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Millionaire School: Lesson 1 - Preface and Step 1

Started by alarian, February 17, 2009, 07:34:37 PM

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alarian

[highlight]Preface, First things first![/highlight]
Becoming a millionaire takes alot of determination and overall, it's not actually that fun  :o

What does he mean?  :-\

What about the encouraging words from the introduction?  :-[

Well imagine for a while that what I'm saying is true. That you will become a millionaire. It really sounds to good to be true. For those of you who have some sort of experience you most certainly have experiences which contradict my statement. It either involves some fishy, foggy description of something weird you have to do.
Some promise of "You won't have to do crap, the money will just grow right out of your pockets!" When actually... After you've invested some money you realise it was all just crap.

So again... Try and imagine my statement as if it was an absolute fact.
Within a limited amount of time, you are going to become filthy rich. You are going to become a millionaire.

How does it make you feel?

Excitet?
Perhaps you're one of those who think "This is just bogus just like every other promise of riches and bla bla bla"

But I'm not going to demand more of you than your dedication and I will try to give you tips on how to keep your head cool. Because this is also something that you're going to need to do.

You need to keep your head cool when the money starts rolling in.
Usual things that probably will happen to you is that you'll become mentally instable, you'll start feeling invulnerable, you'll lose respect of the "value of a dollar"... probably
You'll want to tell everyone around you about your great achievements, brag about your earnings and get alot of "hey just be careful" which will probably distance you from people around you.

If you're lucky and have enough  strength of character you won't be having to go through these downsides of suddently finding your personal cashier all around you.
If you're lucky you'll be able to keep it together without getting greedy or losing yourself within all of it.
I really wish you all this luck... Because I didn't have much of it.
I completely lost it. I even started gambling right in the middle of it all... Because I was invulnerable! I was GOD himself. I wish I had someone experienced to support me through all of that.

To summarize.

  • Please keep your head cool
  • Please try and keep this to yourself, this is between you and you
  • Don't make this a status-thing
  • Keep your respect for money, remember the value of a dollar
  • Don't ever become a gambler

Ok let's get on to what you've all been waiting for.
I'm just going to say one more thing before blast off.

Play it safe... It will be dead boring from time to time. The good times won't roll (as fast) all the time. You won't lose money, you'll just win it slower at times.

Now what am I going to teach you?
First lesson is Bonus Bagging.

This isn't a very secret concept of making money.
However, this is the safest, cheapest and best place to start.
You're going to start building your fortune from $25, £25 or €25.

Don't mix the Bankroll with your private money

Put aside your 25 credits and see them as money you've put into a bank account which is going to grow from interest for a while. Out of your reach.
I want you to "write a contract" with yourself that this money does belong to you, but they're not accessible.

[highlight]Bonus Bagging[/highlight]
What's this Bonus Bagging thing then?

When you sign up for an account at an Online Casino, they're most likely going to offer you a bonus on your first deposit. Some Casinos also have monthly "refill" bonuses which are going to be your personal Cashier for the first couple of months.

Some Casinos will match your deposit 100% up to a certain amount. The best are 100% up to 200 units. So if you deposit $200 you'll get $400 in your account.
The downside is that your money will be locked by something called a wagering requirement. Many casinos will even lock future deposits until this wagering requirement has been met.

A normal wagering requirement is that you need to wager 20-60 times of the money you deposited before you can withdraw any winnings. Many casinos won't even let you withdraw the money you deposited! Hence the term of your money being locked

Let's say you deposit $200, the wagering requirement is 40 times the deposited amount. That means you're going to have had to bet $8,000 before you can make ANY withdrawals.
How the hell is that going to happen in a Casino? What good did that extra $200 bonus actually do? To make things worse, ALL casinos have limited the games you are allowed to play to reach this wagering requirement! Roulette will always be one of the games that won't count. Well, at some generous casinos, 2% of your bet will count towards the wagering requirement. That would in this example mean that you needed to wager $400,000 before you can make any withdrawal. FOUR HUNDERED THOUSAND DOLLARS!!!!

Hey that's nice. It's a f***ing steal! They rob you! They bend you over and f*** you!

Well it's time to stand up, put your pants on and f*** them right back.
Bonus Bagging is about turning around and giving the big guy the finger.

This is how it works.

Some Casinos where you get a bonus, Blackjack will count towards the wagering requirement. Some will limit the amount that Blackjack bets will count to 25% but most of those that have a Blackjack elegible bonus will have the bets counting 100% towards the bonus.

Now... Using mathematically perfect, basic strategy with the most common rules used, the house will have an edge of about 0,5%.

That means if you do 8000 bets of $1 to meet your wagering requirement. You will only have lost 0,5% of those 8000. There is a standard deviation though and a low risk that you'll be left out without anything at all. It hasn't happened to me more than once and that was at the Casino where the risk was the highest.

If you take your $200 bonus and subtract the estimated losses ($8000 * 0,5% = $40) your Estimated Winnings (or the EV, short for Estimated Value) of that casino will be $160.

Stay tuned for lesson 2 - Bagging bonuses, building your Bankroll

Your friend
Alarian

jhincks

This is it you are amazing im surley on the way to becoming a millionaire [smiley=3D-gal/36_2_50.gif]

See_Jerek

The 1st roulette book I bought for myself has ever taught about bonus bagging as a way to generate small profits.
I have never done this before,the question I have is does a particular casino you have an account with constantly give you bonus so that you can exploit this gain and again.For do you need mutiple accounts with different casinos all over and when necessary use you family member's names to register as well?

alarian

Quote from: See_Jerek on February 20, 2009, 04:57:43 PM
The 1st roulette book I bought for myself has ever taught about bonus bagging as a way to generate small profits.
I have never done this before,the question I have is does a particular casino you have an account with constantly give you bonus so that you can exploit this gain and again.For do you need mutiple accounts with different casinos all over and when necessary use you family member's names to register as well?
You bag bonuses using Blackjack.
You can bag about $2000 first time and then some $500-800 every month with the casinos that offer monthly bonuses

See_Jerek

Quote from: alarian on March 16, 2009, 02:45:05 PM
You bag bonuses using Blackjack.
You can bag about $2000 first time and then some $500-800 every month with the casinos that offer monthly bonuses

Hello Alarian,

$500 to $800 month seems very good for the monthly petrol bills.Unless you find it a bit little.I am happy to get such amounts :thumbsup:

J.Daniels

Bonus Bagging is very well known in the net, you can google it. Also I think you could do it with poker?

Just asking, I have never done it myslef.

JD

alarian

you're not supposed to settle for this. this money will be the planting seed for your wealth

See_Jerek

Quote from: alarian on March 18, 2009, 05:10:41 AM
you're not supposed to settle for this. this money will be the planting seed for your wealth


Oh ok alright  :)

What is the start up cost invole?

I doubt it will be anything little to get a good amount of bonus.

BarrCanada

I think that Bonus Bagging is a great start !
Im going to give it a try.

theneophyte

good stuff - look forward to more.

if you are looking for a casino where roulette counts for wagering requirement try dublinbet and related casinos.

:yahoo:

Just_Gabe

Actually there are pages and groups where you can find a full list of casinos that allow roulette and blackjack as part of the wagering AND that have cashable bonuses...I'm just starting to exploit them, but first I'm starting to make some funds for that via the free no deposit chips :D and so far I've done a little over $300 from that!  Then I'll move to bonus bagging thru blackjack ;)

VLSroulette

Quote from: Just_Gabe on February 25, 2010, 09:20:30 AM
Actually there are pages and groups where you can find a full list of casinos that allow roulette and blackjack as part of the wagering AND that have cashable bonuses...I'm just starting to exploit them, but first I'm starting to make some funds for that via the free no deposit chips :D and so far I've done a little over $300 from that!  Then I'll move to bonus bagging thru blackjack ;)

Excellent gabe! Would you kindly share that list for the fellows?  :)

Just_Gabe

Of course Victor! I didn't post the link since I was waiting for some moderator's approval.

casinocashgiveaway.com

Here is a long list of casinos that give free chips, some of them can be wagered on blackjack, others on roulette, but the vast majority can only be wagered on slots.  Since there are TONS of those casino bonuses one is most likely to hit some big prize and cashout ;)

VLSroulette

Quote from: Just_Gabe on February 25, 2010, 11:51:01 AM
Of course Victor! I didn't post the link since I was waiting for some moderator's approval.

casinocashgiveaway.com

Here is a long list of casinos that give free chips, some of them can be wagered on blackjack, others on roulette, but the vast majority can only be wagered on slots.  Since there are TONS of those casino bonuses one is most likely to hit some big prize and cashout ;)

Thanks Gabe, I guess the most wise methodology there would be to cut casino visits after a win!

Regards.

Just_Gabe

You're welcome Victor! :D I hope you have as much, if not better luck than me and win some juicy bucks.

I'll also begin in a week or two the bonus bagging via blackjack and maybe try with roulette when BJ is not available and post my findings to see if bonus bagging is still a way to make some good short/mid-term profit :)

Edit: OH! I almost forgot! a killer tip: if you happen to get a free chip from ANY Rival casino, my suggestion is to wager those chips on the Video Slots "Wacky wedding", I don't know why or how, but I've seen amazing results with that particular game as it seems to have the best odds for the player.  I've won many times with that game alone (I once got a BR of $50 up to $600! :) too bad I could only withdraw $100 but it was just amazing).

Just_Gabe

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