How 23yo gambled his way into a home

PHOTO: Melbourne.

A uni student managed to turn $1000 of Christmas money into a home in the heart of Melbourne without working a single day.

Evan Vassos admits that the way he broke into Australia’s property market was “unique”.

The 23-year-old university graduate scored himself a $744,000 two-bedroom flat overlooking the Melbourne CBD despite never working a day in his life.

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What’s more, he didn’t even need to take out a home loan. The former business student can pay the full cost upfront (and have some to spare) when he settles the off-the-plan apartment in September this year.

He’s earned almost $1 million since leaving high school even though he started off with just $1000. And it was all thanks to an unusual strategy.

“When I finished high school, instead of going to work, I discovered a way to arbitrage bookmakers,” Mr Vassos told news.com.au.

Essentially, he found a way which he described as “risk-free” to make the most of betting odds and promotions to always come out on top, even if it was only by $1.

“I probably started with a grand from all the Christmas money I accumulated,” he said.

“I went from a grand to $2000. A bigger capital base made it easier to exploit the [gambling] promotions and I went from there.”

Evan Vassos studied a bachelor of commerce while gambling to pay the bills.

Mr Vassos asked himself, “How can I guarantee a successful return with no risk?” and decided to try his hand at playing the odds.

“I would bet on anything where the odds were favourable,” he said.

“It’s simple maths. I would look for simple opportunities where the odds would blow out. I would guarantee myself a secure win.

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“The most lucrative returns I made were when the bookmakers made bonus bets.”

For instance, one time at an AFL game, a promotion was running where if your team was winning by 24 points and then went on to lose, the bookmakers would pay off your bet.

He won $7000 as he bet against both teams which assured success.

Mr Vassos estimates he made $100,000 from doing this by the time he was 20 years old.

But then the bookies started catching on.

“At 20, I got banned from all bookmakers. It was a strange experience. It’s quite appalling.”