Can you make money from gambling?

Can you make money from gambling?

You can definitely make money from gambling and if you think about what gambling even is. It is clear that we all take risks daily, whether big or small, in a way it is a form of gambling. Just because you can make money from gambling, the odds are likely against you. If you think about why the companies even run gambling games, horse racing bets, casinos, lottery tickets, etc in the first place. It is simply because they want to make money from you. Millions of people take part in the lottery and let's face it the amount of money that you could win would be life-changing.

The only problem is that the chance of you winning is so slim. For the euro millions lottery, for example, your chances are precisely 1 in 139,848,160. If you think about that, is it worth paying for that ticket? Many people take part in the lottery once a week and over the course of their lifetime could spend up to £11,000 on just trying to win.

Not to mention that most people that win big end up spending it all on rubbish that they didn’t need in the first place and quickly end up poor where they started. This is because a rich person has a different mentality from someone that is poor. A rich person acquires assets through business endeavors, whereas someone that is poor may not be able to sort their expenses, they may find it difficult to stop the buying impulses, and lastly, they focus on getting a well-paid job instead of becoming the business owner. Anyway, let's explore some of the ways in which you can gamble to earn money to see if any of the ways seem viable.

Can you make money from the casino?

You can make money from gambling, however, you shouldn't. The reason why is because it's likely that you will always lose more money than what you make. Let me tell you an interesting story that happened to me last month. Last month my best friend picked me up in his car and spoke about how he played blackjack at the casino a couple of days prior.

I said ah cool, I knew how to play blackjack but have never actually been to a casino before. He said we can go now if you'd like, you don't have to place a bet he said. (as he knew that I was anti-gambling, mainly due to the fact that I believe you can't win, not long term anyway.)

We went off to the casino, and wow I loved the look of it in there. It was my first time and it did look somewhat like a movie set with the plush gambling tables and the bar, slot machines etc. He put £20 on the table and got it exchanged for four £5 chips. He played for a little while and quickly turned his £20 into £100.

I nudged him, I think we should leave now before you lose it. Wow, I thought, maybe you can win, has my friend actually figured out how to beat the fixed system? We got outside and I said out loud I don't believe it. That was crazy. He then felt buzzing, he wanted to take me to another casino as he was feeling very lucky. We went inside and again he turned £20 into £100 and we left. I honestly felt that he could not lose.

From then, every weekend when he was not working, maybe thinking that I was a good luck charm. We went to the casino and repeatedly I saw him lose £20 here, £40 there, and over the course of 2 months. Going to the casino on the weekend I did not see him earn any money, he lost a lot. So your question is can you make money from the casino? Yes, you can, but it is likely that you will always lose more. The casinos are there to benefit them, to make their money. The psychology of it all is that once you win, you’ll know that it's possible and you will continuously chase winning, and in the meantime, you will lose a lot more. Nowadays my mate doesn't go to the casino that much.

Can you make money on scratch cards?

Whilst yes, you can, the odds are not in your favour. Usually, with the cheap £1 scratch cards, you have a 1 in 4 chance of winning. Your winning is likely to be your £1 back, after a £4 spend. Even if you were to win bigger than that, it is so unlikely that you would win much compared to how much you spend. The companies involved clearly want you to buy them so that they can make more money than they give away.

Knowing that it is for their benefit and if you win, It won't be a life-changing amount. On top of that, you will likely feel 'lucky and give it another go. All of this kind of makes it not worth it. To back up this evidence, I have worked in retail and sold scratch cards to the general public.

I have seen many people come in, spend £100 or more on scratch cards. They come back the next day to collect their £30 earnings and to buy another £100’s worth. They never win big, not enough to actually cover the losses anyway. For that reason, I recommend either not buying them or just buying them for fun, or for a gift. When the fun stops, stop. There are so many things that you can gamble on such as horse racing, football game bets, slot machines, fruit machines, boxing, etc, and generally, the concept is always the same.

Gambling online

There has been a popularity spike in gambling online and many gambling-tailored websites have been created. These types of websites are often associated with negatives such as viruses, scams and are known as an untrustworthy way to gamble. Some gambling games are harmless, it can just be a way to play with ‘fake money or coins and just relax on your mobile.

What is good about gambling?

The only good thing about gambling is the fun or excitement that you can have. If you gamble occasionally for fun and you don’t mind losing some money, then it’s fine. It can be a nice thing to do on your birthday or special occasion such as a stag-do.

Going to the casino, limiting yourself to a small amount of money with the idea of just having fun, placing some bets on roulette, a couple of hands at blackjack, and using the slot machines. When the fun stops, you should stop. Gambling can cause real problems and can lead to you getting into debt and suffering from poor mental health. In severe cases of gambling addiction, you may even need to go to rehab to get your life back together.

What is the best way to gamble?

The thing that is the most worth gambling on is the thing that you find the most fun to do. Gambling shouldn’t be for the reward, because losing will only make you feel bad. Giving you feelings of guilt for losing the money. My nan when I was growing up used to spend money each week doing the lottery and I don’t know if it was a fun thing for her to do or the hope of winning that much money but she never did win. She must have entered each week for decades, that installed into my brain that I would not be that person that funds the lottery for someone else’s pay-out. 

I know you have to be in it to win it but really we should all feel that we deserve the money, winning that large sum takes away the well-deserved feeling and just makes us lucky. In terms of fun, my nan could sit for hours on those 2p machines, this is the perfect example of gambling strictly for fun, winning even a stack of two pence pieces’ won't make you rich! If being rich was your goal then you could gamble in a way that would be the most life-changing, however, knowing that the odds become slimmer as the possibility to earn becomes more, I think you are best at starting your own business and developing assets instead.

Up next: 15 Ways to Save Money

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