The Student Room Group

Making money through Gambling

Hey,

Was wondering if anyone here makes money through betting strategies? I've been doing it throughout my gap year and made a good amount which has allowed me to do quite a bit of travelling.

Are you guys the same?

I started in Matched Betting at last summers world cup, and have got into doing offers on online casino's, game sites, bingo sites etc and progressed into trading on Betfair and arbitrage.

Also . If you don't do anything like that - what's your unique way to make money online?

I'm sure everyone in the Money&Finance section has something!

Cheers
Reply 1
The few gamblers i know always give the impression they are hot shot winners but they eventually end up on their backsides..
dimmest way to try make money I know of, as the saying goes the house always wins.
Also how exactly do you do arbitrage through betfair...? I haven't seen it outside of the markets say the Osaka and Tokyo exchanges as a very simple one or the incredibly complex activities of the Arbitrage group at Salomon Brothers later LTCM.
Personally though I trade on the LSE, NZSE and in the debt/forex markets.
Reply 3
Original post by Soldieroffortune
dimmest way to try make money I know of, as the saying goes the house always wins.
Also how exactly do you do arbitrage through betfair...? I haven't seen it outside of the markets say the Osaka and Tokyo exchanges as a very simple one or the incredibly complex activities of the Arbitrage group at Salomon Brothers later LTCM.
Personally though I trade on the LSE, NZSE and in the debt/forex markets.


So the reason I refer to it as 'gambling' is because i'm not sure what else to call it. In reality, it's far from gambling. I do the promotions run by the tens of different 'gambling' sites in the UK, and have made a good amount of money from doing so. Since I do quite a few promotions a day, I rarely lose money on a day basis. Though it does happen occasionally. Over a monthly period I always make money.

So a typical offer might be Paddy Power saying bet £250 on our casino games and we'll give you £25 cash.

Since the RTP for the Paddy Power game i'm about to play is 95% I can work out the average return to me for completing this promotion is 25 - (250 x 0.05) = £12.5.

So I agree with you that the house always wins ! - just with the exception that NOT if a few of their customers are only betting on their promotions and nothing else!

Arbitrage works by purchasing software which feeds in all the odds from all the different sports betting sites. Relating this to your area of expertise, if there is a price on a sports website (say Barca to win the champions league at 1.35) and then a sell (Lay) price on a betting exchange (betfair exchange, smarkets, matchbook etc.) for Barca NOT to win the champions league at 1.3, you've got yourself an arb!

Tell me more about how you make money on the stock exchange. Sounds very interesting :smile:
(edited 8 years ago)
Original post by aroniglenn
So the reason I refer to it as 'gambling' is because i'm not sure what else to call it. In reality, it's far from gambling. I do the promotions run by the tens of different 'gambling' sites in the UK, and have made a good amount of money from doing so. Since I do quite a few promotions a day, I rarely lose money on a day basis. Though it does happen occasionally. Over a monthly period I always make money.

So a typical offer might be Paddy Power saying bet £250 on our casino games and we'll give you £25 cash.

Since the RTP for the Paddy Power game i'm about to play is 95% I can work out the average return to me for completing this promotion is 25 - (250 x 0.05) = £12.5.

So I agree with you that the house always wins ! - just with the exception that NOT if a few of their customers are only betting on their promotions and nothing else!

Arbitrage works by purchasing software which feeds in all the odds from all the different sports betting sites. Relating this to your area of expertise, if there is a price on a sports website (say Barca to win the champions league at 1.35) and then a sell (Lay) price on a betting exchange (betfair exchange, smarkets, matchbook etc.) for Barca NOT to win the champions league at 1.3, you've got yourself an arb!

Tell me more about how you make money on the stock exchange. Sounds very interesting :smile:


Ahh ok, i've never really known enough about sports to do more tan close my eyes and throw a dart in hope :L

Well depends how you want to use it, you can use arbitrage in it albeit its rather hard like finding £20 on the floor but yar you can go for short or long term; short term you'll just be executing buy and sell trades quickly to make a profit on changes in the value or long term you'll just be collecting money from the dividend payments. Then again depending on how you're doing it and who with it can get a lot more complex and generally speaking to be able to make any significant amount youll need a bit of money to start with but you call always use put options which is almost similar to short selling in some regards and then the inverse called a call option, handy things and less likely to backfire than other types of options
Original post by aroniglenn
Hey,

Was wondering if anyone here makes money through betting strategies? I've been doing it throughout my gap year and made a good amount which has allowed me to do quite a bit of travelling.

Are you guys the same?

I started in Matched Betting at last summers world cup, and have got into doing offers on online casino's, game sites, bingo sites etc and progressed into trading on Betfair and arbitrage.

Also . If you don't do anything like that - what's your unique way to make money online?

I'm sure everyone in the Money&Finance section has something!

Cheers


Well I thought about doing that. How well is it and is it easy? But right now for me I Refer people to my site. And I get paid from it, recently I just made $190 so far in a week. Also its an unlimited amount that you can make. Its really easy especially if you know a lot of people to register. Also there's no fee to join either. Would you like to know more?
This all sounds interesting, I am familiar with these methods, I think trading or investing might be a better word that you could use to describe it since you are "trading out" at the right prices in order to guarantee is small profit instead of taking a risk for a larger one. My dad makes a living trading on bet-fair on horse races in running, which has a bit more of a risk to it, is very fast paced because you have to have a quick reaction but is the small principle only the prices will be traded on the same market as they fluctuate.
(edited 8 years ago)
Making money online? Assuming currency exchanges count, either waiting for a currency to crash, then exchanging a load of money (read about £5000) then wait for it to restabilise at a better value, then exchange back to £. Profit. OR, you exchange through 3-4 currencies, playing the exchange rates to make small amounts of money because of dodgy exchange maths. ie, Pounds to American Dollars to Euros then back to Pounds works to make about £1.04 with £5000
(edited 8 years ago)
Haraam
Original post by KittyRe-play
Haraam


That's nice. If you disagree with trying to make money through a high risk-reward method, please go away
Original post by an_atheist
That's nice. If you disagree with trying to make money through a high risk-reward method, please go away


K g I'm goin innit stop quoting me so I get the chance to leave. :lol:
Reply 11
Original post by an_atheist
Making money online? Assuming currency exchanges count, either waiting for a currency to crash, then exchanging a load of money (read about £5000) then wait for it to restabilise at a better value, then exchange back to £. Profit. OR, you exchange through 3-4 currencies, playing the exchange rates to make small amounts of money because of dodgy exchange maths. ie, Pounds to American Dollars to Euros then back to Pounds works to make about £1.04 with £5000


An extremely high risk strategy. You'd have similar odds with less effort by going into a casino and betting it all on Red.
Original post by Reue
An extremely high risk strategy. You'd have similar odds with less effort by going into a casino and betting it all on Red.

Not really. Currency exchange rates are 'relatively' stable, and you tend to have a bit of warning before they crash.. The crash and invest strategy would only fail if the currency is changed, a la Germany changing from Deutschmark to the Rentenmark.
Original post by aroniglenn
Hey,

Was wondering if anyone here makes money through betting strategies? I've been doing it throughout my gap year and made a good amount which has allowed me to do quite a bit of travelling.

Are you guys the same?

I started in Matched Betting at last summers world cup, and have got into doing offers on online casino's, game sites, bingo sites etc and progressed into trading on Betfair and arbitrage.

Also . If you don't do anything like that - what's your unique way to make money online?

I'm sure everyone in the Money&Finance section has something!

Cheers

Making money from gambling can be both legal and straightforward. By shares in the House and hold them long term.
If you need money more quickly get a job in a casino.
Original post by Hopefulbunny
Making money from gambling can be both legal and straightforward. By shares in the House and hold them long term.
If you need money more quickly get a job in a casino.


I looked into becoming a croupier once but my maths was too rubbish (and you have to pay quite a bit for a training course)...

Your never gonna make money long term with any fixed odds betting (Roulette, slots etc.)

But if you've got some Poker skills then its possible, i guess? Practice before you put any money down though and make sure you don't get hustled by some old pro playing in a "beginners" room!
Old thread but probably still very relevant. I'm guessing there are numerous students wanting to make some money who fall into online gambling of one kind or another.

My advise to you is to steer very clear of ANY online gaming/gambling.

It is all rigged to the hilt and you WILL lose a ton of money.

How is it all rigged?

Let's start with Bingo

People think it's just a purely random game with a limited number of players where the "house" takes a small percentage of the winnings. You feel that the overall odds give you a fighting chance.

But those odds are not what you think they are.

Let's look at an example.

There are 6 people in a room. A man says to them "I will take £1 from each of you and then we will throw a die and whoever's number comes up, I will pay that person £5"

In looking at this proposition you quickly realise that you have a 1 in 6 chance of winning and the prize is only £5 so obviously it's a losing proposition from the outset, BUT THAT'S NOT THE RIG. I make this example because it gives you the same feeling that although you know the overall odds are not in your favour, the odds aren't really that bad. You feel that the house is only taking a small % of the monies paid in so overall is seems like a decent deal.

Now let's do this same thing again but in an online scenario.

You are on your own on your PC on a bingo site. It's £1 to enter the bingo game and the system tells you that the prize is £5 and that there are 6 people in the same game as you. So, at face value this looks to be exactly the same proposition yes?

Wrong !

It isn't.

Actually there are 100 people in the same game as you, but you have NO WAY OF KNOWING that. You can only see the number the site tells you. There are no alias names shown for all those players, you can't chat to them all. You have no idea how many people are all paying £1.

So how does that proposition look now?

There are actually 100 players. So the site takes in £100 but is only going to pay out £5 !! That's a MASSIVE profit for the bingo site. When you don't win, you just think, "Oh well, I'll try again cos sooner or later my numbers will come up".
The problem is they will come up 1 in 100 games and that's only IF the balls are drawn randomly. It is a terrible proposition. You will win 1 in 100 games. So you will pay £100 to play those 100 games and when you win you'll get £5. Truly awful odds and had you known truthfully how many other players were in your game you obviously wouldn't have bothered.

I went on a bingo site for a test. Played my first game and in the chat window I queried the players and host. I asked "How can I truly tell how many players are in this game since there are no member/alias names shown". The chat host said I should direct such questions to support. I persisted, and it was clear that some of the players had never considered that the number of players displayed could be untruthful. Within 10 mins, I was thrown off the site.

Steer well clear of online bingo. Really, don't go there.

Online Poker is worse.

The entire industry is riddled with cheating of various kinds. Sites are overrun with BOTS which can communicate with each other. If 2 or more bots end up on your table you are screwed as they can share their cards with each other. There are also teams of human players all colluding with each other, talking on chat systems whilst playing. Poker is a REALLY BAD form of online gambling because it is promoted as a game of skill, something which you could learn and make great money. It is NOT true. Real poker, in a real room, yes. Online poker no.

There is NO true, on the square online poker game.

Stay well clear of online poker.

ATB
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