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Can gambling make you rich? What are the odds?

Yes, gambling can make you rich. You’ve probably seen articles in the media about gamblers who struck it big and made themselves rich in the process.

Some of these gamblers won life changing sums of money. For example one sports bettor won nearly £1 million from just a £10 accumulator bet! Ridiculous I know…

You’ve also probably heard of gamblers becoming rich thanks to the lottery, online casino gaming, slot machines… the list goes on.

However, it’s important to undestand that winning this amount of money and becoming rich is highly unlikely in the gambling industry.

Unfortunately, the odds are stacked heavily in the bookmakers favour meaning they have a head start. This is not to say that it’s impossible to make money with gambling (we’ll come onto this later) it’s just not easy.

Winning the lottery

Whilst winning the lottery is one of the easiest ways to become rich with gambling, it’s also one of the most unlikely. However, that doesn’t put off many people from buying a ticket.

At the time of writing, the odds of winning the top prize in the EuroMillions is 1 in 139,838,160! Whlist the odds of winning the smallest prize are 1 in 13, the average prize is just £2.79. Not quite enough to make you rich…

The odds for the US lotteries are even worse. The odds of winning the Mega Millions are 1 in 302.5 million!

We can safely say you’re very unlikely to become rich by winning the lottery.

Win big with sports betting

Getting rich with gambling is also possible with sports betting. There have been numerous lucky punters in the past who have hit it big with accumulator or combo bets.

We’ve seen the story from earlier but another punter won £585,000 from a stake of just 80p on a 19 fold football accumulator.

These bets are incredibly popular as the stakes are generally very low yet the winnings can be very lucrative.

Tips to make money with sports betting

Sports betting is one of the most popular formats of gambling and there are various people who have become rich by betting on sporting events.

Whilst you’re unlikely to become rich with sports betting, there are, however, tips and strategies you can use to make your gambling more profitable and turn the tide in your favour.

Follow professional tipsters

As I said eariler in the article, the odds are stacked heavily in the bookmakers favour. Therefore it’s important to take advantage of valuable bets wherever possible. Unfortunately, it can be hard to know where to find these ‘valuable bets’ for the majority of punters.

However, there are professional sports bettors out there who aim to beat the bookmakers in the long run. Through knowledge and experience they aim to get an edge over the bookies.

You might be wondering where you find these professional tipsters. Why would they share their tips with everyone else…

Well, there are various tipster networks out there which promote professional sports bettors with a proven track record of beating the bookmakers in the long run.

Two of my favourites are Betting Gods (review) and Tipstrr (review), both of which have brilliant professional tipsters available.

Don’t bet with your heart

If you decide against following professional sports tipsters not to worry. However, it’s important not to base your betting decisions on what your heart says.

You’ll only end up losing money to the bookmakers and the goal of becoming rich with gambling will fade further away.

If you’re serious about sports betting, you need to analyse your bets based on past performance and bet accordingly.

Winning at the casino

Another way of getting rich with gambling is winning large at the casino. Whether you’re playing progressive slots or Blackjack there are numerous options.

For example, a software engineer won $39.7 million at a casino in Vegas back in 2003.

Unfortunately, the odds are once again stacked against you. The house has a massive edge when it comes to casino games which is why very few gamblers win any money at all.

The odds for winning the jackpot on progressive slots games is estimated at 1 in 50 million.

Wrap up

Whilst it is possible to become rich with gambling, it’s highly unlikely and you shouldn’t base all your hope on this outcome.

However, you can use the strategies mentioned above to increase your chances of beating the bookmakers more often.

It’s important to understand that nothing is guaranteed in the gambling world so don’t expect to be buying your new Ferrari tomorrow.