A professional gambler’s salary varies from 40k to 100k USD per year. You can make a quick and fast fortune for yourself through gambling because online gambling is a 40 billion dollar industry today. If you gamble as a hobby, that means you play only to pass your time and earn some extra cash if you are good at it. However, if you take up gambling as a full-time profession, then the money is considered as your salary. So, how much does a professional gambler earn? Let’s take a look at what it means to be a part of the gambling profession?
What is a professional gambler?
A professional gambler is a person who uses gambling as the primary source of income. Professional gamblers earn their paycheck through gambling regularly for a certain period every day, allocating specific work hours to generate maximum income. But the question is, can you gamble for a living? That depends on how much income you can make at the end of the year.
How do you qualify as a professional gambler?
In order to qualify as a professional, a person has to know how the betting system works and know the basics of the sports/game they are betting on. As if you plan to start your gambling career as an alternate to a full time job, you must know beforehand whether you qualify to become one. To begin your career, you need to understand how the betting system works. You must learn the basics of gambling and find out which sort of game you are good at playing. Gambling is not just about winning games when you take it up as a profession. Many professional gamblers have set up specific niches where they find they can win most bets and choose their play very sensibly.
How do professional gamblers bet?
Professional gamblers bet by keeping track of all the variables that can affect the outcome of a specific game or sports. To understand how professional gamblers bet, let’s take up the example of one type of gambling, i.e., sports betting. Most of the sports bettors are big fans of the games and teams they bet on. It is not unusual for a sport better to gamble during the big leagues and sports seasons. However, professional sports betting is more than just betting on your favorite team based on fandom. To become a successful professional sports bettor, you must keep a close eye on the aspects like the team, injuries of the players, weather, past performance, etc. Betting money on sports requires complicated math if you wish to gain maximum wins on your bets.
Smart sports gamblers avoid poorly placed bets like penny slots etc. A full-time sports gambler will try and bet on more significant games.
Online fantasy sports betting is another major gambling arena for a sports bettor. It is the best way to win bets and earn money by creating a fantasy team of your favorite game. For example, you can build a team of your fantasy baseball players and bet against other fantasy sports bettors, the tournaments can go on for a while, and in the end, the gambler to have secured most points wins the game and gets the money.
Do professional gamblers pay tax?
Yes, professional gamblers do pay tax as it is not exempted from federal taxation since it is considered a proper profession or trade here in the united states. If you are winning money, that means you are generating an income from your business, which applies to all tax rules according to that particular job section.
How can I be a successful gambler?
If you want to become a successful gambler, you have to be good with numbers. As successful gamblers are smart enough to know that every skill requires patience and practice. Therefore they keep learning and growing the secrets of this trade. They invest their time in gambling with focus and are not afraid to take risks. They never get emotional about the bets they make and are never desperate to win at all costs. They measure their bests and make moves very precisely, obviously gambling is a game of chance, but with their deep understanding of very close observation, they keep the odds in their favor to win. With a positive and energetic attitude, they work hard and keep records of their wagers, either won or lost and never get demotivated to give up on trying.
Which country gambles the most?
Countries that gamble the most include Australia, Singapore, Ireland, Canada, and Finland. Although gambling is an international trade since Las Vegas is an entire city that is home to all sorts of gambling and casinos and Atlantic City, New Jersey has the most flexible gambling laws as compared to most other states. The United States is considered to be the leader in the gambling industry, which is not entirely true. Countries like Australia, Singapore, Ireland, Canada, and Finland are the top five countries where gambling takes place the most. In Australia, online gambling is legal and so popular that it leads to an increase in interest rates from the central bank. In Singapore, although the government is discouraging gambling and casinos by imposing entry fees because they fear an increase in addiction and criminal activities, however, their efforts have not been very fruitful. Finland and Ireland have a history of gambling culture in the form of the lottery being the most preferred form of gambling. Canada has restricted the issuance of tickets to minors to preventing increasing inclination towards gambling.
Who is the richest gambler?
Billy Walters is the most famous and richest gambler. If you look up his life story, you will see how things changed for him with his good luck, hard work, and excellent work ethic. He is considered the most successful sports bettor in the entire Las Vegas history. He came from a poor background, but from the early days, he worked smartly to increase his income. His net worth is 100 million dollars. Although he left gambling along time ago, some of his records remain unbeaten. Today he owns eight car dealerships, multiple properties, and several other highly profitable businesses; however, his initial financial success came from gambling.
How much money can a professional gambler make on a monthly basis?
A professional gambler earns roughly 5,000 to 20,000 USD on a monthly basis. Gamblers know that if they wish to make long term plans about making a profession out of gambling, they must stay focused and steadfast. Since the gambling industry has shifted from live to online gambling as a preferred choice, opting it as a career has become every gambler’s dream to earn a significant annual salary from the comfort of their home. Before starting professionally, you must have a bankroll to pull you through the tough times and keep you afloat during the lows because, after all, its gambling, game of chance. You might win, you might lose, you can never be too sure.
Once you are sure you have a bankroll that can support you through the rough times and downfalls, you need to choose the type of gamble you want to bet and play. There are different kinds of gambling options like the lottery, stocks, sports betting, casino games, poker, etc. you need to find out which is the type you can play easily and will have maximum chances to win since you must know the technique of your chosen gambling type. If you wish to become a professional in gambling, you should gain enough wins to be able to pay for your rent, your car insurance, your health, long term savings plans, etc. to ensure financial safety for you and your family.
Types of gambling and the salaries they generate
Let’s take a look at different gambling types, how much income you can generate from gambling in a particular niche, although the real-life casinos have been around for a long time and have produced some of the most epic gamblers in history. However, with the recent rise in online gambling and bitcoin casino business, the gambling world has changed drastically. Bitcoin currency is the king of online money transactions now. Bitcoin casinos use bitcoin to gamble, which causes much easier money flow between the gamblers and the casinos.
Online gambling takes place through their web pages. These are well-designed pages which provide many options of types of games like the minesweeper game and gambles many bitcoin casinos offer better opportunities for online gambling because of their cutting edge software. Therefore picking the right kind of casino is essential along with choosing the game. You are more likely to win. Take a look at this Bspin review to know what the right casino has to offer. You can find a lot of information online about strategies for winning in an online casino. Here are a few examples of the casino games which can lead you to win more bets.
Card counting is a critical skill that helps a gambler win most bets. Although it is not a very hard skill to learn, the card counters need to remain vigilant and keep their strategy variant. If you need to generate a steady income from games like blackjack, then you must devise a method to play, which leads to a long term winning strategy. There is no limit to how much money card counting games can help you make, but here is an estimate you can expect to make on a regular basis keeping in mind the chance of losing as much as winning a game. Before that, take a look at the factors that contribute to how much money you can make with counting cards.
- the number of hours you play daily
- your skill level
- hands you play per hour
- difference between your highest and lowest bets
- how long you have been playing the deck
- the counting system you are using
- how much tip you are paying per hour
- the game rules casino has set for the session
Now, if you make a 50$ bet on-average and play a hundred hands with the edge of 1 percent, then you can earn about 45$, keeping in mind the 5$ tip you pay every hour. On this rate, if you play 40 hours every week, you can earn around 90 thousand dollars annually. The more hours you can play, the more money you can win. Also, if you can win as much as a hundred dollars every hour, which some of the good players manage to make, and play 40 hours a week, you can make around two hundred thousand dollars annually.
Daily fantasy sports are the newest sensation when it comes to online sports gambling, which many people enjoy. However, only a small amount of gamblers win their bets. You require excellent math and statistics skills for betting on sports. To determine the average salary of a sports bettor, you need to consider these factors:
- the number of entries you make for gambling each day
- the entry fee you pay
- the percentage of stakes which the casinos charge on your wins
- how skilled you are in this type of gambling
Let’s assume you make about 300 entries per day and pay around 3300$ in total for the stakes and entry fees daily, and win around 3500$$ every day, then you have a daily profit of about 150$. If you play every day for the whole year, you can make an estimated amount of 50-60,000$.
Poker is the most preferred game of professional gamblers. Online poker has increased the chance of winning and learning for the players since the online game shows more hands per hour. There are two types of poker games. One of them is cash games, and the other is called tournaments. For tournaments, profit is measured by the rate of return on buy-ins. The house takes the 10% fee on the winnings, and these are more variant than cash games. The cash games, on the other hand, offer more control over annual salary, with the house taking 5$ from the cash pot on each game, and the profit is measured by the big blinds made per hour.
For a cash grinder, to estimate his annual income, he needs to track the stakes at which he needs to play with big blinds being earned per hour. If he wins 30$ per hour, he makes around 60 thousand dollars annually with a 40-hour workweek. For tournament players, the buy-in level must be decided to make sure they get the maximum chance to win more money, keeping their profits around 10$ for every 100$ they spend. It will mean their yearly turn out will be around 50 thousand dollars as well.
How realistic is it to earn a living with gambling professionally?
It is pretty realistic to earn a living with gambling professionally, but you have to keep in mind that gambling is like owning your business; there is always a significant margin for risks of losing money. Therefore, even if you have enough skill to make you win, it is still advisable to choose this profession with a big bankroll on your side. You need a new support system to cover the living expenses in case your yearly income target is not met. Secondly, know the rules and stay updated with the skill sets according to the changing market. Casinos following the state laws have all rights reserved to change the game rules according to their wish. So stay on top of your game, and nothing can stop you from becoming a pro gambler, making a six-figure salary from your living room sofa!