Do you enjoy taking chances and the thrill of the unknown? Are you patient, goal-oriented, and able to control your emotions? If so, a career in professional gambling may be right up your alley.
A pro gambler’s life may appear to be glamorous, with luxurious casinos, high-stakes bets, and exotic destinations. However, behind the glitz and glam, there’s more to it than meets the eye. So sit back, buckle up, and prepare to dive deep into how to become a professional gambler as we offer tips and advice on succeeding in this exciting field.
What Is a Professional Gambler?
A person who makes a living out of gambling is considered a professional gambler. Professional gamblers have a special set of abilities, knowledge, and experience that allow them to make a profit from games of chance or skill.
Let’s get a taste of the world of high-stakes gambling by taking a look at the different types of gambling these experts can pursue, including sports betting, poker, horse racing, and casino games.
Expert Sports Betting Handicapper: How to Be a Pro Sports Bettor
Sports bettors are probably the most well-known professional gamblers, and for good reason. They are the epitome of sports fans, possessing a thorough knowledge of their preferred sport and having a sharp eye for statistical analysis.
You should be able to spot trends and patterns in data and have a good grasp of the sport you’re betting on, including player statistics, team dynamics, and historical data, in order to succeed as a professional sports bettor.
Yet, having knowledge and using data analysis alone won’t make you a successful pro sports bettor, whether you bet online on reputable betting sites or live. You also need to have a firm grasp of money management, the self-control to stick to your betting plan, and the ability to manage your emotions.
Moreover, to gain an edge over the competition, successful handicappers employ a variety of tools and techniques, including computer models and data analysis software. We can’t stress enough how crucial money management is since players need to know when to raise or lower their bets in order to boost winnings and decrease losses.
Poker Players: Bluffing and Reading Your Opponents
Just like other bettors, poker players need to have a special set of skills to succeed. If you want to make a living playing poker, you must have a profound knowledge of game theory, psychology, and poker strategy. Moreover, you must be able to read your opponents’ poker tells well, think on your feet, and make decisions based on the information at your disposal.
Nevertheless, becoming a professional gambler involves more than just analytical skills. In addition to mastering your poker face, you also need to manage your cash, bluff well, and remain calm under pressure.
Advantage Players: The Art of Beating the Casino
Professional gamblers known as “advantage players” seek out ways to beat the house in games like blackjack, roulette, and baccarat using specialized strategies. To improve their odds of winning, they may employ strategies such as card counting, shuffle monitoring, or hole carding.
Nonetheless, advantage playing is not for the faint of heart. One needs to put in work to beat the casino. Also, it’s crucial to remember that casinos dislike advantage players and will do anything to ban them.
Horse Racing Handicappers: Winning at the Track
Horse racing handicappers are experts who make well-informed wagers based on their understanding of the sport and statistical research. These seasoned gamblers have a knack for identifying horses that may be overpriced or underpriced, increasing their likelihood of winning.
Nonetheless, luck always plays a role in this industry. The outcome of a race can be affected by a wide variety of factors, just like in any other type of gambling. Professional sports gamblers, however, are well-versed in handling uncertainty and making sound judgments that depend on a specific situation.
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What Does It Take to Become a Professional Gambler?
Making a living as a gambler requires a lot of courage. You need a unique set of skills, a solid work ethic, and a little bit of luck to play and win at top online casinos or brick-and-mortar casinos. We’ll go over some of the fundamental tips and tricks to help you on your journey toward becoming a professional gambler.
Building a Bankroll: Starting Small to Go Big
A crucial first step is building a bankroll. Since losing streaks are inevitable, you must have enough money for gambling. Start small and gradually increase your bankroll by making small bets. To avoid financial catastrophe, resist the urge to wager more money than you can afford to lose.
Handling Losses: Learning from Mistakes
Even for pro gamblers, losses are a given in the game. The secret is not to let them bring you down. It’s critical to have a plan in place for controlling your losses, including establishing loss caps and taking breaks when you’re on a losing streak. Avoid chasing your losses by upping your stakes or making rash decisions, as doing so will only result in bigger losses—and no one wants that.
Handling Wins: Staying Focused
No matter how well you deal with defeat, success must also be managed. It’s common to act impulsively after a great triumph since you’re filled with confidence. Make a decision on how much money you want to win and stick to it. Enjoy your successes, but don’t let them cloud your judgment.
Adjusting Stakes: Staying Flexible
As your job as a professional gambler progresses, it’s possible to change the amounts you wager. Adjust your stakes depending on whether you’re currently on a winning or losing streak. Maintain a degree of adaptability and modify your approach as needed to increase your chances of winning.
Professional Gambler Mentality: Staying Disciplined
Having the appropriate mentality is crucial if you want to make a living gambling. It takes self-control, persistence, and concentration to achieve success. Don’t act on impulse, stick to your plan, and don’t let your emotions get in the way of your decision-making. Gambling is a long game, so you must keep your cool.
Professional Gambler Tax: What You Should Know
Being aware of the tax ramifications of your winnings as a professional gambler is crucial. Winnings from gaming are considered income by the IRS and must be reported.
Professional gamblers, on the other hand, can subtract their losses from their gains provided they keep detailed records of all transactions. High rollers can benefit from these deductions, but they should still keep meticulous records and take advice from a tax expert to ensure they comply with laws. As such, gamblers should be aware of these rules and speak with a tax expert in their state, as some states have their own tax laws pertaining to gambling winnings.
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Famous Professional Gamblers and Sharp Bettors
Several famous gamblers throughout history have become household names. Some of these people have made a fortune over the course of their gambling careers, while others have become famous for their expertise in one or more subgenres of gambling. We’ll introduce you to some of the most well-known gamblers in history and talk about a professional gambler salary.
Mattress Mack: AcSports Betting Legend
A well-known entrepreneur and professional gambler from Houston, Texas, Jim McIngvale is also known as Mattress Mack. His prowess in sports betting and marketing endeavors have helped him establish a reputation for himself.
Mack is renowned for his huge wagers on sporting events, such as the $3 million bet and $75 million payout for the Houston Astros’ World Series victory in 2022. Also, he frequently provides discounts to his clients, such as free furniture if the Astros win the World Series. It’s estimated that Mack is worth over $300 million, making him one of the wealthiest gamblers in history.
Billy Walters: The Most Feared Sports Bettor
Billy Walters is a professional sports bettor from the United States who is considered to be one of the most successful and feared gamblers of all time. His wealth is estimated to be in excess of $200 million, and he has a reputation for being able to accurately predict the outcomes of sporting events.
Walters has had a successful career, but it hasn’t been without its share of controversy. He was convicted of insider trading in 2017 and sentenced to five years in prison. Despite this, Walters is still a renowned professional bettor in the gaming industry.
David Malinsky: The Analytical Sports Handicapper
Sports handicapper and author David Malinsky was noted for his methodical, data-driven approach to the game. He was an expert at spotting value bets and openings in the sports betting industry.
Malinsky was a well-respected figure in the sports betting sector, although nothing was known about his wealth or remuneration. He tragically died in 2018, yet his works and lessons will live on.
Haralabos “Bob” Voulgaris: The Analytics Expert
Haralabos “Bob” Voulgaris is an ex-professional Greek-Canadian sports bettor who became famous for his ability to predict the outcomes of NBA games using analytics and data-driven strategies. There is consensus that he is an early innovator in the field of sports betting analytics and that he deserves high regard as a result.
There is no information available about his salary or net worth, but his success in the sports betting industry has made him wealthy. Voulgaris is no stranger to the business world outside of gambling, having dabbled in a number of industries.
Tony Bloom: The Multi-Talented Gambler
Tony Bloom is an experienced gambler who has found success in casino and online poker games. He is well-known for his methodical approach to gambling and his knack for spotting lucrative market opportunities.
The current estimate places Bloom’s wealth at $1.5 billion, making him one of the wealthiest and most successful gamblers in the world. Additionally, he owns the professional football team Brighton & Hove Albion of the Premier League.
Daniel Negreanu: The Face of Poker
As a professional poker player and media personality, Daniel Negreanu has won multiple World Series of Poker titles and is considered to be the best player in the history of the game. His fans love him because of his friendly, outgoing personality.
One of the most successful poker players in history, Negreanu has a net worth of over $70 million. He has also dabbled in the media, hosting his own poker podcast, among other things.
Zeljko Ranogajec: The King of Gambling
Australian professional gambler Zeljko Ranogajec is commonly referred to as the “King of Gambling.” His fortune is estimated to be over $600 million, and he is known as one of the world’s most successful and mysterious gamblers. While sports betting is where he built his wealth, Ranogajec is also well-known for his skills in horse racing, casino games, and other forms of gambling.
Ranogajec has achieved great success in life, yet he has remained a reclusive figure, giving very few interviews and making very few public appearances. He has donated several millions of dollars to philanthropic initiatives, particularly those dealing with health and education.
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Professional Gambler Strategy: Key Takeaways
You need commitment, self-control, and a good game plan to make it as a professional gambler. Here are ten tips from seasoned gamblers that will help you maximize your chances of winning:
1. Realistic Expectations
Understanding that gambling is not a stable income stream and that your earnings can and will fluctuate is imperative. Keep your expectations in check, and accept the fact that you can suffer defeat.
2. Focus on One Game
Stick to one thing and get really good at it instead of trying to do everything. To improve your gambling skills, we recommend picking a game you already know how to play and expanding your horizons from there.
3. Emotions in Check
Don’t make snap decisions based on how you feel. Decisions should be made logically and rationally, never emotionally.
4. Bankroll Management
Put aside a specific amount of money you can afford to lose at the casino. Invest only as much as you’re willing to risk.
5. Treat It Like a Business
This is one of the most important gambling tips— treat your gambling like a business. If you want to succeed financially, you must keep meticulous records and constantly assess your progress.
6. Pick the Best Games
Learn how to find the best betting odds and casino game odds by researching different games and events. Pay more attention to the games that give you the most money back.
7. Know When to Quit
Find your target and commit to it. Don’t keep playing after you’ve accomplished your goal or started losing money.
8. Skill Over Luck
A player’s success is determined primarily by skill and strategy, with luck playing only a supporting part. Over time, success will require more skill and knowledge.
9. Make Sure You Want This
Those who want to make a living gambling should know that it’s not for everyone. Think twice before you decide to put in the work required to achieve your goals.
10. Keep Yourself Motivated
Being a professional gambler calls for dedication and perseverance. Maintain your drive by constantly seeking to increase your level of expertise and understanding. As such, never let your gambling take over your life. Take it easy and constantly remind yourself why you’re doing this.
How to Be a Professional Gambler: Conclusion
That’s all folks! With your newfound gaming expertise, you can make a living doing what you love. Always keep in mind that succeeding in this industry requires a combination of bravery, skill, and luck. Relax, free your mind, and play your cards right. Perhaps you will soon be recognized as the next big star in the gambling world!
Who is the most profitable gambler?
Most professional gamblers don’t like to talk about how much money they make, therefore it’s hard to know who the top earners are. Yet, certain well-known names in the gambling industry have achieved significant success, and they include Billy Walters and Zeljko Ranogajec.
What makes someone a professional gambler?
As opposed to those who bet for fun, professional gamblers must rely on winnings to cover living expenses. Before making such a significant life decision, someone who is interested in learning how to become a professional gambler should conduct thorough research in the field.
Can you make a living from gambling?
The answer is yes, you can make a living from gambling. This is not a simple job and calls for a lot of self-control, focus, and boldness over time. Pro gamblers should be well-versed in their chosen game, analytical, good with money, and able to maintain self-control.