This is a question that keeps coming up time and time again- we feel we at least have to put our point of view across on this one. We’ll go into more detail below on the reasons behind our thinking in starting out on a gambling career, but if you can’t be “bovered” to read the text below, our 2 point summary is:
- Yes- there are people who gamble professionally for a living
- No, we don’t advise it. Playing casino games should be a form of entertainment, and that’s it. Only bet what you can afford to lose.
OK, now to our rationale.
People do make a living from gambling. Poker is a popular area, as is blackjack and sports betting for career gamblers. And forex trading is becoming popular (currency traders will tell you that this isn’t gambling but we beg to differ- the markets aren’t a casino. They are a VERY BIG casino). BUT, the successful professional gamblers are far and few between. Most full time punters are struggling to get into the black, and come under big stress if they are relying on a game of chance (or the result from a horse race with other unpredictable factors such as the weather, the going underfoot and the health of the horse). And there are just as many who spend much of the time in the red. To win at this sort of game, you need to have an ice cool head and place your punts with your head rather than your heart.
The general advice from professional gamblers is to always have 1-years worth of living expenses in savings ON TOP of the capital that you are commiting to gambling. Professional gamblers treat the whole area as a businesss, and work out a business plan, and a plan B if everything goes belly up. Gambling for a living is incredibly stressful- it is key to have a comfortable money cushion to live off.
Plus your funds need to be able to soak up big drawdowns (for that read losses). By its nature, this is a spiky business and your luck can swing wildly both ways. There’s no point even contemplating becoming a professional gambler if you get wiped out in your first session. A rule of thumb is don’t invest more than 10% of your overall starting budget at any one time (preferably make this 5%).
10 grand would be a minimum budget for any starting budding professional gambler, and the smart ones would only be commiting 500 quid of this at any one time, and sitting on the rest. If things go well, you can always reset your numbers. If things don’t, the same applies (you can revise your budget down), or you can quit and go and get a real job without losing your shirt. Pro gamblers are VERY strict about this. They never chase losses.
To win in this game you need to be commited, ultra disciplined and open-minded.
In our opinion, professional gambling is one of the toughest jobs in the world and we would not recommend it. The key factor is bankroll (see above).
If you really want to make a living off gambling, your two best options are:
- Open a casino (not that easy unless you are rich already)
- Write a book about how to make a living off gambling (!)
There are 1500 Free Bets at Royal Vegas By the Way
