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Can gambling be a good source of Income?
There are lots of people who spend their hard earned money on gambling to multiply it. Do you think it is a good way to earn money?
15 ANSWERS

Yes, if you own the casino it can be a very good source of income. As a casino, over many thousands of bets you are almost guaranteed to make a profit. (depending on the game and house edge)

I personally find the gambling crash game Moonsteem ( https://www.moonsteem.com/?ref=niel96 ) very fascinating. But most players end up losing. The game is rigged because the house has a 2% edge over players. It may not seem like much but over thousands of games it is.

There are gambling systems that can make you a profit but they only work with even chance bets. (When there is no casino edge at all) For example pluscoup progression: (https://www.888casino.com/blog/oscars-grind-system-pluscoup-progression)

You can run (bustabit) simulations here: https://stenlan.github.io/BaBSS/ (To test if a gambling system could be profitable)

I have done many simulations with popular gambling strategies like: Martingale, Paroli, D'alambert and Pluscoup but they almost all lose money over time when there is a house edge. Except for Martingale:  (https://vegasclick.com/gambling/martingale-betting-system.html) that strategy could actually work when you have enough resources and possibility to keep scaling up your bets on a loss all the time. The problem is that it's not really worth it risk/reward wise. Because to almost completely eliminate all risk your bankroll would have to be so big compared to the possible profit that it's not worth it. In theory it's a pretty genius system but it would actually just make more sense to own the casino instead. Since in that case you don't have to overcome the house edge to make money.

$5.58
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3 Comments

They say the best way to make money in Vegas is to own a casino.  That being said, there are some games with better odds than others.  If you think about it, putting your money in the stock market or crypto is just as much of a gamble.  Do I think it is a good way to make money?  No, not really.  Do I think it is an okay way to entertain yourself for an evening if you can afford it.  For sure.  I guess a lot of it depends on the type of gambling you are referring to.  Casinos?  Sports betting, three card monty in the alley?

$1.49
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Nope. Not in the least bit. Gambling is one of the most uncontrollable things ever. This is because it depends on humans. And humans can be very unpredictable. In business, you take calculated risks but you invest where you can already control what's happening. Gambling on the other hand is totally out of your control. So therefore, it is not a good source of income

$0.79
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Ever hear the expression, "The House ALWAYS wins"

There's a reason for that, because its true

Like any other activity you will always have streaks or runs. You might get lucky and start off making a good source of income but if history, probability, and statistics tells us

THE HOUSE ALWAYS WINS in the end

Most gambling games/establishments are always weighted slightly against the player. This might be a 1% advantage to the house, but it is an advantage to them not you nonetheless

How else would they still in business? How else would they make billions of dollars per year?

Even the best poker players in the world don't win every time.

$0.79
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The casino's always win at the end of the day. They rake in Billions of money each year and you only hear of the special cases that won. It can be good for a night out but only spend what you can afford to lose.

The house or casino always wins and that is the harsh reality. It is not advisable to give up your day job to go gambling full time as you will lose at some point.

$0.79
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The answer depends on the scope of what you consider to be "gambling" (arguments can be made that any form of investing or running a business constitute gambling because of the monetary risk involved).  Because you have used the phrase "spend their hard earned money on gambling to multiply it", I will assume that you are referring to the more traditional definition, which involves such things as casinos, lotteries, bingo, and sports betting.

The answer to your question is an unequivocal yes -- gambling can be a good source of income, but... very few people that attempt this venture actually succeed.

For the vast majority of people, gambling will not be a good source of income; in fact, they will probably lose money and gambling will be a source of expenditures.  The reason this happens (and the reason casinos are able to stay in business) is that the majority of gamblers fail to understand the math behind the gambling games, and they fall for betting systems and other beliefs that have been scientifically proven to be false, time and time again.

Those who advance beyond that stage of basic understanding will still need great financial discipline and fortitude; proper bankroll management and being able to withstand the big swings that can come with gambling are critical to being able to successfully use gambling as a source of income.

You might also find the information in my answer to this question...

https://musing.io/q/obiajurumak/p3vu65w6x

... to be useful.

You may have heard this quote, or something similar to it: "The best way to ensure that you walk out of a casino with a small fortune is to walk in with a big one."  I'd say that this statement holds true for just about anyone who isn't a professional gambler.

$0.70
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Absolutely no.  Sources of income are usually meant to represent something that is  making you money constantly. That is why gambling cannot become a  constant source of income. Going to work and spending 40 or more hours  weekly doing it guarantees you the payment at the end of the week or a  month, unlike the gambling. 

$0.60
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YES.

I could say that  live from trading of all kinds, crypto trading, forex, cfd, "sport trading".

Personally, the word gambling contains a number of games.

These range from those in the casino to the electronic or online games.

The casinos or betting houses are made for you to lose your money.

But with the right strategy you could win or even live on this.

Let's talk about the ones that I recommend you never use.

Do not use electronic games, they are designed to give you a certain margin of profit until you end up losing everything or more than you have.

One of the worst I've tried is the electronic dice of any online casino.

You will always lose in this.

In different pages I have come to get more than 44 reds.

The pocker, black jack and other card games, in the real world, not online. You can have more advantage. They will depend on your ability and your luck. And you can even learn to count cards and benefit from the gambles.

What I recommend you and which I use to make money.

Sports bets.

It is an easy way to get money fast and easy.

You can get up to an X2 of your bet every 10 minutes.

But like any investment, you must know the market and create a strategy.

$0.53
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Gambling is a very risky way of trying to make money. The chance of losing your money is very high. Most gambling outlets are out to make money and they will hardly allow you have a field day. Making a living out of gambling is very difficult. It is very much easier to be miserable from gambling than to be rich. Beside, fore trading and trading in all other forms of asset are not gambling.

$0.53
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Gambling, in another view, is just high-risk investment. If you are good at managing your capital, your risk appetite and have a decent gambling strategy, the odds can be at your side.

I do not recommend though, because it is really hard to contain yourself when it comes to earning quick cash in short time.

$0.43
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$0.00
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Not at all unless you are owner of the ambling source.

As a matter of fact it is completely luck which is out of 100 % you might get the 1% if you end up lucky or else you hard earned money can wind up in someone else's pocket.

But yes if you have the luck on your side ( It does not even exist ) you might end up getting the double of what you have gambled but if not we all know the outcome of it.

If you have a decent amount than choosing the right way to make money by the proper use of it than is indeed worth it than wasting it in Gambling.

So yeah if I have a decent amount of money than wasting it in Gambling would be the last thing that I will want.

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No! Gambling is not a good source of Income, though Legal.

Income is suppose to arise from reward of Efforts which benefited another party. It ought to be a MEASURE of VALUE createdband Received.

Gambling falls short of all tenets of Value Creation and Curation, thus it is an object of NO value in Nations Economic Systems.

Immagine a Nation where All are Gamblers. How will the Productive sector fare??

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As the odds are always against you the answer would be no

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