I have always been a fan of odd jobs and side hustles, as you can see from the side hustle series on Make Money Your Way. Today, let’s look at an industry that could be both ideal for a career, or as a side job for a student: online gaming.
With the surge of online everything, it was only natural that the gambling and casino industry would make it easier for people to play from the convenience of their own homes.
On sites like Casino.com, you can register in just a few clicks and play a variety of games, from Blackjack to European roulette. You can play as much or as little as you like, during times that suit your busy schedule, and without any commute.
But how can it pay your bills? Well, I remember the first time a traveler I hosted talked to me about playing online pokies to finance his travels. I was intrigued. He told me he would play a couple of hours a day online, and that would be enough.
The trick, he said, was finding some less experiences people to play against. And sometimes, just for fun, he would enter bigger tournaments, and take a real gamble, because he enjoyed the adrenaline of it all.
But mostly, it seemed like a day job!
We all know casinos aren’t here to lose money. But in the grand scheme of things, some people win, some people lose. you want to give it your best shot.
I would advise you to be very cautious if you want to look into making money in the online gaming industry.
Never bet any money you aren’t prepared to lose. Say you put down $50, and get up to $100, you can withdraw your initial investment, and allow yourself to take more risks with your earnings.
But as the poker player reminded me, it is all about being in for the long term. Slow and steady wins the race. It is better to place a lot of small bets than to rely on one heavy bet to make a living.
By diversifying your risk, you won’t be that affected in case of a loss. The worst thing you can do is get emotional. That’s why, if you keep the stakes low, your odds of winning, and making money are bigger. My online poker playing friend said he would win about 70% of the time. Not a perfect strike by all means, but still above 50%. Patience is key. If you get into a $10 game, where you either stand to lose your $10, or win $20, and play 10 games with a 70% success rate, you will have invested $100 and made $140. A solid return, provided you keep calm and aren’t tempted to bet more because you’re on a winning streak. I would also recommend you are sharp and focused while playing. If you are in it to win, you can’t afford to make mistakes. So start playing an hour a day, and increase progressively. You can’t be your best self after 10 hours looking at a screen. If you are treating it like a business, you should be professional. That’s it, good luck!