Gaming Careers - FAQ

To pursue a career as an actuary, one is required to pass various challenging examinations. The initial exams are rooted in mathematical principles, while the subsequent ones delve into investment theory, actuarial science, pensions, and related subjects. However, securing a job in this field can be quite tough without a college degree, as being an actuary often necessitates at least a master's degree in mathematics. While your Microsoft certification might offer some advantages, it would not sufficiently offset the absence of a formal degree. For more information, take a look at Society of Actuaries web site .

Update: Since this inquiry was made, the Society of Actuaries has revised their exam regulations. The number of examinations has been reduced, but they are now more challenging. That's about the extent of my current knowledge on the subject.

Previously, I was affiliated with Gambler's Palace, Sportbet, and several other casinos under Unified Gaming. I found that Gambler's Palace and Sportbet consistently made regular payments to me. At that time, they occupied some of the more prominent slots on my website. However, it was challenging to pinpoint the exact source of my payments, as all checks came from the Bank of Nevis with little information regarding their origins. Even checks related to my personal gambling winnings arrived without explanation from the same bank, making it convoluted to keep track.

Primarily, becoming proficient in the theory and strategy of card counting requires significant time investment, alongside achieving the necessary speed for casino gameplay. Additionally, you would need a substantial bankroll, ideally around $50,000 to $100,000. To maintain a reasonable standard of living, you should be prepared for a betting spread ranging from $25 up to $300, as managing these fluctuations necessitates a considerable bankroll. For many individuals, a part-time approach might be the wisest choice.

I appreciate the kind words! I could elaborate extensively on your initial query. There are indeed pathways to turn gambling into a profession. In my view, the most feasible options include blackjack card counting, sports betting, and exploiting bonuses or advantages online. All three methods demand a considerable bankroll to sustain a living, roughly around $100,000, just to maintain the basics. Typically, people must commence with smaller bets and gradually build up their stakes. It's important for everyone to wager within their financial means. Online betting limits generally cater to the majority of players, and not many wish to risk more than $500 per hand. In blackjack, Boss Media's single-player game provides a slight player advantage, yet it's so minuscule that the time invested does not justify the return.

Those days when making substantial money through online gambling was straightforward are now behind us. While players can still generate smaller wins of $50 or $100 here and there, bonuses exceeding $500 are rare. The limitations imposed on bonuses are what really hinder bonus hunting, rather than the wagering requirements. For instance, with a 20% bonus that requires five times the play, capped at $100, depositing $500 leads to an expected loss of just $10 when playing basic strategy blackjack, assuming a house edge of 0.4%. Even if a player goes through the deposit ten times, the expected loss remains around $20, significantly less than the $100 bonus. In my opinion, the effort isn't worth it for a mere $80 gain.

I'm weary of professional gamblers labeling those who are employed by or work with casinos as part of the 'dark side.' Casinos create thousands of job opportunities across the nation, generating tax revenue and providing entertainment for millions. I once read that around 90% of Las Vegas visitors leave with gambling losses, yet 95% depart with positive experiences. Detractors quickly point out that casinos exacerbate gambling addiction issues. There are certainly individuals who may misuse gambling and not engage in moderation. Nevertheless, I believe the majority of people should not be denied the chance to gamble due to the issues faced by a minority. Ultimately, I contend that the advantages of regulated gambling greatly outweigh the associated challenges.

I openly acknowledge that I provide consultation services to casinos and gaming firms. I have to, as the income from this website doesn't suffice to support my family. My gambling funds are not substantial enough to maintain a living as a professional gambler. Yet, I see no reason to apologize for my work. And to answer your inquiry, I would indeed consider a position in casino management if a favorable opportunity presented itself.

You're welcome! Reading through my entire site must have taken quite some time. You appear to be conflating betting systems, which are ineffective, with legitimate strategies that can provide players with an advantage. Two games that are demonstrably beatable, given proper rules and strategies, are blackjack and video poker. I categorize a system as a futile method of tracking trends in games that favor the house, while a strategy, such as blackjack card counting, is mathematically sound and proven to yield success. Video poker players can gain an edge by searching for the most favorable pay tables and adhering to strategic guidelines regarding which cards to keep and which to discard.

Most gaming mathematicians find employment with slot machine manufacturers. If you aim to break into this industry, my advice is to send out as many resumes as possible. Attending the Global Gaming Expo could also provide valuable insights into the business. Should you wish to follow my path of self-employment, be prepared to invest a few years in building sufficient clientele to sustain a living. Networking at gaming conferences would also be advantageous for acquiring business opportunities.

Indeed, four years ago, I completed a manuscript for a book focused on gambling. After reaching out to various publishers, only Huntington Press showed interest in publishing it. However, three years later and after going through four rounds of revisions, it still hasn't been released. With the current oversaturation of gambling literature in the market, I understand Stanford's perspective on not expending effort on this endeavor. I've come to realize that the reputation of the author plays a more significant role in book sales than the book's actual content. If you're looking to publish something, it seems essential to build a name for yourself first.

[Update: The Wizard’s book Gambling 102 was published in Spring 2005.]

Absolutely, there are many out there. I personally know a few. I aim to join their ranks but believe that to succeed, you ideally need a bankroll that is at least three times your typical annual earnings, and I'm not quite there yet. For some interesting narratives about some of the top professional gamblers, I suggest checking out certain recommended readings. Gambling Wizards by Richard W. Munchkin.

From what I've gathered, premier games like Three Card Poker can reach rental prices of $1,500 to $2,000 a month. I'm not entirely sure how much Webb earned, but I do know he had significant legal expenses defending his game. In fact, there's an article in the August 2004 issue of Playboy that covers Webb and Three Card Poker in detail.

I apologize, but I'm not aware of any printed resources on that topic. However, I do have some thoughts to share.

1. It's crucial to have at least a million dollars set aside to manage the usual fluctuations in the gambling industry.
2. Choose a reputable, high-end software development company with a proven track record.
3. Stick to your established rules. If a player cleverly takes advantage of a bonus or promotion, you can honor their win and then decide to limit their future play if you choose.
4. Be cautious with bonuses. I prefer to reward players based on the actual value of their gameplay rather than offering incentives indiscriminately.
5. The significance of quality customer service cannot be overstated. Make an effort to become acquainted with your players, especially your top ones, on a more personal level.

Keep in mind that you can shear a sheep repeatedly, but you can only slaughter it once.

I address this in my article about Table Games. Eliot Jacobson has also written a valuable piece on this topic titled The Elements of a Successful Carnival Game.

by Robert C. Hannum and Anthony N. Cabot. However, I suspect you might find it simpler than what you're accustomed to. Most blackjack and poker strategies are executed by computers that analyze all potential card combinations and make decisions based on the highest expected value at each point. If writing such software from scratch isn't your forte, then a book on it might not be particularly helpful. Practical Casino Math Regarding your last question, there are plenty of unconventional career paths available for actuaries. For instance, I know an actuary in Las Vegas who runs a practice focusing on dividing pensions in divorce proceedings. The opportunities are vast.

Hello, I understand you're busy, so no worries if you can’t reply. I'm currently majoring in mathematics at UNLV and am searching for direction about my future career plans after graduation. I've done considerable research, but I've found very little helpful information. It seems the prevailing notion is that a bachelor's degree in math is quite impractical and that I should have pursued engineering instead. I'm not particularly drawn to the actuarial field, as I don't want to spend additional time studying for exams. Since I plan to stay in Vegas post-graduation, pursuing a career in the gambling industry seems like a promising option considering your extensive experience in this area. Can you offer some guidance?

First, don't dismiss the actuarial profession too easily. If you're capable of earning a degree in mathematics, you certainly have the potential to pass the necessary exams. While you may need to self-teach some aspects of statistics, I believe you are up to the task. Although actuarial work might not seem thrilling, the field is consistently regarded for its favorable working conditions and remuneration. UCSB There are numerous roles for mathematicians in data analysis and other sectors. Many mathematicians find opportunities with major slot machine manufacturers. While competition for these positions can be tough, few people realize they even exist. Contrary to popular belief, casinos typically don't directly hire mathematicians. Overall, I feel that actuarial work tends to offer better compensation and more engaging challenges. Social Security Administration Finally, don't undervalue your math degree. While you may not apply everything learned in advanced math classes, the fact that you've achieved that level of education indicates you should be capable of learning what’s necessary for an entry-level job in any of the areas I've mentioned.

In response to your query about the earliest patent for a casino game, your answer cited Caribbean Stud Poker. Although that may have been among the first successful game patents, it was not the very first casino patent granted. I checked the USPTO website (which unfortunately doesn't provide information prior to 1976) and found that the earliest patent related to casino games was issued in 1898.

Second, at least consider the National Security Agency Thank you! I can't ascertain exactly what that patent is for, but it's fascinating to learn that the innovation of casino games dates back so far.

Strategies and methodologies that are mathematically sound for various casino games, such as blackjack, craps, roulette, and many others, can be found here.

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Absolutely, there are many. I personally know a few. I aspire to join their ranks too, but in my view, you should ideally have a bankroll that's at least three times your yearly income before diving into professional gambling, which I haven't reached yet. For authentic accounts of some of the top professional gamblers, I would recommend exploring literature about their experiences.