Let us get one thing straight, a professional gambler is not a gambling addict. A professional gambler is a person that makes a living by gambling. As you can imagine, it is viciously difficult to actually “earn a living” when gambling because it means getting a wage every month and earning enough money to get you by and build wealth. Can you earn a living as a professional gambler? Here are four answers to the same question.
Yes – You Can Earn A Living As A Professional Gambler
We cannot ignore empirical evidence that there are professional gamblers out there who make a living from betting. A professional gambler treats betting like a stockbroker treats investing. A professional will balance the books, will not use emotion, will not chase losses, and will not chase big wins.
A professional gambler doesn’t use systems or a moneymaking tactic, or at least no more than any stockbroker does. A professional examines the investment, looks at potential losses, potential gains, risk and probability. The math alone is boring enough to make most people quit. A professional sets a target every month, which includes leaving enough in the kitty to continue gambling next month.
You may be surprised to learn that professional gamblers lead very boring lives. They do not win big in the manner that you see in the movies. They may place 600 bets over the month with as little as a 16% average profit.
No – You Cannot Earn A Living As A Professional Gambler
Could you make it as a professional gambler? It is possible, but not probable. You need excellent math skills, emotional detachment, and a lot of free time. You need to turn it into a full-time job, and if you make a mistake, you may lose your ability to earn money. What is worse, is that the professional gambling profession is loaded with potential mistakes, most of which revolve around how much you should and shouldn’t bet in each instance. Most professional gamblers need to lose it all several times before they learn enough to earn close to a living wage.
Probably Not – It Is Difficult To Earn A Living Wage
Some people consider gambling their way out of debt, or gambling as a career, because they make a few wins and it looks easy, but it really isn’t. For example, if you were given $500 and told to make a living wage, you would have to gamble it all and receive 300% back (you have to turn $500 into $1500). That is $1000 to live on for the month, and $500 so you can gamble next year.
If you make 2000 smaller bets, then you lower your chances of losing it all, but you also lower your chances of making 300% profit. If you make several large bets, you will probably lose it all and be left with nothing.
Maybe – Make It A Side Project
The same advice applies to all small businesses, and that is, “Don’t quit your day job!” If you want to become a self-employed professional gambler, then turn it into a side project. Start with a small amount such as $300, and set yourself a target. For example, your target may be to turn your $300 into $450 within one month. If you manage that, then try the same thing again next month, but make it cumulative, so you try to turn your $450 into $675. If you can do it month after month, then you may have what it takes to turn into a full-time professional gambler.
Over the months, you will probably learn the lessons you need so that you may become a professional over time. You will probably make a few massive losses here and there, but you will not have quit your day job, so you will be fine.
Start with something small, such as betting on win, lose or draw for soccer games. Keep it within those parameters, and you lower your potential outcomes, which makes your probability calculations a little easier. Use statistics sites to figure out which teams you want to bet on. Bet on less popular and lesser-known teams because the bookies give better odds on them. For example, you could do research into the Philippines – United Football League, Division 1. The bookies give better fixed odds prior to matches starting because they do not have enough information about the teams to make correct predictions. Their favorites are often incorrect, so there is plenty of room for you to make an easier profit. Many times, the odds shift dramatically once the game is underway and the bookie administrators are seeing how the matches are playing out.