While some people frown upon gambling and see it as an addictive sport or game that only guarantees the downfall of its faithful players, a few people have built a life upon it. Careful study, strategy and determination have brought them success as professional gamblers. To be a successful gambler, you must not only try real money online casinos but also be skilled in entrepreneurship, as both entrepreneurship and gambling share traits that make them very similar in certain aspects.
It is easy to lose motivation when you look at the established gamblers and how far they have come on their own, but you need to remember that they started from somewhere and slowly clawed their way to the top. Using no deposit bonus codes of some online casinos might be a good way to begin your journey as they allow you to practice easily without using your own money.
Is Entrepreneurship Similar to Gambling?
A key fact many people tend to gloss over is that business in itself is a gamble. No one sets out on a business adventure with 100% assurance that it will be successful. From this perspective, it is easy to see that both entrepreneurship and gambling share some traits.
Risk Management
Every successful gambler or entrepreneur is a successful risk-taker. No one can predict the future, and in the same way, gamblers have no way of knowing if the bet they are about to make will pay off. They just know the odds are in their favour. Business owners as well take risks at several junctures, whether it’s in starting a business or trying out a new line of products. The key fact that these two types of people are skilled in risk management makes them very similar.
Information
Information is a currency both gamblers and entrepreneurs do not take for granted. A professional gambler would not bet on anything at all without sufficient knowledge. Likewise, before a business fully takes off, owners spend quality time carrying out adequate research to assess the chances of the success of the business. Successful gamblers and entrepreneurs never spend a dime without information.
Good Money Handlers
It might sound ironic to speak of a gambler as being good with money, but this is true for professional gamblers as they are excellent managers of money. They are street savvy and know how much funds to use and when to use them. Successful entrepreneurs are very good with money and know how to make the most of even small sums.
Professional Gambling Entrepreneurs
Phil Galfond
We can never talk about poker legends without mentioning Phil Galfond, an American poker player with winnings over $2.9m. He is a high-stakes poker expert who has appeared on several seasons of Game Show Network (GSN) high-stakes poker. On the entrepreneurial side, Galfond’s Run-it once poker learning portal had helped thousands of people seeking to get better at gambling. The portal is one of the most popular learning sites offering thousands of videos to help players who want to get better while learning.
Doyle Brunson
Brunson played poker expertly for over 50 years and is now retired. His various exploits in poker have earned him membership into the poker hall of fame. To further buttress his significance in the poker world, a hand was named after him-The Doyle hand. Gambling News magazine referred to Doyle Brunson as ‘one of the most famous people to grace the tables.
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Brunson boasts of two major WSOP main event wins and 10 bracelets (the most coveted non-monetary reward for a poker player). His total winnings exceeded $6.1m, and he showed off his entrepreneurial element proudly with his three books- super system, super system 2 and poker wisdom of a champion.
Dan Bilzerian
When you think of smoke and bushy beards, you’re probably thinking of Dan Bilzerian, a high-stakes gambler regarded as one of the wealthiest gamblers around. His net worth is approximately $150m. He has made several appearances in movies, and he started the multi-million dollar company ‘Ignite.’
He went off the grid for a while and got people wondering if his wealth had taken a big hit, but he soon resurfaced with promotions for his new book “the setup.” People argue from time to time that he got so wealthy because he is a trust fund baby. Despite this, he is a genius high-stakes gambler who comes out on top most of the time.
Skills to Become a Professional Gambler
- Know Your Stuff: The journey to becoming a professional gambler is a long road ahead, and you must always study. It is a gradual process and must not be rushed as it is impossible to know everything you need to know about all the different games in a short while.
- Go All-In: Honing your gambling skills requires practice, patience and a lot of time. If you are not ready to give it a 100%, you’re probably better off doing something else.
- Be Logical: People buy into a lot of superstitions when it comes to gambling at casinos. One of such is how it is always better to use slots at the end of a row or how a machine that keeps giving players near misses is on the brink of fully paying out the next person who uses them. You cannot hope to build a successful gambling career on superstitions. Rather, build it on logic and accuracy.
- Don’t Give in to Pressure: When things get tough, players tend to get spooked and do things they would not ordinarily do. You need to train your emotions to ensure that even if things do not go your way, you are still able to make decisions that would favour you in the long run.
- Set a Budget: Being a professional gambler can cost a lot of money because of the need to practice regularly. For your good, it is highly recommended that you only go with the set amount of money that would cover your gambling session. That way, you would not have to go over your budget.
Final Thoughts
For far too long, critics have mainly focused on gambling as an addiction. Most of the time, every gambler is regarded as a problem gambler. However, this is not true as there are several traits in the life of a successful gambler that are worthy of emulation. Juxtaposing said traits with that of a successful entrepreneur, the similarities are not so hard to see. In fact, we strongly believe that a prospective entrepreneur can learn some lessons from a successful gambler.
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