Gambling may be a game of chance. However, when it all boils down to it, there is one thing that is never a gamble: that the house always wins. Casinos, like many other businesses, operate on a business model. Regardless of the game that you pick to play, the odds are always in the casino’s favor. This is because casino games are designed to give the casino its house edge, which works to diminish your chances of winning as well as reduce the size of any prospective payouts.
So, how then, do people make money gambling?
No one likes to lose, especially gamblers. Everybody wants to beat the house and yet so few do. Regardless of this fact, gamblers can bet all day if they could. Which begs the question: If the house always comes out on top, why bother rolling the dice over and over? The answer is simple really; to win!
As unpredictable the outcomes can be, several people have managed to beat the sportsbooks to become some of the biggest millionaires in the world today. Some people even make gambling their full-time job but these cases are few and far between and only a few get to smile to the bank.
How do they do it?
Not many millionaire gamblers, commonly referred to as whales, are willing to share their secrets to success with others, and understandably so. When asked about it, many simply attribute their success to the edge, which refers to that little piece of information that allows them to beat the odds. Typically, it takes experience, intuition, and painstaking hours of research to find the edge.
Some professionals even go to the extent of hiring specialists that include analysts and statisticians to help them create algorithms to aid their success. When they succeed, they then attract wealthy investors that are willing to give them the betting income needed in exchange for a healthy return. Because they are so few, there is a group of elite gamblers that are known for their success.
5 of the biggest millionaires that made their money gambling include:
Doyle Brunson
If you claim to be a gambling fan, then the name Doyle Brunson must have crossed your path a few times. Referred to as the Godfather of poker, and rightly so, few can rival Brunson’s prowess when it comes to poker. Also known as the Texas Dolly, Brunson is a prolific legend that has managed to have a successful poker career for over 5 decades.
This star and Hall of Famer has several accolades under his belt including wins in the World Poker Tour. He is also one of only four players in the world to have won the World Series of Poker more than once, having won at Main Event in 1976 and 1977. In total, he has 15 World Series of Poker bracelets and he holds multiple records in poker.
He was the first-ever player to bag $1 million in tournaments. Initially drafted as a basketball player, he had to give his dream of being an athlete after a leg injury. He got a job as a salesman soon after but gave it all up to become a professional poker player after he won the equivalent of his monthly salary during a seven-card stud game. He announced his retirement in 2018.
Phil Ivey
Commonly referred to as the Tiger Woods of the poker world, Phil Ivey’s successful career spans decades. As it stands, Ivey has won a total of 10 World Series Poker gold bracelets, as well as a World Poker Tour Title. These winnings translate to over $15 million in live tournaments and at least $20 million online.
In every shape, way, and form, Ivey is regarded in poker circles as one of the greatest that ever lived. He won his first world series of Poker title at just 23 years old and he has continued to dominate ever since. Today, he is ranked among other poker greats such as Phil Hellmuth, Daniel Negreanu, and Doyle Brunson.
Unlike some players that utilize mathematical strategy to win, Ivey credits his success solely to risk and chance, which is a strategy that has paid off for him. Ivey was introduced to gambling at quite an early age of 8. He was able to comprehend the rules of engagement early on and by 21, he had grown to become a master gambler.
Tony, ‘the Lizard’ Bloom
Tony Bloom is by far one of the most well-known sports gamblers in the UK. Specializing primarily in football, his success in sports betting has been so exponential that he formed Starlizard, a betting syndicate that makes bets on behalf of the rich and wealthy. It is claimed that the betting consultancy always has £1 riding on any given football event.
Bloom acquired his nickname as a result of his playing style and technique. His success stems from his mathematical ability. He once made more than £2 million at the finals of the World Poker Championship. Apart from running his betting consultancy, he is also the owner of British football clubs Hive Albion and Brighton.
Billy Walters
Billy Walter has been gambling successfully for more than 30 years, making him one of the most prolific gamblers in the world. His sports of choice are primarily football and basketball where he has made a name for himself for winning the most improbable bets. His system is so efficient that numerous bookmakers refuse to deal with him at the risk of being put out of business.
Billy’s gambling career can be traced back to his childhood, where he learned how to gamble from his poker player father and his uncle, also a degenerate gambler. For decades other gamblers have attempted to imitate his style and failed. He has also been the subject of numerous federal investigations.
It is said that Walters uses a combination of computer analysis and technical capability to win. Since bookies refuse to work with him, he relies on a network of analysts and partners to bet on his behalf.
Dan Bilzerian
Dan Bilzerian may be a gambling millionaire but he has also established a reputation for himself as the King of Instagram. Though he is among one of the most famous professional poker players today, it is his lifestyle that has garnered him attention.
His Instagram feed documents his outrageous lifestyle free of any moral or monetary limitations, which perhaps explains why he is so popular. Today, Bilzerian’s net worth is estimated to be approximately 150 million although no one quite knows how much of that can be attributed to professional poker.
Final Thoughts
It is not easy to track just how many individuals have been able to make their millions gambling owing to the secretive nature of the industry. The successful stories are unique cases that are exceptions and not norms. To join their ranks, you must do as much as you can to educate yourself and maybe then, you might just be able to beat the house.
This article comes from Kate Huber at NJGamblingFun