The first step to becoming a professional gambler is learning enough about probability to get an edge when betting. Casinos stay in business because they have a mathematical edge over most players. Your goal as a professional gambler is to only bet when you have anedge.

But how do you know if you have an edge or not?

You have to be able to do the math.

Luckily, it’s not hard.

Probability is just a mathematical way of looking at how likely certain events are. A probability of an event occurring is always a number between 0 and 1. If an event has a probability of 0, itwill never happen. If it has a probability of 1, then it will always happen.

Here’s an example:

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You flip a coin. You want to know the probability that it will land on heads.

You determine that by dividing the number of ways you can achieve the result you’re solving for by all possible results. When flipping a coin, you only have one way of getting heads. You alsohave two possible results—heads or tails. So your probability of getting heads is 0.5.

That probability can be expressed as a fraction or a percentage, too. 0.5 is the same thing as ½, and it’s also the same thing as 50%.

When you bet on a particular event, you can compare the probability of winning that bet with how much you risk versus how much you stand to win in order to determine the expected value of thatwager. For most casino games, your expected value on each bet is negative—the casino has an edge over you.

Here’s an example:

You bet on a single number at the roulette table. The probability that you’ll win that bet is 1/38. If you do win, you get paid off at 35 to 1 odds.

One other way to express a probability is in odds format. That’s a comparison of how many ways you can fail versus how many ways you can succeed. Since a roulette wheel has 38 numbers, youhave 37 ways to lose and only 1 way to win. That means your odds of winning are 37 to 1.

If you got paid off at 37 to 1, you’d have an edge of 0, and so would the house. If you could get paid off at 38 to 1, you’d have an edge over the casino. But you only get paid off at 35 to1, so the house has an edge over you.

In all those cases, your probability of winning is low, but if you get paid off enough money, even a low probability bet gives you an edge over the house.

How To Make A Living Off Gambling

Here’s why:

Suppose you play 38 spins of the wheel. You’re betting $1 on every spin. If you get results that mimic the mathematical probability, you’ll lose $37 and win $35. You lost $1 on 37 spins, and youwon $35 on one spin. That means your expectation is -$2 over 38 bets.

You can divide that expectation by the number of bets to get an amount you expect to lose on average per bet. In this case, your expected loss per bet is $0.0526. You can express that as apercentage if you like, and in this case, that percentage is 5.26%.

Your goal as a professional gambler is to only place wagers where you have an edge. Since your statistical results over a large number of trials should near the mathematical expectation, you canexpect a profit if you play long enough.

That’s the math that works for the casino, and that math can work for you as well.

Online gaming is commonly praised for its convenience. You can enjoy online gambling virtually anywhere through a smartphone or tablet.

Now, imagine if you were also able to make a living through this convenient form of gaming. Some people actually have the skills and know how to pull this feat off.

Part of their knowhow includes choosing the most-profitable forms of online gambling. After all, only certain types of gaming offer a long-term edge.

What can you play to emulate professional online gamblers and earn big profits? Here are the types of online gaming that can actually lead to profits.

Online Sports Betting

Sports betting sees you wager on outcomes involving sporting events. The most-common bet is a moneyline, which is a straight-up wager on which side will win a contest.

Here’s an Example:
– San Francisco 49ers +155
– Seattle Seahawks -185

You can see that the odds attached with these bets aren’t even. You stand to win $100 for every $185 wagered on the Seahawks. Meanwhile, you’d earn $155 for every $100 bet on the underdog 49ers.

Unbalanced odds give sportsbooks a profit margin (a.k.a. juice). As long as they don’t consistently lose big money to pros, they’re virtually guaranteed to make money thanks to the juice.

This profit margin might seem like a house edge, which guarantees that the average gambler will lose over time. But sports betting works differently.

You can still earn long-term profits by wagering on sports. You just have to win at a high enough rate to beat both the odds and juice

The rate that you need to win at to become profitable in sports gambling depends upon the exact odds. You can find plenty of calculators that allow you to determine the break-even point for each set of odds.

If you’re wagering on a team with -135 odds, then you’d need to win 57.4% of the time to break even. Assuming you betting on a team with +120 odds, you’d have to win 45.5% of your wagers.

The exciting thing about sports betting is that you don’t really have to win frequently to make profits. At 10% juice, the average professional only wins at a 53% to 55% rate.

The problem, though, is that sportsbooks have sharp enough lines to where it’s difficult to win over half the time. You’ll need to put in plenty of work to become a strong bettor.

Handicapping is the best place to start. This process involves looking at multiple variables involved with a match, then determining which side offers the best value.

Some of the variables that you want to consider include a team’s past performance, injuries, weather, statistics, and lineup changes. These aspects only cover the surface, but they provide a nice starting point with regard to learning handicapping.

You might also consider investing in a sports betting software program. They offer a number of helpful statistics that help you spot profitable betting opportunities.

Here are some of the situations that you can spot with these programs:

Arbitrage opportunity – A difference in odds at multiple sportsbooks that helps you make a guaranteed profit by wagering on both sides.
Public betting percentage – Shows what percentage of betting slips are on each side of a wager.
Odds change – Tracks every time that major online sportsbooks shift odds for various games.
Reverse line movement – When a line changes differently than expected, thus indicating which side the “sharp money” is on.
Steam move – When bookmakers change a line in near unison to counteract sharp money.

You don’t necessarily need to have software in order to be a probable bettor. But these programs are something that you should consider as you gain experience.

One more thing to realize is that being a successful sports gambler isn’t anything like people expect it to be. You don’t just get to sit around watching games and making money. Instead, you need to con

How To Make A Living From Gambling