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Professional gambler – two words that typically conjure up images of a sexy lifestyle, wads of cash and few working hours. The reality however, is much different. We tracked down UK based professional gambler Alex King (featured in the Racing Post) to get his take on what it takes to be successful, what shape the industry is in at present, and where it is headed.

Profiling the worlds richest gamblers, including billionaire horse racing gambler Bill Benter and casino wizard Thomas Hyland. How to get rich gambling! We profile the world’s most successful gamblers. Be Honest With Yourself. Let’s not deny it: ‘bigging up’ winnings is part of the fun of gambling for.

SBO:Hi Alex. How long have you been betting professionally?

AK:About 7 years.

SBO:Which sports do you mainly focus on?

AK:I focus on 2 sports; boxing and racing. Predominantly horse racing and a little bit of boxing. I think it is a fatal mistake to try and bet on too many things. You should be an expert in one field rather than try and split your focus on too many things. I would say two sports at the absolute max. The only reason I bet on boxing and racing is because boxing is relatively easy to keep a focus on. Splitting your forces is a big mistake and work/life balance is important.

SBO:What does your daily routine look like?

AK:I try and get up early and I will focus on 2 meetings a day tops. Traditional pro-gamblers aim to find a value price, try and get 300 pounds on a horse, get told they can have 3 pence on, miss the price then drive themselves insane because they have missed the price. I look how horses trade from their Betfair SP compared to how they trade in running. In layman’s terms I’m looking to back a horse at say 3.00 on Betfair, in the expectation the horse will hit 2.00 and then either have a free bet, or take a guaranteed profit on the race. I’m treating horses like individual share prices now and what I am trying to do is to just predict how the market is going to go once the race goes in play. This saves me having to chase non-existent prices and call bookmakers who are unwilling to lay a bet because they are no longer confident that there pricing horse racing up correctly.

SBO:Where do you bet? Course/exchange shop/home etc.?

AK:I’m betting from home all the time now. I can concentrate and I don’t lose research time through travelling. I keep in contact with others pro’s over skype and email during the day. It’s a little solitary, which is why it is so important to have good social connections outside of this game.

SBO:As we know, most punters fail to turn a profit, what would you say your edge has been to win consistently for so long?

AK:First of all I wouldn’t recommend professional punting to too many people, unless you have a real flair and/or a huge desire to do it. As a very famous pro-punter told me once: ‘Gambling is the only business in the world where the better you get, the harder it is.’ It’s so true. Most punters fail to make a profit because of a number of factors. A lot of people are experts on racing, but ask them if they think a horse has a 50% chance or 30% chance of winning – they simply couldn’t tell you accurately. You have to be able to evaluate a price better than the people setting the odds. You must also have a solid staking plan in place. If you can’t get those two factors right, then you are in big trouble. You also need to be able to keep a cool head and not start gambling beyond your limits. If you really want to be a pro punter you have to be ready to put some serious, serious work into it. Success takes time. I have worked in the business for such a long time and have such a good grounding in it which has helped me more than anything. I also talk on a daily basis with pro-punters and that has helped to keep me in front. But I would honestly tell people to think very, very hard before embarking on this. If I had children and my son/daughter said they wanted to do this as a profession, I would do everything in my power to dissuade them.

SBO:Do you think the betting exchanges have had a positive or negative effect on being able to turn a profit?

AK:It’s been a double edged sword. Firstly the idea of betting exchanges is a great one. Bookmakers hate them because they have made the market more competitive. Horse racing markets on Betfair are trading to 100.5% to 102%, which in terms of overround is a lot lower than fixed odds bookmakers. Bookmakers hypocritically bemoan the exchanges – I say hypocritically because you can’t have accounts with the exchanges and still moan about them – because exchanges have smashed the bookmakers’ monopoly somewhat. Exchanges have also given the punter the chance to be the layer, which is a service that only spread betting afforded you in the past. My criticism of Betfair, is that they have been allowed to monopolise the exchange market. This is completely against the interest of the consumer. There are several fixed odds bookmakers, if anyone of them decided they were going to impose a “premium charge” then you simply go to another one. Exchanges are good, we punters just need more of them.

SBO:In ten years’ time, what does the horse racing betting landscape look like for professional punters?

AK:I think it’s bleak to be honest for several reasons. Firstly the generation that are into horse racing are a dying breed. Bookmakers are taking less and less money on the sport because the younger generation want to bet on football, golf and other sports. Racing is just not bringing in the big money for the bookmakers now. It’ so hard to get bets on now, what will it be like in the future? If the government, correctly, takes the decision to heavily regulate the accursed fixed odds betting terminals – better still ban them, then the bookmakers will be forced to close shops. This will make it harder for the pro-punter as getting on in the shops is really the only way to get on nowadays. This is why I am taking my modus operandi away from the traditional methods.

SBO:What job would you liken being a professional punter to?

AK:I would say it is the poor man’s stock exchange. It can definitely be likened to financial trading.

SBO:What would you change about the game?

AK:Have you got 10 years?! Very simply I would nationalise the entire betting industry in this country. You can argue against the nationalisation of the railways or energy suppliers, but I see no valid reason why the betting industry could not be nationalised and run effectively, with the profits going back into the public purse and not in the hands of private shareholders. The whole business has become a zero sum game for the punter. If the punter wins his accounts are closed down, if he loses he can do whatever he wants. So the bookmakers are running a service whereby they can only win. This would not happen if UK gambling was run along the same lines as the Tote system in France. Why should private shareholders, many of whom are using offshore tax havens, get rich from the sport when the profits could be going directly back to the public? This would also make sure that pro-punters could get their bets on without being restricted. I would also ban FOBTs (fixed odds betting terminals)

SBO:Would you ever consider going on the other side and becoming a bookmaker?

AK:Yes. But I would want to be a really old school bookmaker. Not one who is sitting there laying 2.75 when I can back a horse back at 3.00 on the exchanges. If I was going to be a bookie I would like to be one of those who were made from different cloth. Like Stephen Little, Bill Chandler, William Hill or a Freddie Williams. Bookmakers who were willing to stick a price up and live or die by their judgement. That appeals to me, but realistically I can’t see myself with going that way.

SBO:How would you advise punters to improve their punting skills, specifically with horse racing?

AK:I believe in the validity of the saying: “There is none so wise as the experienced.” I believe you should try and learn from people who have trodden this path. It may well be that in the future I will run some seminars and I have also written a book which is currently being considered for publishing which will be called: Betting on horses in-running. This isn’t a self-serving plug on my behalf, but from my own experiences I learned first-hand from people who trod the path that I want to go down. If at all possible try and do the same. Talk to pro-punters and try to learn from them whether that be me, or someone else in the same business.

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Being a gambler is an extremely risky proposition. There are some people that have pulled it off. Here are the richest gamblers in the world, including some tips on how to make money gambling.

If your favorite guilty pleasure is placing a wager at the gaming tables, you’re probably living in hope that you’ll one day win an enormous jackpot. Building wealth really is easy. Just find a hobby or craft. Get really good at it. Then, scale it.

If you’re ready to find the best place to try gambling so you can start your journey to riches today and click here.

I’ve used a number of different tools to track my wealth over time. Most of them are free and extremely easy to use.

One example is Personal Capital. A completely free platform to track your money. This was instrumental in me building my wealth and cash flow over time.

There are plenty of gamblers out there who’ve done just that and who are now living a lifestyle beyond your wildest dreams.

Successful Gamblers Horse Racing Handicapping

If you’ve already visited and chosen a particular game to win cash. You now might be waiting for your dreams to come true, you might be inspired by the tales behind some of the richest gamblers in the world.

If you don’t like forking up cash, you might want to consider free money giveaways.

I’ve covered millionaire farmers, but now we cover a less straightforward approach to wealth… gambling

How to Make Money Gambling

Most casino games have a favorable advantage and you are playing against the odds. If you want to make money gambling, you have to focus on games that you can gain an edge. In order to make money gambling, you must be very disciplined and determined for success.

Professional gamblers are very keen on winning. They’ve studied what works well for them and what doesn’t. You can apply the same theories to anything you do.

In addition, pro gamblers have realized that they need to make consistent value bets, which mean that you put out money where you have a slight edge in winning. If you don’t follow this, your chances of winning consistently will be zero.

You have to approach investing the same way and I’ve covered that in my book Dividend Investing Your Way to Financial Freedom.

Games that are best to try to make money gambling:

1. Poker
2. Blackjack
3. Baccarat
4. Fantasy sports

I’ve been a big player of fantasy sports. While luck is a serious component, there is no doubt in my mind that skill is the majority. In addition, I’ve played poker and enjoy playing it. I will never turn down a good poker game.

Gambling is a tough way to make money, but you can make money instantly if you are good.

List of the Richest Gamblers in the World

Here, you’ll find a rundown of some of the most successful players at the tables, and you might get some top tips that will help you to improve your game. Pro gamblers continue to look for an edge in order to succeed.

There’s definitely a difference between rich and wealthy, but either way, these gamblers made out very well.

1. Bill Benter – Maths Genius Supreme

Bill is a perfect example of how to make money gambling. He used math and provide analytics to make money at the casinos.

Born in Pittsburgh, PA in 1957, Bill Benter is a self-proclaimed mathematical genius. Having studied physics at university, he put his skills to good use, learning how to count cards. Having honed the art, he headed to Las Vegas where he plied his trade at the blackjack tables.

He was so successful that he was finally banned from all the top Sin City casinos within seven years.

However, Benter wasn’t ready to call it a day. Instead, he relocated to Hong Kong and began working with Alan Woods on a formula to predict the most likely outcome in horse races.

The result was the first gambling operation in the world to be assisted by software, and it is still regarded as the most successful model today.

Benter is now believed to be raking in around $100 million every year thanks to his formula, and he has been rumored to have collected up to $10 million on just one race day.

2. Edward E. Thorp – Card Counter Extraordinaire

Edward E Thorp invented the skill we know today as card counting. Born in 1932 in Chicago, Thorp earned a PhD in maths at UCLA then began to work there as a professor.

Mr. Thorp was the first person to ever use computer simulation in the development of a strategy for blackjack, and he created a card-counting scheme which would improve the odds for the player.

He first tested his calculations in the casinos of Las Vegas, Lake Tahoe and Reno and thus proved his theories to be valid.

He then penned his book “Beat the Dealer”, still considered to be the definitive guide to the art of card counting.

Ahead of his time, Edward Thorp also invented the wearable computer in 1961 which he used at both blackjack and roulette tables for over two decades until it was finally banned in the mid-1980s.

His skills at the gaming table paired with his ability to predict the movements of the stock market have led to a fortune of approximately $800 million.

See Related: How to Watch Ads for Money

3. Zeljko Ranogajec – An Advantage Gambler

Ranogajec, the son of Croatian immigrants, decided to give up his university education in favor of a life of advantage gambling. With his impressive maths skills and a photographic memory, he began playing blackjack and soon found he could turn a $100 bet into a 7-figure win.

Soon, the Australian casinos got wise to his abilities, and he ended up being banned. Undeterred.

However, he turned his talents to the world of horse betting. His mathematical skill helped him to predict the outcome of the races, and he soon became a billionaire.

Although he has never publicly confirmed his fortune, it’s believed that he could account for as much as 8% of Tabcorp’s turnover. He has certainly known to have had a record Keno win in the 1990s in the sum of $7.5 million.

4. Billy Walters – A Serious Sports Bettor

Anyone who knows anything about sports betting knows about Billy Walters. Having had a humble start to life, Walters was the son of a poker player and the nephew of a professional gambler, so it wasn’t surprising that he began gambling at just nine years old.

Three decades later, he was fined for running an illegal bookmaking service and relocated to Las Vegas where he works with analysts to improve his decision-making.

It is reported that he makes around $15 million every year and is rumored to have scored up to $2 million in a single day.

He has an estimated net worth of $200 million.

While he is banned from betting in Vegas and barred from most bookmakers, he now uses celebrities like Ashton Kutcher and Bruce Willis to place wagers for him!

5. Alan Woods – A Pioneer in Horse Race Betting

Alan Woods is sometimes called the godfather of horse betting software. The Australian pioneer was born in 1945, and during the first few years of his gambling career, he was a card counter at the blackjack table.

During the 1980s, he relocated to Hong Kong where he got together with Bill Benter to develop horse racing software that could accurately predict the outcome of races based on form, weather and track.

Successful Gamblers Horse Racing

When Woods died back in 2008, he was believed to be one of the world’s best and biggest gamblers with a fortune to his name of $670 million AUD.

See Related: Best Money Management Tips

6. Patrik Antonius – A Poker Star

Poker star Patrik Antonius has the honor of being the first poker player ever to win a seven-figure pot in an online poker game, having won a hand worth $1,377,000.

Successful Gamblers Horse Racing Replays

Born in Finland in 1976, the professional gambler continues to equally divide his gambling time between Monte Carlo and Las Vegas. Antonius wasn’t always set on a career in poker playing, in fact, he originally aspired to be a tennis player.

However, an injury to his back led him down a different path. When he was young, he enjoyed playing card games with friends, and later he traveled to Helsinki’s casino to play in tournaments.

Soon, he progressed to playing online poker and went professional a few years later in 2002. He relocated to Las Vegas and focused solely on the game. Just a year later, he ranked among Europe’s top internet poker players, and today he is believed to be one of the world’s best PLO players.

To date, Antonius is Finland’s all-time top moneymaker with total career earnings to date coming to more than $4 million.

See Related: List of Apps That Pay You Real Money

7. Phil Ivey – A Poker Icon

Phil is the riskiest version of how to make money gambling. He uses his skills but at the same time he’s taken on a lot of risk.

Having earned the title of the greatest poker player in the world, Phil Ivey is famous for having no less than 5 wins in the World Series of Poker Tournament before the age of 30.

Ivey is the same age as Antonius but was raised on the other side of the Atlantic in New Jersey. He learned to play poker at a very early age, with his grandfather teaching him how to play 5 card stud.

Successful Gamblers Horse Racing Entries

It’s no wonder, then, that Ivey’s professional move into gambling came at a very young age. He won the World Series of Poker title for the first time at the age of 23, beating famous players like Amarillo Slim and Phil Hellmuth.

His personal fortune has reached figures or more than $14 million, and he is believed to be one of the toughest players to beat. Unlike many of the other gamblers on this list, Ivey doesn’t use mathematical skill to win games.

He believes in taking risks, and it’s a strategy that’s paying off for him.

See Related: Jobs that Pay Cash Daily

Conclusion on Richest Gamblers in the World

Have you been inspired to place your next wager? These gambling legends are proof that with the right skills and enough determination you can make your fortune at the gaming table or on the race track.

These are all far different than the traditional income opportunities for financial freedom.

What do you think of the richest gamblers in the world? Would you consider a career or side hustle in gambling? Let us know in the comments below. We’d love to hear from you!

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Successful Horse Racing Gamblers

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