Can You Earn a Living from Betting?

The ability to gamble online allows thousands of people to enjoy the chance to gamble in a wide range of online casinos, bingo games and participate in sports betting. Whilst many of these gamblers do it for leisure and tightly control their betting patterns and stakes, there is a small majority who believe they have the skills, experience and temperament to earn a living from gambling.

Attending a race meeting is always an exciting experience. As each race begins, tensions within the spectators grows as the horses race around the course towards the eventual finish line. It is the fact that so many people in the crowd have staked some money on the outcome that creates the tension and electric atmosphere. Most will be having fun, using the betting to add a bit of spice to the occasion, however, it is generally thought that only about 0.5% of gamblers are professionals who earn a living from their gambling.

It is not just race goers and sports betters who may want to make their living from betting. The rise of online poker tournaments and betting sites convince a small proportion of players that they can earn a living by gambling. As with turning any hobby or interest into a profession, there are a number of highly important things to consider before packing in the day job and venturing into the gambling world full time.

Strong emotional control

Successful professional gamblers are a rare breed of person who can control their emotions – both fear and greed – to a remarkable degree. They take carefully calculated risks and have the self-control to “sit on their hands” when the situation is not right and take decisive action when circumstances go their way.

A girl holding playing cards

Knowing when to bet and when to hold is everything; their livelihoods are on the line and there must be a realisation that they will not always be right. A professional gambler will be playing the odds to ensure that they win more than they lose.

Treating it as a job

Whereas the vast majority of gamblers are participating for leisure purposes, professional gamblers treat their engagement in betting and gambling pursuits as though it is a full-time job. This involves many of the aspects of administration and tax legislation that any self-employed person would have to subject themselves to.

So, when deciding to become a professional gambler, registering with the relevant tax authorities, and ensuring healthcare and pensions arrangements, become important considerations that separate the professional from the recreational player.

A checklist and a pen

Accounting for taxable gains and registering losses and expenses for tax purposes will become a key part of a professional gambler’s life. These mundane aspects of their working life may far removed from the image of high roller gamblers that we see in gambling movies, however it is by tending to these administrative chores that contributes to a professional’s long term success, as it does for any self-employed person.

So, is it possible to make a living from betting?

Gambling, by its very nature, hinges on chance and risk. Whereas many thousands of people chance their arm in online casinos for fun and entertainment, a small percentage of gamblers decide that they have the attributes to make such as success from gambling that they can make a living from their betting activities.

This is an important decision that requires personality traits and attributes that many people do not possess, but if someone is honest about their abilities and has proven skills and success then this may be an occupation that could bring such rewards as to make a living, however an eye must always be cast towards the risks that could lead to hardships if chance wins out in the end.

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