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The glamorous lifestyle of professional gamblers is the dream of many punters. Their dazzling wins and huge payouts are tempting enough to make you consider starting a career in gambling. But beyond the charms lies a journey of passion, grit, and unwavering discipline. It takes pro gamblers years of consistency, dedication, and self-control to earn their place.
Starting a career as a professional gambler is cool. But you must know how to navigate between wins and losses with discipline and determination– attributes rarely seen among casual players. This article gives you a rundown of what you should know before kick-starting your journey to becoming a pro.
Who is a Professional Punter?
A professional gambler is someone who earns their livelihood through gambling, dedicating significant time and effort to researching strategies and planning their gameplay. Rather than engaging in all types of games, these individuals specialize in specific areas where they have developed deep expertise. To stay ahead, professional gamblers constantly monitor trends in the industry and adapt their strategies accordingly. They often consult a list of real money casinos to find reputable platforms that offer the best odds and opportunities. By staying informed through trusted sources, they ensure their decisions are based on data and analysis, not chance.
According to Billionaire Handicapper Jeff Yas, Pro Gamblers’ mantra is “making sure you’re betting against someone you’re smarter than.”
These full-time gamblers are patient players who do not display impulsiveness but rather observe the odds of a situation to navigate a game. They understand how crucial strategies, risk management, timing, and resilience are in gambling.
Their expertise in maintaining a calm disposition regardless of a game’s outcome is built from past experience and training. As a pro, they do not rely on luck or gut instincts but on statistical analysis and opportunities.
They play casino games like slots, blackjack, and poker, as well as sports betting, such as football.
Types of Professional Gamblers
- Poker Players: To be a poker player, you must be well-versed in the theory, strategy, and psychology of the poker game. Aside from analytical skills, your ability to bluff and observe your opponent’s behaviors while maintaining a poker face will increase your advantage.
- Advantage Players: As an advantage player, you must master the art of beating the house. Employing mathematical skills in strategies like card counting will help you to predict a result.
- Sports Bettors: you need a keen eye to spot the best odds and a background in data analysis to excel as a professional sports handicap. Most successful gamblers are knowledgeable about the outcome of sporting events. They know how to analyze odds based on statistical data such as team history and players’ stats.
- Horse Handicappers: stakes in horse races is a lucrative niche, and to succeed in this betting market, you must understand and identify horses that have a chance of winning. Just like in sports betting, you need to study horses’ data to determine future bets.
What Does it Take to Build a Career as a Professional Gambler?
The life of a professional gambler is one of proficiency, patience, and determination. Here are proven basic tips that can help you in your journey.
Be Strategic in Your Bankroll Management
The most important step to responsible gambling is managing your bankroll wisely. Begin every bet with a small amount of money and scale gradually. Avoid staking an amount that you can’t afford to lose, as this can lead to financial ruin.
Don’t Chase your Losses
The greatest test of gambling comes during a losing streak. There is a probability that you will lose some games, which may tempt you to take some uncalculated moves. But if you want to become a professional gambler, you must learn not to chase losses; instead, take a break and re-strategize.
Be Flexible in Adjusting your Bets
The goal of a professional bettor is to make a profit at the slightest chance. Learn to adjust your stakes based on your situation. Be ready to develop strategies needed to improve your winning.
Be Mentally Disciplined
If you want a profitable gambling career, you must be professionally in control at all times. In his book Gambler: Secrets from a Life at Risk, renowned gambler Billy Walters said that to be a successful gambler, you should “stick to the facts. Avoid being a fan driven by emotion and loyalty.”
So be logical in your decision-making, apply self-control when things are going south, and never act on impulse.
Losing Sensitivity to Fluctuations
While gambling is a pastime for casual players, it is a profession for you. Volatility is a part of the game, so keep cool at all times. Don’t panic during losses or get overly confident during wins.
Managing Winnings
Be smart about your finances. Reinvest a fraction of your winnings into your bankroll and use the remaining revenue to seek financial stability. Do not stake it all.
Professional Gamblers Tax: What You Need to Know
Gambling income is taxable, and every country has its laws concerning it. As a professional gambler, you need to know the tax laws of your jurisdiction. In Canada, the Canada Revenue Agency (CRA) taxes professional gamblers based on:
- The frequency of your gambling: how often do you like gambling
- The game type (skill or chance): if you played a game of skill like poker or a game of chance like slot
- The intent: if you gamble for fun or treat it as a business.
However, you are allowed to deduct your wager deficits and whatever expenses you incurred during your games before submitting your income.
Conclusion
A professional gambler is someone who is in the business of earning profits from gambling. To become one, you must be convinced that it’s a job you need because it is a long-term investment. Have a plan and focus on one game. Practice bankroll management and keep upskilling. Be mentally prepared for losses as they come often, and know when to quit. In all, keep a positive mindset and enjoy the experience.
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