- Gambling will likely cost you money, not make you rich.
- Most types of gambling have a house edge and poor odds.
- In a five-year study, 96% of online gamblers lost money. The few winners did not win life-changing money.
- Some people may win significant money, but often end up losing it back over time.
- Making a living from gambling is also improbable.
Casino Slots and Lottery Jackpots
Slot machines and the lottery are the most common forms of gambling in many countries.
You may have heard stories of people winning a slot machine jackpot or lotteries such as Powerball or Mega Millions. These occurrences are extraordinarily rare. For example, the odds of winning one of the multi-state jackpot games are about 1 in 290 million.
There have also been accounts of winners encountering difficulties managing sudden wealth.
The likelihood of becoming rich from the lottery or slots gambling is extremely low, though winning significant amounts is not impossible. It is advisable to approach gambling with realistic expectations.
A common mentality is, “Someone’s gotta win, why can’t it be me?” Try not to fall prey to this faulty thinking.
Can Poker Make You Rich?
Poker tournaments with thousands of people, such as those at the World Series of Poker in Las Vegas, sometimes award seven-figure top prizes. Can these gambling events make you rich?
Poker tournaments with large fields can offer a chance to win, though the odds are very low.
It is not recommended to enter a poker tournament primarily to become rich. While skill and good fortune may lead to a win, expecting such an outcome can contribute to harmful behavior.
Don’t be misled by stories or articles about wealthy poker players. Much of this perception is based on appearances. I was an editor for Card Player Magazine in Las Vegas, and in my experience, many poker professionals are not as affluent as they are often portrayed.
Rich poker players typically amassed their fortunes outside of gambling.
Sports Betting Parlays
Parlays are among the most addictive forms of online sports betting because they can offer six- or seven-figure jackpots. Sportsbooks typically limit a parlay jackpot to $1 million.
The odds for hitting a jackpot with these parlays are extremely low. Making such bets consistently is very unlikely to result in a win over the course of a typical lifetime.
Getting rich from parlays is highly unlikely. Don’t be swayed by reports of rare winners.
It’s also worth stressing that the sportsbook’s odds for your parlay are much worse than what the probability would be in reality. Sports betting odds represent a price.
Has Anyone Got Rich from Gambling?
A few people win big and keep it, but don’t overestimate your chances from their stories.
Much more common are stories of people losing money from gambling, sometimes far more than they could afford to lose. Not everyone gambles with the intention of becoming rich, but most people do gamble in an effort to win money.
Consider a 2013 60 Minutes interview with former Las Vegas casino mogul Steve Wynn. He said he had never seen someone win big and walk away.
Recent studies estimate that around 9% of adults worldwide are involved in at-risk or problem gambling, indicating a substantial portion of gamblers experience significant negative effects.
Bottom Line: Gambling Won’t Make You Rich
As the saying goes, the only way to big win in a casino is to own one.
If you choose to gamble, keep in mind that life-changing money is a very unlikely result. Keep gambling fun and don’t chase losses. Always gamble with an amount of money that you have no problem losing.
Reject the temptation to gamble as a means for changing your life and financial situation. Gambling won’t make you rich or help you build wealth.
If you have developed a problem with gambling, you should consider taking steps to quit.
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