Is it possible to "work" as a gambler and live off the profits?

[Remember remember the 5th of November]

Just asking people who may have done it, or people that attempted and failed.

It's easy to win 0.05btc as it is to lose them, so I wouldn't know. I have 0.24 bitcoins I won throughout 2 weeks, and lost them all today, and had to deposit 0.07 that I've doubled in a few hours(though I was extremely close to losing them, as using the martingale thing my highest bet was 0.0512), but I need 0.16 still to cover old losses and be in the green again.

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[macros]

Generally it is not possible as gamling sites are made in a way to profit the bank in long term, not the gambler. If you play the chance to keep the money you deposited or increase it is smaller than the chance to lose some of it.
Variance may allow you to profit a bit, but the more you play the more likely you will lose.

There are rare exceptions with games where do not play against a house. Poker is an example, technically still gambling, but against unexperienced players you can improve your chances of winning so much that you make a somewhat steady profit.
I know some people which have made an income trough Schafkopf, a game played in Bavaria. Nobody of them got rich and as soon as they had a job they dropped it because they didn't earn as much as with a good job.

[vlees]

Stick to "gambling games" that involve at least 1% of skill if you want a steady income. Poker is a popular example.

[darkmule]

The most important thing for long-term gambling as an income-generating activity (and I would not recommend it except to very few people), other than a game where you actually have an edge over the house or (more commonly) other players is a bankroll that can withstand the sustained losing streaks even an overall winning player will suffer.

Unless you have the discipline to maintain a positive attitude and continue to play well in the face of days, weeks, or even months of suboptimal results, it is not for you.

It's still possible to make some relatively decent hobby income without going "pro," and in this case, where you have a real income in addition to poker winnings (or whatever), you don't have to depend on it and can take it or leave it.  The days of giant deposit bonuses that clear quickly and super easy fields even a half-decent player can beat to death are long gone and especially if you are in the "Land of the Free," many of the operations still doing business for U.S. players are dodgy in the extreme (Lock Poker I am looking at you).

Obviously, if you're talking about pure gambling like Satoshi Dice and most of the non-poker Bitcoin options, there probably isn't enough of that for very many people to make a living on it, and you will never win in the long run on negative expected value games.

[abrkn]

　

[bit777]

There are many professional gamblers all over the place. Some of them very successful. He is a good example: http://deadspin.com/5804565/meet-the-mysterious-blackjack-superhero-who-took-atlantic-city-for-15-million

[KingOfSports]

It is,not a career I would advise for anyone. Online you will never beat the house because almost all are rigged or provably fair with -EV which cannot be overcome. Blackjack has now become luck, to say someone is a pro at blackjack is a lie unless they mean tournament blackjack where its u vs another player. 8 shoe decks are used now everywhere or 1 deck resguffled after every hand making the benefit of counting cards almost obselete. Only way you can make money is thru sports n poker but only bout 1% pf those who try to go "pro" in ether of these actually  are successful. My advice: finish high school go to college and get a real career. Keep gambling as a hobby as most.

[HollowIP]

It may be possible but that requires a generous amount of luck and sometimes skill. Would be a shame if it were money you depended upon and then lost it all in a matter of minutes. Gambling is best as a hobby.

[Frogcoin]

There are a few possibilities:

1) Play poker well. This is probably the most popular way, and thousands of people make a significant income just playing poker (keep in mind, this means millions are probably losing).

2) Sports betting. Some players are able to be profitable long-term here. I don't really know much about it.

3) Abuse casino promotions. Although this isn't really winning from gambling and is more just winning free money and trying not to lose it all.

4) Develop an advantage in a casino game. There are a few ways to do this: count cards, learn how to manipulate dice in craps, etc. This is definitely the hardest way.

Good luck!

[PurpleTentacle]

1) Play poker well. This is probably the most popular way, and thousands of people make a significant income just playing poker (keep in mind, this means millions are probably losing).

+1

Poker is the most viable way to develop a reliable income stream by gambling, but it requires a lot of work. You have to learn proper poker strategy (different hands, statistics, managing your bankroll etc.), gather a lot of experience by playing many many games and work your way up, starting on low-stake games where most players are inexperienced. Poker is not a game of luck, it's a game of strategy and mathematics.

4) Develop an advantage in a casino game. There are a few ways to do this: count cards, learn how to manipulate dice in craps, etc. This is definitely the hardest way.

Counting cards is not really that difficult (depends on the method you're using) and that's why casinos worldwide have introduced shuffling machines that shuffle the cards after every deal, making any counting efforts worthless. It's also very obvious to halfway experienced not completely brain-dead staff if a player is counting, as his bets vary greatly in size. E.g. if a player bets constantly 5 bucks and then he suddenly places a $150 bet, something fishy is going on.

[darkmule]

And as for dice manipulation, that is generally considered cheating.  Cheating is against the law, and can get you arrested.  There are probably still a few places it could get you worse.

[Insanity]

If you want to make a living off of gambling feel free to read my gambling guide, it has some very useful information https://bitcointalk.org/index.php?topic=257550.0

[cp1]

Poker is the only "gambling" game you can make a living at.  There are a few downsides.  Most people who play poker for a living are terrible people -- depressed, just a miserable group.  So those are now your new friends.

Gambling at satoshi dice or whatever site you're looking at is terrible -- it's pretty much impossible to win long term.  And martingale is the worst "strategy" you could pick -- it was almost certainly invented by casinos.  It is terrible for the player.

[VolanicEruptor]

Everybody thinks they're good at poker, don't let yourself be one of them..

[aceking]

it is a very hard way to make a living , lot easier paths exist.

[Luciddd]

With poker sure, I would start off playing live though - games are much more slower paced and a bit more fun at a casino to keep you entertained.

But if you don't absolutely LOVE playing poker, and I mean LOVE it more than anything you really shouldn't even try to create a career out of it. You'll just become sick of the game and lose.

[Micon]

I am a professional gambler and entrepreneur.

These days I'm more business than gambling, but I made a living both gambling and running businesses since I left college.  I am 34 and only held a "real" job for ~1 year lifetime.   I bought a BMW in 2006 after winning ~$250k at the WSOP.   I had a losing year in 2009.

I cannot call myself strictly a professional gambler as I've always engaged in a business aspect while playing poker.   in 2001-2 when I started really concentrating hard on poker, everyone was terrible.  And I mean terri-bad super-awful.    The game is still beatable today, but you need to be a shitload sharper than when I started.  You need to utilize all the tools that made everyone much better - you need to review tons of instructional video - you need to change your game and test new theories - you will need to bust a shit ton of tourney stacks to figure out a winning formula. 

You will need a bankroll, you will need to follow BR management requirements (which you won't), and you will need to game select so you are only playing in beatable games.

Poker is really good each year during the WSOP.  The tourneys are amazing, the cash games are even better.  the other 10.5 months you will need a solid gambling grind.  Florida live poker is hot right now so I hear. 

There are so many reasons why you shouldn't start down this path.  Biggest reason is that there are so many other things you could do with your life.  If the game grabs you like it grabbed me, if you keep records and prove to yourself you can do it, if you are young or if no one else depends on you - then I say do what you love. 

I'd approach gambling for a living with extreme caution and try and ease into it as gradually as possible.   

this is way more rambling that I intended but I feel there is a lot of truth in there and I'm not editing today during the BIG BTC.  If anyone has Q's they can ask, google Bryan Micon if you don't believe me.

[fildza]

Depend on your skill and luck. You can make it work for you or doom for you

[Dabs]

You can be the house.......... but that's not gambling, that's just business, right? (Well, a lot of businesses are a gamble, you just hope to do well.)

If I go gamble on a dice site, and I make 1 BTC a day, does that count? Or do you want to wait for me to lose and then that's an example of someone who failed?

I mean, it's working until it fails.

[infested999]

I am a professional gambler and entrepreneur.

These days I'm more business than gambling, but I made a living both gambling and running businesses since I left college.  I am 34 and only held a "real" job for ~1 year lifetime.   I bought a BMW in 2006 after winning ~$250k at the WSOP.   I had a losing year in 2009.

I cannot call myself strictly a professional gambler as I've always engaged in a business aspect while playing poker.   in 2001-2 when I started really concentrating hard on poker, everyone was terrible.  And I mean terri-bad super-awful.    The game is still beatable today, but you need to be a shitload sharper than when I started.  You need to utilize all the tools that made everyone much better - you need to review tons of instructional video - you need to change your game and test new theories - you will need to bust a shit ton of tourney stacks to figure out a winning formula. 

You will need a bankroll, you will need to follow BR management requirements (which you won't), and you will need to game select so you are only playing in beatable games.

Poker is really good each year during the WSOP.  The tourneys are amazing, the cash games are even better.  the other 10.5 months you will need a solid gambling grind.  Florida live poker is hot right now so I hear. 

There are so many reasons why you shouldn't start down this path.  Biggest reason is that there are so many other things you could do with your life.  If the game grabs you like it grabbed me, if you keep records and prove to yourself you can do it, if you are young or if no one else depends on you - then I say do what you love. 

I'd approach gambling for a living with extreme caution and try and ease into it as gradually as possible.   

this is way more rambling that I intended but I feel there is a lot of truth in there and I'm not editing today during the BIG BTC.  If anyone has Q's they can ask, google Bryan Micon if you don't believe me.

What is this shit? Poker is -EV. Unless you have a skill that other poker players don't have then you can't profit over them.