I would prefer to play it in slot machines and dice games. And $50 is too big also to use in these games everyday so I would use it for sports betting might help the chance to profit my $50 everyday.
i my self going to bet test cricket match between Pakistan and Australia, starting from tomorrow in Melburn, i hope i will make good profit from it. as i have good knowledge about both the teams. Australia is already in lead of 1-0.Poker too!
For a 55 cent satellite investment:
And, freeroll steps:
Approximately $1000 in one day for a 55 cent investment! Just saying!
EDIT: Of course, it takes some skill, practice, experience, and discipline, but it is possible to become a profitable gambler. However, bankroll management is the number one key....never put your bankroll at an unnecessary risk. There WILL be periods of variance that will effect your bankroll negatively. <--- count on that and never risk more than your bankroll can sustain.
It is clear that gambling can win us more than $50 a day but it is not a guarantee that we can get that amount each and every day because of what you have stated that some factor (actually it is only luck) may affect the result of the game. So a $50 daily win is impossible in my observation. Is it?
Well, in poker it is different because you have the option of folding low percentage hands and betting high percentage hands....You also have the option of bluffing your opponent and "advertising" bluffs to get into the players head....pot odds, percentages, fold equity....all a part of the game. Luck is mitigated to a high degree if a player folds the bad hands and gets good equity out of the good hands.
It depends on you on which gambling games you are better or have knowledge specially on sports and card games if you are good enough then $50 a days would be chicken for you.
well the betting strategy i would bet it in basketball games its easy to predict because when you see strong teams that has spirit and love the game its seemingly predictable to me i would like win most of the games and ill be rich at that time but still prediction is hard through out the impact of the players when they have mistakes even they are professional but still i would bet it in a basketball but also i would like to bet it in dice game too because i am very good at it i won so much but lose much its that i am just very luck when i play betting and gambling if its sports its easy for me and if its gambling games its good 
i am not being prideful i am just sharing 