The concept of passive income is truly an exciting one – having to do something once and continue to get income over time from that thing. In today’s economy and digital world, passive income has become deeply appealing to people as there are now many new ways to earn money even while being asleep.
In recent conversations, people have begun to wonder whether they can generate passive income from online casino play. The idea of the usual online casino play – enjoying welcome bonuses, placing bets, and playing different games – turning into a passive income stream is also very appealing, but how possible is it?
As a consistent gamer in the online casino industry, generating a passive income stream from this favorite pastime may seem very possible especially due to the countless opportunities offered by the online gambling industry, in the form of free rotations or other such promotions. Free spins offers can be appealing, but CasinoAlpha states that 73% of them include terms that may prevent players from completing withdrawals. Checking elements carefully, including looking at expert opinions, can be relevant when you plan your casino budget, especially if you intend to play more often or simply want to be a casual player.
Let’s dive more into the world of online casino play and explore the possibilities of generating passive income from it.
Understanding Online Gambling
Online gambling encompasses a range of different games and activities such as poker, roulette, slots, blackjack, sports betting, and many more. But how possible is it to generate a passive income stream from playing these games? Some players end up winning big but casinos always ensure to maintain a statistical advantage.
Each game has what we call a “house edge” which is the percentage that represents how much the online casino can expect to earn from players over time. This edge shows the significant impact the online casinos have over the players. So, even if a couple of players win big sometimes, the casino is likely to win many more times than they are.
For example, slot machines have a higher house edge than table games which often ranges between 5% to 15% depending on the type of slot game being played. This indicates that the house is more likely to win each game faster than the players are. In other words, you are likely to lose money faster when playing slots.
Also, when it comes to online gambling, there are games of luck and games of skill. Games like slots and roulettes fall under the former category while table games like poker and blackjack fall under the latter. For the games of luck, the outcomes are determined by RNGs – random number generators. For the games of skill, strategy and experience is required.
They get intertwined sometimes as some players find themselves extremely lucky when playing skill-based games. But even with the best strategy and the luckiest hand, many players still find themselves chasing losses and dealing with losing streaks, which still comes down to the house edge. Many online gambling games favor the house than it does the players.
The “Free Money” Illusion
As explained above, many players get attracted to promotions and bonuses as advertised by the online casinos and they believe they can earn money without financial risk. Unfortunately, that is not the case as they all come with terms and conditions most of the time.
In some cases, it is not every game that contributes fully to the wagering requirements. In some other cases, players usually have to wager their winnings 30-50 times before they can withdraw their profits or deposit a certain amount before they can be eligible for the bonus.
With this structure in place, the goal of getting passive income becomes quite far-fetched because players end up spending more money than planned or sometimes have to let go of their winnings and profits. So, they end up putting in more money to get their potential winnings and this slims the chances down.
Other Reasons why Online Casino Play is not a Reliable Source of Passive Income
- Unpredictability and Risk: Many online casino games are unpredictable and also involves risk making it difficult to generate consistent income from playing these games. You never know if you’re going to win but you know for sure that you may lose.
- Gamification: Elements of gamification added to the games, like leaderboards and missions, are strategies to increase spending and longer playing sessions. So, players become more engaged and spend more, thereby increasing the casino’s profits.
- Active participation: Passive income requires little to no labor but online casino games require active participation.
What Can Be Done to Generate Passive Income from Online Gambling
If online gamers want to realistically generate passive income from online casino play, there are certain things that need to be put in place. Some of them include:
- High-Reward or Low-Risk Promotions: Promotions like this are rare and tend to come with usage limits. If players start to win consistently, their chances of generating passive income increases.
- Little to No Participation: Passive income is acquired with little to no labor but online gambling requires active participation which totally defeats the purpose.
- The House Edge: With the house edge, the systems are already rigged from the start as all games are designed to favor the house over time. So, a strategy that delivers consistent profit would do wonders.
Myth or Reality?
With all that is written above, we can tell that generating a passive income from online casino play is usually a myth in most cases. The strategies and systems are not in favor of the players and almost every bonus/promotion comes with conditions that tend to be hard to overcome.
So, we can say that online casino plays guarantee once-in-a-while entertainment and profit making which should not be mistaken for a stable source of income. Gambling is simply a form of entertainment that comes with a cost and should not be treated otherwise.
