Gambling can be profitable in the long run! It is possible!

[adomers]

Gambling can be profitable on a long term but for most people this will not happen because its luck you need and not many people will have this luck, you only have to gamble one time wrong and you will lose money that's the game.

[Falconer]

It can be profitable but that means that you will have to gamble much and have some luck. Without some luck you are not going to win a gambling game. It is pretty hard because the odds are not in your favor. 

Not always that you spend much on gambling will profit on you because the longer you played, more money will be spent so if you can win a little from your balance I think you should get away from there before you busted everything. Odds doesnt guarantee about your winning although 1.02 odds will lose too so be careful when you are playing with odds especially numbers

yeah for me its better and more fun to bet some bits on high odds than bet on low odds with few btc. In that way, you just sit and hope that luck come into you. But surely this method cant be profitable in long run, because of the low chance to win. Even there is a chance that you will never win

[Jasad]

This is a response to the threads:
Topic: Everyone looses in the long run  https://bitcointalk.org/index.php?topic=1199744.0
Topic: Can gambling be profitable in long term ? https://bitcointalk.org/index.php?topic=1186546.0

Yes gambling can be profitable in the long run. It is a mathematical possibility. I`m not a gambling shill, but i`m very frustrated when people put out misleading information. The truth is important.


So here are a few outcomes:
1.  Gambling can be profitable in the long term for the gambler
2.  Gambling cannot be profitable in the long term for the gambler
3.  Gambling can be profitable in the long term for the house
4.  The house can go bankrupt

All of these 4 scenarios could happen,under different circumstances. They are not impossible. It all depends on luck.


Take the following scenario for long term profitability for the gambler:

1000 gamblers gamble 100$ every day on slotmachine. The house edge is 1%. The total money wagered is 100,000$ every day.

The house makes on average: 1000$/day
So the rest of the 99,000$ is changing hands between gamblers.

So the following scenario could happen: 400 gamblers win consistently for 1 year for example, and 600 gamblers lose consistently for 1 year.

Now the 400 gamblers wager 40,000$ and the 600 gamblers wager 60,000$. The total profit of the 400 gamblers thus is 59,000$ since 1000$ goes to the house.

Thus divide that by 400, each gambler wagers 100$, and wins 147.5$ every single day for 1 year.

Or it could be that 200 of that 400 wins only 73.5$/day consistently, and the other 200 wins 295$ /day consistently.

Or many other, infinitely many other variations of this scenario.




Look it's all possible, only luck will tell, so don't tell me that winning consistently on the long term is impossible.

In infinity all gamblers would lose, and only the house would win (if it doesnt get wiped out by some big jackpots in a row), no doubt about that, but how much does the average gambler play 5-10 years? In that time range this scenario that I described is totally possible.

In the example above, your probability of winning long term is:  (40% * the probability of the probability distribution happening that is required to have the 1 year consistency).

This is not necessarly accurate representation, but it's an illustration how a negative expectancy game's probability distribution looks like.
Gamblers winning is a tail event with low probability, nontheless it's mathematically possible to happen:

https://en.wikipedia.org/wiki/Probability_distribution#Continuous_probability_distribution
https://en.wikipedia.org/wiki/Normal_distribution

You just need to calculate that area and you got the probability of your scenario set to happen:



You can calculate that area:
https://en.wikipedia.org/wiki/Z-test

Now this doesn't mean that you, the gambler will win, you can end up in the 600 gambler group and always lose. However if you luck is good, then you can win consistently.

Basically it all comes down to luck, lucky is the only variable that determines weather you are a loser or a winner, nothing else matters really, only luck.

Luck is the only thing that matters in gambling

So I wish you all good luck gamblers!

some people menitoning about how can gambling can be profitable in the long run,and you answer with good calculations. but i dont think its will work good for me,i know what and where my luck

[gilangIDR]

it will have an effect in the long term if we focus with gambling games. but if we just play gambling as a side then it will only be felt some time. it is possible if you can focus here (gambling) !!

[hawkins]

it will have an effect in the long term if we focus with gambling games. but if we just play gambling as a side then it will only be felt some time. it is possible if you can focus here (gambling) !!

I think it really could happen if you really focus on gambling. you can take advantage of contests taking place so that you can get lucky in gambling for a long time, but it requires a strategy and it will probably take time very much.But it all still have a great risk, because gambling is never free from risk

[emberbekas]

Frankly, no one will win in the gambling activity especially at the long term. Lets see the example from people near us. Is there a person that  has a good life with gambling? Most people will have a worse life when he got addicted to gambling. I already search this keyword at google "most successfull gamblers" and the result from it is the people that have a good profit from gambling but they're all considered as cheaters. So, my conclusion is normal gamblers wont get profit from gambling in the long term.

[goldcoinminer]

Frankly, no one will win in the gambling activity especially at the long term. Lets see the example from people near us. Is there a person that  has a good life with gambling? Most people will have a worse life when he got addicted to gambling. I already search this keyword at google "most successfull gamblers" and the result from it is the people that have a good profit from gambling but they're all considered as cheaters. So, my conclusion is normal gamblers wont get profit from gambling in the long term.

Most of the people who share their stories that they have a good profit from gambling are not profitable in real life. They are just doing that to promote something or maybe their picks. I still believe that there are exceptional people who really made a fortune from gambling but of course they will not share it in the public because they just want to keep their techniques by themselves.

[hua_hui]

Frankly, no one will win in the gambling activity especially at the long term. Lets see the example from people near us. Is there a person that  has a good life with gambling? Most people will have a worse life when he got addicted to gambling. I already search this keyword at google "most successfull gamblers" and the result from it is the people that have a good profit from gambling but they're all considered as cheaters. So, my conclusion is normal gamblers wont get profit from gambling in the long term.

haha that is funny. but overall professional gamblers exist and they hardly make it into the news too. they wont win like 100,000 of dollars per night but it is more of a few thousand. This wont put them in the limelight too. Unless you talks about those professional poker which need to often appear on tv, generally other professional gamblers live quiet but luxury lives.

[maku]

Gambling can be profitable on a long term but for most people this will not happen because its luck you need and not many people will have this luck, you only have to gamble one time wrong and you will lose money that's the game.

The problem is - you can be lucky for a short period of time or couple bets. But you can't be lucky all the time.
Luck - is what we call like to call a favorable outcome of our games can't be maintained, just run a computer simulation of DICE rolling to see...

[nostal02]

It wont be profitable in the long run because you are just giving away your money to the casino and the losses that you have will always be greater than the winnings that you get.

[teilwalL05]

It wont be profitable in the long run because you are just giving away your money to the casino and the losses that you have will always be greater than the winnings that you get.

In some aspects this can apply but in an another view some say they can profit in gambling because their lucky enough to win every game, but in some cases they had lose so much too. so I think that gambling has a 50\50 chance it will always depend on luck alone!

[maudevang]

It can be only possible if you are lucky in gambling and if you want to be lucky with gambling you have to play smart and only to play with some small amounts otherwise it will not possible.
In the most cases it will be not possible because gambling is addicted and that will be not that good for you.

[Zaun]

Gambling is very profitable for some people but I think on a long term its not profitable because you would need a lot of luck.
Overall I think its not worth it too gamble so much because you would also need to invest a lot of money in a long term..

[teilwalL05]

It can be only possible if you are lucky in gambling and if you want to be lucky with gambling you have to play smart and only to play with some small amounts otherwise it will not possible.
In the most cases it will be not possible because gambling is addicted and that will be not that good for you.

Yup! you are right in gambling you need to really play smart, and small bets is a must by controlling your bets, and I think in taking less money with you will be a good idea if you want to lessen your losses!

[bering]

Frankly, no one will win in the gambling activity especially at the long term. Lets see the example from people near us. Is there a person that  has a good life with gambling? Most people will have a worse life when he got addicted to gambling. I already search this keyword at google "most successfull gamblers" and the result from it is the people that have a good profit from gambling but they're all considered as cheaters. So, my conclusion is normal gamblers wont get profit from gambling in the long term.

professionals gamblers could do that especially for those who won gambling tournament because they are won the big prizes and can make living from their gambling activity but for us who not the professionals i think this is impossible

[Hatuferu]

It can be only possible if you are lucky in gambling and if you want to be lucky with gambling you have to play smart and only to play with some small amounts otherwise it will not possible.
In the most cases it will be not possible because gambling is addicted and that will be not that good for you.

Yup! you are right in gambling you need to really play smart, and small bets is a must by controlling your bets, and I think in taking less money with you will be a good idea if you want to lessen your losses!

Being smart means you are not knowledgeable in the type of gambling you are engaging, you must also be emotionally stable so that so can have a good decision making. Now, if you can maintain these essential element to be successful in gambling you might have a chance to be profitable but per percentage only exceptional people can do that.

[Falconer]

It wont be profitable in the long run because you are just giving away your money to the casino and the losses that you have will always be greater than the winnings that you get.

If I'm not mistaken about the calculations by OP in first post clearly, he stating that its profitable in long run, but the problem is we cant be always the winner. So, there is always a winner among gamblers, but its random.

[Hatuferu]

It wont be profitable in the long run because you are just giving away your money to the casino and the losses that you have will always be greater than the winnings that you get.

If I'm not mistaken about the calculations by OP in first post clearly, he stating that its profitable in long run, but the problem is we cant be always the winner. So, there is always a winner among gamblers, but its random.

Yeah, it can only be profitable if you consistently win and manage your bankroll properly.

[teilwalL05]

It can be only possible if you are lucky in gambling and if you want to be lucky with gambling you have to play smart and only to play with some small amounts otherwise it will not possible.
In the most cases it will be not possible because gambling is addicted and that will be not that good for you.

Yup! you are right in gambling you need to really play smart, and small bets is a must by controlling your bets, and I think in taking less money with you will be a good idea if you want to lessen your losses!

Being smart means you are not knowledgeable in the type of gambling you are engaging, you must also be emotionally stable so that so can have a good decision making. Now, if you can maintain these essential element to be successful in gambling you might have a chance to be profitable but per percentage only exceptional people can do that.

I mean on your betting you need to be smart in the bets you are playing and I think by being smart in gambling is bringing just the amount you feel you may lose in the gambling game and it is alright ending up losing, and your right I think your mind should be stable in playing gambling because you might end up losing it and get addicted to it.

[Erza]

It can be profitable but that means that you will have to gamble much and have some luck. Without some luck you are not going to win a gambling game. It is pretty hard because the odds are not in your favor. 

Not always that you spend much on gambling will profit on you because the longer you played, more money will be spent so if you can win a little from your balance I think you should get away from there before you busted everything. Odds doesnt guarantee about your winning although 1.02 odds will lose too so be careful when you are playing with odds especially numbers

yeah for me its better and more fun to bet some bits on high odds than bet on low odds with few btc. In that way, you just sit and hope that luck come into you. But surely this method cant be profitable in long run, because of the low chance to win. Even there is a chance that you will never win

That is why you need to set some goal to earn for each day. Like 2x your balance or 1.5x your balance, with this I can guarantee you will sure get some profit but it is slow for sure and if you dare to bet your balance because this method is not a recommended, people will rather to use martingale rather than using this kind of method