Learning from Legends: What the Gambling Greats can Teach Us

Over the years there have been a number of charismatic gamblers who’ve inspired awe and admiration, but in among these tales of untold fortunes there are lessons to be learned. To become a successful gambler you need to learn from one and in this guide we’ve outlined three gambling heroes and the lessons they can teach us.

Amarillo “Slim” Preston: A poker prodigy and master prop bettor, Amarillo Slim became an international celebrity back in the 1970s. Thanks to his way with words and cunning wit he was able to hustle some of the greatest people of his generation, including a world champion pool player and noted table tennis star. At home on both the poker table or casino floor, Slim made millions of dollars by using his natural gambling nous before his untimely death in 2012.

by  kev-shine

by kev-shine

So what you can learn from Mr. Preston? While he may not have been the most skilled person in the world, Preston was fantastic at spotting value. Regardless of the situation, he was able to find an angle and exploit it to his advantage. When you’re looking to gamble online at a site such as Get Lucky, you need to know which games suit your style and how you can use them to gain an advantage. One great way to take advantage of slots is to find games that have not paid out in a while. Check the lobby for any recent significant wins and if there aren’t any you should take chance on that game.

Archie Karas: He went from nothing to the top of the gambling world then back again and he doesn’t regret a thing. Archie Karas arrived in Las Vegas with $50 and went on a hot streak that would eventually win him over $20 million. In his prime, Archie would wager and win millions at the craps and poker tables. However, a mega downswing caused him to lose everything. Undeterred, Archie still plays in casinos across Vegas, albeit at slightly lower limits than he once did.

by  Alan Cleaver

by Alan Cleaver

So what can we learn from Mr. Karas? One of the main problems Karas had was that he didn’t know when to quit. Bankroll management is a fundamental skill all gamblers need to master if they want to make money. When you’re playing any type of game, whether it’s slots online, poker in a live casino or betting on horses, you need to know how much you can spend in each situation.

In general, you should never be risking more than 3 per cent of your bankroll in any session. For example, if your bankroll (the money you’ve set aside for gambling) is $1,000, then you should bet more than $30 in a single session. Of course, a session will be broken up into multiple bets, so you need to portion your $30 out into smaller chunks. If you were playing slots for instance, then you could set the limit to $0.30 per spin and enjoy a minimum of 100 spins.

Billy Walters: Able to change the betting line with a few phone calls, Billy Walters is the most successful sports bettor in history. Having started out as a pool hustler when he was 15, Walters soon moved to Vegas and began amassing his fortune. Now a multi-millionaire, Walters employs the services of Vegas’ top tipsters in order to make millions of dollars each day from sports betting. On two separate occasions it’s been reported that Walters has won $18 million and with a property portfolio to go along with various other businesses there’s little doubt he’s one of the most successful gamblers of all time.

by  daryl_mitchell

by daryl_mitchell

So what can we learn from Mr. Walters? If there’s one thing to pick out from Billy Walters’ approach to gambling, it’s volume. Having the ability to make a lot of profitable wagers over a long period of time is what separates the winners from the losers. A skilled gambler understands that making money on any bet isn’t easy and the only way to be a long-term winner is to grind out an incremental profit. Although it’s possible to hit a big one with a single wager, it’s more realistic to aim for a lot of smaller wins and then treat anything else as a bonus. That’s something Walters mastered a long time ago and something you should do as well.

Although we can’t guarantee you’ll becoming a gambling millionaire by emulating the three heroes listed in this article, we can assure you that the lessons we can learn from them will be invaluable. Indeed, if you only remember three things when you ante-up online, then the advice we’ve outlined in this guide should be it.