PROFESSIONAL GAMBLER: HOW TO BET FOR A LIVING
It sounds crazy, but it’s true: there is such a career as a professional gambler. And I’m not just talking about poker players either. Believe it or not, there are people out there who spend their nine to five grinding away at casino tables and in betting shops. Thanks to the accessibility of online gambling, professional gambling has never been easier and there are now more people than ever that claim to make their money gambling online.
But at the same time, there are also more people losing fortunes because they lack the skill, the knowledge or the experience needed. This is a very risky industry to get involved with. It doesn’t matter whether you think you have self-control or not. Once the wheel starts spinning or the dice starts rolling, we’re all susceptible. None of us are infallible and utter financial destruction is just one bad decision away.
Professional gambling isn’t for everyone. That’s a fact. If you don’t have the right mindset or the right dedication, then you’re off to a losing start already. And even if you do, there are still a few things that you need to understand before you try to live out your Casino fantasies.
YOU DON’T NEED LUCK
We know what you’re thinking, “Of course I need luck! How else am I going to win?” The truth is that a professional gambler should never rely solely on luck, because as soon as they put their fortunes in the hands of the Gods than they have already lost.
Professional gambling isn’t what you think it is. Professional gamblers don’t rely on luck, because they tend to avoid luck-based games. It’s about skill, strategy and knowledge. It’s about gaining an edge where possible and using that edge to get one over on the house.
To understand the life of a professional gambler you need to see every move as a marathon. If you complete it, you win. If you don’t, you lose. The average person might just choose to run it and cross their fingers. A professional gambler, on the other hand, will do everything in their power to ensure they cross that line. They might train more, they might plan the route, they might run an analysis to determine likely outcomes. The more you do and the more you know, the greater your chance of success.
For instance, let’s use the following as an example:
- Poker: If you know the game well then you’re already ahead of many opponents, but you can further prepare by studying your opponents and their tells, by seeking out weaker opponents or even by taking advantage of rake-back schemes.
- Blackjack: Basic Blackjack Strategy closes the gap between you and the house, but you can further decrease that gap by choosing games with a low house edge and even by counting cards.
- Sports Betting: Insider information and other tips are essential for success when betting on horse racing and dog racing, whereas studying the form, previous results and other stats can help with other sports.
THERE ARE NO SURE-THINGS
The goal of a professional gambler is not to eliminate luck, but to reduce it to a minor statistic and then play the odds. For instance, if you correctly manipulate a game of blackjack then you might be able to flip the odds in your favor. This could still result in you losing a handful of games in a row, but if you stick at it over the long-term then those result will level out and the profits will begin to come in.
There are many horror stories out there of gamblers who worked hard to win a small fortune, only to bet that fortune on what they thought was a sure-thing. There is no such thing, and you should never risk your fortune on a single bet.
Problem gambling always begins the same way. The gambler experiences the joys of winning and wants to chase that feeling again and again. They lose a little money, they get angry with themselves and they bet more so that they can win it back. They lose again, so they bet more again.
Each time they are betting more money and taking bigger odds, all in the hope that they can recover their losses. But with bigger odds comes a smaller chance, and eventually they lose everything.
This can happen very quickly, and it can happen to all of us. That’s the bad news. The good news is that the only thing you need to do to stop the rot is to take a time-out. Before you convince yourself that you need to double-up, take a breath, close your eyes and don’t do anything for a few minutes. In that time the anger will subside, the adrenaline will ebb away and you’ll begin to think rationally again.
KEEP A BANKROLL
All professional gamblers have a bankroll. This stops things from getting out of hand and it also makes sure that they know exactly what they are winning and losing every week.
A bankroll is essentially the money that you use to gamble. To begin you just need to establish how much money you can afford to lose every month. The figure you arrive at should be considerably less than what you earn and should ensure that even if you lose it all, you’ll still be able to pay the bills.
You need to take the money from your bank account and move it to a separate account such as a web wallet. From there, you can deposit a set amount into your gambling account everyday, using deposit limits and/or loss limits to ensure you don’t go over this amount. If you win then you can add your winnings to your bankroll. Only when you double that bankroll should you look to start withdrawing some. If you lose, then at no point should you add more money to your bankroll. Instead, just carefully play through all of the money you have there and then take an extended break to revaluate your career if you manage to lose it all.
Many professional gamblers go through periods of heavy losses and winnings, but throughout these periods it is often proper bankroll management that keeps them in check and ensures they can continue to make a career out of the thing they love.