The question I get asked the most when I tell people my profession is, how do you gamble for a living? Gambling has a huge amount of stigma because the losses far outweigh the gains in some circumstances. For every person who wins big in Las Vegas, there is a guy who loses everything down their local bookies. Obviously, it is scary to a lot of people, but not if you gamble properly and take the necessary precautions. Here are a few things I like to do to maximise my earnings.
Setting a budget is essential. A lot of professional gamblers might tell you that they like to work on instinct, but I am not one of them. My whole motto is why gamble when you can win and you can’t win if you go chasing the money every time you lose. You have to know when to walk away. Otherwise, you are not a professional; you are addicted. Set an amount that you are comfortable with and stick to it as much as you can.
Knowledge and research go a long way when it comes to a flutter. Regardless of what you like to gamble on, if you want to win you have to treat it like a science rather than what you fancy. You might win once or twice by trusting your gut, but over the long term stats and data will by your trusty friend. Have areas in the industry that you know inside out and use your encyclopaedic knowledge to help you hit the jackpot.
Although your budget may be strict, the games you play should be varied and flexible. Yes, you need to have a certain amount of knowledge to enhance your chances of winning big. But, you shouldn’t be afraid to act on a tip if you get it from a source you know and trust. For example, the Grand National or the World Cup are major sporting events that you might not know too much about, but if a peer who does passes on a bit of knowledge use it wisely.
Knowing your options is what makes the difference between a professional and an amateur. A professional can take advantage of any sporting arena and make money from it because they know when best to put money on it and stay away. For example, the statistics show that you are better off playing the Irish Lotto than the British version. There is ten percent more chance of winning and the prizes are just as big. Even if the percentages are minute, it still pays to know them because they can make the difference.
Like anything in life, practise makes perfect. Gambling is no different and there are ways to practise without spending a fortune. Whatever you like to play, there are always free versions available that you can try before you have to put any money down.
Gambling isn’t as immoral as people make it out. By following tips like the ones above, I am continuing to make a career out of it.