Many people gamble. Some for fun, some for the thrill, some to make money…but can you really make money gambling online? It depends on what you mean by “make money.” It definitely is possible to play any luck-based game for a short period of time and come out ahead. It can happen to you, too!
But over the long run? Can people really make money like that? Yes, there are folks who do it. Full time. But it’s not easy. A few tips can help get you going in that direction.
Make Money Gambling Online Tip #1: Use Only Reputable Gambling Sites
First, making money from online gambling is possible only if the casino runs a legitimate operation and actually pays out your winnings. Finding an honest online gambling venue is vital before you hand over any money.
- Thoroughly investigate the proprietor’s gambling provider’s license. You should find it at the bottom of the home page or on the About Us page. If they don’t have one, move on. If it’s a disreputable license, don’t play there.
- Know the dispute resolution process and how to use it before you start.
- Thoroughly research how to withdraw funds. Stay away from any site that has unreasonable delays or minimums built into the withdrawal system. Withdrawing money should be easy and convenient.
- Check the blacklists, whitelists, and online forums to determine a provider’s reputation. Stick to known brands or places that are highly regarded by fellow gamblers.
- Find out how – or if – the software is audited. Reputable proprietors will have the software regularly audited and tested by a third party to ensure it isn’t rigged and that the actual payouts match the claimed payouts. If you can’t find an auditor, go somewhere else!
Make Money Gambling Online Tip #2: Choose Games of Skill Over Games of Pure Chance
The “house edge” is how much money the casino expects to make from each bet. If the house edge is 3.5%, then the house expects to earn $3.50 from every $100 wagered. That means players can expect to win $96.50 from each $100 wagered. No one, except for the lucky few who hit a giant jackpot, makes money that way over the long run.
The only games that have no house edge are games of skill in which players wager against each other rather than against the house.
- Poker is the premier game of skill. However, consistently winning at online poker is more difficult than the real thing. Online players have access to resources that on-site players do not have, such as software to compute probabilities. If you want to sustainably make money playing poker online, you have to master the game and its math.
- Sports betting is also a game where the pros make a good living. Just as in poker, sports bettors are playing against other players. Bookmakers adjust moneylines and odds to achieve a balance between players wagering on one side or the other. Again, sports betting requires a high level of knowledge, mathematical skill, and cruising the bookmakers to find the best-value wagers.
- Online backgammon is becoming increasingly popular as an online wagering game. Just as in poker, it is possible to make a living with online backgammon. However, like online poker, players have resources, such as computers and reference materials, that on-site players don’t. You cannot make money playing from your gut or head.
- Video poker, although it is in many ways a game of chance played against the house, does offer opportunities for long-term gains. Players who choose the rare machines with a payout around or above 100% can beat the machine with specific hand-by-hand strategies.
Make Money Gambling Online Tip #3: Manage Your Gambling with a System
Professional gamblers treat gambling like a business. This is what it should look like:
- You should work from a predefined bankroll set per period and per gaming session. Your bankroll is the “budget.” You never go over this budget.
- From that bankroll, determine the amount and number of bets you will make at each gaming or wagering session.
- Just like a business, set up a bank account solely for managing and tracking your wagering funds. This not only allows you to manage these funds separately, but you can use all this information at tax time.
- Pros always bank rather than bet their winnings. At the end of a period, they withdraw their winnings. That’s their “paycheck.”
Make Money Gambling Online Tip #4: Play with Your Own Money, Not Bonus Money
Almost all online casinos offer bonuses of every stripe and color. Welcome bonuses, referral bonuses, cashback bonuses, comp bonuses . . . it’s like Christmas every day. Not really. Although these bonuses allow you to make wagers “for free,” you will not make money betting with casino money.
- Wagering requirements, sometimes as high as 60x the bonus, make winning from the bonus over the long term nearly impossible.
- Most bonuses come with a cap on the amount you can actually win. It does no good to win a million-dollar jackpot with bonus money if the cap on winnings is $50.
- Most bonuses restrict the games you can wager the bonus on. You can bet that games of skill are not on the list.
- Bonuses sometimes put restrictions on your money – that is, money you deposit. For instance, you may find yourself unable to make any withdrawal – even the money that you deposited – until the wagering requirements are met. That’s a sure loser in any book.
Pros use their own money, not gimmicks.