has a big jackpot, it’s better to walk away.