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It’s a great day. It’s your new day in the rest of your life. Enjoy it. Enjoy every single moment you live on Earth. Nobody knows what’s after that. Nobody can give you a guarantee of any kind that you’d live longer than others. Nobody is immortal!
First I like you to listen to this song, and tell me what do you think of this voice.
Then we can talk about why some people like gambling, and how you can actually make a living out of gambling. This is basically for someone who already spend time in recreational gambling, and is thinking of being a professional in gambling, or a dealer may be.
What Is an Edge, and How Can I Get One?
The first step to becoming a professional gambler is learning enough about probability to get an edge when betting.
But how do you know if you have an edge or not?
You have to be able to do the math. It’s not hard, but it takes a certain mindset.
Probability is just a mathematical way of looking at how likely certain events are. A probability of an event occurring is always a number between 0 and 1. If an event has a probability of 0, it will never happen. If it has a probability of 1, then it will always happen.
You flip a coin. You want to know the probability that it will land on heads.
You determine that by dividing the number of ways you can achieve the result you’re solving for by all possible results. When flipping a coin, you only have one way of getting heads. You also have two possible results—heads or tails. So your probability of getting heads is 0.5.
That probability can be expressed as a fraction or a percentage, too. 0.5 is the same thing as ½, and it’s also the same thing as 50%.
When you bet on a particular event, you can compare the probability of winning that bet with how much you risk versus how much you stand to win in order to determine the expected value of that wager. For most casino games, your expected value on each bet is negative—the casino has an edge over you.
You bet on a single number at the roulette table. The probability that you’ll win that bet is 1/38. If you do win, you get paid off at 35 to 1 odds.
One other way to express a probability is in odds format. That’s a comparison of how many ways you can fail versus how many ways you can succeed. Since a roulette wheel has 38 numbers, you have 37 ways to lose and only 1 way to win. That means your odds of winning are 37 to 1.
If you got paid off at 37 to 1, you’d have an edge of 0, and so would the house. If you could get paid off at 38 to 1, you’d have an edge over the casino. But you only get paid off at 35 to 1, so the house has an edge over you.
In all those cases, your probability of winning is low, but if you get paid off enough money, even a low probability bet gives you an edge over the house.
Suppose you play 38 spins of the wheel. You’re betting $1 on every spin. If you get results that mimic the mathematical probability, you’ll lose $37 and win $35. You lost $1 on 37 spins, and you won $35 on one spin. That means your expectation is -$2 over 38 bets.
You can divide that expectation by the number of bets to get an amount you expect to lose on average per bet. In this case, your expected loss per bet is $0.0526. You can express that as a percentage if you like, and in this case, that percentage is 5.26%.
Your goal as a professional gambler is to only place wagers where you have an edge.
Since your statistical results over a large number of trials should near the mathematical expectation, you can expect a profit if you play long enough.
That’s the math that works for the casino, and that math can work for you as well. 😉
However, not every rule is applicable for every person, so keep this in mind. You can try, but if it didn’t work for you, you need to be able to pull out immediately; otherwise, you’d become an addict, and there will be no way out 😛