Can gambling be a good source of Income?

View this answer on Musing.io

Yes, if you own the casino it can be a very good source of income. As a casino, over many thousands of bets you are almost guaranteed to make a profit. (depending on the game and house edge)

I personally find the gambling crash game Moonsteem ( https://www.moonsteem.com/?ref=niel96 ) very fascinating. But most players end up losing. The game is rigged because the house has a 2% edge over players. It may not seem like much but over thousands of games it is.

There are gambling systems that can make you a profit but they only work with even chance bets. (When there is no casino edge at all) For example pluscoup progression: (https://www.888casino.com/blog/oscars-grind-system-pluscoup-progression)

You can run (bustabit) simulations here: https://stenlan.github.io/BaBSS/ (To test if a gambling system could be profitable)

I have done many simulations with popular gambling strategies like: Martingale, Paroli, D'alambert and Pluscoup but they almost all lose money over time when there is a house edge. Except for Martingale:  (https://vegasclick.com/gambling/martingale-betting-system.html) that strategy could actually work when you have enough resources and possibility to keep scaling up your bets on a loss all the time. The problem is that it's not really worth it risk/reward wise. Because to almost completely eliminate all risk your bankroll would have to be so big compared to the possible profit that it's not worth it. In theory it's a pretty genius system but it would actually just make more sense to own the casino instead. Since in that case you don't have to overcome the house edge to make money.