How to Make 0,000 a Year Gambling for a Living
Is there really such a thing as a professional gambler?The answer is an unequivocal yes! The authors of this book are but twoexamples. The truth is that there are many thousands of people aroundthe country who make a good living exclusively from gambling. It isnot easy but it can be done. The key ideas are to understand whichgames are beatable and how to beat them.David Sklansky and Mason Malmuth have both spent many years writing about the finer points of poker, blackjack, and other beatable ga
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Dennis Littrell on October 24, 2011
A clear introduction, but dated and a little shallow,
Sklansky and Malmuth do a good job of introducing the reader to the world of gambling for a living. They make it clear just which games can be beaten and which can’t (see below) and which may be beaten depending on circumstances (e.g., progressive slots and video poker). The authors also give a brief sketch of casino games that cannot be beaten (at least by normal means) such as craps, roulette, keno, etc, and point out why they can’t be beaten.
Clearly if you hope to make a living gambling you will become an expert on one (or more) of the four major games that can be beaten. They are horse race betting, sports betting, poker, and blackjack. The authors introduce the games with an emphasis on the circumstance and milieu in which you will find yourself. For example, if you are going to play blackjack for a living you have to get the basic strategy down pat, learn to count cards unnoticeably, and even learn to dress and behave appropriately so that it takes a long time for the pit bosses to realize that you are a winning player and throw you out.
If poker is your choice then you’ll have to learn the game(s) through experience (with some help from the literature). You’ll start at the small games and work your way up, all the while making sure you have a sufficient bankroll separate from your living expenses. Sklansky and Malmuth make a big deal about this, but I can tell you from personal experience more would-be professionals failed because they couldn’t or wouldn’t play within their bankroll than for any other reason. It’s called “gambler’s ruin.” Many of the guys I knew who managed to stay in the game year after year had a working wife or rich parents or some other means to fall back on after they went bust. The authors recommend from 200 to 300 times the big bet in your game as a minimum stake against a bad run of cards. This will vary depending on your variance, your style, how many hands you play, and against whom. Of course if you play too many hands you become a loser no matter how skilled you are. Play against the best players in the world and you also find yourself “on the rail,” which is why Sklansky and Malmuth also recommend that you spend some serious time selecting the games to play in, that is, find the easiest games available at your bankroll and skill level.
The section on sports betting is encouraging, as the authors show how the bookie’s line can be beaten, but what the authors fail to say is that these opportunities (a line out of line, so to speak) come up much less often than bettors would like; in fact so seldom that unless you are betting tens of thousand of dollars on the games, it is very difficult to make a living betting on sports. Furthermore, behind the sly insights one might have into the psychology of a particular game situation–as opposed to an analysis of the comparative strengths of the teams (“power ratings”)–is the assumption that (1) such factors are not already in the line; and (2) the sports bettor knows them better than the line makers.
The only reliable way to beat sports betting in my opinion is to have intimate knowledge of the teams and to shop the line, that is live and breathe the teams like a fan (only with objectivity) and pick the best price given by several books. A professional line shopper I knew had a team of people who would bet for him in various cities across the country. Clearly in L.A. most bettors want to bet on the Dodgers so LA bookies overprice the boys in blue. But just the opposite is the case in Atlanta where the bookies overprice the Braves. Solution, bet on the Dodgers in Atlanta and on the Braves in LA!
The main problem with this book, despite all the absolutely accurate assessment of the games, is, it’s out of date. Written over ten years ago, it does not give the reader any information on Internet play and there is little that reflects the enormous increase in the tournament action both online and in the casinos. Furthermore, although Sklansky and Malmuth warn the reader gently that there’s a lot of work to be done to get to the professional level, and again warn the reader that there are pitfalls along the way, they fail to convey–at least to my mind–just how hard it is be a successful gambler. Most people cannot do it. Furthermore, most people, if they could do it, would not because, frankly, it’s a lot of work and can get boring. Playing poker or betting on sports can be a lot of fun if it’s done just for fun and recreation, but if you have to grind it out, it can get tedious and you’ll miss the sunshine and the greenery. One of the sad sights that I used to see in the clubs was a middle level professional running rough and absolutely hating to be there. You could almost hold your breath until he went completely on tilt.
And that’s why the rounder’s dictum is that gambling is “a hard way to make an easy living.” I don’t think…
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|DJ712 on October 24, 2011
I’m Glad It Was In The Public Library…,
Because I would never have paid for it.
Their section on Sports Betting was kind of a joke and I can sum it up for you in their own words:
“If you know what you’re doing, the sky’s the limit.”
Wow, what great advice. You could probably apply that to anything in life.
Their advice on poker and blackjack are more thoroughly covered in their other books. Their craps and horse racing sections basically had the same advice as above, yet they didn’t get into any specific detail (like their poker/blackjack books) as to how to make $100,000 a year.
I was hoping to see systems of play, bankroll management, guidelines for betting, how to recognize/maximize your advanatage in games, etc. etc. etc.; but it never happened.
I was lucky, I got to check it out of the library. Don’t even bother doing that if it’s in yours. Read something else.
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|Paul D. Langley on October 24, 2011
A Flawed Work,
Sklansky & Malmuth have made (or saved) me lots of money and I am a fan of their work. This book only partially delivers though.
They are first rate at quantitative analysis, but fail on Qualitative matters. Horse & Sports betting require a handicapping ability that they either do not have, or do not discuss. They would have been wise to partner with someone who could discuss this matter.
They also fail to talk about opportunity cost, especially on their chapter about blackjack. Their advice is sound in terms of math, but the do not discuss the time and energy you must invest to make their methods work. Make no mistake, their method is a job, and if you can follow their plans, you can make the same amount of money at a job.
On horseracing (which they do not convince me is a winning proposition) they fail to even mention the work of Andrew Beyer in the text or supplemental reading. Ok, his methods are a bit “old”, but really he is required reading for anyone even thinking about horsebetting.
Stick with their poker books and you will be rewarded, sadly this effort does not measure up.
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