Gambling as a Business: A Long Slow Grind
Who wouldn’t want to gamble for a living? It sounds like such easy money, winning a fortune at the flip of a card. Yet after the excitement of the casinos' lights and sound fade, beneath the surface, gambling professionally is a long, slow, arduous grind to the top, fueled by small mathematical advantages, so small, even minor mistakes erase everything.
The smallest of errors is what separates pros from the hobbyists.
Here are the fundamentals of what it takes to become a professional advantage gambler, one who takes money from casinos for a living. (Not poker).
Academically prepare yourself. Read several books on the subject. Authors I recommend: Edward Thorp, Stanford Wong, James Grosjean, Ken Fuchs, Arnold Snyder, Ken Uston, Ian Anderson, Bryce Carlson. Don Schlesinger. Peter Griffin. Fred Renzey. In no particular order.
Buy a deck ( up to six) of playing cards. Practice until you can play basic strategy perfectly, know at least 18 indexes, and can count down a deck of cards in under 30 seconds.
Have a bankroll and know how to properly assess your risk, and bet sizes based on each game you will play.
Know yourself. Emotions and professional gambling are like oil and water. Your money will go up and down (variance). You win in the long run if you separate your decision-making from your emotions. Losing hurts, it will happen (variance). Don’t let pain affect your decision-making.
Dedicate yourself to the profession, log hours like any other career. Gambling with a mathematical edge is a “Random walk with upward drift”. You will win over time, but you need to put in the work.
Know your casino. Learn how to disguise skilled play. Casinos don't like winners.
Travel. You won’t make it big exclusively playing one city. Hit the road and chart new territory. International games are ripe with opportunity.
Trust the math. Bet big when you have the mathematical advantage. Bet small when you don’t. Rinse and repeat until rich.
A Random Walk with Upward Drift. Like a drunk who stumbles all over, each step taken is random, up or down. Over time, a random walk with upward drift means the 'walk' (your profits) will move upward.
Sources:
Header Image: https://www.pexels.com/photo/rolled-20-u-s-dollar-bill-164527/
A random walk Image: https://people.duke.edu/~rnau/411rand.htm
!sources
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So you're referring to the two images correct?
Yeah, great content! Just add some sources.
Posted using Partiko iOS
Added at the bottom of article. Cheers.
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Failing to do so is considered plagiarism, and could result in being blacklisted by curation groups or even flagged.
Examples include:
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