If you’re looking for a secret formula to success when gambling online, then dream on. The truth is when most people wonder how to make money gambling online their expectations are too high. Lots of starry-eyed gamblers expect any help to be a key to constant long term profits. But, we need to be a bit more realistic and merely seek ways to tip the scales of Lady Luck slightly more in our favour…
Nowadays more than ever the need to supplement income online is vital. But, let’s clarify one Golden Rule from the outset: Only bet with what you can afford to lose. Repeat this mantra in your head until it’s part of your subconscious because the time will come when you are tempted to have one more bet or spin beyond your budget. Now that we’ve got that out of the way, let’s have a look at how to make money gambling online – or at the bare minimum, give you a far better chance at profits:
Finding the best odds or RTP%
In the long run, finding the online betting sites that provide good odds of winning is crucial. In sports betting, for example, some bookmakers can price up with the odds so stacked in their favour that it makes winning extremely unlikely for punters. Likewise, some online casino games have a low RTP percentage. What exactly is RTP percentage? Well, RTP stands for ‘Return To Player’ and basically it means the percentage of turnover that is given back as ‘winnings’ to players over time. So, in theory, if a games’ RTP is 95% and it turns over 10 million Euro in a year, the estimated return to players will be 9.5 Million Euro, thereby netting the online casino a profit of 500 000 Euro.
Taking this basic math into account it makes sense for players to search for online games with high RTPs because over time they are likely to win more, or lose less, with these games. Try sticking with casino games that have an RTP in the region of 97% or higher. This applies, particularly to online slots. And, if the online slots do not list the RTP in their information section then it would make sense that this lack of transparency is a bad sign – so steer clear.
What is arbitraging?
Anyone who has pondered how to make money gambling online would have come across arbitraging as a possibility. What is arbitraging? Well, simply put, arbitraging is the practice of capitalising on a price difference between markets.
The simplest way of explaining it is like this: If you find, for example, a tennis player to win a match at 11/10 at site A and then find his opponent at 11-10 on another site, therein lies an opportunity. By backing both to win, you are guaranteed a 10% profit on your money.
This is the simplest of trades – you see two prices at the same time for the only two possible outcomes on an event. You have your bet and wait to collect your profit no matter what the result.
Another example is somewhat more complicated and requires a bit of expertise in that it relies on the ability to “lay off” your bet on a betting exchange. It also hinges on an accurate ability to predict the market. The punter backs a contestant, horse or outcome at for example even money. Then when this price shortens, lays off for example 6/10. He/She then has the ability to ‘balance their book’ as a bookmaker and will either end up with a smaller bet at huge odds, or a bet to no liability, or an ‘over-round’ result (ie – winning a smaller portion no matter what).
Whilst not as complicated as one may initially think, there are plenty of obstacles in the way of arbitraging successfully:
- The need for a significant float (betting bank).
- The ability to monitor multiple online betting sites to find the best prices.
- Knowledge and prediction of market moves (if laying off).
- Control: It is a transaction to maximise profits, not a gamble.
Maximising bonus offers
Finding decent bonuses is part of increasing your chances of winning when you gamble online. These bonuses normally entail a boost when you make a deposit, free spins or free bets. They are, however, not all created equal. Sure some offer higher amounts, but that’s not the difference we are alluding to in this case – what we are talking about are the bonus rollover requirements (otherwise termed wagering requirements).
After you get your bonus these rules dictate the amount you must wager before you will be allowed to withdraw said bonus or profits derived from the bonus.
The problem is that many “fly-by-night” online betting sites that start-up offer large bonuses with a fine print that makes it impossible for players to win – ie the need to turnover your stake 50 or 60 times before withdrawing. Inevitably players end up not only losing their bonuses but also their deposits. This is one of the many reasons one has to do research on newly established online casinos or betting sites.
Generally, the fairest bonuses are given by online betting sites that have been around for a while and built up a decent reputation…which brings us to our next point.
Making sure you will get paid after winning
You find a site with good bonuses, great winning chances and maybe even arbitraging possibilities. Fantastic – but what use it if after winning you don’t get paid? There are plenty of online betting sites with fancy window-dressing that can lure you in toward what seems like a superb product. However, after scoring that big win they’ll put obstacle after obstacle in your path when you try and withdraw. That’s because we’re essentially living in a “Wild-west” era of gambling where almost anyone can put up what at a glance seems like a legitimate online betting site.
How do you avoid falling for these charlatans? Well, a good place to start is by making sure that an online betting site is licensed and legal. That way you have some form of recourse if a dispute arises or if you are struggling to withdraw your profits.
The next step is to check reputable reviews and confirm that that prospective choices for online betting sites are well established with a high degree of customer satisfaction. Deposit and withdrawal options should be plentiful and both should be processed expediently.
Managing your bet staking
Having a decent strike when seeing a betting mistake or when the odds are heavily in your favour can be a big part of how to make money gambling online. However as mentioned earlier, never gamble with more than you can afford to lose. It not only affects your choices but is a sure sign that you may be on the road to being a problem gambler.
While there is no silver bullet when it comes to making money online by gambling if you follow these simple rules you will be tilting the odds a bit more in your direction which, in the long run, means either a bigger profit or a smaller loss. So, gamble wisely – best wishes and may Lady Luck be forever at your side!