I have real experience in this regard. In the field of sports betting, I have observed several matches very well where my chances of winning were very high. When I lose in those matches, I cannot consider the loss with any logic except luck. Now I do not dare to win even with any favorite team. I must review various factors regarding luck and skill. Luck alone cannot bring me victory, similarly, skill or knowledge cannot bring victory. Of course, if you gamble combination of these two factors, then relatively win ratio may be higher.
You can make some kind of analysis and it will be so extensive that you will begin to believe you are going to be very accurate with your predictions but then you may later see that luck still remains very essential gambling so you have to still have at the back of your mind that your skills and talents isn't enough. Luck alone will not give you a win but a combination of them all such that luck is not underrated will give you an edge to winning and sometimes consistently.