Can I Make A Living Gambling

4/11/2022 admin

If you want to make a living gambling you have to have a bankroll. All forms of gambling have ups and downs, and nothing you do is going to cause you to win all of the time. Your bankroll is the life blood of.
The question of whether or not it is possible to make a living by gambling is a commonly asked question. I can tell you right now that it is possible to make a living gambling, but it’s not easy.
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Clearly if you hope to make a living gambling you will become an expert on one (or more) of the four major games that can be beaten. They are horse race betting, sports betting, poker, and blackjack.

Let's say your goal is min $3k a month, 4-6k on a really good month. So that's anywhere from $100-200 per day on average, grinding it out 7 days per week, making different rounds around town.

When the topic of making a living from the proceeds of gambling comes up, most people tend to immediately focus their thoughts on horse racing and other forms of sports betting. Well, they are perhaps the most common ones though the spoils got from them are usually not considered to be sustainable, especially for the long term. However, it is a realistic take on professions or careers as some would call it – and professional gamblers can indeed make a living from whichever form of gambling they like most, be it horse racing, soccer, or even classic old school casino games.

Gambling as a profession is rather mentally testing and challenging though the thrill and excitement that comes with it are probably what makes it such an endearing endeavor. Being an industry that is worth over 500 billion dollars, all gamblers can without a doubt take advantage of this not just for a night of blissful fun but for the long term as professional gamblers.

The beauty of gambling is the fact that most of the games are quite simple on the surface, yet beneath the utter simplicity lies overflowing subtlety and profoundness. The basic rules are so simple that anyone can learn to play in very little time, and novice players may even feel they are pretty good at most games after just a few hours, at least.

Unfortunately, being a pro gambler takes more than just sheer intuitiveness and in that regard, it is very important to understand that to make a living from gambling you need to think of it as a game of skill – not a game of luck. It is a relatively long journey but it is worth it since you get to learn a lot and polish up your skills along the way.

To jump start your career in gambling you will need a cumulative combination of all the experience and skill you can gather despite the fact that it does not necessarily imply a guaranteed win every time you place a bet.

Has it been done before?

Well, the professional gambling fraternity is rather varied and, similarly, the title of a professional gambler, per se, cannot be readily subjected to a simple definition. Chances are, you have probably met a person who lives off gambling but you would not readily refer to them as professional gamblers. There are hundreds, even thousands, of professional gamblers ranging from expert wealthy ones to the more or less casual middle-class gamblers. While they are not necessarily of the underworld, professional gambling tends to gravitate towards underworld societies simply because it is not a conventionally accepted profession. As much as this is a valid consideration, we assume that if you are reading this you are here to make a living, so we could just push that rant about ‘acceptable professions’ aside and get into it. After all, so long as it is legal there is no need to be limited by moral high grounds some of which are quite honestly inconsequential.

Have you ever heard of the names David Sklansky and Mason Malmuth? If you do not then they provide the unequivocal confirmation of the big question: Is professional gambling really a thing? Yes, it is! These two authors of the highly acclaimed book titled ‘HOW TO MAKE $100,000 A YEAR GAMBLING for a LIVING’ are but some of the many thousands of people who make a good living exclusively from gambling.

David and Mason spent many years writing about the finer points of blackjack, poker, and other games to serve as a guide for aspiring professional gamblers. It is advisable to look at these people, and other authors as well, with a healthy dose of skepticism such that you get only the most relevant information instead of quick tips from gamblers experiencing temporary spasms of luck. But again, it also greatly depends on the specific games you play or what you choose to bet on. There is proof that professional gamblers indeed exist, some more examples can be found on the documentary Holy Rollers, and anyone can try their hand at it. Question is, can you?

How much can you make?

There are players on record who have made over $200,000 a year purely from gambling. These numbers are very enticing though all gamblers should be aware that achieving longevity is quite difficult – but not impossible.

To put this into perspective, a simpler explanation would be that, there are good and bad days. It’s gambling. Gambling as it would be is very profitable. Regardless of the industry’s multi billion dollar worth, not everyone gets to receive an equal share of the pie – something that even pro gamblers can attest to.

The most profitable endeavor in the casino industry is a gambling business. As such, if you really want to win big then starting one of these is probably advisable, if you have capital, that is. Nonetheless, individual professional gamblers are assured of a steady and quite reliable system – however, the profitability is not comparable to what gambling businesses pocket.

Staying Disciplined – The ultimate pro tip

To be a successful professional gambler, discipline is a trait that must be taken very seriously. This goes beyond the obvious traits such as patience and respect to include the less conventional ones like planning, anticipation and money management. Being a pro gambler comes with a lot of responsibility pertaining to how you react to given situation – like losing which is by far the most sensitive. Of course, everyone hates losing. The only difference between casual players and professional gamblers is how they handle losing in the end with pros adopting betting banks to cope with possible losses. You, therefore, need to trust your proven strategy or system, be prepared for some levels of variance and stick to the best risk management plan you can come up with.

As far as discipline in gambling is concerned, there are many habits needed to complete the puzzle. If making a living is your primary goal, then these traits are quite similar to the traits required for all other professions. Self-control, endurance, decisiveness, being calm, focus and steadiness are particularly very crucial to the process. Ultimately, success at gambling is primarily determined by one’s psychological state of mind coupled with knowledge and technique. Personal attitude is just as important since it has been proven to affect people’s perspectives and eventually the way they play. So, you had better get your attitude tuned up!

The first step to becoming a professional gambler is learning enough about probability to get an edge when betting. Casinos stay in business because they have a mathematical edge over most players. Your goal as a professional gambler is to only bet when you have anedge.

But how do you know if you have an edge or not?

You have to be able to do the math.

Luckily, it’s not hard.

Probability is just a mathematical way of looking at how likely certain events are. A probability of an event occurring is always a number between 0 and 1. If an event has a probability of 0, itwill never happen. If it has a probability of 1, then it will always happen.

Here’s an example:

You flip a coin. You want to know the probability that it will land on heads.

You determine that by dividing the number of ways you can achieve the result you’re solving for by all possible results. When flipping a coin, you only have one way of getting heads. You alsohave two possible results—heads or tails. So your probability of getting heads is 0.5.

That probability can be expressed as a fraction or a percentage, too. 0.5 is the same thing as ½, and it’s also the same thing as 50%.

When you bet on a particular event, you can compare the probability of winning that bet with how much you risk versus how much you stand to win in order to determine the expected value of thatwager. For most casino games, your expected value on each bet is negative—the casino has an edge over you.

Here’s an example:

You bet on a single number at the roulette table. The probability that you’ll win that bet is 1/38. If you do win, you get paid off at 35 to 1 odds.

One other way to express a probability is in odds format. That’s a comparison of how many ways you can fail versus how many ways you can succeed. Since a roulette wheel has 38 numbers, youhave 37 ways to lose and only 1 way to win. That means your odds of winning are 37 to 1.

If you got paid off at 37 to 1, you’d have an edge of 0, and so would the house. If you could get paid off at 38 to 1, you’d have an edge over the casino. But you only get paid off at 35 to1, so the house has an edge over you.

In all those cases, your probability of winning is low, but if you get paid off enough money, even a low probability bet gives you an edge over the house.

Here’s why:

Suppose you play 38 spins of the wheel. You’re betting $1 on every spin. If you get results that mimic the mathematical probability, you’ll lose $37 and win $35. You lost $1 on 37 spins, and youwon $35 on one spin. That means your expectation is -$2 over 38 bets.