Long story short, it’s possible to go from a small initial deposit to becoming a professional gambler. But you also need discipline, patience, and steady investments into your bankroll. Most gamblers aren’t willing to make these sacrifices. That said, it can sometimes feel impossible grinding up towards pro status. In Groetzinger, 480 U.S. 23 (1987), the Supreme Court established the professional gambler standard: 'If one's gambling activity is pursued full time, in good faith, and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business.' Professional gamblers gamble for a living. While education is available, most training happens on the job. Learn how to become a professional gambler, the training required, professional gambler job description and how much you can earn by gambling professionally.
Qualifications
- Discipline: If you have to make a bet for the sake of making a bet you are in trouble.
- Focus: If you are distracted with other activities, people, family or problems you will not be able to give gambling the attention it requires.
- No Superstitions: I personally do not know anyone who is superstitious and successful at the same time.
- Record Keeping: Show me someone who does not keep records and I will show you a loser.
- Ego: I've seen this be the downfall of what otherwise may have been a good professional gambler. Until you have won 10 million or more gambling, check the ego at the door. If you have reached this level of success than why the need for the ego.
- Emotions: This one is key. You must not let the highs and lows affect you. If you cannot do this than you need to find another profession. Examples of the bullshit I've heard ten thousand times. The ref made a bad call. The stupid jockey judged the pace wrong. Some dumb ass took MY card. Why did or didn't they go for the 2 point conversion. If you are or want to be a professional gambler this is going to happen everyday, SO FORGET ABOUT IT. If you can't handle it you have almost zero chance of success.
- Pull the Trigger: When you have the advantage you must be able to make the appropriate bet. If you look at money in terms of what it could buy you, you're in the wrong business.
- Bankroll: First you need to have one. What you can borrow on your visa card does not count.
- Bankroll or Money Management: There are some good books on this subject. If you do not know what I mean by money management you need to buy such book. Hint: You cannot play 50-100 stud on a $10,000 bankroll. You cannot bet $5000/game on a $50,000 bankroll. You cannot play a $5 video poker machine on a $100,000 bankroll. If you try this you are not a professional gambler you are just a gambler who will go broke sooner rather than later.
- Maths: This will win you more money than any other single factor. If you don't know the math than you better learn it or at least know someone who will do the math for you. If you don't like math than find another occupation.
- Adversity: As in any endeavor there comes adversity. Be emotionally ready to handle it because it is a sure thing. You will be barred from casinos, cheated and stiffed during your career, that I can promise you.
- Be true to yourself: Resist the temptation to do things that are detrimental to your well-being and your bankroll. Going on tilt, drug use, and binges will have a negative affect on your ability to perform. Even a bad diet will have a negative affect. Whatever form of gambling one embraces it always gets down to who's brain is functioning the best, who has the bankroll, who knows the math.
- Reputation: To me this is everything. Without a good reputation you will never be a professional gambler in my eyes. You may win money, but doing it without honesty and integrity you're just a bum to me. If you win by cheating, scamming or stiffing people you're not a professional, you're a cheat, scam artist or stiff. A good reputation will become your greatest ally in the war to win. Once you establish a good reputation opportunities are everywhere. Other professionals welcome the chance to work with you, help you, and partner up with you. Having a good reputation does not mean keeping your word 9 out of 10 times, it means 100% of the time keeping your word. I know a professional poker player in Las Vegas who did not do the right thing 25 years ago and to this day nobody will have anything to do with him. Once you sell your reputation you can never buy it back.
To be a professional it takes a rare mix of qualities not found in most people. As one well known professional poker player likes to say 'Its a hard way to make an easy living'. To be a professional at anything it takes a unique person and gambling is no exception.
Expectations
- When first starting out you should be buying all the books you can read on the aspects of gambling that interest you. The gamblers Book Club in Las Vegas is a great place to start. The internet now offers more opportunity for learning than anything I've ever seen in my life. Gambling conferences are a great place to cut your teeth also. I personally don't attend these functions for personal reasons not because I don't think they are helpful. Las Vegas used to be the Mecca for most professional gamblers but with the internet and opportunities in other locals this is no longer as true but still a reasonable place to make new contacts and a place to hone ones skills. The advantage of Las Vegas is that you can acquaint yourself with other pros, learn from both their soft and hard skills. If you're starting from scratch though and first need to learn the basics of the games then there's definitely an advantage to first practicing online, on demo play.
- Expect both positive and negative flux in your bankroll. If you decide to be a professional blackjack player you will at some point lose 60 top bets during your career. If you play long enough you will have a losing year. If sports are your choice, expect to go 2-22 on a busy college Saturday at some point. If you never seem to flux up or down you are doing something wrong. If your emotions cannot take flux you need to pick a different profession. If you enjoy flux this could be a bad sign also. When your bankroll fluxes upwards this is not the time to buy that fancy car you have always dreamed about. There will be plenty of time for all of that but until you have a substantial bankroll (at least 500K) you will need to preserve capital. Things can go bad in a hurry in this business and you need to be prepared to weather the storms.
- Expect to put a huge time investment into gambling. It is not uncommon to put 80+ hours/week. To be successful this is a business that will take over all aspects of your life. Once you get established and secure with yourself than you can cut back on the time investment but many guys still choose not to.
- If you have the ability to make more money doing something else you probably should stick to something else. This business can be an emotional roller coaster and the only thing (in the long run) to justify it is the extra money.
Realities of the Business
You have no bosses or customers to speak of so you are totally independent of the bull shit most people go thru in a normal day. This is the good part. The only person that you need to answer to is yourself. Don't bullshit yourself or you will become a bad boss. Be true to yourself.
You produce no product or service that society requires. This is the bad part. As you become more successful your purpose in life becomes more meaningless. While other guys are saving lives, producing goods and services you are not much better than a parasite to society. With success comes (a feeling of) a debt you owe to your fellow man. Most successful gamblers I know give heavily to charity; donate their time and money to help their fellow man in some small way. I believe it is their way to make up for the empty feeling one gets from years and years of not producing something of substance. Many successful gamblers look for something else to do with their lives after becoming financially independent. Relationships don't work for most of us early on in our career so this is another avenue many professionals look to achieve as they become financially successful.
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A professional gambler is an individual who devotes a lot of his time at a gambling den or casinos. Professional gamblers are earning by making the correct bets especially when they are playing at the live casino tables. This profession covers an extensive range of careers. The gambler lifestyle is more to it than what Hollywood depicts. You need a lot of training to get to those fancy tuxedos and flicking chips.
How To Become A Professional Gambler For Irs Purposes
How to Become a Professional Gambler
A professional gambler occupation must not be taken casually. It will take patience, time, and motivation to develop the skills you require to earn a living with specialized gambling. Many gaming programs are being offered nationally. These gaming programs differ in period, content and price. There’s never a dull moment in the career of a professional gambler. professional gambler jobs are quite lucrative. Those who gamble for a living get to enjoy this very perk.
Professional Gambler Job Description
The major role of gambling is that you have to select if you must play in a casino or you can play online. There are many kinds of gamblers such as a qualified gambler, the personality or antisocial gambler, the casual communal gambler, the thoughtful social gambler, the escape and reprieve gambler, and the obsessive gambler. Your job as a professional gambler relies on what you select to gamble on.
For instance, most of the workday for professional sporting gamblers is spent viewing games and examining stats. On the other hand gambling on horse racing might need inspecting horse racing oppositions, leading into the sport situation and, obviously, coming up with a functioning formulation before putting your bets.
[Also Read: A Guide on How to Become a Professional Poker Player]
Professional Gambler Salary
The term professional gambler is at times used interchangeably for both individuals who earn through part-time as well as full-time income through gambling. A lot of the individuals you talk to will perhaps say gambling as a permanent career is not a realistic goal even though a good number of people have made a profession out of gambling.
What Is A Professional Gambler
The potential incomes as a professional gambler are enormous. The U.S Bureau of Labor Statistics (BLS) has projected the average income for professional gambler jobs is $65,294. However, this primarily depends on how frequently you gamble, how good you are at it and how high are your stakes.
Education and Skills Required
Gamblers must be outgoing and friendly. The capability to do basic math quickly is important. The good hand-eye coordination of the exclusive casino atmosphere is even more significant. Keeping a positive attitude will help you a lot to get achievement in your betting career.
Many gambling dealers have gone to dealer school either offered by the casino itself or from a vocational school. Gaming courses are normal in places where games flourish and naturally they take a minimum of six weeks to complete. Student gambling dealers can learn the procedures and rules of the casino games and local regulations and laws as well.
However, finishing school is just the initial step to functioning as gambling. In addition to practical skills, a professional gambler tax might apply to gains in some nations.
There are numerous courses obtainable in blackjack, roulette and other games in the industry of gambling, and it’s obvious that it is developing to be quite famous within the educational settings. Students who are interested in gambling can even get to learn more about casinos from professional gambling academies.
[Also Read: How to become a Mystery Shopper?]
Professional Gambler Tips
Gambling discipline is exclusive. Which one must you select will completely depend on your personality? Let’s check few of the tips to become a professional gambler
- Try the diverse gambling disciplines to find out which one you have a knack for
- Being a professional gambler is all about current risk administration. It’s about winning and not losing. Be careful, never take the risk on your total money on any bet or trade.
- It might be best to try your luck as a qualified gambler while keeping your daily job.
Conclusion
The spirit of a professional gambler is to always be looking for opportunities. (1) The more experience you have, the better you will be able to choose the best practices and trends. Avoid putting all of your money on one game or team. Learn from the best professionals who are into the gambling industry. Learn how they do it and begin joining in on the action.