Gambling as a profession: there's people who live out of gambling?

[iamsheikhadil]

It is been ages, since from the  beginning of a new era, and I bet from medieval period there are already gamblers, and yet I haven't encountered gambling as a profession, like what other profession needs, a college degree. Why is it there are no such things, courses and subjects for gambling where the student must know all sorts of gambling and be an intern in the casino. I know there are courses in some cybers sport already, and cyber sports are only just showcased recently.

See, that's a key difference when it comes to gambling and maybe educational institutes have prohibited such courses because in the end house always wins because of the house edge. That's why we have courses on trading, but not on gambling.

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[Zicadis]

Oh, yeah. Professional gamblers do exist, though I don't think there are that many but I personally I know a few. I respect what they are doing but I can't be doing this for a living as the amount of stress is tremendous and I can't be left in situations with no money because things didn't go right. I only entertain the idea of gambling for a little fun and more experience but never as the sole source of my living.

[Betwrong]

So, if it's not a secret, can you tell how did you increase your betting balance by 1%?

Wasn't I doing exactly this recently?

I advised you to read my martingale thread here but you seem to have already read it or so you said. Anyway, I increased my balance by hitting an outlier like 24 losing streaks. I don't see them very often but that's the exact reason I see longer streaks even less often, the implication being that it is hard to kill me, especially when I use some of the profits thus earned to actively postpone that moment

Yes, of course I've read it. But if there are only words without numbers, it's hard to grasp, you know? What I was asking you in my yesterday's post, was, as long as you just had this experience, to describe it in more detail.

I mean, something like

My balance was XXXXX. At first I made N bets with Y% of my balance each, and with such-and-such payout. Then I changed the payout to ... and so on.

I mean, it's easier to grasp a theory when it's illustrated with a real life example. And I thought maybe you could write it down while it was fresh in your mind.

But it's okay if you don't have time to do that. I completely understand.

[akmal1984]

Oh, yeah. Professional gamblers do exist, though I don't think there are that many but I personally I know a few. I respect what they are doing but I can't be doing this for a living as the amount of stress is tremendous and I can't be left in situations with no money because things didn't go right. I only entertain the idea of gambling for a little fun and more experience but never as the sole source of my living.

Because not everyone has a strong mentality when they gambling. The most difficult part is when responding to defeat. Recently I found there gambler who lost 2.5 btc in a very short time in a basketball game bet. But his reaction was normal. I mean he did not take curses. He casually continued in another game. I think he is in the professional category of a gambler I have ever seen.

[deisik]

So, if it's not a secret, can you tell how did you increase your betting balance by 1%?

Wasn't I doing exactly this recently?

I advised you to read my martingale thread here but you seem to have already read it or so you said. Anyway, I increased my balance by hitting an outlier like 24 losing streaks. I don't see them very often but that's the exact reason I see longer streaks even less often, the implication being that it is hard to kill me, especially when I use some of the profits thus earned to actively postpone that moment

Yes, of course I've read it. But if there are only words without numbers, it's hard to grasp, you know? What I was asking you in my yesterday's post, was, as long as you just had this experience, to describe it in more detail

These are not just words, these are actual statistics:

https://bitcointalk.org/index.php?topic=5168782.msg52376236#msg52376236
https://bitcointalk.org/index.php?topic=5168782.msg52524317#msg52524317
https://bitcointalk.org/index.php?topic=5168782.msg52617625#msg52617625
https://bitcointalk.org/index.php?topic=5168782.msg52703467#msg52703467

Back then, I was running on a 37% win chance (now it's a little higher than that), and I started with the minimum bet ever possible with doges. And if I remember correctly, I set the increase on loss to something like 120% initially which allowed me to survive losses up to 33 losing streaks. Then, as my balance grew (I started with like 20 doges of free coins), I increased this parameter keeping the killing streak more or less the same. And as a matter of fact, the exact numbers had been disclosed in that thread (though, maybe, in a few posts scattered across the entire thread)

That's what you need to know to repeat my setup (if that is your goal)

[Webetcoins]

It is been ages, since from the  beginning of a new era, and I bet from medieval period there are already gamblers, and yet I haven't encountered gambling as a profession, like what other profession needs, a college degree. Why is it there are no such things, courses and subjects for gambling where the student must know all sorts of gambling and be an intern in the casino. I know there are courses in some cybers sport already, and cyber sports are only just showcased recently.

See, that's a key difference when it comes to gambling and maybe educational institutes have prohibited such courses because in the end house always wins because of the house edge. That's why we have courses on trading, but not on gambling.

We shall keep in mind that gambling is something which is based on luck rather than strategies and in some countries it is illegal as well. Mostly people do not promote this game because of its negative outcomes. Trading on the other hand is a proper profession that is why we have trading courses. Gambling shall be simply treated as a fun game nothing like something as a source of income.

[KnightElite]

It is been ages, since from the  beginning of a new era, and I bet from medieval period there are already gamblers, and yet I haven't encountered gambling as a profession, like what other profession needs, a college degree. Why is it there are no such things, courses and subjects for gambling where the student must know all sorts of gambling and be an intern in the casino. I know there are courses in some cybers sport already, and cyber sports are only just showcased recently.

See, that's a key difference when it comes to gambling and maybe educational institutes have prohibited such courses because in the end house always wins because of the house edge. That's why we have courses on trading, but not on gambling.

We shall keep in mind that gambling is something which is based on luck rather than strategies and in some countries it is illegal as well. Mostly people do not promote this game because of its negative outcomes. Trading on the other hand is a proper profession that is why we have trading courses. Gambling shall be simply treated as a fun game nothing like something as a source of income.

Luck is not something that will come up in your life, luck is simply created. Those people who became successful in gambling can be call lucky person but the luck that they got is something that they built upon sweat and tough nights. In order to become lucky in trading we should create our own luck and it is by improving our gambling skills and our gambling strategies.

[Betwrong]

~ Back then, I was running on a 37% win chance (now it's a little higher than that), and I started with the minimum bet ever possible with doges. And if I remember correctly, I set the increase on loss to something like 120% initially which allowed me to survive losses up to 33 losing streaks. Then, as my balance grew (I started with like 20 doges of free coins), I increased this parameter keeping the killing streak more or less the same. And as a matter of fact, the exact numbers had been disclosed in that thread (though, maybe, in a few posts scattered across the entire thread)

That's what you need to know to repeat my setup (if that is your goal)

Yes, that's exactly why I was asking about it. I wanted to try it myself.

Now, after seeing your reply, I went immediately to PD to try this out. I set 0.00000016 DOGE as a base bet, win chance to 37%, and increase 120% on loss. I made 200 bets with auto, and below are the results:



Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it.

What's important is that I think I'm starting to understand what you mean by "exploiting the outliers". With your strategy, the longer the losing streak the more you win as the result. And, as long as you are immune to 33 losses in a row(a pretty unlikely event), you are waiting for the long losing streaks rather than for the winning ones.

I understand that this is not a recipe for earning money, but it's surely fun, and I'll be doing it from time to time, no doubt about that.

[deisik]

Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it

You shouldn't try it with Bitcoin

I tried that in 2015, and failed miserably losing 1.5 BTC (worth around 500 dollars back then). The only way you can successfully use this strategy is by playing with doges, and starting with the minimum bet at that

What's important is that I think I'm starting to understand what you mean by "exploiting the outliers"

Really simple, isn't it?

You earn by enjoying the variance which randomness readily makes available to you due to its nature. You may not see a lot of outliers (since they are statistical outliers, after all, and thus not supposed to be seen too often), but their power is incredible. So as long as you use it wisely and with caution whenever you can (as not every casino allows it), you will be able to beat the house consistently

[Shimmiry]

Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it

You shouldn't try it with Bitcoin

I tried that in 2015, and failed miserably losing 1.5 BTC (worth around 500 dollars back then). The only way you can successfully use this strategy is by playing with doges, and starting with the minimum bet at that

What's important is that I think I'm starting to understand what you mean by "exploiting the outliers"

Really simple, isn't it?

You earn by enjoying the variance which randomness readily makes available to you due to its nature. You may not see a lot of outliers (since they are statistical outliers, after all, and thus not supposed to be seen too often), but their power is incredible. So as long as you use it wisely and with caution whenever you can (as not every casino allows it), you will be able to beat the house consistently

There are a lot of people now use trading as a source of income because they know they will earn on it. But most of the traders do not have enough knowledge of what is happening in the market, and this can be the reason why they lose their trades. Not all beginners lose their first trade; thus, it helps them to improve their trades and use this as a guide to succeed. Those people who already got a lot of income by using cryptocurrency now focuses on trading because they know they can earn more than their salary on work.

[deisik]

There are a lot of people now use trading as a source of income because they know they will earn on it. But most of the traders do not have enough knowledge of what is happening in the market, and this can be the reason why they lose their trades. Not all beginners lose their first trade; thus, it helps them to improve their trades and use this as a guide to succeed. Those people who already got a lot of income by using cryptocurrency now focuses on trading because they know they can earn more than their salary on work

Looks like a piece of plagiarism posted in the wrong topic in the wrong board, and probably even at the wrong time (as there seems to be no way to get away with these little shenanigans nowadays). Don't mind if my post gets deleted in case my suspicions turn out true. With that said, I essentially agree that cryptocurrency trading is not very far from gambling for the majority of trading folk (read, most are going to lose in the end)

But this is a different topic

[Betwrong]

Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it

You shouldn't try it with Bitcoin

I tried that in 2015, and failed miserably losing 1.5 BTC (worth around 500 dollars back then). The only way you can successfully use this strategy is by playing with doges, and starting with the minimum bet at that

Yeah, true. But you know us, gamblers. I already tried it with 0.00012 DOGE. It worked, I didn't bust with 1k rolls



but I knew it was stupid. On the other hand, what's fun without a bit of stupidity?

What's important is that I think I'm starting to understand what you mean by "exploiting the outliers"

Really simple, isn't it?

You earn by enjoying the variance which randomness readily makes available to you due to its nature. You may not see a lot of outliers (since they are statistical outliers, after all, and thus not supposed to be seen too often), but their power is incredible. So as long as you use it wisely and with caution whenever you can (as not every casino allows it), you will be able to beat the house consistently

Even though with this strategy you won't win an amount sufficient for buying a cup of coffee, the psychological effect of constant winning is very important. The mindset you get after such play can help you to earn hundreds of dollars in some other than gambling field.

[Zicadis]

No doubt there are people out there using gambling as their only source of income and some who make a decent living off it. I suppose some of these, though do have other support in place like their families if things go wrong. I also appreciate others don't have that support but they still risk it for the hope that one day things will change.

Moreover, there are plenty of people out there that are employed by the surrounding gambling industry, think about it. A casino isn't just dealers and players, there's a whole host of people behind the scenes to ensure that things run smoothly and the punters keep on coming, including:

- Marketing staff
- Game designers
- Graphics designers
- Frontend/Backend devs
- Support agents
- Social media managers

etc.

[MyIdeas]

Oh, yeah. Professional gamblers do exist, though I don't think there are that many but I personally I know a few. I respect what they are doing but I can't be doing this for a living as the amount of stress is tremendous and I can't be left in situations with no money because things didn't go right. I only entertain the idea of gambling for a little fun and more experience but never as the sole source of my living.

I do not think that there will be people who will be gambling as their profession as I myself saw some people who try to rely on gambling for their whole life but they do not always win in gambling, I am talking especially for the casino players while there are some people who are betting on sports who are very lucky to rely for their life on betting but they also sometime lose some bets.

[Questat]

No doubt there are people out there using gambling as their only source of income and some who make a decent living off it.

Although I like to believe that are people making gambling as their source of income but it's hard to find people like them as they are good in hiding, yes we are inspired with them and we we like to have the same way of making money but the reality is most of us can't do that.

I suppose some of these, though do have other support in place like their families if things go wrong. I also appreciate others don't have that support but they still risk it for the hope that one day things will change.

Well maybe because making a living in gambling is like you are treating what you are doing as your real job where that is your main source of income for your family, and when you keep winning in gambling, you'll be able to provide your family what they need as you can make big money in gambling when you are successful.

[deisik]

Even though with this strategy you won't win an amount sufficient for buying a cup of coffee, the psychological effect of constant winning is very important. The mindset you get after such play can help you to earn hundreds of dollars in some other than gambling field

You seem to have gotten it wrong again

You can in fact earn enough dough for a cup of coffee and beyond in a pretty consistent way provided the casino stays more or less provably fair all that time (and it doesn't kick you out which they probably will eventually). If you use the potential of this approach to its fullest, i.e. increase your balance to ultimately obtain the max win allowed, you should be able to book enough on a monthly basis. Not sure about hundreds of dollars but certainly in the range of dozens

[Betwrong]

Even though with this strategy you won't win an amount sufficient for buying a cup of coffee, the psychological effect of constant winning is very important. The mindset you get after such play can help you to earn hundreds of dollars in some other than gambling field

You seem to have gotten it wrong again

Nope, this is hardly the case this time. You saw it yourself that I made some effort to understand your strategy and to try it out (with thousands of bets to date). And what I've written in the quoted post above was the best review your strategy could get. Yet you are still not satisfied. If you want me to believe that there is a strategy with which one can "certainly" earn dozens of USD per month, this will never happen.

You can in fact earn enough dough for a cup of coffee and beyond in a pretty consistent way provided the casino stays more or less provably fair all that time (and it doesn't kick you out which they probably will eventually). If you use the potential of this approach to its fullest, i.e. increase your balance to ultimately obtain the max win allowed, you should be able to book enough on a monthly basis. Not sure about hundreds of dollars but certainly in the range of dozens

I can't believe you are even serious with this, because you said it yourself

Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it

You shouldn't try it with Bitcoin

I tried that in 2015, and failed miserably losing 1.5 BTC (worth around 500 dollars back then). The only way you can successfully use this strategy is by playing with doges, and starting with the minimum bet at that

How much you can make per month this way, starting with 0.00000001 DOGE? I can assure you that this will be very far away from being "in the range of dozens [USD]".

[Mumbeeptind1963]

How much you can make per month this way, starting with 0.00000001 DOGE? I can assure you that this will be very far away from being "in the range of dozens [USD]".

Yes of course, there's still people live without gambling involve because there are many work to apply to get income than gambling. Still its depend to player if they do gambling continuously but those gambler who never give up the opportunity to win are possible to become addicted because they will continue to bet until they lose again.

[BlackFor3st]

Just curious here.
I know there are tons of way to live.

but is there such a thing as professional gamblers?

people who make a living onlyout of gambling (online or on rl)?

resources and comments on that are really welcome.

Yeah there are many people who live their lives via gambling, what I have saw is the poker players were they made millions of money in playing poker while making poker as their way of living. Ex. Daniel Negreanu.

Like they create videos or blog about their strategies and tricks, they are very popular because of their skills in gambling and how they always win. But what I saw to others are, they are using some inappropriate tricks just to profit in gambling and the gambling operators are strictly monitoring them because of this behaviors. Aside from this two, I didn't know whether there are people out there that lives in gambling by just luck only as it is not enough to continue winning and profit in the end. 

[MWesterweele]

Just curious here.
I know there are tons of way to live.

but is there such a thing as professional gamblers?

people who make a living onlyout of gambling (online or on rl)?

resources and comments on that are really welcome.

Yeah there are many people who live their lives via gambling, what I have saw is the poker players were they made millions of money in playing poker while making poker as their way of living. Ex. Daniel Negreanu.

Like they create videos or blog about their strategies and tricks, they are very popular because of their skills in gambling and how they always win. But what I saw to others are, they are using some inappropriate tricks just to profit in gambling and the gambling operators are strictly monitoring them because of this behaviors. Aside from this two, I didn't know whether there are people out there that lives in gambling by just luck only as it is not enough to continue winning and profit in the end. 

Most likely those professional gamblers are the one who spend more time in gambling and gamble is part of their lives now. So living away from it is not easy particularly to those make it as profession because this activity by which one regularly makes a living. They badly need help especially those have symptom of addiction, they cannot do it by themselves. It take long to time before they can get over from it.