5 Ways to Become a Millionaire through Online Gambling
There are plenty of ways to become a millionaire beyond online gambling. For example, investors, lawyers, and doctors can all become rich at some point with the right approach.
However, few paths towards becoming a millionaire are as exciting or quick as internet gambling. The latter features huge jackpots and skill games that can make you wealthy rather fast.
Of course, not every type of internet gambling gives you this opportunity. You must be selective when pursuing the path towards big money. This guide discusses five of the best ways to win $1 million or more through online gambling.
1 – Slots
Real money online slots are among the toughest games to beat at internet casinos. They typically carry a house edge of around 4% and don’t involve much skill. Factor in the quick play rate, and you could lose a fair amount of money with these games.
Slots present a dichotomy, though, because they’re also quite possibly the best casino games for winning millions. Some slots feature multimillion-dollar progressive jackpots that can make you rich in an instant.
Here are the biggest online slots jackpots at the time of this post:
- Jackpot Giant – $5,432,492
- Jackpot King (Betfair Paddy Power version) – $5,024,294
- Aladdin’s Lamp (Casino Club version) – $4,458,284
- Hall of Gods (Mega Jackpot) – $3,758,294
- Mega Moolah – $3,284,204
You can see that the opportunity to make serious money is definitely there with internet slot machines. The downside, though, is that the odds are against you.
Developers aren’t transparent with the exact odds for online slots jackpots. But the games featured above most likely carry odds in the millions or even tens of millions.
For example, the odds of winning the Mega Moolah jackpot are approximately 1 in 50 million. Theoretically, you’ll need to play for 50 million spins before winning the top prize.
The upside, though, is that you don’t have to spend much to play for these jackpots. Instead, you can often play for anywhere between $0.25 and $1 per spin.
2 – Sports Betting
Unlike slots, sports gambling gives you a larger degree of control over winnings. Your handicapping skills and picks determine your success rate.
Of course, betting profits aren’t easy to come by. The vast majority of sports gamblers lose money rather than win.
The biggest obstacle towards betting success is bookmakers’ innate ability to set tight lines. Oddsmakers are quite good at their jobs and don’t offer much of an advantage on one side or another of a line.
Of course, this isn’t to say that sportsbooks are unbeatable. Billy Walters, Haralabos Voulgaris, and other big sports betting winners have all made millions by wagering on sports.
Walters, for example, lost lots of money until finally becoming a profitable bettor. Few other success stories start out winning right away.
The initial goal is simply to win more money than you lose in the beginning. To do this, you should start with learning handicapping and tracking your results.
You also want to focus on specific sports and develop true mastery of them. I recommend only betting on one sport per season to avoid spreading your attention too thin.
You should track every bet result too. Tracking results is the only way that you’ll know if you’re winning in the long term.
Once you do start winning and are ready to take betting really seriously, you want to focus on two main aspects:
- Bankroll management
- Increasing your bet sizes
You need to develop a bankroll plan that minimizes your short-term risk. One common plan is to divide your bankroll into 100 units and only risk 1-2 units on each match.
Larger bet/unit sizes allow you to capitalize more on your edge. Therefore, you should save up money and gradually increase the size of your units over time.
Even if you do everything right, sports wagering is far from easy. But it does give you an opportunity to use skills to win seven figures.
3 – Online Lottery
Lotteries are the most-popular ways to get rich through gambling. Many people purchase lottery tickets at convenience stores on a daily basis.
Interestingly enough, though, some of the same gamblers don’t realize that they can also purchase tickets through their phones. Therefore, the lottery represents another form of online gambling that can pay millions.
Of course, winning the lottery is a completely luck-based affair that involves no skill at all. You simply purchase tickets, pick your numbers, and wait for drawings to occur.
With scratch cards, you buy a ticket (or virtual card), reveal the symbols, and check to see if you qualify for a payout.
No lottery game is overly difficult to learn. This simplicity makes the lottery perfect for the general population.
After all, most people don’t like learning a complicated set of rules before playing games. They just want to gamble and pray for wins.
Most state and national lottery retailers offer tickets over the internet. Even online casinos now feature scratch cards that are similar to what you’ll find in land-based convenient stores.
Assuming you play the lottery, then you could look forward to chasing seven-, eight-, and even nine-figure prizes.
4 – Online Poker
Online poker may not be the same moneymaking opportunity that it was 10 or 15 years ago. Black Friday and the changing legal landscape have diminished the high stakes poker scene to a large degree.
Speaking of skills, you need to improve your poker abilities and work your way up the ladder. Plenty of ways exist for increasing your skill level.
Here are some different routes that you can take towards becoming a stronger player:
- Read strategy articles
- Read poker strategy books
- Join a training site
- Watch pros stream their online sessions on Twitch
- Hire a coach
- Use training software
- Study your sessions after the fact
- Find a backer who’ll also provide coaching on the side
Online poker success all depends upon conquering the given stakes you’re at and moving up. The more time that you spend on the strategy methods covered above, the quicker you’ll become a better player.
You should refrain from moving up the stakes too quickly, though. After all, you don’t want to increase the risk that you’ll lose your bankroll.
Here are safe bankroll guidelines for cash games and tournaments:
- 25 to 30 buy-ins for the given cash game stakes.
- 100 to 150 tournament buy-ins for the average stakes you play.
Going from a low stakes poker player to the high stakes—where you stand and make the most money—takes years. That said, you shouldn’t expect poker millions to happen anytime soon.
5 – Esports Betting
Esports gambling has become very hot within the past few years. It’s now available at many online sportsbooks.
Esports betting is essentially the same as traditional sports wagering. The main difference is that you’re gambling on competitive video-game contests rather than athletic sports.
Other than this difference, the same skills that help you become a winning sports gambler also transition to esports. You must be good at handicapping the odds, bankroll management, and knowing the players/games that you’re betting on.
The latter is the big change from sports to esports wagering. If you don’t know anything about esports players and teams, then you have some work to do.
Once you do learn the ropes, though, you can slowly improve your abilities and start making money. You might consider larger bet sizes after some success.
Of course, esports gambling doesn’t have the same high liquidity level of regular sports wagering. Therefore, you should focus on the most-popular esports (e.g. Dota 2, League of Legends) if you want any hope of making millions.
As with sports betting, you also want to come up with a solid bankroll management plan. The same basic plan, where you split your bankroll into 100 units, will do for esports gambling as well.
Considerations for Trying to Get Rich With Online Gambling
You can start on the path towards chasing millions through online gambling with just a few dollars. Of course, you’ll want a more-disciplined approach to the matter in order to boost your chances of making $1 million. That said, here are considerations to keep in mind before getting started.
Learn Everything You Can About a Game
Each form of online gambling has strategy. The degree of strategy that you need to win, though, varies based on the specific game.
Slots and lotteries, for example, don’t feature much depth at all. They merely call on you to look for games with the highest RTP to increase your chances of winning.
Sports betting, esports wagering, and poker, on the other hand, all require extensive strategy. By improving your skills in these disciplines, you can stand out from the competition and make more money.
Regardless of which type of gambling you go with, you want to learn everything about it. More knowledge boosts your odds of eventually earning $1 million.
Set Up Your Bankroll
As covered earlier, bankroll management takes center stage with esports betting, sports gambling, and online poker. However, it can also be used for slots, lotteries, or any other type of gamble.
Luckily, defining a bankroll plan doesn’t take long. Here are some simple steps to getting started with bankroll management:
- Decide how much money you can comfortably risk.
- Break your bankroll down into units.
- Set a stop-loss limit for each day.
The latter point is key because it encourages you not to lose your cool and blow too much money in a single day. If you have a bankroll worth 150 units, for example, you can set a daily stop-loss limit of 5 units.
Don’t Count on Winning Big Any Time Soon
The key theme of this post is to win $1 million through internet gambling. However, you shouldn’t go into the matter lightly.
Maybe you will be that rare person who wins $1 million or more through gambling. But you definitely shouldn’t count anything as a given until it actually happens.
The path that you choose towards winning $1 million with online gambling will vary based on your preferences. If you’re hoping to win big with little effort involved, then slots and/or lotteries are the right picks.
Both of these games don’t require any in-depth strategy. They also offer multimillion-dollar jackpots that you can win with a single bet.
Assuming you want more control over your destiny, then online sports betting, esports gambling, and poker are good choices. You can win long-term profits with each of these options.
Again, you shouldn’t completely expect to win $1 million through internet gambling. At the very least, though, several routes exist for making it happen.
You can win over a million dollars gambling at online casinos but you have to use the right strategies. Here's how to make a million with online gambling.
How to win a million dollars at a table game with a $5 bet
Last update: October 2020
The idea is simple: Start with a $5 bet, and double it every time you win, 18 times in a row. The odds of doing that are about 1 in 260,000. Don’t laugh: the odds of hitting a slot jackpot are are often 1 in two million or more, and the top prize is usually pretty far from a million dollars. If every visitor to Vegas tried the method I describe in this article, someone would win the million dollars every four days on average. (based on Aug. 2020 visitor levels) So, if you want a huge jackpot, the odds are much better on a table game than on a slot machine.
Unfortunately, there’s a fatal flaw: At some point, when it’s time to bet big, say, $2560, or $5120, or $10,240, you’re gonna want to take the money and run. You’re not gonna have the stomach to put thousands of dollars on the table. You’ll want to quit while you’re ahead. If not at $10,240, then certainly at $327,680. Still, the premise is interesting, so we’ll see how you could do it, if you had the guts to keep making the big bets.
By the way, you might think that you can’t actually make a $500,000 bet in order to win a million, because of table limits. But while it’s true that the typical high limit rooms have max bets of $10,000 to $50,000, the ultra-exclusive high limit rooms let you bet up to a million. The Wizard confirmed for me that the Venetian took up to $1 million when he worked there.
You remember that old story you heard as a kid about the person who wanted his salary to start at only a penny a day and then double every day? The punchline was that in 30 days the salary would be over a 10 million dollars. We’re working with the same concept here. If you start with a $5 bet and win 18 times in a row, you’ll be betting $5, $10, $20, $40, $80, $160, $320, $640, $1280, $2560, $5120, $10,240, $20,480, $40,960, $81,920, $163,840, $327,680, and $500,000. The last one isn’t doubled because we don’t want to overshoot our goal. More on this later.
So now we just need to pick a game to play. We want a game with a high chance of winning an even-money bet. That rules out roulette, which gives us only a 47.37% chance of winning each bet. A single-zero wheel is better, at 48.6%, but still too low. If you’re in Europe where they have the en prison rule, then the edge is a respectable 1.39%, and roulette is a decent choice. If you’re in Europe and are trying this with roulette, you can use the numbers below for craps without free odds, since the house edge for both games is similar.
But let’s say we’re not in Europe and so roulette is out. An obvious candidate for a low-edge good would be blackjack, which carries an edge as low as 0.20%. But blackjack comes with a couple of problems: If we bet the farm on every hand, there’s no money left for doubles and splits. Also, the odds of winning a single blackjack hand is only 1 in 42.43%, which is worse than roulette. (source) So that one’s out. (The reason blackjack has a lower house edge than roulette even though the chances of winning are worse, is that with blackjack you often win more than your bet, with naturals, doubles, and splits.)
Our next idea might be the banker bet in baccarat, with a low edge of only 1.06%. And it’ll work, though it’s not so simple: In baccarat we have to pay a 5% commission on winning banker bets, so if we win 17 times in a row and lose the 18th, we’ll be on the hook for thousands of dollars in commissions. Ouch! So to do the banker bet we’ll have to squirrel away 5% of every win in order to pay the commissions. That means our bets would grow slower, and that means that it’ll take 19 wins instead of 18. That’s gonna be the deal-breaker here. The odds of making our $1 million are 1 Г· 50.68% 19 = 1 in 405,236. We can do better than this.
Next up is the player bet in baccarat with an edge of 1.24%. There’s no commission to worry about, so it’s simpler. The chance of winning a single player bet is 49.317562%, so the chances of winning 18 in a row are 1 in 1 Г· 49.317562% 18 , or 1 in 335,715. This is as good as we’re gonna get.
The house edge on the pass line in craps is almost as low, 1.41%. Yes, the Don’t Pass is just a hair lower, but if you wanted the best odds you would have chosen baccarat. If you’re playing craps it’s because craps is more fun for you, and if that’s the case you’re almost certainly going to bet the pass line like everyone else. In that case your chances are 1 in 1 Г· 49.292929 18 , or 1 in 338,748. Player in baccarat is still our best choice.
The 18th bet
Our goal is only $1 million, but after our 17th winning bet we’ll have $655,360. If we bet the whole thing and win, we’ll overshoot our goal. So, instead, on the last bet we’ll bet only $344,645. If we win, we’ll wind up with $1,000,005. Remember, we started with a $5 bet, and our goal is to win $1 million, not $999,995, so we have to wind up with $1 million + $5, to have won an entire million.
Milking the 18th bet #1: roulette to the rescue
We’ve got $655,360 going in to the last round and need to win only $344,645 to hit our million-dollar goal. So we don’t need an even-money bet, we can bet on something that pays less than even money, and in return get a better chance of winning. What we do is to spread our $655,360 over 23 individual numbers in single-zero roulette. (It’s 23 because if we split our bankroll over more numbers, our bet will be too low for the payout on a winning hit to get us to the $1 million mark.) So we’ll bet $655,360 Г· 23 = $28,493 on each of 23 numbers. Since we’ve covered 23 out of the 37 numbers, we’ve got a nice 62% chance of winning our last bet, which is a lot better than the 49% chance of winning the baccarat player bet. That reduces our overall odds to 1 in 266,347. If we win, the payout will be $28,493 x 35 = $997,255, and we get our winning $28,493 bet back, for a total of $1,025,748.
Milking the 18th bet #2: a second chance
A different way of milking the 18th bet is to continue to make an even-money bet, rather than spreading our money out over 23 separate numbers. At the beginning of bet #18, we have $655,360, of which we’ll bet $344,645, to wind up with $1,000,005. (We need to wind up with +$5 because $5 of the total is the $5 we started with, and our goal is to win a whole $1 million, not win just $995,000.)
If we lose the $344,645 bet, we’ll have $310,715 left over. So at that point we could simply start over again, but this time with a $310,715 initial bet rather than a $5 bet. And let me tell ya, it’s a lot easier to get to $1 million from $310,715 than from $5.
Further, every time we’re making our last bet, we’ll bet only enough to hit $1,000,000, so we’ll have some left over to try again if we lose.
This improves our odds a bit over the roulette option above. From the computer simulation I programmed to run 20 billion attempts, our chances of success are now about 1 in 260,000.
The odds bet in craps doesn’t work
You might think we could improve our chances further by taking the “free odds” bet in craps, since it carries no house edge. (See my how to play craps for an explanation of this bet.) I thought the same thing, but a computer simulation proved otherwise. The problem is that we have to bet only a fraction of our bankroll on the come-out roll so we have money left over to put on the odds, and if we win the come-out with a 7 or 11 then our effort is kind of wasted since our bet was so small. Incidentally, I did find that betting 1/4th of the bankroll on the come-out (and not being able to put the max down on points of 5, 6, 8, and 9) yielded better chances of success then betting 1/5th or 1/6th of the bank on the come-out roll.
(My sims used 3-4-5 odds. Casino Royale offers 100x odds, but they limit the payout on an odds bet to just $2500, so that won’t work for us. Caesars, which allows the highest bets in Vegas, offers 3-4-5 odds, so that’s what I used. But when we got close to the goal, I had the sim stop screwing with odds and put as much on the pass line as necessary to hit the $100k goal if we won the bet.)
Getting more playing time
Instead of betting the farm on every round, we could bet only half or 1/4 of our bankroll. This doesn’t improve our odds (in fact it makes them worse), but it does let us play longer. After all, when you bet everything on every round, as soon as you lose a round, it’s all over. Betting just a fraction of your bankroll each time lets you last longer, even though it makes it a little harder to reach our goal.
Can you try this online?
You can, but the table limits are lower. The max bet in baccarat is $500 at Bovada, meaning the most you can win there is $1000. Still, your odds of doing so are better: about 1 in 200 (a lot better than the 1 in 260,000 to win a million).
How to calculate the chances of winning repeated attempts
If you’d like to get your hands dirty and calculate some of this yourself, the chances of winning an event over multiple attempts is:
1 – (ways to lose Г· (ways to lose+1) ) ^ number of attempts
So if our chances for 1 try at something are 1 in 40,000 and we try 100 times, our chances are 1 – (39,999 Г· 40,000) 100 в‰€ 0.25%. To turn that into “1 in x” style, we divide the result into 1. So 1 Г· 0.25% is 400, or 1 in 400.
This formula is useful for other gambling problems. For example, if the odds of hitting the jackpot on one spin on a certain old-style electromechanical slot machine are 1 in 262,144, and you play the machine for 262,144 spins, you’ve got only a 63% chance of hitting the jackpot. Probably not what you expected!
Odds of winning consecutive bets
No article about winning lots of bets in a row would be complete without a table showing your odds of winning several bets in a row in various games, so here you go!
|Odds of winning multiple bets in a row (1 in X)|
|Wins in a row||Roulette
|Odds are rounded. Probabilitiy of winning a single round is: Roulette 00: 18/38. Roulette 0: 18/37.
Baccarat banker: 50.682438%. Baccarat player: 49.317562%. Craps: 244/495.
Blackjack is n/a due to doubles, splits, and naturals.
* The bankroll column will be less than shown when the play is Baccarat Banker,
because of the 5% commission that must be paid on winning hands.
- Betting Systems in general
- Martingale betting system
- Half-Bankroll betting system
Practice gambling with play money
Before you throw down your hard-earned cash in a casino, PRACTICE FIRST! Learn the games with play money where it doesn’t cost you anything if you lose. Seriously.
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Site Contents ©2001-2020 Michael Bluejay Incorporated.
I believe everything herein to be accurate, but I’m not responsible for errors or omissions. I’m pretty irresponsible, actually.
How to win a million dollars at a table game with a $5 bet Last update: October 2020 The idea is simple: Start with a $5 bet, and double it every time you win, 18 times in a row. The odds of