While most people view gambling as an exciting form of entertainment, others view it as a terrible practice that is a waste of time and money. No matter what the various opinions are, however, there are actually people who gamble for a living. Are these types of people the luckiest people on the planet? Not at all. In fact, there is much more involved in gambling than most people realize. We will take a look at some of the main aspects of professional gambling and get some insight as to how professional gamblers make their living against the odds.
There are many forms of gambling, and it goes without saying that some forms are easier to profit from than others. For example, someone who is very interested in sports might find it easier to make money from sports betting than from playing blackjack at a casino. On the other hand, someone who is good with numbers will find it easier to profit from blackjack or poker. No matter what the game is there are several essential factors that need to be mastered and perfected, and luck is not one of them.
The first and most obvious factor of professional gambling is “Knowledge of the Game.” It isn’t enough to know a little about the game. It isn’t enough to know a lot about the game. You need to have a total and complete knowledge of whatever game it is you decide to play. You need to be a perfect player. However, in most forms of gambling being a perfect player will only give you a 50/50 chance of winning at best. You’ve no doubt heard of the dreaded “house edge.” If being a perfect player gives you a 50/50 chance of winning, think of what the odds are for 99% of the people that walk into a casino. They’re just there to have a good time, and their lack of knowledge puts them way below a 50/50 shot of winning. So if being a perfect player only gives you at best a 50/50 chance of winning, there has to be more to professional gambling. Right?
Bankroll management is easily the most important aspect of professional gambling. Your “bankroll” is the chunk of money that you use to gamble with. Not only do you need the proper amount of money, you need to know how to handle this money as things get hot and sticky. You need to know what to bet when you win, and what to bet when you lose. You can not approach a game with 50 dollars and expect to walk away with 200. You need to be realistic, and set realistic goals for winning. Most professional gamblers are happy with a 10% return. This sounds drastic to someone who gambles for the fun of it, but when it becomes a business things get both serious and realistic.
Discipline is also a top priority when it comes to gambling for a living. You need to know when it’s time to walk away. You need to be able to set a limit on your losses, and not go for broke like everyone else around does. Don’t let your emotions get the best of you. Gambling from day to day will involve swings both in the positive and the negative, and you need to be able to handle those swings without losing your mind or getting upset. Once your emotions override reason and begin to affect the way you play a particular game, you can kiss your money goodbye.
Experimenting with different systems can be very beneficial. Do your homework and figure out what works best. Learn to look for the trends in the gambling world. They are all over the place. No one can explain why trends happen, but they do. For example, flipping a coin gives a 50% chance of heads and a 50% chance of tails. And yet flipping that coin 1000 times you will see trends of results such as 4 heads followed by 2 tails, rather than an even heads and tails alteration. Don’t commit the “Gamblers Fallacy” and assume that because there has been 5 heads in a row, tails is more likely to come next. Each flip is independent of the other, and this is a big key in the gambling world. Most professional gamblers would advise you to follow the trends, not play against them.
These are just some of the basic factors involved in gambling for a living as a professional. If you want to see if you have what it takes, practice at a free online play money casino. Practice and perfect the big factors, such as knowledge, bankroll management, and discipline. Don’t make the jump to gambling for a living until you are sure you have what it takes to do it day in and day out. As it is said, “It’s a hard way to make an easy living.”
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