Business Lessons Learnt from Gambling

by Tim | Oct 05, 2021

Business Lessons Learnt from Gambling

Sometimes gambling mirrors life. People in business owe much of their success to skill, but they still rely on an element of luck. Professional gamblers, meanwhile, rely on luck for most of their successes. But they also work hard to improve their expertise (and maximise their chances of succeeding) using self-management techniques and gambling money management strategies. Let’s find out what lessons can be applied in the business environment.

It’s what you know

Some of the most successful gamblers in history have been more than lucky; they’ve spent many years studying every aspect of their game. Archie Karas is a good example. The Greek-American high-roller is credited with having the longest winning streak in the history of gambling. He started by learning to win bets as an expert pool player at 17 years old, then concentrated on picking up every skill he needed to become a world-class poker player. Karas not only studied everything he possibly could about the game but also realised that manual dexterity could at times give him the edge, so he learnt to shuffle, deliver and pick up cards better than anyone else at the felt.

There really are no shortcuts to business success either. Whether you’re Richard Branson, Jeff Bezos, or someone who’s running your own company, learning everything you possibly can about the industry you’re in not only makes you more effective in your current circumstances but allows you to see the possibilities ahead. This puts you in a good position to edge out the competition by bringing your innovations to market before anyone else has even thought of them. And remember that the essential business skill of “failing fast” is still the best way to increase your knowledge by learning what doesn’t work – whether it’s in the boardroom or while mastering online blackjack (just keep your bets low when you’re on a steep learning curve).

Successful casino businesses track trends, apply creativity and keep a fresh outlook so they can continuously offer high-quality products that evolve alongside technology and adapt to changing customer demands, whether this is live casino games, video poker online or new mobile casino platforms.

Foster an online presence

This brings us to our next point. Much has been written in recent years about digital transformation in business, but few industries have heeded the call to the same extent as the gambling sector. 

Three decades ago, few people were aware of online gambling – indeed, online poker only took off in the second half of the 1990s. Now look at it: global market forecasts put the compound annual growth rate at 12%. This should see the industry achieve $112.09 billion in annual revenue by 2025!

But online gambling companies have done more than create a dedicated website and social media page. They have focused on establishing what their customers want, used the latest technology to exceed expectations, and continually improved their customer product and service offerings. This has driven the wildly successful transition from mainly traditional brick-and-mortar casinos to virtual platforms where gamblers can play casino online games from almost anywhere in the world, at any time of the day or night. 

In addition, by applying cycles of learning and growth that see a stream of emerging titles and fresh ways to play old games hit the market, online casinos attract new prospects, maintain their existing base, and are an outstanding example of what can be achieved when applying customer-loyalty best practices. Many businesses would do well to take inspiration from this strategic approach to building a brand. 

Achieve the right balance

Another valuable gambling life lesson that can be applied in the business environment is that of achieving balance in all aspects of life. There is no greater thrill for a professional gambler than beginning the next hand or the next game, but the best of them learn how to balance their gambling activities with other interests and aspects of their lives. This is mainly achieved in two ways. The first is through self-awareness and knowing which signs to look out for – whether it’s fatigue, anger, stress or being on tilt – then having the discipline to walk away to regain perspective. The second is by setting limits on their activities. This includes applying gambling money management strategies to always maintain a healthy bankroll, or setting a time limit on play and getting up from the table every time without fail, to take care of their responsibilities and everything “beyond the felt”.

Phil Hellmuth, winner of 15 World Series of Poker bracelets, is a good example of a gambler who has cultivated a balanced life. He has found that putting plenty of passion and emotion into everything he does away from the poker table prevents his emotions from getting the better of him when he plays. The same level of self-discipline can help businesspeople get the most out of their time in both the boardroom and in life.

Learn a gambling life lesson or two at The Phone Casino

Having read about what you can learn from gambling and apply in the business environment, you might be interested to play a few games at one of the best mobile casinos out there. Why not visit The Phone Casino? We have a vast library of blackjack, poker and other exciting online games for you to enjoy at our no deposit mobile casino, and you’ll be honing your gambling – and perhaps business – skills while you’re at it.

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