Is Gambling a Good Source of Income

The idea of it is powerful: you walk into a casino, play a couple hands, and walk out richer. Bet on sports using your “expert knowledge”. Play poker just like the guys on TV. It seems like a simple way to make money or even a career. But is at actually a good source of income?

The House Always Has the Edge

Every casino game is designed with a built-in advantage for the house called the “house edge”. This isn’t a secret, its dundamental to how gambling works as a business.

Slot machines usually have a edge of 2-15%, which means that for every $100 wagered the machine makes $80-95 over time.

Blackjack doesn’t give much of a house edge but since it relies much on mistakes and luck it doesn’t matter much

The math is simple: if the house has an edge, you have a mathematical disadvantage. Over time, you will lose money and the longer you play the more certain this becomes.

Sports Betting Isn’t Different

Many people believe sports betting is different because it involves knowledge and skill. There’s no machine that you’re playing against and instead are just predicted real events which take knowledge to understand.

The problem is the vigorish- the bookmakers’s commission. Standard sports betting requires you to risk more than you can win. Which means that you need to win more bets just to break even.