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Every gambler defines gambling success differently. A successful gambler to you may mean using up your entertainment budget to gamble for pure fun. Or it may also mean gambling and breaking even. However you define gambling success, you can always work to become your definition of a successful gambler.
What Makes a Successful Gambler?
You might find yourself asking, “is there such thing as a successful gambler?” The short answer is yes. As mentioned earlier, it’s up to you to decide what a successful gambler looks like. But that’s not to say that everyone who plays is a winner.
Many factors contribute to gambling success. The good news is that all the skills you need to become a successful gambler are learnable. Practice always helps you get better at any task or hobby. Gaining more gambling experience allows you to stay up to date with trends and best practices.
Another important factor is mental toughness. Being a successful gambler means you can cope with both wins and losses. You’ll have losing and winning days, but the key is not to let your emotions control you. Learn how to manage the highs of winnings and lows of losing. A successful gambler abides by their rule. Your journey to winning starts by knowing how to accept defeat.
Finally, develop a keen attention to detail. Figures and statistics matter a great deal when you’re betting. Before you even decide to place a bet, understand the ins and outs of the game and your winning odds. Working on your attention to detail will give you a competitive edge over your competition.
6 Contributing Factors to Your Gambling Success
You can measure gambling success in various ways. And if you want to become a successful gambler, you must know what you’re trying to accomplish. Once you figure that out, you can then work toward that as a goal. To help you strategize how you’re going to make that happen, here are six ways to define gambling success.
Entertainment Value and Cost
For some players, gambling is nothing more than a pastime. Making a profit while doing so may sound great to them, but that’s not their focus. They are more concerned about being entertained than about taking home plenty of cash.
If you’re cool with paying both time and money for entertainment, then gambling is a good option. Win or lose, you’re already a successful gambler because you can get entertainment value. The bonus feature is that you’re going to win sometimes. That makes it better than other hobbies like going to the movies where you’ll never end up wealthier than when you started.
Always go for games that you enjoy the most. That way, you can get the best entertainment value instead of winnings. Nevertheless, you can up the fun by learning how to get the best theoretical return from casino games.
Some gamblers are interested in how much they earn per gaming hour. That’s understandable since many people are concerned about how much a day job pays them per hour.
In case you’re wondering why tracking your numbers is crucial when gambling, here’s the thing. Monitoring your gains and losses lets you know how much you make overall. Likewise, if you track how long you gambled, you can see how much your hourly profit is.
What’s concerning is that upon calculating their profit per hour, most gamblers have a negative figure. Determining your hourly earning is easy. Simply divide your overall winnings by the number of hours you play.
If you’re looking to secure an overall profit, you must place more bets with a return over 100% than those with a house advantage. Say a gambler learns card counting in blackjack. While they don’t have a theoretical advantage on each hand they play, they know when they do. As a result, they can wager more in these situations; hence, making an overall profit.
Other usual gambling activities a successful gambler banks on to earn an overall profit include poker and sports betting. The good news is since these are skill-based games, you can work on improving the necessary skills.
The key to making an overall profit is monitoring all your costs, expenses, and earnings. When you know your numbers, it’s easy to check if you’re getting a theoretical edge. Likewise, you’ll see if it’s time to search for better gambling opportunities.
When you say a successful gambler is more interested in short-term profits than anything else, that means their goal is to make as much as they can right now. That sounds great. However, most gamblers who do this end up sacrificing long-term profits for short-term ones.
In gambling, you can use the Martingale system to make a short-term profit. Don’t be intimidated because it is very simple to understand. This system allows you to generate a short-term profit most of the time. A gambler who doesn’t make a short-term gain ends up losing a lot of money.
Earlier, we’ve talked about the theoretical edge. But what exactly does that mean? A theoretical edge is essentially the house advantage for gambling options. It’s the flip side of the return to player (RTP) percentage coin.
If you employ the theoretical edge to become a successful gambler, you focus on placing wagers with the highest RTP percentage and lowest house advantage. You can place bets with a house advantage over 100%, resulting in a negative house edge. The key to becoming a successful gambler is to learn how to make wagers that don’t come with a house advantage.
Gambling Time Limit
Finally, a successful gambler knows how to gamble for the maximum period. Chances are, like everyone else, you have a set gambling budget to work on. The goal is to determine how you can stretch your gambling bankroll as long as you can sans going bankrupt. And this is where the importance of theoretical edge enters as it impacts how much you win or lose.
Additionally, you also have to care about how much and how often you need to bet. For instance, a slot machine bet costs $1.50 per spin, but you’re likely to spin 100 times per hour. Meanwhile, although you might spend $15 on a football bet, that’s only one bet every three hours. If you want to maximize your gambling time, pay attention to the bet minimums.
How Do Good Gamblers Think?
To become a successful gambler, you have to think like one. So, how do good gamblers think? The best gamblers are aware of favorable gambling opportunities. They also recognize the need to gain proper knowledge and skills to maximize that edge.
While some players merely place wagers and hope for a lucky streak, a successful gambler is always on the lookout for an advantage. They hardly go for plays that aren’t favorable to them. That also explains why it’s unusual to see a successful gambler playing roulette or slots. Poker, blackjack, and sports betting are the go-to events of a successful gambler since they all offer favorable gambling opportunities.
Another mindset of a successful gambler is to keep on learning. You have to use your brain to gain an advantage, so it’s essential to grow your knowledge base. Finally, they invest time and effort to build a set of skills crucial for winning in the long run. Such skills can range from card counting for blackjack players to handicapping for sports bettors.
In summation, if you wish to get the same results as a successful gambler, you must think like them. Know when you can get an edge and how you can capitalize on it. Never stop learning and building your skills. All the advice mentioned here can add to your journey to becoming a successful gambler.