5 Ways to Become a Millionaire through Online Gambling

Laptop With Jackpot Graphic With a Money Background

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.

Mega Moolah Online Slots

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.

The key to sports gambling success involves developing an edge over bookmakers. I don’t say this lightly, though, because such edges are hard to come by.

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:

  1. Bankroll management
  2. 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.

Lottery Scratch Off Card

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.

Poker offers a legitimate path towards serious profits. Like sports betting, it also provides an opportunity to use skill to win.

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.

Esports Players During a Match

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.

The vast majority of gamblers end up losing money. With that said, you’re really going up against the grain by trying to win seven figures, but it can be done.

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.

Conclusion

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.