How To Become Rich Through Gambling

Lotteries are the most-popular ways to get rich through gambling. Many people purchase lottery tickets at convenience stores on a daily basis. Interestingly enough, though, some of the same gamblers don’t realize that they can also purchase tickets through their phones.

• How To Get Rich Through Gambling
• How To Become Rich By Gambling
• How To Become Rich Through Gambling Addiction

1. There are many legal ways of gambling & betting you can use to become rich. You can find number of online gambling sites, casinos or you can even buy lottery tickets. But there is an equal chance of losing your money. If you can afford to take this risk then this is also one of the best way to make money.
2. The people I know who are rich from sports betting did it one of the following three ways: Formed partnerships to pool capital and efforts, and ran it as a business, with investment and negotiated relationships. Today this is usually done on BetFair, although people still do old-fashioned betting as well. Formed organizations to take bets.
3. The more the number of games, the more your chances of losing. That is the kind of games the bookmakers want. They tell you about the 0.0000001% who has won 5M with N100, because they want you to be greedy. You say you want to be rich through it, that is the kind of mindset that excites the bookmakers.

This is the first out of a three-part article series, which purpose is to investigate how one can make money from sports betting and the requirements of making a living from it.

Part 1: Having realistic expectations AND Different ways to make money from betting

Setting realistic expectations

If you already feel like skipping this part you are the type that would benefit the most from reading it.

First off, it is important to have realistic expectations.

As with anything in life, making money from sports betting requires time and effort.

And those looking for a get-rich-quick solution or minimal work are setting themselves up for disappointment.

Whether you have a job or are a student, things like this start as a side project.

Most of the people who work for Trademate are building their bankroll on the evenings and weekends, while working on Trademate during the daytime.

Whether you are studying, working a 9-5 job or making a living from playing poker, we think this approach makes a lot of sense.

It happens to be very compatible with value betting since that is when the majority of games are played anyway, and thus when the edges occur.

If you don’t need the money from betting to cover living expenses, it also reduces your risk as you have more legs to stand on financially.

It also enables you to reinvest any profits you make and keep building your bankroll. This, in turn, increases your turnover and potential profits.

You can keep doing it this way until you reach a point where it makes economic sense to do it full time.

Different ways to make money from sports betting

There are 2 main ways to make a living from sports betting:

The first is being able to pick winners. Which is what 99% of all tipsters and bettors out there are trying to do, and of which probably 98.9% are failing at.

To do this successfully, you would need to specialise in a market, preferably a niche market, where the bookmakers do not have the same level of information and knowledge as you, or where they can not interpret it as well.

If you want to try and create your own odds models, this article can help you get started.

The second way is to find value in the odds. Finding value can again be split into three groups: 1) Matched betting, 2) Arbitrage betting and 3) Value betting.

These can be ranked based on their potential risk and reward. The pros and cons of them are discussed in this article.

Also this guest post examines the pros and cons of arbitrage betting vs value betting.

At Trademate we are all about value betting as this gives the highest potential return of the 3 ways to make money.

The downside of value betting is that the risk is higher than for arbitrage and matched betting. This is because you only bet on one side of the game, the variance is higher. These articles and video explain variance.

Let’s use an example: If one takes a bet with 2.0 in odds, one can only expect to win 50% of the time. In the short run, anything can happen, e.g. losing 10 coin tosses in a row.

But over a large sample size, let’s say 10,000 tosses, the distribution of the number of heads and tails will be pretty much spot on 50/50 (the theory behind it is explained in this article and our big data analysis has shown that it has worked very well in practice for the Trademate users).

In practice, the potentially high variance nature of value betting, means that one needs to be prepared to place hundreds of bets, maybe thousands depending on the average closing edge and odds before one can expect the variance to even out.

One thing they all have in common is that they have hit bad swings, but made it through them.

We have had users who were breakeven at 1,500 bets, before they hit a good run and their profits soared up and past their EV line (expected value).

Before you start you should make sure that you understand the underlying principles of value betting, mainly exploiting market inefficiencies in our case.

It is not for everyone and if you decide that it is not for you, then that is ok. But then you will not be making a living from betting anytime soon.

Next, one needs to have the patience and discipline to stick with it, through both the upswings and downswings.

Reducing variance in value betting

There are steps you can take to reduce the variance in value betting, such as placing on lower odds, only placing one trade per game, placing trades close to kick-off, using a proportional staking strategy such as the Kelly Criterion and limiting it to 30% of the Kelly.

Also, one should apply a max stake size. We recommend operating with 1-2% of your overall bankroll. It is possible to set it higher and also to use a higher Kelly percentage if one wants to take more risk and increase the turnover.

Bookmakers limit winning players and how to increase your lifetime value

Whether it being matched betting, arbitrage betting or value betting, the soft books do not like winning players.

To stop players from winning, bookmakers will impose stake sizing limits on them.

Without getting a solid turnover, making money from either option becomes really difficult.

How long it takes varies from bookie to bookie. There are also internal differences at the bookies.

All of this does not mean that it is not possible to extract good value from them first though!

Also, there are steps one can take to make the accounts last longer before they get limited and thus increase the lifetime value of the soft bookmakers.

A topic we have covered in multiple articles, such as:

1. Article: How to stay under the radar and avoid bookmaker limitations

2. Article: How bookmakers track your every move and how to get around it.

3. Article: How bookmakers profile winning players

At Trademate we are currently supporting 100+ soft bookmakers. Playing through all of them should take some time.

Also, because we have so many different bookmakers and also trades to choose from, the number of people who pick the same trade is not particularly high and thus each individual account lasts longer.

We also switch out a couple of bookies every few months to keep things fresh and have added 10 new bookies this year. So our overall value offered is constantly increasing.

Sports trading

Finally, what about sports trading? Traditional trading involves buying and selling assets. Sports trading involves either placing a value bet, an arbitrage or hedging a bet.

Hedging a bet is basically to turn a value bet into an arbitrage bet. The difference between arbing and hedging is that when hedging, the bets are not necessarily placed at the same time.

For example in an arbitrage you place a bet on the home, draw and away within a short period of time, e.g. 1 minute. When hedging you would first place a value bet on e.g. the home team to win.

How To Get Rich Through Gambling

Then you can turn it into a sure win or a sure loss by taking a bet on both the draw + away team, or an Asian Handicap bet at a later point in time.

Hedging enables you to reduce your risk, but it also reduces the potential profit. We have covered the topic of hedging a bet in this article.

Ready for Part 2?

In the second part of the article series, we will have put some numbers on the different input factors that affect potential earnings and run some simulations.

Q: Have you ever heard any successful and rich person by spread trading?

A: This question was responded by an experienced trader whom I have full respect for -:
Actually, yes I do...quite a few, and some are SERIOUSLY rich! One person in particular...
She started with £2k and over a period of 2 years nearly lost it and just about came out flat... then she made a few hard decisions, mostly about honesty with herself and discipline... she currently makes about £1- £2k a day and its a bad day is when its only £500. She trades just a few stocks and very rarely holds overnight.
I also know of people who have worked on the inside for years. They all say similar things. They do have massively successful clients who make seven figure tax free sums most years. This IS NOT done via scalping but by either position or swing trading. Some clients hold positions for two years!
Although I'm not rich I do quite nicely on the whole spreadbetting and that's just little old self taught me. Just because people don't make the hall of fame does not mean they have not made a lot of money trading be it spreadbetting, cfd trading, warrants whatever...

This is not to say that spread betting is a way for easy riches; it is a known fact that the majority of spread traders fail. At a GFT trading seminar we attended we were informed that it could take up to two years before you start consistently making money spread betting.

Q. Is it possible to turn £10,000 pounds into £100,000 pounds in 1 year?

A: It is quite possible to turn £10,000 into £100,000 via spread betting but the odds are against you. You'd just have to be very lucky... Being this lucky, in my experience, wouldn't really do you any good. First of all, to have any chances of making it you would have to take really serious risks with leverage! Even if you somehow manage to turn £10,000 into £100,000 that amounts to an astounding 900% return on investment. By year end when you have your £100,000 you would start thinking why not turn £100,000 into £1,000,000 by the next year. Problem is that if you had been so lucky to achieve a 900% return what's the chance at being this lucky again? Chances are that one day your luck would run dry and you'd get trunked or struck by heavy losses - and you'd end up losing your capital and more...

Here's a trading system you could utilise if you are just about starting out and have £10,000 of available capital you are willing to risk (lose) -:
Most of the times I recommend only starting with £1000 after some months of successful demo spread betting. If you end up ahead after your first month of trading with real money, then simply add another £1000 to your trading account. If your second month is also successful, then add another £1000 for the next month. In this way you are proving (to yourself) that you are indeed successful before risking all of your hard earned cash.
If by any chance you end up losing all your money in a particular month, then you stop trading for the month. Do not deposit any more funds to your trading account until the following month and then retrace your steps and learn from your trading experience. As I said, you do not need big amounts of money to make it worthwhile. Say you are earning 8-10% per month and letting it compound. You take out 50% of your earnings each month to reward yourself and let the rest ride.
If you are starting with £10,000, then that would give you £400 each month the first year. The second year you would be starting with £16,000 in your trading account giving you £640 per month in earnings. etc. True, it's not a full-time income yet, but within 6 years you would be up to over £4000 per month and your trading account has increased to over £100k. After 10 years, your income would be over £27,000 per month.
The important thing is to be patient and not avoid getting greedy. Greed and the rush for riches is rookie thinking.

Q. Is it possible to become a millionaire spread betting?

A: Well, apart from the owners that run spread betting companies themselves , it is a fact that large fortunes can be made or lost from spread betting. It is documented that George Soros made almost $2 billion shorting the pound in September 1992 after betting almost all his wealth (however, in practice his profits amounted to some 10% since he risked a lot of his money on the punt). This episode earned him the unofficial title of the 'the man who broke the Bank of England' as the pound had to be devalued and withdrawn from the European Exchange Rate Mechanism.
But who exactly is George Soros?
George Soros is one of the living legends of financial investments. Today, his fortune runs into billions of dollars. His flagship is the Quantum fund and its various offshore offshoots.
George Soros was born on the 12th August 1930 in Hungary. He migrated to U.K. at the age of 17, and graduated from the London School of Economics. It was here that he became acquainted with the works of philosopher Karl Popper who had a profound impact on his thinking. He migrated to the U.S. in 1956, and started his own international investment fund – the Soros Fund Management LLC.
Soros actively invests a big portion of his assets in currencies and index-linked derivatives - but never for long. He flits in and out of these instruments incessantly, rarely holding a position for more than a few days. Soros is well-known for his generosity and started his philanthropist activities in 1979 when he provided fundis to help black students attend the University of Cape Town in South Africa.
A network of 20 foundations across Central and Eastern Europe organized most of Soros' philanthropic activity. The first was opened in Hungary in 1984. He pledged $100 million to support scientific research in the Commonwealth of Independent States last year, donated $50 million to Bosnia and financed a $25 million revolving loan to buy heating oil that helped Macedonia survive the winter. Soros has also authored eight books on various subjects.
Vince Stanzione is another well-known persona who raked in profits for more than £2 million spread betting commodities. However, a failed punt on the shares of HBOS cost Mike Ashley, an English millionaire retail entrepreneur some £300 million. This was when Mika Ashley opened a huge long position on HBOS expecting them to recover when in actual fact they kept going lower before finally being taken over by Lloyds TSB.
Another popular commentator and trader in the City, Simon Cawkwell, a trained accountant better known as 'Evil Knievil' made over a million-pound profit shorting Northern Rock in 2008. Now in his sixties, Evil Knievil established himself as a bear raider when he successfully shorted Maxwell Communication Corporation and Polly Peck International, two companies which went bust in the early 1990s.

How To Become Rich By Gambling

How To Become Rich Through Gambling Addiction

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