We all dream of becoming rich, or at least independently wealthy. That dream of financial independence and being free of the constraints of working a 9 to 5 job. But is gambling the best way to make money? And if not, what are some better ways to make money?
So in this article, we’ll explore why most gamblers lose money and some good strategies for making money and side hustling in other ways.
Let’s dive in!
Can you become rich by gambling?
Casinos, online and otherwise, make millions of dollars every single day. The Wall Street Journal reports that a whopping 30% of gamblers win on any given day.
But the problem is most people don’t know when to quit when they’re ahead.
As the Kenny Rogers song goes, you have to “know when to hold ’em” and “when to walk away. Most of us just don’t have the discipline to ride the wave that is gambling.
So when we win, we tend to think, maybe just one more round and I’ll win even more. Unfortunately, that’s rarely true.
Do most gamblers always lose?
Unfortunately, according to that same Wall Street Journal article I mentioned above, only about 11% of gamblers walk away from a table or online gambling with more money in their pocket than when they started with.
Honestly, I’m surprised it’s even that high.
But they go on to point out that the few that do walk away with money walk away, on average, with just $150 bucks. So that’s a lot of work, anxiety, and stress for a relatively small amount of money.
Sadly, according to the National Council on Problem Gambling almost 6 million Americans have a gambling addiction! That’s a shocking statistic.
So if you want entertainment, by all means, walk into a casino. Bring a set amount of cash with you and leave your cards in your hotel room. When the money’s gone walk away entertained.
If you want to make real money in this world, you’ll have to focus on other things which I get into below.
Are their professional gamblers who make a living gambling?
The short answer is yes.
But of all the millions of people who gamble each and every day, only 0.5% of them could be considered professional gamblers. (source)
And most of those people bet on things like horse racing and football games. In other words, they aren’t doing it (for the most part) by playing poker or blackjack.
But bear in mind that just because someone is called a “professional gambler” doesn’t make them a millionaire.
Consider the odds for a minute (from the above-linked source):
- You must win 53% of the time to break even
- It’s almost impossible to win more than 58% of the time
That’s a pretty small window, 5%, where you need to land to do better than just break even. Would you invest your money in a stock where there was only a 5% chance of making money on it?
I don’t think so.
What’s the fastest way to make money online?
Ultimately doing what I do; blogging.
Don’t get me wrong. Blogging is not a get-rich-quick-scheme, at least not if you’re doing it right. But it is an outstanding way to start a side-hustle that could easily grow into something larger than your 9 to 5 paycheck.
And it doesn’t have to take a decade!
I started this blog in August 2016. I also made a ton of mistakes. But now, just 4 years later, I have 4 websites, a YouTube channel, and 1 more of each planned for later this year.
And my income from those sources is more than double what I was making in my 9 to 5 job. If you want to see how I did it and follow my footsteps step-by-step, just check out this article which details the process I follow. I also cover all the missteps I’ve made and mistakes to avoid.
Just click that link to read it on my site.
So you love gambling, huh?
Personally, I’ve always shied away from it. Sure, if you’re in Vegas, the allure of the slights, sounds, and people watching can be captivating.
But ultimately, gambling is designed for 2 things:
- To make you think just 1 more hand will put you on top
- To make the casinos rich
Everything else is just a smokescreen.
So go into a casino, not with the idea of winning big. Walk in wanting to be entertained. Set a maximum amount of money you are prepared to lose and don’t go over that. Leave your credit cards in your hotel room. Go and have fun.
Then when you’re back at your laptop, dive into some real strategies for earning real money in a more sustainable way.