Pros And Cons Of Gambling

There are several different reasons why there are so many
online gambling sites to choose from, with the most obvious one
being that there are a wide variety of potential customers. It’s
not known exactly how many people around the world use these
sites collectively, but it’s guaranteed to be a large number.
One of the biggest sites, Bet365, claims to have over 15 million
users, and they don’t even accept customers from the United
States.

1. The Benefits Of Gambling
2. Free Online Gambling For Money
3. Pros And Cons Of Casinos
4. Pros And Cons Of Allowing Gambling

So it’s safe to assume that online gambling is a very popular
activity. This isn’t really surprising, as gambling has been
popular throughout history. People enjoyed betting and playing
gambling games long before the internet existed, it’s just that
the internet has made it even easier to do so.

There are, however, many people who believe that online
gambling should be banned. Some of these people may have
questionable motives for believing this (such as the owners of
brick and mortar casinos for example), but there are some that
have legitimate and well-reasoned concerns about whether it’s
beneficial.

We are obviously supporters of online gambling. One our
biggest motivations for producing and maintaining this website
is that we love to gamble. It’s a passion of ours. We believe
that it can be a very positive experience, and we’re grateful
for the fact that we can do it over the internet. It’s important
to be responsible, of course, but we certainly don’t feel it’s a
pastime that should have any kind of social stigma attached to
it.

With that being said, we wouldn’t encourage anyone to start
gambling online if they didn’t feel it was right for them.
That’s not what we’re about. What we can do, though, is provide
the information needed to make a personal judgement. That’s the
purpose of this page. We discuss the main pros and cons of
online gambling, so that you can make your own mind up about
whether or not it’s something you want to try.

Pros And Cons Of online gambling in the USA. One of the best ways of solving a problem is by ways of a list of advantages and disadvantages. This is something you can also do for legal USA online gambling, as it will help you see exactly where the industry stands, what to do with it, and how it can be made better.In remaining objective in our view on the world of online gambling, we are here. Robinhood reviews tend to be extremely positive or negative. We'll provide a balanced view of the pros and cons and explain who should and shouldn't use it.

The Pros of Online Gambling

In our opinion, the following are the biggest advantages of
gambling online.

• Entertaining & Exciting
• Convenience & Comfort
• Suitable for All Budgets
• Choice of Betting & Gaming Options
• Privacy and Security
• Bonuses and Rewards

Entertaining & Exciting

The fact that online gambling is ultimately a form of
entertainment is often forgotten. Many people gamble purely for
the chance of winning money, which is fine, but for a lot of
people it’s more about the fun they can have. Gambling can be a
lot of fun even when you’re losing money. If you’re sensible
about how much money you risk, then the losses should just be
thought of as the price to pay for entertainment. It’s not
really any different from spending money on any other form of
entertainment.

Of course, this point applies to gambling in general rather
than just online. It’s one that we feel is worth mentioning
though, as many of those people who are against online gambling
don’t seem able to accept the fact that it’s not ALL about the
money that can be won or lost. It can simply be about having
fun.

Convenience & Comfort

Using the internet is an incredibly convenient way to indulge
in gambling. You don’t have to leave the house, and gambling
sites never close. You can enjoy your betting and gaming at any
time you choose: all from the comfort of your own home. You
don’t even have to get dressed if you don’t want to!

You can gamble online using a variety of
different devices. All you need is internet access and an
account with a gambling site.

With an online gambling account, you’ll never have to worry
about not getting to the bookmakers in time to place a wager
before a big game. You’ll never have to worry about not being
able to get any action at the poker table, and you’ll never have
to worry about not getting a seat at your favorite casino game.

Suitable for All Budgets

Most gambling sites cater for all budgets. You can typically
deposit as little as $10 or as much as several thousand. There’s
usually a wide range of stakes too. You don’t have to spend much
money at all if you don’t want to, yet high rollers can bet as
much money as they like.

This a particularly significant advantage for casino players.
The range of stakes you can play for in many land-based casinos
is much smaller. This means some players have to play for stakes
a little higher than they would like, and some players have to
play stakes that are lower than what they would prefer. The same
is true for poker players. Very few poker rooms have anything
near the same range of stakes as online poker sites do. You
certainly won’t find the micro-stakes available at live tables,
and this is where a lot of poker players like to start out.

Choice of Betting & Gaming Options

There are all kinds of different gambling activities you can
enjoy online. Most sites offer several different forms of
gambling these days, although there are still some that
specialize in just a single form. The following are the most
popular types of gambling done online, and they are all widely
available.

• Sports Betting
• Casino Games
• Poker
• Bingo
• Horse Racing Betting
• Daily Fantasy Sports

You simply don’t find this same variety offered offline, with
the exception of some of the larger Vegas casinos that have
poker rooms and sportsbooks as well as their casino tables.
Generally speaking, though, you’ll need to go to different
venues for the different activities. When it comes to daily
fantasy sports, please know that these are only available
online.

Bonuses and Rewards

The vast majority of gambling sites give their customers a
range of incentives for doing their betting and gambling with
them. Pretty much all of them offer new customers welcome
bonuses, which are basically extra funds added to your account
when you sign up and make your first deposit. Most of them offer
additional bonuses and rewards too, usually via some kind of
loyalty scheme.

These bonuses and rewards are a huge advantage of gambling
online, particularly for those that bet and play regularly. They
essentially help your money go that much further, and in some
circumstances they can even be the difference between losing
money overall and winning.

Always read the terms and conditions before
accepting a bonus. They are usually quite fair, especially at
reputable sites, but it’s still very important to fully
understand them.

Privacy and Security

Your privacy is assured when betting and gaming online. This
point will be important to people who prefer to keep their
gambling activities to themselves. There are also people who
don’t particularly enjoy others watching them in the casino,
which is obviously something they don’t have to worry about when
playing online.

Security isn’t an issue either. It’s not really a major issue
offline, but there have been cases of people being robbed of
their winnings when leaving the casino or bookmakers. This is
not a concern online. Providing you use only reputable and
trustworthy sites, your funds (and personal data) are all fully
protected.

The Cons of Online Gambling

• Convenience & Comfort
• Risk of Rogue Operators
• Cashout Times
• Lack of Personal Interaction
• Transaction Fees
• Legal & Regulatory Issues

Convenience & Comfort

This is not an error; we’re aware that we’ve already listed
convenience and comfort as one of the pros of gambling online.
The very same point can also be one of the downsides though, as
there’s an argument that the internet has made it TOO EASY for
people to gamble.

For most people this isn’t really an issue, as they are
perfectly capable of monitoring and controlling the amount of
time and money they spend on their betting and gaming
activities. Some people, however, can find themselves getting
carried away. Gambling can be addictive, and having round the
clock access to gambling sites can make a problem even worse for
some people.

Studies have actually shown that the advent of online
gambling has NOT led to an increase in addiction (despite what
many people say to the contrary), but that doesn’t mean it
hasn’t caused difficulties for some people. It’s important to
make sure that you aren’t one of those people, and that you stay
in full control of your gambling.

Gambling is only ever fun when done responsibly.
It’s important to set yourself limits for how much you are
prepared to spend, and you must stick to those limits.

Risk of Rogue Operators

The vast majority of online gambling sites are operated
ethically and fairly, by reputable companies. However, as with
pretty much any industry, there are some operators who are
nothing short of crooks. Thankfully such operators are few and
far between; they tend to get discovered very quickly, but they
do exist.

This is almost certainly one of the cons that deter people
away from the idea of depositing money online for the purposes
of gambling. They get worried that they are going to get ripped
off, treated unfairly, or simply have their funds stolen. Sadly,
there have been cases where this has happened.

There’s an easy solution to this potential problem though,
and that’s just to stick to the trustworthy sites. There are
plenty of them, including all the of the sites that we recommend
here at GamblingSites.org.

Lack of Personal Interaction

One of the advantages we mentioned earlier was the privacy of
online gambling. There’s a flipside to this, in that there’s
also a lack of personal interaction. This may not be important
for everyone, but there are certainly a lot of people that enjoy
the social aspect of visiting a casino or playing a live game of
poker.

There isn’t the same social aspect to gambling when betting or playing online.

This makes it less appealing for some people.

It’s worth pointing out that gambling online doesn’t mean you
have to stop going to land-based casinos or poker rooms. You can
still enjoy both, as the two experiences both have their own
merits.

Cashout Times

If and when you’re lucky enough (or skilled enough) to win
some money online, you won’t necessarily be able to cash in your
winnings immediately. How long it takes to get your funds will
depend on the withdrawal method you use and, to some extent,
where you live. For example, it generally takes a little longer
for cash outs to be paid if you live in America.

You won’t typically have to wait too long though, especially
if you’re using any of the top sites. They tend to be good at
getting your money to you as fast as they can.

Legal & Regulatory Issues

The laws relating to gambling online vary around the world.
In some regions they are very complicated, which makes it hard
to know exactly what’s legal and what’s not. This puts a lot of
people off. Most legislation is targeted at those that operate
gambling sites rather than the people who use them, but it can
still be a little unsettling when the laws aren’t completely
clear.

Regulation also varies in different parts of the world, and
it’s not always as strict as it might be. Again, this can put
people off. With that being said, if you stick to the reputable
sites as we’ve already recommended, then this is unlikely to
become an issue.

It’s a good idea to be aware of the
relevant laws that apply where you live, and also any regulation
that’s in place. All of this information can be found in our
section on gambling laws.

Transaction Fees

Gambling sites don’t typically charge any transaction fees
when you make deposits, but your bank or credit card might.
Although these are generally quite small, they can add up over
time when depositing regularly. Some sites do charge for
withdrawals too.

Summary

As we mentioned at the beginning of this article, we wouldn’t
encourage anyone to gamble online unless they were sure it was
right for them. Gambling of any kind involves risk, and it’s no
different online. You should only start if you’re comfortable
with the risk and have the money to spare.

There are also downsides to gambling online that we’ve
outlined in this article, and these shouldn’t be ignored.
Overall, though, our view is that the pros outweigh the cons by
quite some margin. If you like to gamble, or think you would
like to try it, then it makes sense to do your betting and
gaming online.

Gambling for a living might sound like a great deal. After all, who wouldn’t want to play games of chance for a living?

The problem is that it’s impossible to make a living playing most gambling games. And when you get good enough at a gambling activity to earn a living at it, the game often loses its “fun factor.”

That being said, some people do gamble for a living and enjoy that lifestyle. If you think professional gambling might be something you’d like to do, this post offers some insights into the pros and cons of gambling for a living.

Con – No Benefits Package

Gambling is the ultimate independent contractor position. This means that you don’t get paid vacation, medical benefits, or anything else you’d consider a normal benefit from having a job somewhere. Even your retirement fund is entirely your responsibility.

This isn’t the end of the world, though. Like other independent contractors, if you budget well enough, you can take as many days off each year as you like.

If you’re not sitting at the poker table, so to speak, you’re not earning. But if you know anything about being a schoolteacher, you’ll recognize a similar principle.

Teachers get summers off, and they still draw a paycheck. This doesn’t mean they’re getting paid for the 2 months they’re off in the summer, though. It just means that the administration is parceling out the money for a 10-month work year over the course of 12 months.

You’ll need to do something similar if you want to take paid days off as a professional gambler.

As far as health benefits go, you can buy your own health insurance now through Obamacare. Some might argue that Obamacare is more expensive than insurance through a company, but part of that is because some companies subsidize some of the cost of your health insurance.

As far as retirement goes, you could theoretically register a corporation and set up a 401k for yourself. But you also have the ability to set up a Roth IRA (Individual Retirement Account). Both of these options have tax benefits, but it’s up to you to determine which is more appropriate for your situation.

The hassle of putting together your own benefits package is one of the biggest drawbacks of being a professional gambler.

Pro- No Boss to Answer To

Obviously, if you don’t get along with authority figures, gambling might be better for you than working for some suit in an office somewhere. You do still deal with some authority figures—casino personnel—but it’s not like they have much control over you. They can’t fire you—although they can ban you from the casino if you’re counting cards.

A friend of mine once told me, “It sounds like you have problems with authority figures?”

“You have no idea,” I replied.

I’ve been an independent contractor and owned my own companies for years now. I don’t miss having a boss, I can promise you that.

Con – Inconsistent Earnings

I had a good friend who played professional poker online during the poker boom. He told me that he earned 6 figures a month, 5 months out of 6.

But 1 month out of 6, he saw a loss for the month.

Not everyone has the wherewithal to handle swings in their income like that. That’ll just plain rattle some folks.

The Benefits Of Gambling

No matter what kind of gambling you do for a living, you’re going to deal with short-term variance. In layman’s terms, even when you’re getting the best of it, you’ll have streaks of bad luck.

Being able to continue to gamble with an edge in the face of that streak of bad luck requires a certain temperament that many people don’t have. It also requires a large bankroll, because without a bankroll, you’re out of action.

And if you’re out of the action, you can’t earn a living gambling.

Pro – You’re Playing a Game for a Living

Okay, so this might be the biggest draw. If you enjoy playing poker or blackjack, or if you enjoy betting on sports, you’re basically getting to do what you love and get paid for it. That’s a hard pro to ignore.

The problem is that it’s not enough to just enjoy the game you’re playing. You have to be good enough at it to make a profit on a consistent basis. And some people learn that playing a game to such high standards isn’t as much fun as playing for recreation.

Remember, there’s nothing wrong with being a recreational gambler. It’s your money, and as long as you’re taking good care of the rest of your financial commitments, losing a little money betting on football, playing poker, or playing blackjack is just fine.

Free Online Gambling For Money

In fact, it’s probably important that you don’t overestimate your skill level. You’ll find plenty of blog posts describing how easy it is to count cards. But the number of people who can make a living at it is smaller than you might think.

Gambling professionally requires a certain kind of temperament that most people just don’t have.

Con – Social Pressure

Some people won’t approve of the way you make your living. Your wife might want you to do something more traditional to support the family. Your parents might be disappointed that you’re not putting that degree (that they paid for) to use.

If you want to succeed as a professional gambler, you need to be able to withstand this kind of social pressure. It’s not easy.

I quit my job over 10 years ago to run my own business. My wife was terribly distraught. I made a fortune, though, and it was the right decision for me. It was just so far outside her comfort zone that she couldn’t handle it.

Some people won’t understand your dream. That’s okay. Follow it anyway if it’s that important to you.

Pro – A Sense of Agency

When you work as an employee of a company, you have little control over your destiny. Your day-to-day activities are usually decided for you by management. Your compensation package, including how much your salary increases year-over-year, is also determined by management. If you want to take a day off, you must comply with corporate policies and ask for approval/permission.

Pros And Cons Of Casinos

This doesn’t lend itself to a sense of agency on the part of the employee. Sure, some companies allow their employees more latitude to decide what to do and when. And some companies pay you salary plus commission, or even commission only, which puts your income back in your influence. Some managers might be really flexible with your time off, too.

But these are the exceptions, not the rules. Even if you get to adjust your own priorities, you still have a job description that was written by someone else. The company decides your commission percent, and they can (and often do) change it any time they want to.

And even if you do your job well, that doesn’t mean the company succeeds. If management is incompetent, you might lose your job just because the company goes out of business.

None of this compares with the amount of control you have as a professional gambler. You decide when you want to gamble and what you choose to bet on. How well you do determines your income. And if you want a day off, you just don’t place any bets that day.

That’s what I mean by “agency”—it’s the ability to choose your destiny in a real sense. The only limits to your agency are those imposed by your bankroll and skill level.

Not everyone needs or wants this sense of agency. Some people prefer to have someone else making the decisions. They might think it’s a fair trade to get a benefits package and a reasonable sense of job security.

Con – Dealing with Unsavory Types

You’re not necessarily going to deal with the criminal element as a professional gambler, but you’re more likely to deal with shady characters as a professional gambler than if you were in some other profession.

Think about it—if you’re betting with the neighborhood bookie you met through your buddy at the local bar, you’re dealing with someone who’s a career criminal. Sure, it’s a victimless crime, but bookmaking over the phone violates federal law. Some people think that’s a big deal.

The people who open and operate underground poker cardrooms are sometimes the nicest people in the world, too. But they’re not usually the upper crust of respected citizens, either.

I like dealing with shady characters, but only up to a point. I don’t like drug dealers, for example, especially the ones who deal in harder drugs. But not everyone you meet as a professional gambler is that unsavory.

Pro – Social Status with Some Groups

In some circles, being a professional gambler will earn you a lot of respect. This is the opposite of one of the earlier cons, which suggested that there’s a social stigma attached to gambling for a living.

The difference is the people who have disdain for gambling versus the people who have respect for it.

Pros And Cons Of Allowing Gambling

Some people are religious or have other moral objections to gambling. Some just have a Puritan work ethic and think you should earn your money via the sweat of your brow.

But some people admire and respect professional gamblers. They think it’s exciting or romantic. Or maybe they just realize how much self-discipline and skill is required to succeed as an advantage player.

You’ll need to decide for yourself which group of people you prefer admiring you.

Con – You Need a Bankroll

No matter what kind of gambling you’re going to engage in to make a living, you’ll need a bankroll—probably a big one.

If you’ve done the research and study to know how to beat gambling, you’ll know that in the short run, anything can happen. You can make all the right decisions and still go broke. The only way to prevent that is to have so much money in your bankroll that you’re confident that you won’t go broke before seeing the long-term mathematical expectation start to look like reality.

Poker players go broke. Blackjack players go broke. Sports bettors go broke.

But they only go broke for 1 of 2 reasons:

1. Their bankroll wasn’t big enough, and short-term variance did them in
2. They thought they had an advantage when they didn’t

If you want to make $20/hour counting cards at blackjack, your best bet of not going broke is having a bankroll of $20,000.

Being a gambler is like owning your own business. You need capital to keep that business running. One of my earliest mentors was David Litman, founder of Hotels.com. He told me that the #1 reason businesses fail is because they’re undercapitalized and have cash-flow problems. He impressed on me the need for a business to be profitable as soon as possible.

Let your career as a gambler be advised by his wise words.

Conclusion

Let’s face it. Being a professional gambler isn’t for everyone. It has its perks, but it also has some serious drawbacks. A lot of your decision about whether professional gambling is an appropriate career for you should be based on your own temperament.

What pros and cons on the list above matter more to you than others?

If you’re seriously considering a career as a pro gambler, I suggest using the Ben Franklin close on yourself. Make your own list of pros and cons on a sheet of paper. Cross out the pros that outweigh the cons. Sometimes a pro might matter so much that it will outweigh 2 or 3 cons, so keep that in mind on your personal list.

And don’t fret. Even if gambling professionally doesn’t work out, you can always return to the rat race if that’s what you want.