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Every gambler has thought about what it’d be like to earn a living through casino games. This spawns visions of making a 6-figure salary, feasting on comps, dressing like James Bond and traveling the world.
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But is being a professional gambler really this lucrative?
Let’s begin discussing the matter by defining what it means to be a pro. You and I will also cover the salaries that pro gamblers make in different games.
How Do We Define a Professional Gambler?
The term “professional gambler” is sometimes used interchangeably for both people who earn part-time and full-time income through gambling.
This makes sense because both groups have the skills to earn long-term profits. Therefore, you can technically be considered a pro gambler as long as you’re making profits of any kind throughout the year.
But I keep a much tighter definition of a professional gambler.
A true pro not only makes profits through gambling, but enough to pay all of their living expenses. This includes rent (house payment), utilities, car payment (transportation), insurance, meals, clothes and anything else deemed necessary.
A semi-professional is somebody who makes enough to supplement their income, but doesn’t earn full-time living through gambling. I’m only going to cover full-time professional gambler salaries in this post.
What Casino Games Offer the Chance to Make a Living?
The gambling world doesn’t offer an abundance of opportunities to make a living, but there are a few different games where you can earn some nice profits.
Here’s a list of the most common games that you can make long term profits with:
- Blackjack card counting
- Daily fantasy sports (DFS)
- Poker
- Sports betting
- Video poker
Blackjack and video poker both see you try to win money directly from the house.
Casinos do everything in their power to hinder successful card counters. This includes using continue shuffling machines, multi deck shoes and watching for counters.
Anybody who’s caught counting cards is often kicked out of the casino and banned. This is why it’s so important for card counters to blend in with normal players.
Casinos don’t usually worry about advantage video poker player. In fact, some games are set up to offer positive expected value (+EV) to players who use perfect strategy.
Another problem is that it’s now harder than ever before to find video poker games offering over 100% payback like Deuces Wild (100.76% payback), Double Bonus (100.17%) and Double-Double Bonus (100.07%).
DFS and poker both see you compete against human opponents. The house merely takes a small cut of tournament fees or cash game pots (poker).
Sportsbooks create lines in an effort to get equal betting action on both sides. The sportsbooks make their money by taking 10% vigorish (juice) from the losing group.
Every form of advantage betting has its pros and cons, but the key is that each of these activities offers the chance to make a full-time living.
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Salaries for Professional Gamblers in Different Games
Card Counting
People have been making a living through card counting since the early 1960s, and despite all the obstacles that casinos have put in players’ way, it’s still possible to earn profits with card counting today.
You need a sizable bankroll in order to properly spread your bets and survive variance. The bare minimum you should aim for is $20,000, but it’s better to have closer to $50,000.
How much you make depends upon several factors, including the following:
- Skill level – Successful counters have between a 0.5% and 1.5% edge on casinos.
- Hands per hour – 50 to 200 depending upon dealer speed & table size.
- Bet spreading – Difference between your lowest and highest bet.
- Deck penetration – The further into the shoe you get, the more confidence you can bet with.
- Counting system – Some systems are more accurate than others.
- Game rules – You want the best rules possible in order to lower the standard house edge.
- Tips – $5 per hour for the dealer is standard.
Now, let’s set up an example by creating variables behind your counting session:
- You have a 1% edge based on the rules, your skill level and using the Hi-Lo counting system.
- The dealer is dealing 100 hands per hour.
- Your minimum bet is $25, and you spread up to $175 during favorable counts (i.e. 1 to 7 spread).
- You get 70% deck penetration before the shoe is reshuffled.
- You tip $5 per hour.
Here’s how this example would play out in terms of profits:
- Your average bet is worth $50 ($25 minimum; spread up to $175 for favorable counts).
- $50 average bet x 100 hands = $5,000 in hourly bets.
- 5,000 x 0.01 edge = $50 hourly win.
- $50 hourly win minus $5 tip = $45 hourly profit.
Some counters make $100 or more per hour by improving their edge up to 1.5% and/or increasing bets, but many players are happy with a $45 per hour rate to start with.
The final step is to figure out how many hours you’ll play and convert this into an annual salary. Here are a few different figures on how much you’d make per year:
- $45 x 40 hours per week x 52 weeks = $93,600 per year
- $45 x 30 hours per week x 52 weeks = $70,200 per year
- $45 x 20 hours per week x 52 weeks = $46,800 per year
- $100 x 40 hours per week x 52 weeks = $208,000 per year
The last figure shows what’s possible for a really good card counter who makes $100 per hour. The $45 calculations show that even decent counters can make good money.
The keys, though, include keeping an accurate count amidst casino distractions and blending in with normal players.
Daily Fantasy Sports
DFS is the newest game that offers skilled gamblers an opportunity to make money.
Daily fantasy sees you pay an entry fee to enter contests and compete against other players. The goal is to create lineups that score the most points and rank the highest in tournaments.
Daily fantasy sports experienced a big boom in 2015, thanks to clever marketing campaigns that make it seem like any sports fan can win.
The truth, though, is that only a small percentage of those who play actually win. A McKinsey study from 2015 showed that 1.3% of daily fantasy baseball players collect 91% of the winnings.
Despite these long odds, many people still enjoy trying to win in daily fantasy, but what exactly can you expect to win if you’re among the small percentage of DFS pros?
The potential for big winners is there for the most skilled daily fantasy players.
Saahil Sud, profiled in a WBUR piece, said he made over $3 million in profits in a single year. Former poker pro Aaron Jones switched over to DFS and won a DraftKings contest worth $5 million in early 2016.
Of course, the average professional DFS player doesn’t earn quite this much. To determine a standard DFS salary, let’s consider the following factors:
- Entries per day— Most DFS pros enter several hundred contests every day.
- Stakes – Typical entry fees range anywhere from $1 up to $1,000.
- Fees— DFS sites tack on a 10% fee to each buy in, which is where their profits come from.
- Skill level— Some pros have a bigger edge than others.
Now, let’s input variables to come up with an average daily profit:
- 300 entries per day
- $100 + $10 (fee) average buy in
- 300 x $110 = $3,300 daily fees
- You’re playing for $3,000 after subtracting fees
- Expected value based on skill is 115%
- $3,000 x 1.15 = $3,450 winnings
- $3,450 – $3,300 = $150 in daily profits
If we multiply $150 by 365 days, you’ll earn an annual salary worth $54,750.
Of course, DFS is filled with variance, and you won’t always feel like you’re on the path to a solid $55k per year. This is why it’s key to have a large enough bankroll to survive the ups and downs.
Poker
Poker has long been one of the most viable options for becoming a professional gambler. The reason why is because you’re competing against other opponents instead of the house.
It’s tougher to make a living in poker these days because strategy is more prevalent. Online poker gives players a chance to rapidly accelerate their learning curve by seeing more hands per hour.
You can still become a profitable player with enough hard work and experience though. In fact, some pros still make six or seven figure annual incomes with the game.
However, the vast majority of pros these days earn between $40,000 and $100,000 per year.
Poker is unique in that there are essentially two types of professionals: tournament and cash game pros.
Most rounders mix up their play between both platforms. However, the majority of poker pros also specialize in either tourneys or cash games.
Let’s look at the different considerations for cash vs. tournament play:
Cash Games
- Profit measured in big blinds (BB) made per hour.
- House takes 5% rake from cash game pots for running games.
- More control over annual salary than tournaments.
Tournaments
- Profit measured by rate of return (ROI) on buy ins.
- House adds 10% fee to buy ins (e.g. $10 + $1 fee).
- Only top 10 15% of field makes money.
- Tournaments have more variance than cash games.
A cash grinder needs to figure out what stakes they must play to make a comfortable living based on BB earned per hour.
An example is if you played $10/$20 no limit Texas hold ‘em and made 1.5 BB per hour. This equates to $30 per hour, $1,200 per week for a 40-hour workweek and $62,400 for a full year.
A tournament pro must decide what buy-in level they must choose to make a high enough ROI to live comfortably.
If you spend $20,000 on tourney buy-ins in a week and make $22,000, then your RIO is 10% ([22,000 20,000 / 20,000). This means that you’ll earn a $10 profit for every $100 you spend on tournament buy-ins.
One more consideration here is whether you’ll dedicate the bulk of your time towards live or online poker.
Online cash games and tourneys offer more volume because you can play multiple tables. Plus hands and tournaments go much faster, giving you an opportunity to boost your hourly wages.
Another Internet poker advantage is that you cut out extra expenses like traveling, hotel stays, meals and dealer/waitress tips.
Nevertheless, many players find that their win rate is higher in live games. The most lucrative tournaments are found in land-based casinos, too, such as the World Series of Poker events.
Sports Betting
The good thing about sports betting is that you don’t need to have a massive win rate just to book profits.
Sportsbooks only take 10% juice from the losing side. This differs from DFS and poker tournaments where you must pay an extra 10% fee regardless of whether you’re a winner or loser.
The juice can be lowered or adjusted based on where the sportsbook is trying to push action, but 10% is generally the amount you’ll see taken from the losing side.
The end result is that you need to win 52.38% of your bets to break even. How do we arrive at this number?
You need to bet $11 to win $10 when the juice is 10%. You must win 11 out of every 21 bets to break even at this rate, which is a 52.38% winning percentage (11/21).
This doesn’t sound intimidating when compared to how good you must be at poker or DFS to win long term, but it’s also really tough to continually find value because sportsbooks are so good at setting lines.
Professional sports bettors usually win anywhere from 53.5% to 55.0% of the time.
Some handicappers brag about higher win rates ranging from 58.0% to 60.0%, but these figures are almost impossible to sustain long term.
Pro sports bettors must be very adept at handling their bankroll since they’re dealing with such a small profit margin. They also need to make larger wagers than the average bettor to increase potential profits.
The general rule of thumb is to never bet more than 1% to 2% of your bankroll on any given contest. If you have a $100,000 bankroll, you’d never put more than $2,000 of this on any single event.
Some sports bettors like Billy Walters and Haralabos “Bob” Voulgaris have made millions of dollars with this model. But the average bettors are looking at more modest salaries ranging from $50,000 to $150,000 annually.
The key to figuring out how much you can make involves determining your ROI just like a poker pro. For example, if you make $10,000 worth of bets during a week and earn back $10,500, then you have a 5% ROI for the week ([10,500 10,000 / 10,000).
You then need to expand this to cover an entire year. Let’s look at an example below:
- You place $1,000,000 worth of bets during the year.
- You win $1,060,000.
- Your profit is $60,000 for the year (1,060,000 1,000,000).
- Your ROI is 6% ([1,060,000 1,000,000] / 1,000,000).
A 6% ROI is extremely high for sports betting, but this is just a simple way to show how to calculate your ROI and salary.
Video Poker
Video poker has good and bad things going for it these days.
The good news is that you can virtually guarantee yourself profits if you become a skilled enough player. The downside is that there are fewer and fewer +EV machines in casinos today.
Your best bet is to find a full-pay Deuces Wild machine, which pays back 100.76%. You also need to take advantage of as many double and triple comp point promotions as you can.
You can find which land based casinos offer full pay Deuces Wild by visiting the site vpFREE2.com.
Once here, navigate to the “Casinos” tab and look in the Las Vegas section. I see 13 different casinos that offer full pay Deuces Wild at the time of this post.
Unfortunately, the highest coin denomination for these machines is only $0.25. In past decades, you could find $1 denomination machines that quadrupled your potential profits.
Even under the right conditions, the odds of you making a good living with video poker are slim. Let’s run the math on what you can expect:
- You play full pay Deuces Wild (100.76% payback).
- You bet 5 coins per hand on a quarter denomination machine ($1.25 per hand).
- You play 1,000 hands per hour, which is extremely fast.
- The casino is running a triple loyalty point promotion.
- The casino comps 0.1% of your total bets, or 0.3% for triple points.
- 1,000 x 1.25 x 0.0076 = $9.50 regular hourly winnings.
- $1,200 total bets x 0.003 = $3.60 in comps
- You earn $13.10 per hour.
Even if you spend 50 hours in the casino, this only works out to $655 per week, and you’d earn $34,060 when we stretch this out for an entire year.
Most people can get by on this salary, but it’s far from what anybody envisions when becoming a professional gambler.
Conclusion
Being a pro gambler has some obvious benefits, including flexible hours, being your own boss and the ability to increase your income.
Some gamblers, such as Saahil Sud and Bob Voulgaris, have even gotten rich with their skills. Of course, you may be perfectly happy making mid 5-figures, as long as you get to enjoy the aforementioned benefits, but there are also some downsides to be aware of. These include risk, highs and lows, no sick days and the potential to lose everything.
It’s up to you to weigh the good and bad before ultimately deciding to pursue a professional gambling career.
The potential rewards can be great in the case of card counting, DFS, poker and sports betting, but you also have to be disciplined and good at handling risk.
Is it easy to win a million dollars?
Obviously, it isn’t, or everyone would do it.
But is it possible to win a million dollars?
Of course, it is. People do it every day.
The question is HOW to win a million dollars. And in this post, I bring you not just one answer to that question, but 7!
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Here are 7 different ways to become a millionaire by winning money.
1 – Powerball or Mega Millions
Most people know you can win a million dollars playing the lottery. The 2 biggest lottery games where you can win over a million dollars are Powerball and Mega Millions.
Powerball is available in 44 states. The minimum jackpot for Powerball is $40 million, but it’s a progressive jackpot, so it goes up every week until someone wins.
To buy a Powerball ticket costs $2. To play, you choose 5 numbers from a set of 69 white balls. You also choose one number from a set of 26 red balls. (The red balls are the Powerballs.)
To win, you match the numbers that get drawn during the big drawing. During the drawing, the lottery uses a machine to draw 5 numbers from the white balls and another machine to draw a single number from the red balls. You can win a prize amount by matching as few as 3 of the white balls or by just matching the Powerball.
To win the big prize, though, you must match all the numbers.
Mega Millions is also available in 44 states. The minimum prize for Mega Millions is also $40 million, and, like Powerball, that prize amount goes up every week until it’s won.
To buy a Mega Millions ticket costs $2. You choose 5 numbers from between 1 and 70, and you choose 1 number from 1 to 25. If all 6 of your numbers match the 6 numbers during the drawing, you win the jackpot.
The main thing that distinguishes Mega Millions from Powerball is the optional “Megaplier.” This costs an extra dollar per ticket to play, but if you win, you get a multiplier to the jackpot of 2X, 3X, 4X, or 5X.
I should point out that even though you CAN win a million dollars in these games, you probably won’t. In fact, the odds of winning a million dollars in any kind of state-run lottery are painfully low.
The odds of winning either of these are roughly 1 in 300 million. The odds of winning Mega Millions are slightly worse than the odds of winning Powerball.
But when you get into odds that long, there’s no practical difference between 1 in 302 million and 1 in 292 million.
2 – Megabucks
Megabucks sounds like another lottery game, but it’s actually a wide-area progressive slot machine game with a minimum prize starting at $10 million.
A progressive slot machine is a game where the jackpot rises continually until someone hits the jackpot. A “wide-area” progressive slot machine is one which shares a jackpot with multiple machines in a specific geographical area. A tiny percentage of each bet you make on such a slot machine goes toward increasing the size of that jackpot.
You’d expect a slot machine game with a jackpot this big would be complicated, but the opposite is true. Megabucks is a simple 3-reel slot machine game with a single payline. It doesn’t get much more basic than that.
You can bet $1 or $2 per spin, but to have a shot at the jackpot, you must make the maximum bet of $3 per spin. Unlike the lottery games in the previous point, Megabucks is won relatively rarely—on average, just twice a year since the game’s inception in 2005.
The odds of winning Megabucks are better than the odds of winning the lottery by a significant amount. You’re looking at a probability of roughly 1 in 50 million.
You’d think that with significantly better odds, you’d see Megabucks winners more often than Powerball or Mega Millions winners, but the lottery games have more customers over a much larger geographic area.
When discussing a huge progressive jackpot or prize like this, payback percentage becomes practically irrelevant. After all, the payback percentage takes into account an event that’s so unlikely as to be practically impossible.
That being said, it seems as if the payback percentage for Megabucks averages around 89%.
If you like playing for big, life-changing jackpots, Megabucks might be a lot of fun.
On the other hand, if you enjoy frequent small wins, Megabucks is probably best avoided.
3 – Las Vegas
The Megabucks slot machine isn’t the only way to win a million dollars in Las Vegas, although it’s one of the more exciting because of the size of the jackpot.
One way to get a huge positive expected value, even though it will probably be unrealized, is to try the Million Dollar Slot at Harrah’s. It’s a huge positive expected value because you can play it for free. Since the expected value takes into account the probability of winning and losing versus the amount won or lost, when you get a free spin, the expected value goes way up.
To play Million Dollar Slots for free, though, you must become a Total Rewards member. (That’s just the name of the slots club or players club at Harrah’s.)
You can find other progressive slot machine games throughout the city with lower prizes than Megabucks, too.
And a lot of table games have progressive side bets which can reach $1 million or more. A few years ago a player won a million dollars with the 6-card bonus jackpot at the Three Card Poker tables at Paris Las Vegas.
You could even win a million dollars playing keno, which is basically a casino-run lottery with multiple drawings per hour.
4 – Draftkings or Fanduel
Fanduel was one of the earliest players in the daily fantasy sports industry. They launched in 2009.
Draftkings is the other big player in the niche. They launched in 2012.
Draftkings is based in Boston. They offer daily and weekly contests where you win money based on how players and teams that you draft perform. The 5 major American sports are all represented, too:
- Major League Baseball
- National Basketball Association
- National Football League
- National Hockey League
- Professional Golf Association
They don’t limit themselves to just those sports, though—they also offer contests based on car racing, mixed martial arts, soccer, and tennis.
Fanduel has a similar business model, and at one point, they were going to merge with Draftkings. That merger was canceled for monopoly concerns, as the 2 companies combined would control 90% of the market. Since then, Fanduel has been acquired by Paddy Power and Betfair, and they’re expanding into sports betting.
Their business model involves hosting tournaments, and some of their tournaments have prize pools in excess of a million dollars. You can find more details about their ongoing and upcoming tournaments on either of their websites.
5- The Price Is Right or Wheel of Fortune
Some people seem to think that you can win a million dollars playing Price Is Right. I base that on Google’s autosuggest feature. When I type in “how to win a million dollars,” one of the suggested searches in “how to win a million dollars price is right.”
The same logic applies to Wheel of Fortune.
I get the same suggested search.
Google bases these auto-completed search strings on actual user searches, so apparently, that’s a pretty common search.
But it’s really tough to win a million dollars on Price Is Right. The biggest prizes on that show tend to be in the 6-figure range, like sports cars in the $150,000 to $300,000 range. In 2008, they did have a Price Is Right night-time special with a million dollar prize.
Winning a million dollars on Wheel of Fortune is a lot easier, but it’s still hard. Of course, you’ll have to become a contestant on the show just to get a shot at it, which isn’t necessarily the easiest thing in the world. You can apply to become a contestant on their official site.
Then you have to spin the big wheel and hit the million dollar stop. That’s a 71 to 1 proposition by itself. You then need to solve the word puzzle to go into the bonus show, which has another random requirement—you have 23 to 1 odds of hitting the million dollar stop on the wheel during the bonus game, too.
So just the random aspect of the game is 1727 to 1 by itself, and that assumes you have a 100% probability of solving the word puzzle. Realistically, you might not be able to pull that off so easily, which lowers the odds considerably more.
At least 3 people have won a million dollars playing Wheel of Fortune over its 40+ years on the air. You might be able to be the next one.
Honestly, your odds of winning on Wheel of Fortune are probably better than your odds of winning the lottery or a slot machine game.
6 – The World Series of Poker
Almost everyone knows about the World Series of Poker by now. It’s an annual series of Las Vegas poker tournaments run by Caesars Entertainment.
Some people think of the WSOP as just one tournament, but it’s really several dozen tournaments. The Main Event is a $10,000 tournament where first prize is always at least $1 million. It’s not the only poker tournament where you can win a million dollars, but it’s the most prestigious.
What are the odds of winning the WSOP?
It depends on 2 things, but only one of them is objectively quantifiable—the number of entrants. If you and all the other entrants had an equal probability of winning, your chance of winning would be as simple as 1/the number of entrants.
In 2018, 7874 players competed for the top prize of $8.8 million. In fact, everyone at the final table got at least $1 million.
This would mean the probability of winning a million dollars is 10 divided by 7874 players or 1 in 787.4.
But different players are of different skill levels, so that affects the probability of winning.
Even if you’re only half as good as the average player, you’d still have about a 1 in 1500 probability of making it to the final table and winning a million.
The Main Event isn’t the only event where you can win a million dollars at the World Series of Poker, though. In 2018, the $100,000 High Roller Tournament had a top prize of $2.9 million. Of course, with that kind of buy-in, $2.9 million isn’t impressive.
There was also the $565 buy-in Colossus tournament, with a top prize of $1 million even.
If you want the best probability of winning a million dollars gambling, poker is probably your best bet. The World Series of Poker is an obvious option, but you can find other major poker tournaments where you can win a million dollars, too. The World Poker Tour is one obvious place to look.
7- Casino Table Games
Most people don’t think of table games in the casino as an opportunity to make a million, but I’ve already pointed out that the progressive side bets are where it’s at if you want to win a huge prize like that.
Michael Bluejay of VegasClick.com has another strategy for winning a million playing table games, though. The idea is based on compound interest.
You start with a $5 bet with an even-money payout. If you win, you let it ride. And you keep letting your winnings ride until you have a million dollars.
As it turns out, you only have to win 18 times in a row to succeed:
- $5
- $10
- $20
- $40
- $80
- $160
- $320
- $640
- $1280
- $2560
- $5120
- $10240
- $20480
- $40960
- $81920
- $163840
- $327680
- $655360
At this point, you only need to risk $500,000 to hit your $1 million win goal, so you can set aside $155,360 in case you miss it, and you get to take another shot at it.
This sounds almost impossible, but how do the odds really compare to winning one of these lottery games?
As it turns out, the odds are WAY better. If you play roulette, your odds of succeeding at this quest are close to 1 in 266,000.
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Conclusion
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If there were an easy way to guarantee that you win a million dollars gambling, everyone would do it. Even in the best of scenarios, the probability of winning that much money is slim at best.
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Do you have a strategy for winning a fortune at gambling that I didn’t cover? If so, what is it and how does it work?