Gambling Psychology Explained
Content Team
8 months ago
Gambling has become a popular hobby that attracts millions of people on a regular basis. What motivates people to take the risk and wager money for a potentially bigger return? In this article, we’ll dive into the gambling psychology that influences bettors’ decisions behind the scenes.
Why Has Gambling Become So Popular?
Gambling has grown in popularity as a hobby for a variety of reasons. First and foremost, there’s no denying the thrill and adrenaline connected with gambling. The unpredictable nature of games of chance, such as slot machines or roulette, generates excitement and boosts adrenaline. The prospect of earning a large sum of money with a modest investment entices people to gamble, driving the urge to try their luck. Gambling is a thrilling hobby for people looking to break from their daily routine and add a little spice to their lives.
Furthermore, the ease of access to gambling has contributed significantly to its appeal. People may now gamble from the comfort of their own homes or on the road, thanks to the introduction of online casinos and mobile gambling apps. The ease of access to a diverse selection of gambling alternatives has drawn a broader audience than before.
Finally, it’s a fun social activity to enjoy with your friends. The rise of social gambling platforms has turned gambling into a social activity, allowing friends and acquaintances to compete against each other and share their experiences. This social aspect has contributed to the growing popularity of gambling as a hobby, as it provides a means of entertainment and connection with others.
Gambling Psychology and Its Background
There are several psychological factors and processes that influence individuals’ behavior and decision-making in gambling activities. It seeks to understand the cognitive, emotional, and social aspects that impact people’s engagement in gambling and their reactions to wins and losses. It aims to promote responsible gambling practices and address the negative consequences associated with excessive or problem gambling.
A big part of casino psychology is cognitive bias. People may exhibit biases such as the illusion of control (believing they have more control over the outcome than they do), the gambler’s fallacy (believing that past outcomes influence future ones), or confirmation bias (seeking information that confirms preexisting gambling beliefs). In gambling situations, these biases can lead to illogical thinking and decision-making.
It’s important to note that gambling psychology differentiates recreational gamblers from problem ones. Around 90% of gamblers are recreational ones that don’t exhibit addictive behavior. However, a certain percentage of bettors fall into the category of problem or pathological gamblers. We’ll discuss this topic more in the gambling addiction section.
Research Studies on Gambling Psychology
Developments in neuroimaging technology have allowed for more detailed research into the psychology of gambling addiction. The most significant research in gambling psychology was done in the first two decades of the 21st century by Dr. Mark Potenza. Dr. Potenza is a renowned psychiatrist and researcher known for his expertise in the field of addiction, including gambling disorder. He has contributed significantly to the understanding of the neurobiology and psychological aspects of addiction.
In 2003, Dr. Mark Potenza conducted a study utilizing neurological research to demonstrate the distinctive brain reactions of problem and pathological gamblers compared to individuals without gambling issues when exposed to gambling-related stimuli. The research team presented positive and negative images to a large sample of participants, with positive images representing events like weddings and negative images depicting scenarios involving death or divorce. Across all groups, the neurological responses to these images were consistent. However, when participants were shown images associated with gambling, notable differences emerged. While recreational gamblers exhibited no significant change in brain activity, pathological gamblers experienced a spike in brain activity that remained elevated for extended periods.
Moreover, the response to gambling is influenced by gender, as indicated by a study conducted by Dr. Mark Potenza’s team in 2013. The research involved four distinct groups: male recreational gamblers, males diagnosed with internet gambling disorder (IGD), female recreational gamblers, and females diagnosed with IGD.
Across all groups, gambling caused increased brain activity. However, in the case of recreational gamblers of both genders, brain activity returned to normal levels shortly after gambling ceased. Similarly, females with IGD displayed a return to baseline brain activity levels soon after stopping gambling. In contrast, males with IGD exhibited prolonged periods of heightened brain activity. The findings from the study suggest that the sustained increased brain activity experienced by male gamblers may contribute to their 11% higher likelihood of developing problem gambling compared to female gamblers.
How Does Gambling Addiction Take Over?
As we’ve previously suggested, and Dr. Potenza’s research has confirmed, there’s a big difference between recreational and compulsive gambling. Players exhibit certain patterns of behavior that deepen their gambling addiction tendencies. Here are some of the most common reasons behind the betting psychology of compulsive gamblers.
Chasing Losses
Problem gamblers commonly fall into the trap of chasing losses. They believe that if they keep gambling, they have a chance to recoup their losses and regain financial stability. This behavior stems from a cognitive bias called the gambler’s fallacy, which is the false belief that previous losses increase the likelihood of future wins.
Reward Pathways and Addiction
Gambling can activate the brain’s reward pathways, releasing dopamine, a neurotransmitter associated with pleasure and reinforcement. Over time, problem gamblers may develop a tolerance, needing larger bets or more frequent gambling to achieve the same level of satisfaction. This can lead to addiction, where the brain becomes dependent on the release of dopamine triggered by gambling.
Emotional Escape
Gambling can provide an escape from negative emotions, stress, or personal problems. For some problem gamblers, the act of gambling offers temporary relief and a distraction from real-life difficulties. The excitement and thrill of gambling can provide a temporary euphoria or numbness, allowing players to forget about their problems, even if it’s for a little while.
Denial and Optimism Bias
Problem gamblers may engage in denial, downplaying the negative consequences of their gambling behavior or rationalizing their actions. They may also have an optimism bias, believing that their luck will eventually change and they will win big. These cognitive biases prevent problem gamblers from recognizing the severity of their gambling problem and can contribute to their continued engagement in gambling activities.
Final Thoughts on Gambling Psychology
Casino psychology plays a crucial role in understanding the motivations, behaviors, and consequences associated with gambling. The popularity of gambling as a hobby can be attributed to factors such as the thrill and excitement it provides, the ease of access through online platforms, and the social aspect of gambling.
Dr. Mark Potenza’s research has significantly contributed to the field, particularly in studying the distinctive brain reactions of problem gamblers. His studies have revealed differences in brain activity between recreational gamblers and those with gambling disorders, as well as the influence of gender on gambling-related brain responses. Problem gamblers often continue to gamble due to cognitive biases, chasing losses, reward pathway activation, emotional escapism, and denial. Understanding these psychological factors is crucial in developing effective prevention and treatment strategies for gambling addiction.
Gambling Psychology FAQ
What are the psychological effects of gambling?
For some individuals, excessive gambling can lead to negative psychological impacts. These can include increased stress, anxiety, depression, and feelings of guilt or shame.
What is the gambler’s mindset?
The mindset of a gambler can vary, but common characteristics include a desire for excitement and thrill, a belief in luck or superstition, and a willingness to take risks.
What are the three types of gamblers?
There are three types of gamblers: recreational, professional, and problem. While recreational and professional gamblers use gambling as a source of entertainment and profit, respectively, problem gamblers have addictive tendencies.
What triggers gambling addiction?
Gambling psychology recognizes several factors that can influence the development of gambling addiction, namely character traits, social factors, availability, and accessibility.
What is the most addictive form of gambling?
The most addictive form of gambling is internet gambling, with slot machines and video poker being the most addictive games. The psychology of slot machines dictates that instant gratification from winnings boosts desire to play more and more, leading to addiction as a result.
Roulette is considered to be one of the most popular casino games. But what is the origin of roulette, who developed it, and how did it become the game we know today? First, let’s take a look at the history of roulette and how it has evolved.
The Roulette Origin
In the following sections, I'll discuss Roulette history in China, Ancient Rome, Ancient Greece, France, and America.
China
Many believe roulette is based on an old Chinese board game where 37 animal miniatures were arranged on a magic square with 666 numbers.
Eventually, the game was brought to Europe, with minor changes, by Dominican monks who were heavily involved in Chinese society.
It’s not known how exactly the original Chinese game was played. However, by turning the square into a circle, the monks created a space specifically for the number zero.
French roulette has always had a zero and a double zero, so implying that the ancient Chinese game is still in use is most likely false. However, in spite of this, the numbers on a contemporary roulette wheel add up to 666, which is an enigmatic number.
Ancient Rome
Soldiering in ancient Rome was not an enjoyable or interesting profession. Soldiers had to deal with injuries and the loss of their comrades in battles. In addition to lowering the soldiers’ morale, this had an adverse effect on their fighting abilities.
Soldiers played various gambling games, and one of the games was fairly similar to modern-day roulette. Shields had symbols written on the inside and were set face down on the ground with an arrow next to them. Soldiers would spin the shield and bet on the symbol that would eventually stop in front of the arrow.
Although this game has a connection to roulette, there isn’t enough evidence to prove that roulette's history started in Rome.
Ancient Greece
Greek soldiers also enjoyed playing games. Just like Roman soldiers, they played a similar game, but there isn’t enough evidence to prove that roulette originated in Greece or Rome.
France
Roulette’s origin is unmistakably French, hence its name. However, its design and gameplay are influenced by two similar games popular in 17th-century Europe. Roly Poly and Even-Odd both involved spinning a wheel and wagering on the outcome. The wheel was designed by Blaise Pascal, who was a well-known gambler.
Due to the prohibition of gambling in many European nations during that time, it wasn’t very popular. To solve some of his financial problems, Prince Charles of Monaco came up with the bright idea of utilizing the growing popularity of gambling.
In those casinos, roulette was nearly identical to the one we play today. Even the betting options were virtually identical. Numbers ranged from 1 to 36, with one zero and one double zero pocket and red and black colors.
America
In the 19th century, roulette started flourishing in America, and New Orleans quickly became the gambling center. There were only 28 numbers in the earliest forms of the game, along with a zero, double zero, and an eagle symbol. The eagle, the American symbol of liberty, increased a casino’s house edge. However, the eagle was soon eliminated and replaced by a regular numbered slot. This version of the game gave way to the European version with numbers 1–36.
Additionally, the American style of play was different from the European style. The game evolved in Monte Carlo casinos, offering a sophisticated and leisurely experience. In American territories, however, the game was played in gambling dens. The wheel was placed on the table to prevent both players and operators from cheating. That way, it wasn’t possible to hide any devices under the table or wheel. The layout of American roulette was also simplified, allowing the game to be played more quickly.
In Europe, the roulette wheel included just a single zero, while in the US, the double zero roulette, with its higher house edge, remained dominant. Modern European and American roulette differ primarily in this regard. Canada, the Caribbean, and South America also play the American version of the game. Other parts of the world, however, prefer the single zero version.
Evolution of the Roulette’s Zeros
It wasn’t until the mid-19th century that the zero appeared on the roulette wheel. For centuries, Pascal’s roulette wheel remained the same. Finally, a single zero was added to the roulette wheel in 1842, designed by Francois and Louis Blanc for Charles III, Prince of Monaco. Due to the fact that adding a zero increased the house advantage, this was a big deal.
Since the kingdom faced financial difficulties, Charles built a casino and brought roulette to the masses. As a result, Monaco generated substantial income from the wheel, quickly becoming a symbol of upscale gambling. Moreover, the single zero roulette wheel was released just as France outlawed gambling, making Monte Carlo even more desirable.
Online Roulette
Online casinos have allowed anyone to play their favorite games from home in recent years. New casino platforms are being introduced every month, and roulette fans are spoilt for choice. Regardless of location, you can now play European, American, and all other types of roulette online. Furthermore, playing the game online has a number of advantages over playing it at a brick-and-mortar casino.
First of all, you aren’t distracted by all the noises at a real casino, meaning you can concentrate better on your strategy. Also, online games are fully automated, so you don’t have to pay attention to the dealer and chip sweeping constantly. That is unless you’re playing live dealer roulette online.
Special institutions ensure that the games you play aren’t rigged in any way as far as the odds and general fairness of the game are concerned.
For example, licensed and certified casinos are safe to play at. Also, you get useful information about roulette probability, payouts, and other important topics.
Live Dealer Roulette Games
Although online casinos have numerous benefits, one element is missing—the atmosphere of a real casino. Although playing at an online casino is convenient, it can be less exciting than playing in a brick-and-mortar casino. Since the new millennium, some online casinos have offered live streaming to address this issue. VueTec was among the first companies to offer real games to online casinos. First, a webcam was used to stream games from a land-based casino. Then, rather than using an electronic random number generator to determine the winning number, online casinos allowed players to bet on the games.
However, there were significant weaknesses to this first attempt to provide live games to online casinos. To avoid disturbing the players, casino operators mounted cameras high above the table, or on the ceiling, above the table. The distance between the camera and the table made it difficult for online players to see the table clearly. It was also impossible for online players to interact with the dealer. In terms of video streaming quality, there was a lot of room for improvement. Due to slow internet connections at the time, high-quality streaming wasn’t possible, affecting the overall experience.
A dedicated live casino studio wasn’t introduced until 2006, however. Casino games with real dealers were first introduced to online casinos by Evolution Gaming, the current market leader. Streaming live games from a dedicated studio had significant advantages. Better placement of cameras allowed online players to view the game more clearly. Additionally, multiple cameras were used to show the table from different angles.
This approach prevented other players from blocking the view, making the game and the croupier visible. In addition, it was possible to interact with the dealer for the first time. Undoubtedly, those improvements brought the real casino experience closer to players.
Conclusion
In the 21st century, roulette is one of the most popular casino games, so much so that it has become a hallmark of the traditional casino over the years. Generally, the American-style double zero wheels are used primarily in the US, Canada, South America, and the Caribbean. In contrast, the single zero European-style wheels are used in the rest of the world.
It’s still quite common for updates and new versions of roulette rules to be released. In 2016, for example, the Venetian Las Vegas casino introduced the first-ever roulette wheel featuring 39 numbers, including a triple zero (000), which has since been adopted by many other casinos. If you want to learn how to play this game, check the article about different types and strategies for Roulette.
FAQ
What was roulette originally called?
Roulette is most likely of French origin, hence its name. In spite of this, the game is influenced by two very similar games that were very popular in Europe during the 17th century. These games were called Roly Poly and Even-Odd, and both involved spinning the wheel and betting on the outcome.
When was roulette invented?
The history of roulette goes back to 18th-century France. It’s believed that Blaise Pascal’s search for a perpetual motion machine in the 17th century led to the introduction of roulette. In 1720, a gaming wheel and the Italian game Biribi were combined to create the roulette mechanism.
January 26, 2023
Posted by Content Team
Politics and betting might seem worlds apart, but they're more entangled than you'd think. In this article, we'll get into how political events shape the odds, trends, and opportunities in sports and political betting markets. From historical context to modern intricacies, we uncover a relationship worth betting on.
Brief Overview of the First Betting Markets
Before we can dissect how politics influence betting markets, we’ll walk you through some of the very first bets ever placed, and how betting grew throughout the ages.
From laying bets on papal elections in the cobblestone streets of 16th-century Rome to 19th-century Wall Street traders wagering on presidential contests, betting markets have a rich and varied history. These early incarnations were not just whims of the crowd; they were, in many cases, the precursors to the sophisticated markets we see today.
By the 20th century, the theoretical framework provided by economists like Friedrich Hayek and Ludwig von Mises added intellectual heft to prediction markets. This paved the way for the Iowa Electronic Markets in 1988, transforming these markets from clandestine activities to subjects of academic study.
Decentralized platforms like Augur have ushered in the latest chapter, expanding access through blockchain technology.
Intriguingly, betting on papal elections was already described as "an old custom" as far back as 1503, underscoring the deep historical roots of prediction markets.
Now that we have a better understanding of how and where it all started, let’s take a closer look at the relationship between politics and betting markets, after which we’ll discuss the main factors that influence betting markets.How Politics Shape the Betting World
In a world where political climates can change as rapidly as the weather, betting markets are uniquely influenced. From sports arenas to campaign trails, the impact of political events is far-reaching, altering odds and outcomes on betting platforms across the spectrum. Here's how political events cast their long shadows on both sports and political betting:
The Intersection of Politics and Sports Betting
Political events often have unexpected ripple effects in the world of sports betting. Be it new regulations or international politics, these events can dramatically alter the landscape.
Regulatory shifts: Government decisions to regulate or deregulate sports betting can open or close entire markets, affecting the kind of bets you can place and who can place them.
International politics: Let's say the diplomatic relations between two countries sour just before a major international sports event like the Olympics or the FIFA World Cup. This political shift could impact team morale, public perception, and ultimately, the odds themselves.
Platforms for Political Betting
When it comes to casting your predictive net over the sea of political outcomes, certain platforms have become household names. For instance, PredictIt and the now-defunct Intrade offer(ed) robust markets for political wagering.
PredictIt: A hub for policy wonks and political enthusiasts, PredictIt allows you to buy and sell shares based on the likelihood of political events, from election outcomes to legislative actions.
Intrade: While it shut down in 2013, Intrade was a trailblazer in this space, particularly famous for its engagement during the 2008 and 2012 US Presidential Elections.
Political Events and Their Impact on Political Betting Odds
In the realm of political betting, stakes are high and odds are ever-changing, often swayed by the latest headlines and happenings.
Election announcements: The moment a high-profile candidate announces their run, odds for that election can swing dramatically.
Political scandals: Scandals or unexpected news can plummet a frontrunner’s odds in a heartbeat, while boosting the underdogs.
By understanding how political events mold the betting landscape, you not only become a more informed citizen but also a potentially more successful bettor.
Betting Markets and the Factors That Shape Them
In the ecosystem of betting markets, several elements come into play that can make or break the odds. No, we're not talking about just intuition or gut feeling here. Market dynamics are influenced by a blend of sentiment, regulations, economic principles, information imbalances, tech advancements, and even cultural beliefs. Here's how:
Sentiment: The collective mood can shift rapidly, influenced by anything from breaking news to social media buzz.
Regulatory changes: Laws can be game-changers. Legalizing sports betting in a state, for instance, will likely cause a ripple effect across the market.
Supply and demand: Basic economic principles apply here too. A flood of bets on one outcome can skew the odds, luring latecomers to the opposite bet.
Information asymmetry: Those in the know can shift the odds, especially in sectors like horse racing where insider info is invaluable.
Technology: Big data and machine learning are refining predictions, offering insights that can tip the scales in favor of certain outcomes.
Social and cultural influences: Never underestimate the power of collective psychology or cultural superstitions—like betting on "lucky" numbers or favored horse names.
The Bottom Line on How Politics Alter the Betting Field
From legislation changes that make or break markets to international politics that can rattle the odds on the sports field, the political arena is a powerhouse of influence. Platforms like PredictIt have even turned political outcomes into a market of their own, embodying the very essence of how deeply interlinked politics and betting can be.
So, when someone says politics and betting are worlds apart, you can confidently argue otherwise. In a sense, they're more like distant cousins, influencing each other in ways both overt and subtle. Intrigued to see where they go next? Well, that might just be a good subject for a future bet.
September 22, 2023
Posted by Bojana Grozdanic
Do you enjoy taking chances and the thrill of the unknown? Are you patient, goal-oriented, and able to control your emotions? If so, a career in professional gambling may be right up your alley.
A pro gambler’s life may appear to be glamorous, with luxurious casinos, high-stakes bets, and exotic destinations. However, behind the glitz and glam, there’s more to it than meets the eye. So sit back, buckle up, and prepare to dive deep into how to become a professional gambler as we offer tips and advice on succeeding in this exciting field.
What Is a Professional Gambler?
A person who makes a living out of gambling is considered a professional gambler. Professional gamblers have a special set of abilities, knowledge, and experience that allow them to make a profit from games of chance or skill.
Let’s get a taste of the world of high-stakes gambling by taking a look at the different types of gambling these experts can pursue, including sports betting, poker, horse racing, and casino games.
Expert Sports Betting Handicapper: How to Be a Pro Sports Bettor
Sports bettors are probably the most well-known professional gamblers, and for good reason. They are the epitome of sports fans, possessing a thorough knowledge of their preferred sport and having a sharp eye for statistical analysis.
You should be able to spot trends and patterns in data and have a good grasp of the sport you’re betting on, including player statistics, team dynamics, and historical data, in order to succeed as a professional sports bettor.
Yet, having knowledge and using data analysis alone won’t make you a successful pro sports bettor, whether you bet online on reputable betting sites or live. You also need to have a firm grasp of money management, the self-control to stick to your betting plan, and the ability to manage your emotions.
Moreover, to gain an edge over the competition, successful handicappers employ a variety of tools and techniques, including computer models and data analysis software. We can’t stress enough how crucial money management is since players need to know when to raise or lower their bets in order to boost winnings and decrease losses.
Poker Players: Bluffing and Reading Your Opponents
Just like other bettors, poker players need to have a special set of skills to succeed. If you want to make a living playing poker, you must have a profound knowledge of game theory, psychology, and poker strategy. Moreover, you must be able to read your opponents’ poker tells well, think on your feet, and make decisions based on the information at your disposal.
Nevertheless, becoming a professional gambler involves more than just analytical skills. In addition to mastering your poker face, you also need to manage your cash, bluff well, and remain calm under pressure.
Advantage Players: The Art of Beating the Casino
Professional gamblers known as “advantage players” seek out ways to beat the house in games like blackjack, roulette, and baccarat using specialized strategies. To improve their odds of winning, they may employ strategies such as card counting, shuffle monitoring, or hole carding.
Nonetheless, advantage playing is not for the faint of heart. One needs to put in work to beat the casino. Also, it’s crucial to remember that casinos dislike advantage players and will do anything to ban them.
Horse Racing Handicappers: Winning at the Track
Horse racing handicappers are experts who make well-informed wagers based on their understanding of the sport and statistical research. These seasoned gamblers have a knack for identifying horses that may be overpriced or underpriced, increasing their likelihood of winning.
Nonetheless, luck always plays a role in this industry. The outcome of a race can be affected by a wide variety of factors, just like in any other type of gambling. Professional sports gamblers, however, are well-versed in handling uncertainty and making sound judgments that depend on a specific situation.
What Does It Take to Become a Professional Gambler?
Making a living as a gambler requires a lot of courage. You need a unique set of skills, a solid work ethic, and a little bit of luck to play and win at top online casinos or brick-and-mortar casinos. We’ll go over some of the fundamental tips and tricks to help you on your journey toward becoming a professional gambler.
Building a Bankroll: Starting Small to Go Big
A crucial first step is building a bankroll. Since losing streaks are inevitable, you must have enough money for gambling. Start small and gradually increase your bankroll by making small bets. To avoid financial catastrophe, resist the urge to wager more money than you can afford to lose.
Handling Losses: Learning from Mistakes
Even for pro gamblers, losses are a given in the game. The secret is not to let them bring you down. It’s critical to have a plan in place for controlling your losses, including establishing loss caps and taking breaks when you’re on a losing streak. Avoid chasing your losses by upping your stakes or making rash decisions, as doing so will only result in bigger losses—and no one wants that.
Handling Wins: Staying Focused
No matter how well you deal with defeat, success must also be managed. It’s common to act impulsively after a great triumph since you’re filled with confidence. Make a decision on how much money you want to win and stick to it. Enjoy your successes, but don’t let them cloud your judgment.
Adjusting Stakes: Staying Flexible
As your job as a professional gambler progresses, it’s possible to change the amounts you wager. Adjust your stakes depending on whether you’re currently on a winning or losing streak. Maintain a degree of adaptability and modify your approach as needed to increase your chances of winning.
Professional Gambler Mentality: Staying Disciplined
Having the appropriate mentality is crucial if you want to make a living gambling. It takes self-control, persistence, and concentration to achieve success. Don’t act on impulse, stick to your plan, and don’t let your emotions get in the way of your decision-making. Gambling is a long game, so you must keep your cool.
Professional Gambler Tax: What You Should Know
Being aware of the tax ramifications of your winnings as a professional gambler is crucial. Winnings from gaming are considered income by the IRS and must be reported.
Professional gamblers, on the other hand, can subtract their losses from their gains provided they keep detailed records of all transactions. High rollers can benefit from these deductions, but they should still keep meticulous records and take advice from a tax expert to ensure they comply with laws. As such, gamblers should be aware of these rules and speak with a tax expert in their state, as some states have their own tax laws pertaining to gambling winnings.
Famous Professional Gamblers and Sharp Bettors
Several famous gamblers throughout history have become household names. Some of these people have made a fortune over the course of their gambling careers, while others have become famous for their expertise in one or more subgenres of gambling. We’ll introduce you to some of the most well-known gamblers in history and talk about a professional gambler salary.
Mattress Mack: AcSports Betting Legend
A well-known entrepreneur and professional gambler from Houston, Texas, Jim McIngvale is also known as Mattress Mack. His prowess in sports betting and marketing endeavors have helped him establish a reputation for himself.
Mack is renowned for his huge wagers on sporting events, such as the $3 million bet and $75 million payout for the Houston Astros’ World Series victory in 2022. Also, he frequently provides discounts to his clients, such as free furniture if the Astros win the World Series. It’s estimated that Mack is worth over $300 million, making him one of the wealthiest gamblers in history.
Billy Walters: The Most Feared Sports Bettor
Billy Walters is a professional sports bettor from the United States who is considered to be one of the most successful and feared gamblers of all time. His wealth is estimated to be in excess of $200 million, and he has a reputation for being able to accurately predict the outcomes of sporting events.
Walters has had a successful career, but it hasn’t been without its share of controversy. He was convicted of insider trading in 2017 and sentenced to five years in prison. Despite this, Walters is still a renowned professional bettor in the gaming industry.
David Malinsky: The Analytical Sports Handicapper
Sports handicapper and author David Malinsky was noted for his methodical, data-driven approach to the game. He was an expert at spotting value bets and openings in the sports betting industry.
Malinsky was a well-respected figure in the sports betting sector, although nothing was known about his wealth or remuneration. He tragically died in 2018, yet his works and lessons will live on.
Haralabos “Bob” Voulgaris: The Analytics Expert
Haralabos “Bob” Voulgaris is an ex-professional Greek-Canadian sports bettor who became famous for his ability to predict the outcomes of NBA games using analytics and data-driven strategies. There is consensus that he is an early innovator in the field of sports betting analytics and that he deserves high regard as a result.
There is no information available about his salary or net worth, but his success in the sports betting industry has made him wealthy. Voulgaris is no stranger to the business world outside of gambling, having dabbled in a number of industries.
Tony Bloom: The Multi-Talented Gambler
Tony Bloom is an experienced gambler who has found success in casino and online poker games. He is well-known for his methodical approach to gambling and his knack for spotting lucrative market opportunities.
The current estimate places Bloom’s wealth at $1.5 billion, making him one of the wealthiest and most successful gamblers in the world. Additionally, he owns the professional football team Brighton & Hove Albion of the Premier League.
Daniel Negreanu: The Face of Poker
As a professional poker player and media personality, Daniel Negreanu has won multiple World Series of Poker titles and is considered to be the best player in the history of the game. His fans love him because of his friendly, outgoing personality.
One of the most successful poker players in history, Negreanu has a net worth of over $70 million. He has also dabbled in the media, hosting his own poker podcast, among other things.
Zeljko Ranogajec: The King of Gambling
Australian professional gambler Zeljko Ranogajec is commonly referred to as the “King of Gambling.” His fortune is estimated to be over $600 million, and he is known as one of the world’s most successful and mysterious gamblers. While sports betting is where he built his wealth, Ranogajec is also well-known for his skills in horse racing, casino games, and other forms of gambling.
Ranogajec has achieved great success in life, yet he has remained a reclusive figure, giving very few interviews and making very few public appearances. He has donated several millions of dollars to philanthropic initiatives, particularly those dealing with health and education.
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Professional Gambler Strategy: Key Takeaways
You need commitment, self-control, and a good game plan to make it as a professional gambler. Here are ten tips from seasoned gamblers that will help you maximize your chances of winning:
1. Realistic Expectations
Understanding that gambling is not a stable income stream and that your earnings can and will fluctuate is imperative. Keep your expectations in check, and accept the fact that you can suffer defeat.
2. Focus on One Game
Stick to one thing and get really good at it instead of trying to do everything. To improve your gambling skills, we recommend picking a game you already know how to play and expanding your horizons from there.
3. Emotions in Check
Don’t make snap decisions based on how you feel. Decisions should be made logically and rationally, never emotionally.
4. Bankroll Management
Put aside a specific amount of money you can afford to lose at the casino. Invest only as much as you’re willing to risk.
5. Treat It Like a Business
This is one of the most important gambling tips— treat your gambling like a business. If you want to succeed financially, you must keep meticulous records and constantly assess your progress.
6. Pick the Best Games
Learn how to find the best betting odds and casino game odds by researching different games and events. Pay more attention to the games that give you the most money back.
7. Know When to Quit
Find your target and commit to it. Don’t keep playing after you’ve accomplished your goal or started losing money.
8. Skill Over Luck
A player’s success is determined primarily by skill and strategy, with luck playing only a supporting part. Over time, success will require more skill and knowledge.
9. Make Sure You Want This
Those who want to make a living gambling should know that it’s not for everyone. Think twice before you decide to put in the work required to achieve your goals.
10. Keep Yourself Motivated
Being a professional gambler calls for dedication and perseverance. Maintain your drive by constantly seeking to increase your level of expertise and understanding. As such, never let your gambling take over your life. Take it easy and constantly remind yourself why you’re doing this.
How to Be a Professional Gambler: Conclusion
That’s all folks! With your newfound gaming expertise, you can make a living doing what you love. Always keep in mind that succeeding in this industry requires a combination of bravery, skill, and luck. Relax, free your mind, and play your cards right. Perhaps you will soon be recognized as the next big star in the gambling world!
FAQ
Who is the most profitable gambler?
Most professional gamblers don’t like to talk about how much money they make, therefore it’s hard to know who the top earners are. Yet, certain well-known names in the gambling industry have achieved significant success, and they include Billy Walters and Zeljko Ranogajec.
What makes someone a professional gambler?
As opposed to those who bet for fun, professional gamblers must rely on winnings to cover living expenses. Before making such a significant life decision, someone who is interested in learning how to become a professional gambler should conduct thorough research in the field.
Can you make a living from gambling?
The answer is yes, you can make a living from gambling. This is not a simple job and calls for a lot of self-control, focus, and boldness over time. Pro gamblers should be well-versed in their chosen game, analytical, good with money, and able to maintain self-control.
April 28, 2023
Posted by Content Team
Ever since card games became popular in casinos, people have tried to find a way to gain an advantage over the house. Casinos have quickly picked up on different techniques players employ, such as card counting, past posting, and collaboration with other players at the table. However, there's one technique that's still stuck in a gray area—edge sorting.
This technique isn't exactly illegal, but many casinos have refused to pay the winnings that have been earned through it. In this article, we'll explain what edge sorting is, how it works in different card games, and give the most notable examples of when it worked.
What Is Edge Sorting?
The edge sorting technique involves identifying subtle differences on the back of playing cards to gain an advantage in gambling. The method relies on exploiting imperfections in the printing or cutting of the cards to determine whether a card has a high or low value.
Certain decks of cards have imperfections in their design, such as variations in the size of the patterns or the patterns themselves. By closely examining the cards and memorizing these irregularities, a skilled edge sorter can categorize the cards into high-value and low-value groups and know which cards are face-down.
How Does Edge Sorting Technique Work?
In order for edge sorting to be explained, understood, and applied, a few things need to fall into place.
Firstly, the casino has to use a specific deck of cards. Edge sorting can only be executed with specific decks of cards that have irregular patterns on their edges. These irregularities may be variations in the size of the patterns or slight differences in the shape of the pattern. Once you determine these differences, you can start sorting out the cards.
Secondly, the dealer must approve card rotation, so it's possible to sort out high and low-value cards. For example, you can ask the dealer to rotate the cards that have high value so you can identify them later on. This request is often made as part of a superstitious ritual or preference. High rollers, who may have more influence or privileges, might have a better chance of getting the dealer to comply with this request.
Thirdly, the table must use an automatic shuffler. By using an automatic shuffler, the irregularities on the card edges can be maintained in their relative positions during the shuffle, making it easier for the edge sorter to identify high-value or low-value cards during the game.
Once you have everything in place, you'll be able to determine the winning hand in most rounds and use this advantage to rake in big winnings.
Poker Edge Sorting
We have bad news for all you poker players. Edge sorting in poker is almost impossible due to external factors. Even if other players at the table were okay with your suspicious rotation of the cards, these cards would be regularly dealt to other people who would rotate them back and ruin your strategy.
Even the legendary poker player Phil Ivey hasn't used this technique for poker. The famous controversy behind Phil Ivey and edge sorting popularized this technique after this American poker player used it to win almost $9.6 million during four sessions at the Borgata Hotel Casino & Spa in Atlantic City. He won another $12 million by playing Punto Banco at the Crockfords Casino in London. This resulted in a huge battle in the courts where Ivey claimed he didn't cheat but admitted to using edge sorting. However, he won that money in baccarat, a card game that's perfectly suited for edge sorting.
Baccarat Edge Sorting
Baccarat is a perfect card game for edge sorting as it doesn't involve other people, and it relies on simple principles. The basic idea is that you bet on either your or the dealer's hand to be the winning one, with each card having a specific value.
The most valuable cards in baccarat are 6s, 7s, 8s, and 9s. Therefore, you want the dealer to rotate these cards so that you know when they're coming and gain a significant edge. It's because of this unique gameplay that edge sorting in baccarat can be so successful, as seen in the case of Phil Ivey. It's one of the most notable edge sorting examples to date. However, many casinos have spotted this technique and will look for signs if you try to use it.
Blackjack Edge Sorting
Theoretically, it's possible to utilize edge sorting as a means of gaining an advantage in blackjack, provided the dealer is willing to fulfill your requests. In this scenario, you would need to rotate specific cards to identify picture cards and potentially gain an advantage over the house. This technique can be advantageous if you arrange the shoe in a way that allows you to spot these high-value cards
However, it's crucial to note that such a strategy can only be effective in rare circumstances where you are the sole player at the table and there are no other players expressing concerns about delays caused by your actions. In a typical blackjack game, accommodating requests for card rotation and attempting to exploit edge sorting would likely disrupt the flow of the game and draw attention from both the dealers and other players. Thus, successfully employing edge sorting in blackjack to gain an advantage is highly unlikely in typical casino settings.
Edge Sorting in Online Casinos
Because edge sorting in card games relies on the dealer rotating the cards, the only way it can work is in live baccarat games. Unlike in physical casinos, you can't ask the dealer to rotate the cards since online games are typically automated and lack human dealers. Moreover, online games are observed by numerous players, making it impractical for dealers to accommodate individual requests.
However, there are still some aspects of edge sorting that can be adapted to online play, particularly in games like baccarat. The main idea is to focus on understanding the composition of the remaining cards in the shoe rather than predicting specific upcoming cards. By determining whether there's a higher proportion of high or low cards left, players can gain a slight advantage in their decision-making, akin to card counting. While this approach doesn't guarantee success, it can stack the odds in the player's favor.
The feasibility of discerning the differences on the back of cards in online casinos is uncertain. Cameras used in online games often have wide-angle lenses that may not allow players to notice such minute details. However, it's worth noting that modern live baccarat games in reputable online casinos often employ high-definition graphics, with some even offering resolutions as high as 4K. While it's technically possible to see the back of the cards, it's still challenging.
Conclusion
Edge sorting is a controversial technique that has garnered attention in the casino world. While it has been employed to gain an advantage in games like baccarat, its effectiveness and legality hinge on specific circumstances. This method relies on identifying irregularities on the back of cards to categorize them into high- or low-value ones. However, successful implementation requires specific decks with irregular patterns, the cooperation of dealers to rotate the cards, and the use of automatic shufflers.
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FAQ
Is edge sorting illegal?
The legality of edge sorting depends on the jurisdiction and specific circumstances. While it's not inherently illegal in some places, many casinos consider it a form of cheating and may ban players caught using this technique.
What is the most common sorting technique used by card players?
The most common sorting technique used by card players is card counting. Card counting refers to keeping track of the cards that have been dealt in a card game to predict the cards that are yet to be dealt.
What is edge sorting in Mississippi Stud?
Edge sorting is not specifically associated with Mississippi Stud because it's virtually impossible to implement it in poker games.
June 30, 2023
Posted by Content Team
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