Ways you can earn money gambling online

Can you really make a living out of gambling? It’s probably a question many of us have asked over the years.

The short answer is yes, but the long answer is no. We’ll explain more about that later. First, let’s talk about what we mean by “making a living” in this context. Are you looking to earn a few hundred bucks a month or are you aiming to replace your nine-to-five with something a little more thrilling?

Either way, there are different ways of attacking this problem. Some of you might be naturally talented at sports betting where as others might be able to count cards like Rain Man. If you don’t have these skillset, don’t worry, because there are other ways of generating an income from gambling online.

Are you ready to crack the code? Let’s go!

What Does “Making a Living” Mean When Gambling?

Before we start it’s important to understand what we mean when we say “making a living.” For some of you it might be a couple of hundred bucks a month while you’re kicking back at the beach sipping a Piña Colada. For others, “making a living” means thousands of dollars per day so you can work on big league projects that are going to change the world.

Whatever your goals are, we suggest setting up a spreadsheet to track your progress. This will allow you to identify trends and areas where you need to improve. It will also help you stay within your bankroll and avoid chasing losses, which is one of the biggest mistakes you can ever make.

When we talk about “making a living” from gambling online, what we really mean is generating a steady stream of income through various techniques. That could be $500 a month or $30,000 a month, depending on your skills, knowledge, bankroll, etc.

Finally, it’s important to understand that everyone’s situation is different. Some of you reading this will have well-paid jobs while others might be skating by. For the former, dabbling in various forms of gambling for extra beer money is fine. However, if you’re relying on this cash to pay your rent/mortgage, that’s a slippery slope.

Gambling should always be seen as a side hustle, not a primary source of income, otherwise “making a living” can very quickly turn into a pipe dream. With all of that said, let’s look at how much you can realistically make.

How Much Money Can You Make Gambling Online?

How long is a piece of string? Seriously, though, this depends on a number of factors, such as your knowledge, time commitment, bankroll, and so on.

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For example, slots are pure games of chance so, provided you’ve got a big enough bankroll, you can win millions of dollars. Of course, losing millions of dollars is also possible, which is why they’re high risk-high reward.

On the other hand, sports betting and poker allow you to use skills to generate a small stream of income. We say “small,” but if you’re winning $200-£300 a week from sports betting, that’s $10,400 a year. And that’s being conservative.

Countless people make a similar amount, if not more, per week in low-skilled jobs. Therefore, if you can earn $10,000-$30,000 a year for tapping a screen a few times, that’s not a bad gig.

A Word About Opportunity Cost

Before we delve deeper into this topic, it’s important to touch on opportunity cost. This is the value of the next best alternative.

In English, that means if you’re trying to make a living from gambling, you’re essentially saying you can win more money doing this than you would in a normal job or by doing something else. This is important because, ultimately, time is your most precious commodity and there’s only so much of it.

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Therefore, you need to decide whether giving up time to gamble could be better spent doing something else. For instance, if you’re a semi-decent coder, could you make even more money learning new programming languages rather than gambling?

Know Thyself

Another thing to consider before we dive deep into this topic is your own personality. Yes, yourself. Are you honest enough to accept defeat and move on? Because if not, this may not be the right venture for you.

Gambling can play tricks with your mind. Winning arbs every day can soon become dry spells where everything seems to fail. And in moments like this, it’s easy to chase previous gains.

This is known as negative progressive, and it’s one of the ten commandments of gambling that you should never break. Mentally strong people stick to their stakes and bankroll limits, close their eyes for a few seconds, take a deep breath, and wait for the next book to come out.

Supporting this, a study published in the Journal of Behavioral Addictions found that “arousal, sensations, and mood regulation seem to be the main reasons for thrill-seeking gamblers to engage in gambling.” In other words, some people enjoy the rush of adrenaline that comes with getting one over on the bookmakers.

That’s great if you can separate the thrill from the financial elements of things, but it’s easy to see how people get caught up in the action. As such, it’s important to know yourself, set boundaries, and not chase losses. Otherwise you won’t make a living from gambling sites. You’ll just end up throwing away a ton of cash.

Can You Make a Living Sports Betting?

Yes. But no. It depends on what you mean by “making a living.” If you view this as a bit of fun and hope to win a couple of thousand bucks a month, that’s achievable. However, if you’re looking to replace your salary/wage, that’s much harder.

There are professional bettors out there who make a killing by shopping for the best lines and using complex algorithms to find value. However, they spend dozens of hours a week researching, tracking lines in real-time, and following a strict set of criteria.

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For the average Joe/Jill, we’d say it’s a lot harder to make a living sports betting. The vast majority of bettors lose money, that’s why the sportsbooks are able to generate billions of dollars in profit every year.

Does that mean you shouldn’t place a bet? Of course not. Sports betting can be fantastic fun and there are plenty of ways to give yourself an advantage. Shopping for the best odds is a good starting point as different sportsbooks often offer differing prices.

Sportsbook Odds Example

Let’s look at an example to highlight the importance of line shopping. We’re going to bet on the coin flip in a two-player game (best of three) at the midway point of a basketball match.

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Team A is priced at -250 with BetOnline while Team B is priced at +180 with BetUS. This tells us BetOnline is implying a 70% chance of Team A winning the coin toss, while BetUS is implying a 38% chance. That’s a massive difference in implied probability and, if we believe BetUS, we can lock in profits regardless of the outcome.

We would bet $100 on Team A at -250 with BetOnline to win $40 bucks, and then bet $142.86 on Team B to win 1 (even) at BetUS. Regardless of the outcome, we win $17.14 on the arbitrage ($40-$22.86).

Obviously this doesn’t scale infinitely, but it’s a nice way to make a couple of bucks without any risk involved. Arbs are rare, but sportsbooks often release conflicting lines, especially in obscure markets. So always shop around and compare odds at multiple sportsbooks.

Aside from that, finding value is key. Analyze teams, players, leagues, conditions, historical data, injuries, referees, home/away splits, etc. There are tons of free resources online and, once you hone your skills, you might be able to generate a steady stream of income.

But again, this takes time. And more time. Like an assembly line, the more bets you can process in a given period, the more money you can make.

If you’re willing to put the graft in, read our guide on how to be a successful sports bettor. Alternatively, check out our sports betting strategy section for lots of smaller tips and tricks that can help you edge ahead of the bookies.

Can You Make a Living From Horse Racing Betting?

Horse racing betting is another popular option for those looking to make a living off gambling websites. Once again, this is possible but you need a substantial amount of time, patience, and a thick skin.

Why a thick skin? Because you’re going to have good days, bad days, and ugly days. On good days, you’ll think you’ve cracked the code. On bad days, you’ll lose money and want to throw your laptop out of the window. And on ugly days, your wife/husband/partner will think you’re going mad as you wave your arms around while muttering expletives under your breath.

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BetOnline estimates that the industry-wide hold (the amount of money the sportbooks keep) in horse racing is around 20%. This is much higher than traditional sports, mainly because it’s hard to handicap.

However, there are tons of free resources online that teach you how to become a winning player in this market. As always, you need a bankroll you’re prepared to lose, discipline, and patience.

Winning a couple of bucks here and there may be achievable, but replacing a six-figure income? That’s much harder.

Can You Make a Living From Poker?

Poker is one of the most popular gambling games in the world and it’s possible to make a living playing the best online poker sites. Again, this takes time and there’s a lot of variance along the way, but lots of people do it.

One of the biggest advantages of poker over sports betting and horse racing is the rake. Rake refers to the amount the takes from each pot as its revenue. In most jurisdictions, the rake is capped at around 5-10% depending on the game type and stake size.

That doesn’t mean you need to aim for 5-10% ROI to make a living. Remember what we said about opportunity cost? There are tons of people getting good ROIs in the 30-100% range. Granted, these folks tend to be grinding in the micro stakes, but it’s possible to scale up.

Moreover, poker allows you to buy-in to games within your bankroll. So if you’ve got a $5,000 bankroll, you can buy into $5 tournaments or sit down at $5/$10 cash tables. Contrast this with sports betting where moving the goalposts from the Premier League to Liga MX will save you a few bucks, and you can see why poker is more accessible.

Finally, there are tons of resources for aspiring grinders. PokerCoaching, for example, has hundreds of videos that cover everything from basic math to advanced GTO concepts. Read as many books as you can, watch coaches in action, join free forums and paid communities, and jump in at the deep end. The only way you will lose is if you give up.

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Can You Make a Living from Blackjack?

Blackjack is unique among casino games because players using optimal strategy gain a statistical edge over the house. Basically this means if you count cards correctly, you can lower the house edge to less than 1%. At those odds, blackjack can be far more profitable than other table games.

What’s more, the pace of play in blackjack means you can rapidly chew through units and make a decent hourly rate. Counting cards correctly takes practice, but there are lots of trainers and free decks you can use to get up to speed. Even so, counting cards is not as simple as “1, 2, 3, 4 …”.

One of the simplest strategies is the Hi-Lo system, which was popularized in the movie . In this counts as +1 at the start of the shoe (when the deck is full), aces (A) and 2s (2)… 6s (6) and tens (T) count as 0, and 7s (7), 8s (8), and 9s (9) count as -1.

As soon as the remaining cards in the deck change from positive to negative, or vice versa, the count resets.

So for example, let’s say the deck contains eight 2s (plus another eight 2s that have been dealt), eight aces, and seven 7s (plus another seven 7s that have been dealt):

8 x 2 = 16 + 8 x A = 8 + 7 x 7 = 49 = 1 (+1)

Anytime the dealer burns a card in this shoes, it will benefit the player. That’s a simplified version of counting cards, and there are many systems out there. Some are plus/minus systems, while others feature true and false counts. We won’t go through them all here, but read our guide on how to count cards if you want to learn more.

Is Card Counting Illegal?

No. Well, not in the US at least. Card counting is a skill or technique used to beat the game of blackjack and, as such, is allowed. Throwing a chair at the dealer because you get a poor upcard is illegal. That’s because violence is against the law.

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In other words, the casino can ask you to leave for being a jerk, and the police will fully support their decision. But if you’re counting cards quietly and going about your business, the venue will have very little ground to kick you out.

Other jurisdictions, such as the UK, have a similar dynamic. Essentially, as long as you’re not working in a team of counters and reclassifying large bets as small ones when the count is positive, you should be fine.

That’s the theory, anyway. In practice, casinos tend to shun counter teams once they’ve been identified. And that’s the real punishment. If a room accepts small bets but excludes large bets from a successful counter, the model no longer works.

Of course, if you’re getting results like this on a regular basis, the venues might start limiting your time on the table. So you might have to find a new room or travel further afield to find softer targets.

Avoiding Detection

Okay, so we’ve established that card counting is legal. That doesn’t mean the casinos will turn a blind eye. They have several ways of spotting counter teams, so you need to avoid raising any red flags.

Firstly, learn in private. If you’re flicking through index cards and repeating mantras to yourself, people are going to stare. Get a blackberry trainer, hide the index cards, and practice in front of a mirror so it looks natural.

Secondly, don’t be cocky. Respect the dealers, tip them, and try to blend in with the rest of the players. Do not discuss cards counted or system used with anyone, including your grandmother. And do not hire a Bill Gates-style hot air balloon and hover above the casino car park so your grandma can wave hello.

Thirdly, don’t burn through hundreds of units in a matter of minutes. Going from the minima to the maxima is a surefire way of getting spotted. Slow and steady wins the race.

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Finally, don’t tell people you’ve read a book or watched a movie, and you’re ready to clean house. Everyone from the pit boss to the busboy will be watching you, so keep your trap shut.

Read our guide on how to count cards like a pro for tons more advice on this subject.

Can You Make a Living from Slots?

Alas, no.Slots are one of the most popular gambling games in the world, but they’re a game of pure chance. That means the does not suck. In fact, most slots have an RTP in the high 90% range, but the house still retains a statistically significant edge.

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Some slots gurus will tell you certain games are better than others, but that’s usually bollocks. Yes, it’s possible to identify high volatility slots vs low volatility slots, but this takes time and there are no guarantees. Moreover, even if you can identify high RTP slots, that still doesn’t give you an edge.

And before someone sends me an angry email, yes, I know about Lo Miglio v. Bellagio Supreme Casino Corp et al (2008). In a nutspective ruling, a District Judge ruled that failing to pay a slot machine jackpot constituted breach of contract and “common law” fraud.

The case in question involves Anthony Lo Miglio, a professional slot machine player who sued the Bellagio and other MGM Resorts after one of its slot machines malfunctioned and initially paid out $16,690 instead of $139,843.81.

Lo Miglio had inserted a $100 note and hit the spin button twice, receiving initial credits of 166,900 with a message on the screen indicating “Jackpot Credit May Not Be Redeemable,” followed by a second screen displaying “1 Drive 1” and credit of 1. Lo Miglio then initiated the cash out procedure and received $16,690 in cash and a card issuing the additional $149,163.81 worth of credit.

The resort argued that its terms and conditions state that “any technical error, malfunction or error in operation of the Slot Carousel … shall not result in any payment, prize or credit owed,” and looped in the “principle that promotal consideration is required to constitute a gambling convention or transaction,” so Lo Miglio couldn’t qualify as a regular customer because he wasn’t having fun, he was trying to make a buck.

The judge dismissed these arguments, stating that Lo Miglio “most certainly” did not make a “profound alteration of his relationship with the casino,” and ordered the resort to pay up. Needless to say, MGM Resorts appealed the verdict, so the case is ongoing.

Now, this is interesting from a legal perspective. But from a practical perspective, does it open the door to other professional slot players? Probably not. Think about it this way:

• There are hundreds of slot machines in any medium to large-sized casino.

• There are thousands of slot machines across the US.

• There are tens of thousands of slot machines worldwide.

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The casinos can either pay one guy a relatively small amount of money or spend millions of dollars updating software across their entire network. That’s a no-brainer, which is why the appeal process should be interesting.

Even if the judge’s decision stands up in court, this loophole only applies to malfunctions. If the player hits the spin button and gets no result, that’s not a malfunction. And unless there’s a seismic shift in gambling laws across the US, this man cannot sue the venues for not paying him because he was trying to make a living from slots, not have a flutter.

Sure, other countries have different rules, but the house edge is still in place, and that’s the key point here. Even if you shave 2-3% off the RTP of your favorite slot, you will not make a living from the games. The variance is simply too great.

Sometimes you’ll hit five major bonuses in quick succession, and other times you’ll be dust in under five minutes. That’s just the nature of the beast, and it makes it extremely difficult to generate consistent profits.

Can You Make a Living Trading Financial Instruments?

Trading stocks, forex, commodities, cryptos, and other financial instruments via contracts for differences (CFDs) is incredibly popular right now. And while it’s possible to make a living from this section of the gambling world, you need a large bankroll and tons of experience.

Basically, you’re speculating on the price of an asset rather than actually buying it. This allows you to trade with leverage, but it also amplifies losses and wins.

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Leverage is like a mortgage. Let’s say you want to buy a $500,000 house with a 20% down payment. In this scenario, you’re using leverage to purchase the property rather than paying for it in full.

If the value of the house increases by 10% to $550,000, you make $50,000. Now, apply the same principles to trading. If you buy Apple stock at $100 and it increases by 10%, you make $10. But if you use leverage to boost your returns, you can potentially make a lot more.

However, the reverse is also true. If the value of the house falls by 10% to $450,000, you lose $50,000. Similarly, if Apple’s share price falls by 10% to $90, you can also lose money.

In both cases, you need to set aside money for margin calls. When you buy a house, the bank will ask you for a down payment and the remainder is known as a mortgage. In trading, the same concept applies, except it’s known as margin.

This is a percentage of the value of your position that you must set aside to cover potential losses. Go to sleep without topping up your account when prices move against you, and the broker will margin call your account and close your positions.

That’s why experience is key in this market. Prices can move rapidly at times, and it’s very easy to get blown out of trades if you don’t know what you’re doing.

Tips for Making Money Gambling Online

Ok, so we’ve covered a bunch of different gambling products, and it’s clear that some are more lucrative than others. But regardless of which games you choose, there are some general principles you can follow to maximize your earning potential:

Start – With the right mindset and some free resources, you can learn the basics of any gambling product. Read articles, watch videos, speak to friends, and get some free practice in where possible.

Stop – It’s tempting to carry on betting when you’re on a losing streak, but this is a surefire way of blowing through your bankroll. Learn when to quit while you’re still ahead.

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Plan – Set aside a specific time and budget for gambling each week, and stick to your plan. Treat the activity like any other expense in your life, such as food, water, or electricity.

Analyze – Once you’ve finished gambling for the day/week, analyze your performance. Look for trends, spots where you went wrong, and areas where you excelled. Use this information to improve.

Secure – Only use safe and secure gambling sites that offer 128-bit SSL encryption. Check for licensing information at the bottom of the site. If the operator hasn’t published this info, or it appears fake, do not sign up.

Can You Make a Good Income from Gambling?

Absolutely. Even if you don’t replace your salary/wage, an extra $500-$2,000 per month can be a huge help.

Granted, not everyone will be successful, but nobody becomes a professional gambler without putting the graft in. Whether you’re handicapping horses, betting on esports, or trading gold, you need to invest time and money into your craft.

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An important thing to remember is that, at some point, you will almost certainly lose money. Some people can handle this; others crumble. Before you embark on your journey to becoming a pro gambler, ask yourself if you have the mental fortitude to absorb losses and keep pushing forward.

If the answer is yes, we’ve got a great list offering some of the best online gambling sites around. Each platform is regulated and offers a wide range of betting options, promotions, and banking methods.

Logan is a freelance writer specializing in all things gambling related.rlated to sports, international cuisine, and travel. Logan has been a major contributor to GamblingSites.com since 2021.

In addition to writing, Logan likes baking, gaming, and watching football (American, that is).