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

[exbet.io]

This thread has a pretty low signal-to-noise ratio.
Regardless.. maybe there will be one or two who find this article interesting:
https://www.theringer.com/2019/6/5/18644504/sports-betting-bettors-sharps-kicked-out-spanky-william-hill-new-jersey

It tells the history of both US sports betting (interesting!) and a US pro bettor by the name of spanky (relevant!).

Enjoy 

[Triffin]

About being homeless from billionaire, well that's their problem if they are not good in handling money.

There's no sense  to make a living when you are already a billionaire, unless you keep winning but if not and you are uncertain with the outcome, then its likely just putting yourself into the big hole of getting addicted.

When you have a lot of money, you have a lot to lose, therefore you are at a high risk.
To be homeless because of gambling is a big shame, learn to be contented in life and consider gambling only as an entertainment with moderation.

There are numerous cases where rich people ended on roads just because of gambling addiction. No matter how much rich you are there is no strong logic for gambling all the time. Once you win some money in gambling, you want to play more and more in order to make huge money without putting big efforts and this is where your downfall begins. Gambling shall be limited to fun only.

[Betwrong]

This thread has a pretty low signal-to-noise ratio.
Regardless.. maybe there will be one or two who find this article interesting:
https://www.theringer.com/2019/6/5/18644504/sports-betting-bettors-sharps-kicked-out-spanky-william-hill-new-jersey

It tells the history of both US sports betting (interesting!) and a US pro bettor by the name of spanky (relevant!).

Enjoy  

This is a very long but interesting story. As far as I understand, the strategy of this Spanky guy is to bet only on winning(from the point of most bettors) teams, thus getting multipliers like 1.01x or 1.02x. With this strategy, one must bet $1k in order to earn $10 or $20 with a winning bet.

What I could never understand is that when a guy like Spanky Kyrollos wants to bet $50,000, but he's allowed to bet only $10,000, why can't he make 4 other guys, his friends or just partners, to make bets for him? Same goes for the cases when he's not allowed to bet at all at some place. I mean, that's what he's doing sometimes, according to the story, but why not to do it all the time, and stop complaining about bans and restrictions?

[deisik]

There are numerous cases where rich people ended on roads just because of gambling addiction

I doubt that unless we count as "rich" someone who's become rich due to sheer luck (like lottery) or unexpected inheritance, i.e. people who didn't earn their wealth

This thread has a pretty low signal-to-noise ratio.
Regardless.. maybe there will be one or two who find this article interesting:
https://www.theringer.com/2019/6/5/18644504/sports-betting-bettors-sharps-kicked-out-spanky-william-hill-new-jersey

It tells the history of both US sports betting (interesting!) and a US pro bettor by the name of spanky (relevant!).

Enjoy 

This is a very long but interesting story. As far as I understand, the strategy of this Spanky guy is to bet only on winning(from the point of most bettors) teams, thus getting multipliers like 1.01x or 1.02x. With this strategy, one must bet $1k in order to earn $10 or $20 with a winning bet.

What I could never understand is that when a guy like Spanky Kyrollos wants to bet $50,000, but he's allowed to bet only $10,000, why can't he make 4 other guys, his friends or just partners, to make bets for him? Same goes for the cases when he's not allowed to bet at all at some place. I mean, that's what he's doing sometimes, according to the story, but why not to do it all the time, and stop complaining about bans and restrictions?

As they say, it is lonely at the top

Maybe, he doesn't have friends, partners, or acquaintances in sufficient "amounts" whom he could trust with a few thousand dollars. If you are betting on multipliers like 1.01x or 1.02x, giving so much money to a lot of people seems to me an extremely risky venture. Someone will undoubtedly let you down sooner or later (and rather sooner than later), so it is not worth it for so small a reward. Apart from that, you would have to pay your "team" something, and that again is meaningless on these multipliers. Maybe, there's something else at play here, I dunno

[Slow death]

People who has self discipline will be able to control their emotions and not become too greedy and lose out money. They will know when to play and when to pause and take a break. This people actually make money for them self and rest lose out the money to gambling owners.

Not because you have a discipline in gambling you will win, it does not go that way, discipline is a must but what is needed to win is to have the skills in a game that you choose, whether it's poker or sports betting, you need to be consistently winning in order for you to be profitable, otherwise, you will win some or lose some and you are no different to typical gamblers like us.

Sport betting can be profitable and someone who knew the game a lot has better chance of winning it but it most likely will be lesser odd so the outcome also will be less not like on casino wins so this can be a good reason enough for anyone who can't complete there life being a sport better.

Last month I saw on youtube video of the history of a sports trade expert guy, he said he turned $50 into $40,000. I confess I don't believe in his story, I think he's overdoing it, but for the bets and wins he makes, it may be possible that he made a lot of money. But I keep asking myself:

Why most of those who are sports trade experts make books and sell their books which according to them in their book have all the tips of years of betting they made. Why don't they give away books for free?

[Webetcoins]

People who has self discipline will be able to control their emotions and not become too greedy and lose out money. They will know when to play and when to pause and take a break. This people actually make money for them self and rest lose out the money to gambling owners.

Not because you have a discipline in gambling you will win, it does not go that way, discipline is a must but what is needed to win is to have the skills in a game that you choose, whether it's poker or sports betting, you need to be consistently winning in order for you to be profitable, otherwise, you will win some or lose some and you are no different to typical gamblers like us.

Sport betting can be profitable and someone who knew the game a lot has better chance of winning it but it most likely will be lesser odd so the outcome also will be less not like on casino wins so this can be a good reason enough for anyone who can't complete there life being a sport better.

Last month I saw on youtube video of the history of a sports trade expert guy, he said he turned $50 into $40,000. I confess I don't believe in his story, I think he's overdoing it, but for the bets and wins he makes, it may be possible that he made a lot of money. But I keep asking myself:

Why most of those who are sports trade experts make books and sell their books which according to them in their book have all the tips of years of betting they made. Why don't they give away books for free?

If you can earn money from doing something, why wont you. Besides, in order to survive in this world, you must follow this rule, if you are good at something, never do it for free. Now why on earth would they give away knowledge and experience of years for free. Sports bets are not luck based so a person with good interest and understanding, can make correct predictions easily.

[desticy]

People who has self discipline will be able to control their emotions and not become too greedy and lose out money. They will know when to play and when to pause and take a break. This people actually make money for them self and rest lose out the money to gambling owners.

Not because you have a discipline in gambling you will win, it does not go that way, discipline is a must but what is needed to win is to have the skills in a game that you choose, whether it's poker or sports betting, you need to be consistently winning in order for you to be profitable, otherwise, you will win some or lose some and you are no different to typical gamblers like us.

To be a professional in gambling is not enough just to be able to control your emotions and know when to stop.
You need to have a good understanding of your own psychology, as well as perfectly know the theory of probability, because it is knowledge of mathematics that distinguishes an amateur from a professional.

[seoincorporation]

Gambling is a good business for the house, that's why casinos have a house edge, this warrant the profit of the casino in the long game. And this means the users will lose in the long run. But there are people with lot of luck, so, those are the ones who end with profit. Isn't about be smart, in the end of the road is all about luck.

[iamsheikhadil]

Gambling is a good business for the house, that's why casinos have a house edge, this warrant the profit of the casino in the long game. And this means the users will lose in the long run. But there are people with lot of luck, so, those are the ones who end with profit. Isn't about be smart, in the end of the road is all about luck.

But those same people also become addicted to it after winning so much and then end up coming back to the casino to win more, but they only lose more until they have lost it all again lmao. Human greed overcomes all other emotions sadly haha xD

[hahay]

Gambling is a good business for the house, that's why casinos have a house edge, this warrant the profit of the casino in the long game. And this means the users will lose in the long run. But there are people with lot of luck, so, those are the ones who end with profit. Isn't about be smart, in the end of the road is all about luck.

But those same people also become addicted to it after winning so much and then end up coming back to the casino to win more, but they only lose more until they have lost it all again lmao. Human greed overcomes all other emotions sadly haha xD

I don't think this is about bookies because bookies are basically different from those who are purely gamblers, and in this case not many gamblers make gambling a profession or even make a living from gambling because gambling cannot be used as a source of income. But when we talk about bookies, then at least they still have a better chance to make gambling a profession.

[Blackdeath]

I think it is ridiculous to know that there are someone who consider gambling as a profession because there's no way for a gambler to get rich by just playing gambling, even you win a couple of times in gambling you will still end up losing all of your money in gambling if you still keep it up, that is why the only people who get rich in gambling are the owners of a casino and the dealers because all of our losses will go straight to their pocket.

[AakZaki]

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.

I think people who make a living only from gambling does not exist because I see the history of people who play gambling from most gambling platforms more to lose than win. so if it happens to people who play gambling can be able to people who play gambling will run out of money.

[iamsheikhadil]

I think it is ridiculous to know that there are someone who consider gambling as a profession because there's no way for a gambler to get rich by just playing gambling, even you win a couple of times in gambling you will still end up losing all of your money in gambling if you still keep it up, that is why the only people who get rich in gambling are the owners of a casino and the dealers because all of our losses will go straight to their pocket.

Exactly, well said, and it leaves me wondering how even the people who knows how house edge, basically the math is against them, that they can still win in long term?! Basically they think their luck is better than others and casino will profit from somewhere else than from them.

[akmal1984]

In my opinion there are people who really become professional gamblers. I am sure they are not the same as gamblers who only rely on luck alone. Those professional gamblers must make a real preparation every day. can through watching the video reruns of the previous game or learning the movements of the opponent. For Poker or other card games I think a lot of professional gamblers.

[Best Dreams]

People who has self discipline will be able to control their emotions and not become too greedy and lose out money. They will know when to play and when to pause and take a break. This people actually make money for them self and rest lose out the money to gambling owners.

Not because you have a discipline in gambling you will win, it does not go that way, discipline is a must but what is needed to win is to have the skills in a game that you choose, whether it's poker or sports betting, you need to be consistently winning in order for you to be profitable, otherwise, you will win some or lose some and you are no different to typical gamblers like us.

Sport betting can be profitable and someone who knew the game a lot has better chance of winning it but it most likely will be lesser odd so the outcome also will be less not like on casino wins so this can be a good reason enough for anyone who can't complete there life being a sport better.

Last month I saw on youtube video of the history of a sports trade expert guy, he said he turned $50 into $40,000. I confess I don't believe in his story, I think he's overdoing it, but for the bets and wins he makes, it may be possible that he made a lot of money. But I keep asking myself:

Why most of those who are sports trade experts make books and sell their books which according to them in their book have all the tips of years of betting they made. Why don't they give away books for free?

If you can earn money from doing something, why wont you. Besides, in order to survive in this world, you must follow this rule, if you are good at something, never do it for free. Now why on earth would they give away knowledge and experience of years for free. Sports bets are not luck based so a person with good interest and understanding, can make correct predictions easily.

Yes if we are having an interest in something and we are skilled in it then why not use it for earning money. We should use our skills and try out luck in gambling but to take it as a profession could be a little risky so it’s good to use it as an optional way of earning. With gambling, we can become rich faster as it's a mixture of luck and skill about different games.

[Lucasgabd]

Surely luck matters in gambling as I know to become a good gambler you must have good luck that can make you win but to become a professional gambler only luck cannot make you win but you must have skills and you must have plenty of knowledge to win with the tricks and also you should have experience and guts to face risk of gambling.

Even the professional gamblers are losing some money. Its just a matter on when they will stop (self control).

Professional gamblers (if there are) know when to stop and when to play. If they know that they aren't lucky at that time then they will stop and call it a day. Even the most skilled and the most experienced gamblers doesn't win all the time. For me, it will be a matter of if you are lucky or not

I'd definitely say that.
and also risk management, it's  a must for developing a winning balance on the long run.
many of the principles that you can use on trading you can apply to gambling as well, to play professionally.

but still, of course these are different things.

[Lucasgabd]

In my opinion there are people who really become professional gamblers. I am sure they are not the same as gamblers who only rely on luck alone. Those professional gamblers must make a real preparation every day. can through watching the video reruns of the previous game or learning the movements of the opponent. For Poker or other card games I think a lot of professional gamblers.

in which other games you've heard about professional gamblers?
any others besides card games?
would love to hear more into that.

[Betwrong]

~
What I could never understand is that when a guy like Spanky Kyrollos wants to bet $50,000, but he's allowed to bet only $10,000, why can't he make 4 other guys, his friends or just partners, to make bets for him? Same goes for the cases when he's not allowed to bet at all at some place. I mean, that's what he's doing sometimes, according to the story, but why not to do it all the time, and stop complaining about bans and restrictions?

As they say, it is lonely at the top

Maybe, he doesn't have friends, partners, or acquaintances in sufficient "amounts" whom he could trust with a few thousand dollars. If you are betting on multipliers like 1.01x or 1.02x, giving so much money to a lot of people seems to me an extremely risky venture. Someone will undoubtedly let you down sooner or later (and rather sooner than later), so it is not worth it for so small a reward. Apart from that, you would have to pay your "team" something, and that again is meaningless on these multipliers. Maybe, there's something else at play here, I dunno

I didn't think about this at first. Indeed, if you earn $100 out of $10k wagered, what can you offer to your teammate? $50? And you are right, a partner can "lose" the money for whatever reasons.

So, this only proves once again that gambling as a profession is quite a pain in the ash.

[deisik]

Maybe, he doesn't have friends, partners, or acquaintances in sufficient "amounts" whom he could trust with a few thousand dollars. If you are betting on multipliers like 1.01x or 1.02x, giving so much money to a lot of people seems to me an extremely risky venture. Someone will undoubtedly let you down sooner or later (and rather sooner than later), so it is not worth it for so small a reward. Apart from that, you would have to pay your "team" something, and that again is meaningless on these multipliers. Maybe, there's something else at play here, I dunno

I didn't think about this at first. Indeed, if you earn $100 out of $10k wagered, what can you offer to your teammate? $50? And you are right, a partner can "lose" the money for whatever reasons.

So, this only proves once again that gambling as a profession is quite a pain in the ash.

Yep, it definitely is

And some of this pain comes from casinos themselves standing between you and profits. Ironically, I don't mean the house edge here as it is in fact a minor pain for the simple reason it is fully predictable, and thus can be taken care of. It is when you try to get around it in some sophisticated way (like the one you mentioned with sports betting) that casinos start to create difficulties and put grit in the device you come up with. It can be the max bet you can place being too low so that you wouldn't earn too much in the best case scenario or the minimum bet amount too high so that you can't unleash the unbridled powers of martingale, or anything that won't let you turn the tables in your favor

[peter0425]

Gambling is a good business for the house, that's why casinos have a house edge, this warrant the profit of the casino in the long game. And this means the users will lose in the long run. But there are people with lot of luck, so, those are the ones who end with profit. Isn't about be smart, in the end of the road is all about luck.

But those same people also become addicted to it after winning so much and then end up coming back to the casino to win more, but they only lose more until they have lost it all again lmao. Human greed overcomes all other emotions sadly haha xD

sad but true mate,greediness makes people fall from their own traps.

and if cant control that same emotion then theres no future awaits for gambling.

being a gambler we must have a self control and know where to stand from the table and when to sit.