Can you Earn a Living From Gambling?

Gambling

Are you doing something for a living that makes you truly happy? Chances are you’re not. None of us grew up as children dreaming of spreadsheets, customers or Zoom meetings. Most of us used to daydream about being sports stars, celebrities and super heroes.

Whilst those three career paths are unattainable for the vast majority of us, a job that makes you happy, one that is based on your passions, is not. If your passion is gambling then you have probably already wondered to yourself whether you could make a living from it. For many, it’s the dream playing blackjack professionally, but like any profession, it takes a lot of time and dedication to master and even then you might not have what it takes.

There are financial obstacles, practical pitfalls and bureaucratic blockages in your path. If all that isn’t enough to put you off, read on for everything you need to know about making a living from gambling.

Professional Gambling: What?

If you earn a living through gambling that means that you are a professional gambler, it is your job after all. There is a big distinction though between those making enough money to scrape by, pay their bills and not much else and those who are earning, big, big money.

Both are extremes though and what you should be aiming for is something in the middle – enough to live more than comfortably. But how do you do that? Let’s find out.

Pick Your Game

If you want to become a professional gambler you can’t play slots. It’s as simple as that. They are too volatile and on average, end up with you losing money rather than winning it. To be a professional you have to pick games that you can actually win at which narrows your choices considerably to poker, blackjack and at a push, roulette.

Unless you’re a gambling prodigy, you won’t be able to excel at all three of these games at once, so you’ll have to pick one to focus all of your efforts on. Once you’ve done that you can move on to the next step…

Gambling

Blackjack is one of the few skill based casino games that you can master and make a profit playing

Master Your Game

Whether you’re starting a job as a sales assistant in your local grocery store or joining a team of software developers, you are going to need some training to be able to do your job. It’s the same with professional gambling.

Before you can start making money from your chosen game you are going to have to complete the necessary training. That means studying up on your game as much as humanly possible and practicing (preferably on free to play games) at every given opportunity.

If you’re going to become a professional blackjack player start by learning all the rules inside out. Then research the various strategies that you can employ to increase your chances of winning. Read them online, buy books on the subject and study YouTube video walkthroughs.

Research the top blackjack players like Don Johnson, James Grosjean and Bill Benter. Read up on what made them so successful and follow their tips and advice.

Strategize

When someone goes to the bank and asks for a loan to help them set up their own business, they are always asked for a business plan. If there is not enough detail on the plan or the bank manager thinks the goals are too wishy-washy, chances are the loan will be rejected.

That’s because banks know that planning and a good strategy are absolutely key to the success of any business venture. Without them everything falls apart and the bank’s investment goes up in smoke.

Gambling

A business plan to become a professional gambler might sound crazy, but it’ll be invaluable

Don’t forget that when starting out on your journey to becoming a professional gambler. Write out your own business plan, detailing exactly how you are going to fulfil your dream. Cover all of the things that you will do to ensure your dream doesn’t go up in smoke.

Write out milestones that you want to reach that are time specific and achievable. Failing to prepare is preparing to fail, after all. Stuck for ideas? Here are a few things to consider:

  • Budget: What is your daily budget? How will this allow you to make the money you want to make?
  • Time: How long are you going to dedicate to playing, researching and studying each day?
  • Crises: What are you going to do if things go wrong? Do you have a backup plan? Is there something in place to warn you of when things are going wrong?

Deciding

After all of this, it’s time to decide whether or not it’s actually worth it. Becoming a professional gambler is incredibly difficult. There are many obstacles that you’ll have to overcome along the way and at the end, there is no guarantee of a reliable wage.

In addition to all of that, the serious approach that you’ll have to adopt could sap all the fun out of your favourite pastime. If you’re having doubts, perhaps it’s best to keep to the daily grind and enjoy your gambling at the weekends.

If none of that fazes you though, good luck!

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.