The answer might be different for different people. For some, it’s just a way to make a quick buck. For others, it’s an entertaining outing at a casino. And for the rest, it’s a way of life.
Successful gamblers don’t play for fast cash. The risk of losing all their money excites them, and winning against all odds is a legitimate thrill. They always have their sights set on the long haul, because gambling is how they live.
Do you have what it takes to become a successful gambler? You need these 5 essential skills if you’d like to be one someday:
- Once A Fairly Good Grasp of Math
Whether you play at a big top casino or at an online casino, the odds for most casino games stay the same. Even if you’ve hated it since school, a true gambler cannot shy away from mathematics and its importance in gambling.
A successful gambler has a fairly good grasp of math and the mathematical elements of gambling. Here are a few math skills you should brush up on before you set out on your journey:
- House Edge: The house edge is a small advantage the casino has for every game. The house edge is the reason for the adage, “the house always wins.” What that means: however smart you may be, the casino will always win in the long run. Based on the house edge, you need to determine your average losses and play to minimize them as much as you can.
- Odds: Odds is the probability of winning a certain bet. For example: the odds of getting one of the 36 numbers on a roulette wheel is 1/36, but it also pays 35 times your original bet. Similarly, the odds of getting 1-12 on a roulette wheel is 1/3, and it pays 2 times your original bet. You should know or be able to calculate the odds whichever game you play, and then use that knowledge to bet accordingly.
- Efficient Bankroll Management
You can’t gamble if you don’t have any money left. Gambling is not just about maximizing your winnings; it’s also about covering your losses and surviving in the face of a brutal losing streak.
This is where efficient bankroll management comes into play. You don’t want to be gambling too high or too low; it has to be just right.
This is where your polished math skills may come in handy; you need to know the house edge for every game you play and the odds of winning for every bet you make, which will help you further determine your potential returns and losses. This way, you always know how much to bet and most importantly, when to stop.
Like with everything, practice makes perfect.
It may happen that you end up on the wrong side of a long losing streak, not once but multiple times. When that happens, remember this: successful gamblers are always in it for the long haul.
Whether you keep winning or keep losing, you should have the patience and cool to keep going. It’s all about winning in the long term, so a day or two of losing money shouldn’t affect you.
- A Gambler’s Mindset
This is the most important aspect of being a successful gambler. You’re at a casino not to win some money and pay off a month’s rent; you’re there to play.
Another thing that can’t be stressed enough: always focus on long-term results. A casino’s house edge helps them win in the long run, and gambling is about doing the same and beating casinos at their own game.
Also, all successful gamblers are immune to the gambler’s fallacy, and you should be too.
The gambling industry has gone from strength-to-strength in the 21st century. You don’t have to travel all the way to another city, state or country to gamble; you can even do it sitting at home.
The exponential rise of online casinos and cryptocurrency in the last decade or so has made it even easier for prospective gamblers to hone their skills and become successful.
If you’d like to be one of them, teach yourself these 4 skills, put in the work and the results will be there for you to see!