What is online gambling?
Gambling is playing games of chance for money. You can’t influence the results; they’re totally random. (As opposed to betting, where you do have some influence.)
Online gambling is done via the internet. You pay to play and get paid if you win.
Gambling is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
How can you make money online with gambling?
Here are the legit ways I’ve found to make money online with gambling…
Apparently you’re more likely to get struck by lightning ⚡️ than you are to win the lottery (source).
But rare stories like this from theLotter – a website that lets you buy lottery tickets online – keep people playing their lucky numbers…
Aura Dominguez Canto
- Online Lottery Winner
- $21 million jackpot winnings
Online Casino Games
Here we’re talking about playing games like slots and roulette online.
Most likely you’ll lose money playing these kinds of games.
This lady is one of the few believable examples I’ve found of someone winning big playing online slots…
- Online Slots Winner
- $143,235 online slots winnings in 24 hours
Pros and Cons of Gambling Businesses
- Gambling is considered by many to be a fun activity.
- Low barrier to entry / no skill needed to get started.
- Possible – though very unlikely – to win big money.
- In some countries your winnings from gambling may be tax free.
- Likely to lose lots of money, since the odds are always stacked against you.
- You have no influence over your results.
- Highly unlikely to earn you a consistent living.
- No significant skill-building opportunities.
- Some countries do not allow online gambling.
Is gambling a good way to earn a living online?
I wouldn’t recommend it.
It can be a fun distraction but it’s virtually impossible to earn a significant and consistent income by gambling online. You’re actually far more likely to lose money this way.
Online Gambling Resources
- Gamblers Anonymous
Support for gambling addiction.