Start with a Solid Financial Base and Build a Bankroll
Before diving into professional gambling, it’s crucial to establish a solid financial foundation. This means having a separate bankroll specifically allocated for gambling, which should not interfere with your personal finances.
Starting with a solid financial base allows you to withstand the inevitable ups and downs of gambling. It’s advisable to begin with an amount you can afford to lose without affecting your lifestyle.
The general rule of thumb is to risk only a small percentage of your bankroll on any single bet—typically between 1% to 2%. This conservative approach ensures that you can survive losing streaks and continue to play without being wiped out.
As you gain experience and confidence, focus on gradually growing your bankroll through consistent wins and disciplined betting. Reinvesting a portion of your profits back into your bankroll can help you increase your bet sizes over time, which is necessary for scaling your earnings in the long run.
Adjusting Stakes: Staying Flexible
As your job as a professional gambler progresses, it’s possible to change the amounts you wager. Adjust your stakes depending on whether you’re currently on a winning or losing streak. Maintain a degree of adaptability and modify your approach as needed to increase your chances of winning.
How to Become a Professional Gambler: Skills and Traits Needed
By mastering the following skills and traits, professional gamblers increase their chances of long-term success and are better equipped to compete in the unpredictable world of gambling.
Definition of a Professional Gambler
A professional gambler is someone whose main or only source of income is gambling.
This immediately sets apart pro and recreational gamblers. No need to argue if going pro means showing a profit for a week/month/2 months/etc. No need to compare winnings.
Say someone just won $50,000 in a lottery draw. Unless he lost more than that during the year, he’s a winning gambler. Does that make him a professional gambler, though?
Now, assume a gambler who made $20,000 during the same year by going to the casino on weekends because he has a full-time job from Monday to Friday. He made much less. Still, you would consider him more “professional” than the first.
And then, another gambler made $10,000 the same year, by spending 12 hours at the casino every day.
Where do you put the needle at winnings? And it’s clear winnings don’t equal profits. Even if we compare profits, it doesn’t mean anything unless we know a few more variables.
What is Considered Professional Gambling?
A professional gambler, by definition, is someone who makes a living off of their gambling winnings. Professional gamblers have their primary game of choice, which could be sports betting, poker, blackjack, etc. Their game of choice is typically
A professional gambler is someone who has complete control over the time, money and energy they spend on gambling. They are seen to be more skilled at gambling than other gamblers, and are considered at low risk for addiction.
A professional gambler will keep detailed records of both their wins and their losses for federal purposes, and will be considered “self-employed” by the government.
Is it Only a Gambling Problem if You are Losing?
Some people believe that you can only be considered a problem gambler if you are losing more than you are earning. Someone who continues to gamble despite the amount of financial loss, is seen to be a problem gambler.
The reality is, no matter how much you are winning at first, there will always come a time where you lose, regardless of how much skill you have. The losses that come with gambling can be extreme, and can lead to financial difficulty, as well as relational and mental health issues.
If you start losing, and you feel determined to win back the money that you’ve lost, this is a sign to take a step back.
What Is a Professional Gambler?
A person who makes a living out of gambling is considered a professional gambler. Professional gamblers have a special set of abilities, knowledge, and experience that allow them to make a profit from games of chance or skill.
Let’s get a taste of the world of high-stakes gambling by taking a look at the different types of gambling these experts can pursue, including sports betting, poker, horse racing, and casino games.
Get Treatment for Gambling Addiction
Attending a residential treatment center is by far the most effective way of treating a gambling addiction. Algamus Gambling Treatment Services offers a 4-6 week gambling treatment program, where clients will have the opportunity to work through their gambling addiction and any underlying mental health issues alongside gambling counselors, therapists, psychiatrists, and their peers.
Contact us today to learn more about our program, and how Algamus can help you or a loved one get the help that is needed.
So, what exactly is a professional gambler? A professional gambler is a person who lives from gambling and spends most of his time at the casinos. Professional gamblers are actually earning their paychecks by making the right bets when they play at the live casino tables. In this article, I will go over some general misconceptions about casino gaming as well as go over a few real-world examples, gathered from several friends of mine who are professional Advantage Players. We won’t give out real names or when these “adventures” occurred, but rest assured this is about as truthful as an accounting of what real-world play is like.
The gambler lifestyle has been portrayed by Hollywood, and more so, by commercials for casinos, to be a glamorous one. Men are always dressed sharply and women are in their best gowns and, both seem to be having a wonderful time. They are winning money, eating at 5-star restaurants and drinking the best champagne. This is all done to entice the average person to come to the casinos and gamble, but more importantly to lose the maximum amount of money they can. The reality of the casino gaming world is very different.
Professional Gambler Tax: What You Should Know
Being aware of the tax ramifications of your winnings as a professional gambler is crucial. Winnings from gaming are considered income by the IRS and must be reported.
Professional gamblers, on the other hand, can subtract their losses from their gains provided they keep detailed records of all transactions. High rollers can benefit from these deductions, but they should still keep meticulous records and take advice from a tax expert to ensure they comply with laws. As such, gamblers should be aware of these rules and speak with a tax expert in their state, as some states have their own tax laws pertaining to gambling winnings.
Make Sure You Want This
Those who want to make a living gambling should know that it’s not for everyone. Think twice before you decide to put in the work required to achieve your goals.
