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• What Is A Professional Gambler
• What Is A Professional Sports Gambler
• What Constitutes A Professional Gambler
• Gambling As A Profession
• What Is A Professional Gambler
• Professional Gambling

So, you wanna know how to become a professional gambler, do you? You’re fed up with the daily grind, you’re ready to start living a little, and you see gambling as a way out. That’s ambitious, and it is achievable, but we want to kick you the real deal about gambling professionally so you have the best chance of success.

Professional gamblers are treated differently from amateur gamblers for tax purposes because a professional gambler is viewed as engaged in the trade or business of gambling. The professional gambler reports gambling winnings and losses for federal purposes on Schedule C, Profit or Loss From Business. To compute his or her business income, the professional gambler may net all wagering.

The name of our website is Gamblerspro.com, so we know a thing or two about gambling professionally. We’ve watched the rise and fall of countless poker players, financial traders, and sports betting pros over the years. We even have some gambling success stories of our own to draw lessons from.

The first thing you need to know is that there are many different types of gambling. Your chances of making it as a pro gambler in these different disciplines differ wildly. As you’ll see, your odds are much better in some fields than in others, so it’s worth your time to find out the pros and cons of gambling in each different discipline.

Ready? Let’s study the different types of gambling before deciding which one you’re going to pursue professionally.

• Not paying taxes on all $8.3 million. Since a federal court ruling two years ago, there are tax deductions for professional gamblers similar to those for self employed contractors and small businesses. Expenses like travel, meals, and lodging can be cut from their total income. This means that if a professional player won $1 million and showed business expenses of $100,000 million during the year – he would only pay.
• In short: Keep as much money as possible from free bets. Matched betting is the.
• Professional gamblers are allowed to, but their returns may be subject to extra scrutiny. How to get an edge as a professional gambler. To gauge whether your clients qualify as professional gamblers, you’ll have to measure their facts and circumstances against the factors in the 1987 Supreme Court Groetzinger case.
• An individual professional gambler's expenses relating to his trade or business are usually fully deductible under IRS Code §162 as 'above the line' items. Thus, unlike recreational gambler, most of an individual professional gambler's expenses (within reason) are deducted on Schedule C rather than as itemized expenses on Schedule A.

Becoming a Professional Gambler – Choose Your Discipline

We like to say that gambling is a lot like martial arts. You can be a black belt in Muay Thai, and a complete beginner at Jiu-Jitsu. The same goes for gambling – you can be a semi-pro level poker player, but not have the first clue about trading the financial markets for a profit.

Each gambling discipline is unique. Which one you should choose will come down to your temperament, your appetite for risk, and your current understanding of how that type of gambling works. So, what do professional gamblers bet on? All kinds of things! Let’s look at each one by one.

Become a Professional Casino Player

We’ve got to be honest upfront – becoming a professional blackjack player or slots savant is not the best way to go about things. Most casino games, with very few exceptions, are down to pure luck. We’d rule out becoming a professional roulette player, or playing slots for a living, from the beginning. You’re 100% at the mercy of the casino and the whims of lady luck, and that’s no way to make a steady living, friend!

There are some skill-based casino games. For example, you can play blackjack for a living with a reasonable degree of success. That’s because the blackjack house edge is tiny if you play with a proper strategy. With an optimal blackjack strategy, the house edge can be as small as 0.5%. That still puts you at a slight disadvantage, though, even if it’s only a minor one.

If you have your mind made up on casino games, becoming a professional card player is the best option. Playing games like slots and scratch-offs will mean you have no control whatsoever.

Become a Professional Sports Gambler

Successful gamblers know that they need as much control as possible. While there’s most definitely an element of chance in sports betting, you do have more control than you would when playing casino games for a living.

Gambling on sports is what we’d call half luck, half skill. There’s no accounting for freak events like Leister City winning the EPL. However, you can tap into your existing knowledge of certain sports to win more often than not. Our EPL tipster is a prime example of that – he would never be able to win the majority of his football bets by luck alone.

Pro sports bettors are rare, but they do exist. Millionaire sports bettor Billy Walters is an example. We’ll tell you more about how he succeeded below.

Of course, betting on sports for a living has its pros and cons.

One of the major advantages is the excitement involved. If you love sports, you can basically make a living doing what you love. You can jump around between football, horse racing, martial arts, tennis, golf, and any other sports you please. For some, that’s much more exciting and interesting than spinning the reels or flipping endless numbers of cards over.

One of the major disadvantages is that random events can happen, and you can get wiped out and go without any money for a while. You can go on a bad run of luck where your knowledge and skills just fail you, and you need to be able to weather these financial hard times until the storm passes.

Become a Professional Poker Player

If you have dreams of making your way to the WSOP, the good news is that you do have a better chance of becoming a professional poker player than almost any other form of gambling; just ask Amarillo Slim. That’s because poker is a game of skill. While there is most definitely an element of chance involved, you can compensate for bad luck with your poker skills.

What’s the earning potential? A professional poker player’s salary largely depends on what level he or she is playing at. It’s not even correct to call it a salary since the word salary implies something steady which you can depend on month after month. That’s not the case in poker – if you don’t finish in the money regularly, you’ll be broke, but that can all turn around with one big win. Some pro poker players do manage to score sponsorships for a steady paycheck, but you won’t be eligible for those until you enter the big leagues.

To become a professional poker player, you need to practice, practice, and practice some more. The great thing about this being a skill-based game is that every hand you play gets you closer to the goal of turning pro. You’re acquiring a skill, rather than just wasting time. We suggest reading all the books and poker articles you can and then applying what you learn in online poker tournaments. Of all the ways to become a professional gambler, turning pro at poker is among the most realistic. If you have an interest in or aptitude for it, we’d focus on this over sports betting or casino gaming.

Become a Professional Financial Trader

Don’t let anyone tell you that gambling for a living is a fool’s game. Just tell them to ask George Soros or any of the other multi-millionaire financial traders, and ask them why the world’s biggest banks have entire floors filled with professional financial traders. Financial betting is serious business, and if you have the desire to learn and study, there are ways to make money at it.

Financial traders attempt to predict the future price of stocks, commodities, and other assets. They bet against other traders, so there’s no house advantage. Each trade is a zero-sum game – someone wins, and someone loses, so it’s a lot like peer-to-peer betting.

Becoming a professional gambler in the financial markets is not like other forms of gambling. That’s because there is not much luck involved – it’s all about having experience, discipline, and intuition for what’s going to happen next. With proper risk management strategies, you can make sure that your wins (when they occur) are always bigger than the sum total of your losses. This means that you only have to be able to survive financially until an inevitable win comes.

We’d almost go as far as to say that financial trading isn’t really gambling in the strictest sense of the word, but at the end of the day, you’re risking money in the hope of walking away with more, so it does fit the definition of gambling for our purposes.

Successful Gamblers Stories

There are plenty of successful gamblers out there, and to be frank, most of them keep it quiet. They want to keep their financial business to themselves, and they don’t want people pestering them 24/7 with questions about strategies, or begging them for cash. Yet, there are some famous professional gamblers, so we decided to pick three of them and share their stories with you. They can serve as inspiration, and if you read more about them, you might learn a thing or two about how to be a professional gambler yourself.

Antonio Esfandiari

We said above that playing poker for a living was one of the more realistic options for becoming a professional gambler, and this man is living proof. At the time of writing, he has earned well over $20 million as a pro poker player.

Nicknamed ‘The Magician,’ Esfandiari has won three WSOP bracelets and has won the World Poker Tour twice. He also holds the record for winning the largest poker pot in history – a cool $18,346,673.

Esfandiari has a colourful life story aside from being a professional gambler. He grew up in Iran, moved to California when he was nine, and went to jail for selling marijuana not long after graduating from high-school. After a brief stint as a magician, he began playing poker and eventually founded the poker website Ultimate Poker. This poker legend is an inspiring example of how everyday people can become pro poker players with enough dedication and skill.

Billy Walters

Not many pro sports bettors can claim a winning streak which lasted more than 30 years, but the legendary Billy Walters can. Walters grew up poor in rural Kentucky, but quickly amassed a fortune worth millions of dollars based on exploiting roulette and betting on sports professionally. He’s a professional gambler that struck so much fear into bookies that he had to employ teams of runners to place his bets.

Waters started young – he began gambling when he was nine years old. He claims that by the time he was in his early twenties, he had lost $50,000, which in the 80s was a LOT of dough. He also claims he once lost his house, but that the winner let him pay him off in cash instead.

Walters didn’t let any of this deter him. He kept gambling, kept learning, and eventually turned to professional sports betting. He joined the Computer Group, which uses computing power to analyze sports betting stats, and in a thirty-year sports betting career, he lost only once. His biggest score was $3.5 million on the New Orleans Saints to win Superbowl XLIV. Walters was so successful that he had to use runners to place his bets because most bookies were so afraid of him that they wouldn’t accept his bets.

So, can you become a professional sports gambler? Just ask Billy Walters. Sadly, you’ll have to write to him in prison, because he got involved in the financial markets and was put away for five years on insider trading charges in 2017. To learn more about his epic Superbowl bet, scroll back up and watch the video above.

George Soros

George Soros is so successful that he once broke the Bank of England, and has been blamed for causing a multitude of financial crises all over the world. He’s a professional gambler of the financial variety. This man built himself up from being a poverty-stricken Hungarian immigrant to one of the richest men in the world, and he did it all as a professional gambler in the financial markets. It’s estimated that Soros has a personal net worth exceeding $11 billion today.

How did he do it? He left Hungary to study economics at the London School of Economics, and after getting his degree, he started trading the financial markets. After a little while, he moved to NYC, and before long, he was running his own trading firm. Investors gave Soros money hand over fist because of his spectacular returns, and his offshore hedge fund named the Quantum Fund is one of the most successful of all time.

Soros is obviously at the extreme end of the spectrum when it comes to successful financial traders. Only one in a million can ever hope to reach this level, but it is possible if you have the gift. Most wannabe professional gamblers would be happy with 0.1% of this man’s success, which would still make you rich to the tune of tens of millions.

Professional Gambler Tips

By now, you should have an idea of the pros and cons of gambling for a living in the different disciplines. Hopefully, you’ve realized that casino games don’t give you much of a chance and that either playing poker, betting on sports, or trading financials are your best bets.

Whatever you decide to do, there are five professional gambling tips which will help you make a decision and succeed more often.

1. There’s no such thing as a professional gambler salary for the majority of players. You might land a sponsorship if you start playing poker at a high level, but it’s not likely for most people. Make sure you have enough set aside to weather losing streaks and rough patches financially, especially in the beginning.
2. Try the different gambling disciplines to find out which one you have a knack for. They all involve different levels of risk and will appeal to different interests. If you’re obsessed with sports and the financial markets bore you to tears, that should tell you something about where your natural talents might lie. To succeed at anything, you need to have an interest in it.
3. Being a professional gambler is all about effective risk management. It’s as much about not losing as it is about winning. It’s better to grind out a slow and steady living by gaming the odds than it is to be flush one week and sleeping on your friends couch the next. Be strategic, never risk more than 1% of your total capital on any bet or trade, and as any professional gambler will tell you – listen to your gut! If you have a bad feeling, walk away, and live to bet another day.
4. A professional gambler tax will apply to wins in some countries. We don’t know where you are reading from, but we know it does exist in many countries, even where normal gambling wins are tax-free. Once you turn pro, it’s considered your primary source of income.
5. It may be best to try your luck as a professional gambler while keeping your day job. For example, you could work 9-5 and gamble from 7-11 every evening online. When your income from gambling exceeds what you need to pay your bills, that could be the right time to make the switch into gambling full-time. This way, you’ll have time to build your skillset, and you’ll have a good idea if this is financially viable after a few months.

Becoming a Professional Gambler – Conclusion

Now you know how to become a professional gambler, the question is, are you going to do it? We don’t recommend taking reckless risks, so even if you hate your job and can’t wait to escape to a life of gambling and travelling, we advise you to take your time and test the waters first, especially if you don’t have much experience.

Being a pro gambler has its pros and cons. If you succeed, you’ll have lots of freedom, potentially will get rich, and might even become famous. If you don’t succeed, you’ll have a miserable life of financial ups and downs, will be stressed, and might end up in debt if you push your luck too far. Take your time, try it part-time with your disposable income, and built those skills before you go pro. That’s the best advice we can give you!

So, you’re looking for a career change? If you’re wondering what it takes or if you have what it takes to become a professional gambler, you’re in the right spot. Before I get started, though, I want to be clear on what you should NOT expect from this post. Do not expect me to give you a sugarcoated, rainbows-and-unicorns look at what it takes to become a professional gambler. Instead, I’m going to give you a gritty and in your face breakdown that does include some harsh realities.

Why am I opting for the more intense approach? I’m doing this because I assume a lot of you that are here are seriously considering what to do with your time or your future. I think it would be a gross disservice not to give you the raw information. If you only get the good side of something, you can’t ever be prepared for the realities that come along with it.

Why should you listen to me? Well, without going into too much detail, I was a professional poker player for 12+ years. It wasn’t just something that I did on the side of my real job; it was my job. Poker was my sole source of income. Because of that and the time I spent in casinos, I was able to meet a lot of people that made their money from the gambling industry (not just poker). Today, I want to share some of that insight with you, hopefully give you the information you need to decide if this is the road for you, and then tell you how to get there.

Skill Games versus Games of Chance

If you take nothing else from this article, please take the information I am about to give you. You CANNOT be a professional gambler at a game of chance (with one exception). This means, if the casino has a statistical advantage in a game, there is no way that you can ever beat that game in the long run. No matter what “system” you think you have, you are not Houdini, and you cannot defy math.

Many people have tried, and all of them have failed miserably. I’ve personally met people that claimed to play games like craps or roulette for a living thanks to their systems. Here’s a spoiler. They were all poor and broke. I asked them why they weren’t rolling in the dough (yes, I am forward), and they informed me that they were just on a bad run. Ummm, hello!!! That is what gambling is. You can potentially win in the short run, but in the long run, the house is always going to come out on top.

The only way you can beat the casino in a game of chance, in the long run, is by cheating, or by doing something that will get you kicked out and banned from the casino.

What is the one exception I mentioned? Blackjack. Blackjack will have tournaments that you can enter that allow you to do those things that would get you kicked out of the casino on a normal day. They let you count cards, and that allows you to gain a statistical edge over the house and your opponents. The only reason they allow this is that you aren’t playing against the casino. You have paid an entry fee to compete in the tournament, and all you can win is the entry fees from other players. This scene was pretty big and growing for a while but in recent years has leveled off in popularity and prize pool sizes.

Skill games, on the other hand, are games where the better players will win in the long run. How can you spot a skill game? If you are not competing against the house but against other players and patrons, you are most likely playing a game of skill. If you are competing against the house, with the exception of sports betting, you are playing a game of chance. If you truly understand sports betting, you’ll see that you’re actually competing against other patrons as well even though your bet is with the house. That’s a discussion we can save for another day, though.

So, what does this mean? This means that step one in the process of becoming a professional gambler is to choose a game of skill. Make sure you are playing a game where it is possible for you to make a long-term and sustained living. To help you out, I’m going to list off a few of the popular games you could choose from that people do make a living at.

The Gambling Games You Should Choose From

As a quick note, while most of the world will refer to these games as gambling, they really aren’t gambling at all. Gambling is when you make a wager on a game of chance. Since you are in control of the outcome of these games, they are no longer games of chance. Therefore, they aren’t gambling. Yes, some of these games will have a luck factor involved, but in the long run, skill is going to prevail over the variance caused by that luck factor.

Blackjack

I figured I would lead off with the exception to “get it out of the way.” If you’re looking to make a living at Blackjack, the only way that you’re going to pull that off is by getting involved in the tournament scene. The problem, though, is that the scene is shrinking and the people that are currently in it are very good at what they do.

If you’re considering becoming a professional blackjack player by counting cards, good luck. I am definitely advising you against it.

The casinos know every trick in the book, and you’re just going to end up getting caught and banned from every property on the planet. My best advice is to pick a different game on this list if you are looking to play for a living.

Poker

One of the best options on this list of games to play professionally is poker. Am I a little biased because it’s what I did? Probably. However, if you take an objective look at all of the facts, it is the clear winner. It’s a game where there is a lot of money to win, several different formats you can try, and a constant influx of new and bad players to win money from.

Out of everything on this list, I would say that it’s the easiest to get to a professional level. No, I am not saying that it is easy, but I am saying it is feasible for you to do. There are a lot of varying levels of success that you can hit as well so it’s not a make it or break it kind of game. If you’re serious about getting into a “gambling” profession, this may be a great place for you to look if you want something that has some longevity to it.

Chess, Backgammon, Tonk, and Spades

Believe it or not, a lot of the games that you may have played as a kid or teenager are games that you can play professionally for a living. Now, at first you might not have thought to include these in the same category as games like poker and Blackjack, but in reality, they fit. Again, these are games of skill with lots of options for playing for a living.

Years ago, your only option for these games was to find a major tournament at a brick-and-mortar location and play against the best in the world. Today, though, you can find these games offered online at casinos. You have the option of playing against thousands of players of all skill levels from around the world for real money. The best part is that the stakes start low so you can work your way up the game ladder, and you don’t have to pony up a ton of money to get started.

Sports Betting

I mentioned earlier that when you’re betting against the house, you can’t sustain a long-term profit. The only exception to that is sports betting because even though you are betting against the house, you are really betting against other patrons. The house does their best to get even bets on both sides of a game so that no matter who wins or loses they make a profit. This means that the line shifts will happen because of what the rest of the betting public does.

You’re ideally looking for value opportunities of bad lines thanks to the ignorance of the betting public.

I could go deeper into that, but we’d end up in a full-on discussion of how sports betting works, and I’d like to try my best to stay on topic today. Sports betting is a form of “gambling” that is certainly beatable. It’s probably one of the more challenging forms of gambling to do for a living and requires a strong heart that can take a lot of pressure and anxiety.

I do know some friends that do it for a living and have done quite nicely at it, but it comes at the expense of their sanity. That being said, it is beatable in the long term which means that it is a form of “gambling” that you could do for a living.

Esports

Wait, you can play video games professionally? Welcome to 2018! If you’re a rock star at a video game, chances are that you can play that game professionally. Tournaments are exploding all over the world with millions of dollars in prize money available for those individuals and teams that win. On top of that, there are millions of dollars in sponsorships available for these teams from the game creators and other companies interested in having an influence in the industry.

Your Next Steps to Become a Professional Gambler

Alright, so you’ve picked out which form of “gambling” you want to go professional at. Now what? To help you on your quest, I’ve outlined some actionable steps for you to take to get started. Remember this, though. None of this is going to be easy and most people that try end up failing. It takes a lot of hard work, dedication, and the ability to deal with some failures to make it as a professional gambler. Even after all of that, some people just don’t have the skill set to make it happen.

I don’t say any of that to deter you from trying, though. Don’t ever let anyone tell you that you can’t do anything. If you work hard enough and smart enough, you can achieve anything you want to. I will climb off my motivational speaker soapbox now and get to those steps.

1. Research Like a Crazy Person

The first thing that you need to do is learn absolutely everything you can about playing your game for a living. Look up other professionals, how they make money, and any other information you can on the topic. Try and identify if there is a smooth road to the top or if it’s something that requires a leap of faith (avoid these situations).

What you’re really trying to do here is a get an idea of what it’s going to take for your game specifically to make it to the top. You’re also trying to identify whether or not there is enough opportunity for you to make a living playing that game feasibly.

2. Formulate a Plan of Attack

The next step is to take all of your research and come up with a plan for you to go from schmo to pro. Make sure that your plan is detailed and gives you actionable steps that you can take to achieve your goal. This should mainly be based around how you’re going to learn the game, how you’re going to master it, how you’re going to test your skills without risking an arm and a leg, and ultimately how you’re going to turn it from a hobby into a career.

Your plan also needs to have some contingencies built in for the times that things don’t go according to plan. If you think that everything is going to go according to plan, you have another thing coming. Be realistic and make a plan that you can stick to.

3. Understand the Risks

What Is A Professional Gambler

You HAVE to understand that what you are attempting to do here is not easy. If it were easy, everyone and their brother would be a professional gambler. The risks are real, and when you lose money, you don’t just get it back with a do-over. There is no reset button on a lot of this.

The good news is that the nature of the industry now allows you to start these games for very low stakes and minimal risk. Take advantage of this. Online casinos don’t have to pay additional dealers or setup costs to facilitate more games which means they can offer things at super low stakes.

Make Sure That You Have an Exit Strategy or a Stop Loss in Place.

Don’t let yourself get out of hand chasing your dream. Yes, you shouldn’t let anything stand in your way, but losing all your money trying to achieve this dream is not noble. It’s stupid and the sign of someone who would never survive gambling professionally.

4. Start Learning

The only way that you’re going to make it to the pro level with any of these games is by immersing yourself completely in the learning process. You have to soak up every bit of information out there and ultimately know more than your opponents.

Here’s the most important part, though. Make sure that the information you are learning is good information. I feel like my track record affords me the right to speak as a voice of reason on poker and I can confidently tell you that most poker knowledge out there that people pass off as pro knowledge is garbage. Make sure that you’re learning from a reputable source and that the information is current and quality. This might mean you have to pay for some of it. Do your research (Step 1).

5. Start Small and Continually Adapt

Take. Your. Time. This is not something that is going to happen overnight. This is not something that is going to happen in a few weeks. It very well could take years for you to be able to reach the skill level necessary even to take a shot at playing professionally for a living. Even if you’re good enough, you still might not make it. You might not have access to the right opportunities, or you may have issues getting your mental game or bankroll management in line.

What Is A Professional Sports Gambler

Again, none of this is to deter you from giving it a shot. It’s just a warning to take your time.

What Constitutes A Professional Gambler

The learning process is going to be long and challenging and probably frustrating at times.

Gambling As A Profession

The Wrap Up

What Is A Professional Gambler

If you’ve made it this far in the post, you’ve got hope! Look, I seriously am not trying to deter any of you from giving this a shot. I loved my years playing as a professional and wouldn’t trade them for anything. That being said, I wish I would have known how challenging things would be before I jumped in. Would it have deterred me? Probably not, but a heads up would have been pleasant.

Professional Gambling

If you’re serious about doing this, I wish you the best of luck and hope you follow some of the advice that I gave you. Good luck!