Gambling stories of success that will inspire you

If you’re a fan of professional gamblers’ stories, there is nothing quite like gambling success stories to uplift your mood and boost your confidence for your next game. Allow us to introduce to you the biggest names in casinos and their popular gambling stories of how they came to where they are today at Livecasino.io!

Success and downfall: Professional gambling stories 

Read the professional gamblers’ stories and find out how they reached the top in their rags to riches gambling stories. Find your inspiration to reach for the unreachable below: 

1. Edward O. Thorp

Image source: Los Angeles Times

If you ask any player who the most popular gambler is, you will most likely hear the name of the revered Edward Thorp. Thorp is a genius not just in the world of finance but also in the casino scene. He even became known as the pioneer of blackjack literature after he introduced the world to the most successful card counting technique there is. 

Found out how he became the king of casinos and how his techniques forced casinos to drive him out of their doors. 

The beginning of a legend 

Ever since he was young, Thorp has always showcased a particular mastery of analysis and mathematics. He was mentally capable of calculating the number of seconds in one year at the age of 7 years old. As he got older, Thorp pursued a PhD in mathematics and became interested in the math of gambling. 

From then on, Thorp started spending countless hours playing all kinds of casino games to attempt to detect details that would help him establish strategic thinking in gambling. One particular game that Thorp found interest in is Blackjack. 

Establishing a groundbreaking discovery

With the help of his wife and colleague, Thorp developed the ten-count system. Through this system, Thorp teaches the players to focus on the 10-point worth cards. 

In every standard blackjack deck, there are 52 cards with 36 regulars and 16 high-value cards. Using this system, keep the two running counts in mind and start striking off once the cards appear in front of you on the betting table. With this, it would be easier for you to calculate the number of high-value cards that are still left in the deck at any point of the game. 

Once the end of the deck starts coming in close, you will know how many high-value cards are left, which will tell you whether you would increase your bet or lower it to avoid losses. This strategy by Thorp can give you a higher opportunity to hit the jackpot and take home the best wins for your wager. 

The good and the bad of popularity

Once the strategy was revealed, Thorp and the ten count system became the talk of the casino, especially after he published the ‘Beat the Dealer’ and ‘A Man of All Markets’ books that became immediate best sellers. However, Thorp’s popularity comes with its consequences. 

In his book A Man of All Markets, Thorp stated that he was once drugged in a casino because of his reputation for milking the establishments. Thorp shared that the casino offered him a coffee with sugar and cream. Not long after, his eyes started to dilate and he could no longer count his cards. This happened twice and Thorp’s two team members were even kicked out of the casino. 

When Thorp moved to another establishment and set the win rate at $1,000 within an hour, he was told to leave the establishment again. The scariest experience, however, as shared by Thorp is leaving the casino and driving home only to find out that his accelerator pedal was locked to the floor and his brake can no longer control the car. 

Fortunately, Thorp and his companions survived the ordeal and when they had the car checked, they found out that his accelerator linkage has been changed in a way that clearly says it was intentional.   

2. Billy Walters

Image source: Wall Street Journal

Billy Walters is one of the most iconic American professional gamblers. His gambling career started early at the age of nine. Billy blames his harsh life for starting early with gambling since he had to rely on betting for extra money in his pockets. However, this never made Billy resent gambling but instead caused him to fall in love with the act. 

From rags to riches 

Back when he was just a kid, Billy gambled whatever small amount he earned from his job at the paper route. One of his first notable gambles was when he made a bet that New York Yankees will win over the Brooklyn Dodgers in the 1955 World Series. 

However, he wasn't successful on his first try and was a losing gambler until 1982 with $50,000 lost in bets. There was even a time when Walters wagered his house and lost but the winner didn’t take his home and agreed to let Walter pay his debt in 18 months. 

For a long time, Walter did not give up and finally became a success in his 30s. It started with him proposing a freeze-out with Caesar Atlantic City hotel casino for $2 million in roulette. Since he was known to have lost $1 million twice at the Las Vegas blackjack table, the casino rejected his proposal. 

The rejection didn’t stop Walters from trying again at another casino called the Atlantic Club Casino Hotel, which agreed to his proposition. Walters deposited a total of $2 million at the casino and played roulette for over 38 hours. He came out a winner of a ground-breaking $3,800,000. 

It seems that luck never left Walter's side since then. He made another huge win in the Super Bowl of Poker in 1986 and took home a total of $175,000. 

A legend in the sports betting scene 

Walter didn’t just dominate the betting table, he also became phenomenal in sports betting with a 30-year winning streak and only one losing year. One of his most notable achievements in the sportsbook is when he made a bet that New Orleans Saints will win the Super Bowl XLIV in 2010. This bet added an extra $3.5 million to his bank account. Another successful win he made is when he bet on the University of Southern California to win over the University of Michigan which made him win $2.2 million. 

3. Nick Dandolos

Nick Dandolos, famously known as Nick the Greek, is remembered as the most legendary player in gambling history. He was so popular that even Greek-Argentine magnate Aristotle Onassis and American singer Frank Sinatra became his fans.

Nick’s life as a gambler is a gambling loss story as much as it is a tale of victory. Dandolos jumps from being rags to riches a total of 75 times. It is estimated that he had won and lost almost $500 million on gambling. As fate would have it, Nick passed away without money to his name nor property to pass down. 

The beginning of a gambler’s rollercoaster life

At the age of 18, Nick moved to Montreal, Canada after a failed relationship with a woman in Chicago. There, he met a horse racer who taught him all the secrets of the game which helped him get started in betting. Within just six months, the Greek gambler managed to win $500,000 that he lost quickly and won back again. 

The thrill of the wins encouraged Nick to be a gambler when he returned to Chicago. He practised and learned how to be a connoisseur in card and dice games, which helped him win most of his gambles and earn the title of ‘master of the bluff’. 

High stakes for the high of the win

Nick became a legend not just for his skills in playing but also for the incredible sums he wagered in his games often neglecting responsible gaming. Losing or winning $100,000 for Nick is not as uncommon as you may think since his wins are just as big as his losses. 

It was said that he lost $1.6 million while playing craps in New York. To this day, this is considered the biggest loss in craps history. However, it didn’t stop there. Just as Nick experiences losses he also gains wins. He played a 7-hour poker match and came out a victor with $500,000 in his pockets.

Despite the ups and downs of his career, Nick became sought after by casino owners and the mafia. A casino owner named Benny Binion even offered him huge sums to play for him in the casino but Nick rejected and continued as a lone wolf at the casino tables.   

The five-month-long poker game

With his offers being rejected, Binion invited Johnny Moss, one of the only gamblers who can match against Nick the Greek, to play against the legend at the poker table. Binion took advantage of the hype of the battle and advertised the competition in his casino. 

The battle took 5 months to be concluded with Dandalos coming out of it with 57 losses and Moss with 42 losses. Physically, the game was exhausting for the two players since they only took breaks to eat and sleep. It even affected their wealth. 

One afternoon, Nick finally decided to concede having already lost $4 million. It is said that he stood up and told Johnny ‘Mr. Moss, I will have to let you go.’ Nick walked away that day and faced his loss gracefully while finding consolation in the writings of Plato. 

How to be a professional gambler 

Did the stories inspire you to chase the thrill of winning and challenge the losses? Here are some pro gambler tips on how to be a successful gambler. Check them out below and become one of the legends in the casino! 

1. Learn to manage your money 

The first rule is to learn how to control your spending and manage your finances. Gambling is all about taking chances and wagering high, but that doesn’t mean you have to be irresponsible when betting. 

Limit your wager to a manageable amount and never stake more than what you’re comfortable losing. Additionally, you should put a limit on how much you are willing to lose. Set an amount and when you reach it, let it be the mark that would stop you from taking any more bets. 

2. Get the best odds

Some games are more profitable than others. Learn which games to play and look for the best odds. Most games like poker and blackjack are where the money is at, so be sure to sharpen your skill in these sorts of games. Always wager on the high roller since it presents the most rewarding odds.  

3. Stay calm and collected 

Staying calm while losing is an art that most people are not privy to. As a gambler, you must not lose your composure or this will mark the end of the game for you and sway your mind from coming up with the best strategies to chase the win. 

Make sure that even if you are losing, your mind is in a levelled state enough to pull you through from the loss and turn the game back in your favour. 

Professional gamblers FAQs 

What are the most profitable games? 

Games such as poker and blackjack are considered two of the most profitable games in the casino since both require not only luck but also a certain level of skill from the player. The games also present higher odds depending on the amount you are willing to put on the table. 

Which is better, high roller or low roller? 

When it comes to winning huge payouts, becoming a high roller is the better option since it presents better odds you won’t see in low roller games. Remember that the higher you stake on a game, the higher your possible payouts would be. 

Does joining the VIP help with being a professional gambler? 

Yes, joining casino VIP clubs will open the opportunities for you to find high roller games without the limits on bets often found on regular gameplay. It also allows you to know more about other players and create a connection within the upper echelon of the casino.