Many gamblers dream of winning $1 million. This well-rounded number has been a common target among gamblers for decades.
Of course $1 million doesn’t go quite as far these days. In fact, $1 million is worth about three times less today than it was in 1978.
As you may have guessed, this feat isn’t as easy as it sounds. Nevertheless, it’s an interesting route to gambling toward a fortune.
Path to $1 Million
The first step in letting your wins ride to a million is deciding your starting bet amount. This decision is crucial when considering how it impacts the number of wagers you must make to reach seven figures.
If you start at $1, for example, you’ll need to make several more bets than when beginning at $100. I personally suggest starting at $10. It’s a decent amount that gives you plenty of wagers to make runs at $1 million.
You also need to consider what games to play. I’ll get into the math behind each potential choice later. But you should be considering games that offer even-money bets, because they usually offer the best overall odds.
Finally, you need to let your winnings ride after each wager. Assuming you’re making even-money bets, you only have to worry about doubling your wager following each win.
Is This a Realistic Strategy?
Before continuing further, I want to illustrate what doubling your winnings to $1 million through even-money bets looks like:
Adding this sequence up, you’d need to win 18 total bets to earn over $1 million. You might think that this is nearly impossible when considering that winning three to four straight bets is hard enough.
You’d be right to assume that winning this many consecutive wagers is extremely rare. In fact, you only have around a 1 in 262,000 chance of doing so with 1:1 odds.
Here’s the formula for how I arrived at this number, as well as others that are covered later:
- [1 / (chances of winning a bet x to the power of 18)]
- g. [1 / (0.518)] = 262,143.81
- Odds of winning = 1 in 262,144
- You can use an exponent calculator to multiply to the power of 18.
Of course, casino games don’t typically give you an even chance to beat the house. Therefore, your odds are even lower of winning so many times.
But you also have to consider that progressive slot machines offer longer odds of winning seven figures. The odds of hitting a jackpot on any given spin may be in the millions.
That said, letting your winnings ride on a table game 18 straight times is just as feasible as spinning the reels.
What Games Should You Play?
You can try a variety of casino games in order to reach your goal. However, you might want to be a little more selective when considering that house edges and commissions vary.
Baccarat seems like a great choice when considering its 1.06% house edge on banker bets. This low house edge even factors in a 5% commission that you must pay the house on wins.
The problem, though, is that casinos don’t take commissions until the end of your session. If you go on a long win streak and eventually lose, you’ll be on the hook for all of the commission money, too.
However, you shouldn’t rule out baccarat entirely. The player bet, which has a 1.24% house edge, is very useful here. Your odds of winning 18 straight bets with this wager are 1 in 328,156.
Both French roulette (1.35% house edge) and the craps don’t pass line bet (1.36%) are worth considering as well. They offer 1 in 335,417 and 1 in 340,351 odds, respectively, of tallying 18 consecutive wins.
Craps seems like an even better choice because it offers free odds. For example, don’t pass lined backed with 2x odds features just a 0.46% house edge.
The problem, though, is that you can only put odds behind your bet after a point is established. Furthermore, the don’t pass line wager only comprises one-third of your total bet with 2x odds.
If you win on the come-out roll with a 2 or 3, then you never get to use the free odds. Therefore, you’ve made a very small bet that forces you to place more wagers to reach your goal.
Craps with odds represent your best chance of beating the casino. But the betting structure is so unpredictable that you’ll likely need more than 18 bets to reach a million.
Aiming for $1 Million, Instead of $1.3 Million
Earlier, I showed that you’d win $1,310,720 on the 18th bet when starting with a $10 wager. Of course, you’re overshooting the original goal by quite a bit here.
You have a couple of options for dealing with this situation if it arises. First off, you can simply bank any extra amount that’s not needed to reach the target.
Rather than risking $655,360, you’d wager $500,000. You’d have $155,360 left over, which you could either walk away with or put back into play.
Another option is to make single-number roulette bets. A single-number wager offers a 35 to 1 payout when successful.
You’d need to place up to 23 of these bets to win $1 million. Any more than 23 wagers prevent you from hitting the seven-figure market.
The benefit of making all of these single-number wagers is that you have a 62% chance of winning at least one and reaching your goal. This is a better opportunity than any of the wagers covered before.
Cons of Letting Winnings Ride to $1 Million
You can see that trying to win $1 million through even-money bets is an exciting goal. The nice thing is that even if you never reach it, you’ll at least have plenty of fun without risking too much money.
However, you should also consider the downsides before embarking on this quest. First off, you’ll have some difficulty finding a table that’ll accept your bets once you get into the six-figure range.
You’ll definitely have to find a larger casino resort once you get to $163,840 and above. Most resorts that accept this kind of action are based in Las Vegas or Macau.
Another dilemma is that you have limited options for realistically reaching your goal. You can’t, for example, just sit down to a video poker machine or three-card poker table. You have to play the games and make the bets that give you the strongest chance of winning.
The most-obvious drawback is that your chances of reaching $1 million are slim. You won’t get to bank any previous winnings either when engaging in this strategy.
Finally, you have to consider how far you’ll actually go if you’re up hundreds of thousands of dollars. Will you truly pursue a million when you’re sitting at $327,680 or $655,360 in profits?
The temptation to walk away will be great, especially if you’re not a high roller to begin with. Of course, I wouldn’t fault you for pocketing $328k or $655k.
One of the most exciting aspects of casinos is that they give you a chance to turn a small bet into lots of money. You can win big jackpots through slots, Caribbean stud, and progressive blackjack.
But one of the rare ways of winning big involves starting with a small bet and working your way up. As discussed earlier, you can bet just $10 and turn it into $1 million (or more) over a sequence of 18 wagers.
Your odds of winning seven figures through this route are better than progressive slot machines. And just like with slots, you’re taking a relatively low risk to chase this dream.
The chances of you reaching $1 million through casino games are low anyways. But 1 in 262,144 odds don’t sound completely impossible, especially if you continue making $10 bets.
Of course, you may decide to walk away with six-figure winnings if you get up to this amount. It all depends upon how badly you want $1 million.