Top 5 Richest Gamblers in the World

Let’s dive into the names of gamblers who managed to transform their skills and betting strategies into millions of dollars.

Most people understand gambling as a risky hobby – they don’t even imagine how much money the world’s leading gamblers can make.

Let’s dive into the names of gamblers who managed to transform their skills and betting strategies into millions of dollars. Here is the list of the top-5 richest gamblers in the world.

#5. Billy Walters

Born in 1946 Billy Walters is known as an entrepreneur, philanthropist, and one of the best-selling authors. Meanwhile, first and foremost, Billy had written his name in history as an outstanding sports bettor and gambler.

Billy’s gambling career started when Walters was 9 – the future star of the American betting industry predicted that the New York Yankees would beat the Brooklyn Dodgers. Meanwhile, the Dodgers won that game, and Billy lost his money. His gambling career was linked to a set of losses. By the age of 22 Billy lost $50,000 and once he even lost his house because of sports betting.

In the 1980-s Walters fell into the category of sports bettors who used the computer analysis method for predicting results of ongoing sports events. Based on rumors, since then Billy has experienced just one unprofitable month. His winning streak includes 30 years, and it is a truly astonishing result.

In 1987 Walters shifted his accent to sports betting only, ending up with any other gambling options.

As of today, Billy Walters is an owner of a holding that keeps shares in car dealerships, golf courses. commercial properties, and other businesses.

  • Preferred sports for betting: NBA, NFL, college football games;
  • Biggest win: $3.5 million;
  • Net worth: $200 million.

#4. Zeljko Ranogajec

Born in Hobart (Australia) in 1961 Zeljko expected to become a lawyer, paving the path of studying taxes, finances, and banking. Meanwhile, his student hobby grew into a profession and the main source of income. While being a student Ranogajec made his first steps in blackjack. He then transferred to the University of Sydney but had no intention of graduating from it as Zeljko had entirely dedicated himself to the industry of advantage gambling.

By the end of the 1980-s Ranogajec was banned by the vast majority of Australian casinos. Professional blackjack players named Zeljko an exceptionally innovative player. The blackjack star decided to continue his career overseas and moved to the USA.

In the United States Zeljko became a business partner of another successful gambler, Alan Woods, but then their paths diverged. Ranogajec founded his own betting corporation, the Bankroll.

The rumors say that the Bankroll places bets worth more than $3 billion annually, which is more than 30% of Betfair Australia total betting volumes.

When being one of the world’s richest gamblers Zeljko owns an apartment in One Hyde Park, one of the most expensive buildings in the world.

  • Preferred sports for betting: horse racing;
  • Biggest win: $7.5 million;
  • Net worth: $420 million.

#3. Alan Woods

Being a mathematician by training, Alan Woods entered the gambling world at a young age. At first he was using his knowledge and skills for counting cards in blackjack. Alan was rather successful in working out statistical models for sports betting.

At the age of 37 Woods decided to switch his focus on sports betting completely and ended up with blackjack. Together with Bill Benter and Bob Moor Alan worked on a computer program to predict the results of horse racings. Their partnership began in the mid 1980-s. The team earned $100,000 in the first year of their cooperation but soon their paths diverged due to disagreements.

Within the world of horse racing betting Alan Woods became one of the world’s best bettors. He died in 2008 at the age of 63 years.

  • Preferred sports for betting: horse racing;
  • Biggest win: $4.1 million;
  • Net worth: $560 million.

#2. Edward Thorp

The name of Edward Thorp is among the most known in the industry of betting and gambling, as this man invented the card counting method. As such, Edward can be understood as the ‘father’ of many gambling strategies.

Among Thorp’s ‘ranks’ we may find a professor of mathematics, a hedge-fund manager, a cofounder of algorithmic trading, and an author of best-selling books.

Based on his knowledge and skills in mathematics, Thorp invented a strategy on how to overturn the house advantage in blackjack. When he decided to try his strategy in practice, Edward won $11,000 within a weekend. Then he described all the core principles in a book “Beat the Dealer” published in 1962.

Furthermore, Thorp is the inventor of the first wearable computer that helper him beat casinos winning roulette games.

Up to this day, crowds of players use the Thorp’s principles when building their own betting strategies.

  • Preferred games for gambling: blackjack and roulette;
  • Biggest win: $270,000;
  • Net worth: $800 million.

#1. Bill Benter

Bill is the world’s first billionaire who earned his billion by gambling. And he proved that one can make money from gambling betting on knowledge and skills only.

Even as a child, Bill had exceptional mathematical abilities. In 1977 he graduated from the university with PhD in physics; meanwhile, a scientist’s career and routine work were not something Benter dreamt about. His gambling path started from counting cards in the world’s most famous casino city, Las Vegas.

Bill used Edward Thorp’s book “Beat the Dealer” to succeed in card counting. At first Benter earned $40 per day, and then he met Alan Woods who had just arrived in the USA. In 1984, the private detective group Griffin Investigations included Benter and his ‘teammates’ in the Griffin Book, a black book of gamblers. Bill had to change the location to move to Hong Kong.

Over the years, the Bill’s annual profits from gambling surpassed the mark of $10 million. At present, Benter combines gambling with giving lectures in universities and charity.

  • Preferred sports for betting: horse racing;
  • Biggest win: $11.4 million;
  • Net worth: $1 billion.

The above-mentioned gamblers earned fortune using their skills, knowledge, and experience. Sometimes the rankings of the richest gamblers include Tony Bloom ($2.5 billion) and Kerry Packer ($5 billion) but their sources of income are far from gambling. Packer inherited his family’s business empire and Tony Bloom earned his fortune from poker tournaments (playing, not gambling) and consultancy firm.

How to Earn Fortune by Gambling?

When talking about the above-mentioned people, it sounds too easy to win millions of dollars by gambling, but we need to dive deeper. There are no gamblers who earned millions of dollars ‘accidentally.’ What do you need to pave the same path?

  1. Skills in mathematics. Earnings in gambling always come down to complex calculations, strategies, etc. You should know mathematics even better than your name.
  2. Skills practicing. Without applying your mathematical skills in practice, success is impossible.
  3. Development. Read books, useful articles, and other materials to develop your skills and become even more professional.
  4. Experience. Never forget that Bill Benter lost several salaries before he started to earn money from gambling.
  5. Discipline. Never let emotions control your bets. Professional gamblers always rely on a strategy and make all their bets based on it.

Success in gambling is not accidental. It combines hard work, skills, and experience. When understanding gambling as something easy, you are going to lose everything you have.

Gambling Addiction: How to Avoid It?

According to Statista, 3.5% of all people suffer from gambling addiction. When making gambling your main income source, the possible addiction problem is among the most dangerous ones. What should a gambler do to avoid addiction?

  • Treat gambling as a job. You can hardly imagine that an incorrect report or a successful deal makes a department manager feel a storm of emotions. In gambling, your wins and losses are just routine details and nothing more.
  • Follow your strategy. Strategies help gamblers keep discipline and place bets without the influence of emotions.
  • Set goals. Professional gamblers set clear goals and try to achieve them.

Not Just Winnings

Here we talked about the five richest gamblers in the world; meanwhile, we didn’t dwell on thousands of cases when gamblers lost their money.

Bill Benter used to lose all his earnings at first. Billy Walters lost his house because of unsuccessful betting. They changed their lives, but there are crowds of people who couldn’t do the same. Never forget that losses and gambling are synonyms, and it is important to learn how to treat them properly.

The Bottom Line

Gambling is primarily understood as a kind of a hobby but many people make it the main source of earnings. There are examples of gamblers who earn millions and even billions from gambling and betting.

Such people understand bets as their job. Millionaire gamblers work out their own strategies, constantly develop their skills, and always control their emotions when placing bets. Everyone is able to do the same but you need to understand that the path towards gambling success includes multiple hurdles.

FAQ

Who Is the World’s Richest Gambler?

With a total net worth of more than $1 billion, Bill Benter is the world’s richest gambler and the first billionaire who made his fortune on bets.

Is It Possible to Earn for Living by Gambling?

Gambling can bring you profits but one needs to understand that success is possible when you devote enough time to work on a betting strategy, dive deeper into the sector, and constantly develop your skills and knowledge.

What is the Main Obstacle that Ruins Gambling Careers?

Emotions are the key enemies of a gambler. Those who understand how to control their emotions are already halfway to success.