- Betting On Horses For A Living
- Betting For Fun
- A Betting Man
- Betting On Horses For A Living
- Spread Betting For A Living
- Sports Betting For A Living Reddit
Gambling for a living might sound like a great deal. After all, who wouldn’t want to play games of chance for a living?
The problem is that it’s impossible to make a living playing most gambling games. And when you get good enough at a gambling activity to earn a living at it, the game often loses its “fun factor.”
You Can Bet on Sports for a Living but You Need to Know the Rules of Betting Inside Out Knowing rules is key to any type of gambling you choose to go for. Especially, if you are planning to make money from that gambling. Similarly, you should also know all the rules about the sports you bet on. YES you can but very few have a starting bankrool to sutain a lifetime bussiness of betting sports but heres how the guys who do it for a living manage to make $100,000's of dollars a year. Whether people can make a living sports betting or not is a long-disputed subject, and discussed everywhere like gambling forum or sports betting for a living Reddit. There are 2 obvious facts. The first fact is that there exist people who live off of sports betting/gambling. The 2nd fact is such people is not many.
That being said, some people do gamble for a living and enjoy that lifestyle. If you think professional gambling might be something you’d like to do, this post offers some insights into the pros and cons of gambling for a living.
Con – No Benefits Package
Gambling is the ultimate independent contractor position. This means that you don’t get paid vacation, medical benefits, or anything else you’d consider a normal benefit from having a job somewhere. Even your retirement fund is entirely your responsibility.
This isn’t the end of the world, though. Like other independent contractors, if you budget well enough, you can take as many days off each year as you like.
If you’re not sitting at the poker table, so to speak, you’re not earning. But if you know anything about being a schoolteacher, you’ll recognize a similar principle.
Teachers get summers off, and they still draw a paycheck. This doesn’t mean they’re getting paid for the 2 months they’re off in the summer, though. It just means that the administration is parceling out the money for a 10-month work year over the course of 12 months.
You’ll need to do something similar if you want to take paid days off as a professional gambler.
As far as health benefits go, you can buy your own health insurance now through Obamacare. Some might argue that Obamacare is more expensive than insurance through a company, but part of that is because some companies subsidize some of the cost of your health insurance.
As far as retirement goes, you could theoretically register a corporation and set up a 401k for yourself. But you also have the ability to set up a Roth IRA (Individual Retirement Account). Both of these options have tax benefits, but it’s up to you to determine which is more appropriate for your situation.
The hassle of putting together your own benefits package is one of the biggest drawbacks of being a professional gambler.
Pro- No Boss to Answer To
Obviously, if you don’t get along with authority figures, gambling might be better for you than working for some suit in an office somewhere. You do still deal with some authority figures—casino personnel—but it’s not like they have much control over you. They can’t fire you—although they can ban you from the casino if you’re counting cards.
A friend of mine once told me, “It sounds like you have problems with authority figures?”
“You have no idea,” I replied.
I’ve been an independent contractor and owned my own companies for years now. I don’t miss having a boss, I can promise you that.
Con – Inconsistent Earnings
I had a good friend who played professional poker online during the poker boom. He told me that he earned 6 figures a month, 5 months out of 6.
But 1 month out of 6, he saw a loss for the month.
Not everyone has the wherewithal to handle swings in their income like that. That’ll just plain rattle some folks.
No matter what kind of gambling you do for a living, you’re going to deal with short-term variance. In layman’s terms, even when you’re getting the best of it, you’ll have streaks of bad luck.
Being able to continue to gamble with an edge in the face of that streak of bad luck requires a certain temperament that many people don’t have. It also requires a large bankroll, because without a bankroll, you’re out of action.
And if you’re out of the action, you can’t earn a living gambling.
Pro – You’re Playing a Game for a Living
Okay, so this might be the biggest draw. If you enjoy playing poker or blackjack, or if you enjoy betting on sports, you’re basically getting to do what you love and get paid for it. That’s a hard pro to ignore.
The problem is that it’s not enough to just enjoy the game you’re playing. You have to be good enough at it to make a profit on a consistent basis. And some people learn that playing a game to such high standards isn’t as much fun as playing for recreation.
Remember, there’s nothing wrong with being a recreational gambler. It’s your money, and as long as you’re taking good care of the rest of your financial commitments, losing a little money betting on football, playing poker, or playing blackjack is just fine.
In fact, it’s probably important that you don’t overestimate your skill level. You’ll find plenty of blog posts describing how easy it is to count cards. But the number of people who can make a living at it is smaller than you might think.
Gambling professionally requires a certain kind of temperament that most people just don’t have.
Con – Social Pressure
Some people won’t approve of the way you make your living. Your wife might want you to do something more traditional to support the family. Your parents might be disappointed that you’re not putting that degree (that they paid for) to use.
If you want to succeed as a professional gambler, you need to be able to withstand this kind of social pressure. It’s not easy.
I quit my job over 10 years ago to run my own business. My wife was terribly distraught. I made a fortune, though, and it was the right decision for me. It was just so far outside her comfort zone that she couldn’t handle it.
Some people won’t understand your dream. That’s okay. Follow it anyway if it’s that important to you.
Pro – A Sense of Agency
When you work as an employee of a company, you have little control over your destiny. Your day-to-day activities are usually decided for you by management. Your compensation package, including how much your salary increases year-over-year, is also determined by management. If you want to take a day off, you must comply with corporate policies and ask for approval/permission.
This doesn’t lend itself to a sense of agency on the part of the employee. Sure, some companies allow their employees more latitude to decide what to do and when. And some companies pay you salary plus commission, or even commission only, which puts your income back in your influence. Some managers might be really flexible with your time off, too.
But these are the exceptions, not the rules. Even if you get to adjust your own priorities, you still have a job description that was written by someone else. The company decides your commission percent, and they can (and often do) change it any time they want to.
And even if you do your job well, that doesn’t mean the company succeeds. If management is incompetent, you might lose your job just because the company goes out of business.
None of this compares with the amount of control you have as a professional gambler. You decide when you want to gamble and what you choose to bet on. How well you do determines your income. And if you want a day off, you just don’t place any bets that day.
That’s what I mean by “agency”—it’s the ability to choose your destiny in a real sense. The only limits to your agency are those imposed by your bankroll and skill level.
Not everyone needs or wants this sense of agency. Some people prefer to have someone else making the decisions. They might think it’s a fair trade to get a benefits package and a reasonable sense of job security.
Con – Dealing with Unsavory Types
You’re not necessarily going to deal with the criminal element as a professional gambler, but you’re more likely to deal with shady characters as a professional gambler than if you were in some other profession.
Think about it—if you’re betting with the neighborhood bookie you met through your buddy at the local bar, you’re dealing with someone who’s a career criminal. Sure, it’s a victimless crime, but bookmaking over the phone violates federal law. Some people think that’s a big deal.
The people who open and operate underground poker cardrooms are sometimes the nicest people in the world, too. But they’re not usually the upper crust of respected citizens, either.
I like dealing with shady characters, but only up to a point. I don’t like drug dealers, for example, especially the ones who deal in harder drugs. But not everyone you meet as a professional gambler is that unsavory.
Pro – Social Status with Some Groups
In some circles, being a professional gambler will earn you a lot of respect. This is the opposite of one of the earlier cons, which suggested that there’s a social stigma attached to gambling for a living.
The difference is the people who have disdain for gambling versus the people who have respect for it.
Some people are religious or have other moral objections to gambling. Some just have a Puritan work ethic and think you should earn your money via the sweat of your brow.
But some people admire and respect professional gamblers. They think it’s exciting or romantic. Or maybe they just realize how much self-discipline and skill is required to succeed as an advantage player.
You’ll need to decide for yourself which group of people you prefer admiring you.
Con – You Need a Bankroll
No matter what kind of gambling you’re going to engage in to make a living, you’ll need a bankroll—probably a big one.
If you’ve done the research and study to know how to beat gambling, you’ll know that in the short run, anything can happen. You can make all the right decisions and still go broke. The only way to prevent that is to have so much money in your bankroll that you’re confident that you won’t go broke before seeing the long-term mathematical expectation start to look like reality.
Poker players go broke. Blackjack players go broke. Sports bettors go broke.
But they only go broke for 1 of 2 reasons:
- Their bankroll wasn’t big enough, and short-term variance did them in
- They thought they had an advantage when they didn’t
If you want to make $20/hour counting cards at blackjack, your best bet of not going broke is having a bankroll of $20,000.
Being a gambler is like owning your own business. You need capital to keep that business running. One of my earliest mentors was David Litman, founder of Hotels.com. He told me that the #1 reason businesses fail is because they’re undercapitalized and have cash-flow problems. He impressed on me the need for a business to be profitable as soon as possible.
Let your career as a gambler be advised by his wise words.
Let’s face it. Being a professional gambler isn’t for everyone. It has its perks, but it also has some serious drawbacks. A lot of your decision about whether professional gambling is an appropriate career for you should be based on your own temperament.
What pros and cons on the list above matter more to you than others?
If you’re seriously considering a career as a pro gambler, I suggest using the Ben Franklin close on yourself. Make your own list of pros and cons on a sheet of paper. Cross out the pros that outweigh the cons. Sometimes a pro might matter so much that it will outweigh 2 or 3 cons, so keep that in mind on your personal list.
And don’t fret. Even if gambling professionally doesn’t work out, you can always return to the rat race if that’s what you want.
Can I Make a Living Betting Sports
Sports betting appeals to the smart bettor because it does not have a fixed house edge for the casinos. Betting sports for a living is a difficult but rewarding profession. Sports betting requires more skill than luck and is similar to live poker. You do not win every time but the skilled handicapper has a huge advantage over the recreational bettor. How sports betting can be a profitable investment involves an understanding of numbers, odds and sports.
Casino sports book operation
The casino sports books make their money on sports bets by collecting a commission on losing bets. This is called vigorish or vig for short. The most common odds are 11 to 10. This means if you want to win $100 you are risking $110. Place a bet on the Steelers, the sports book pays $210 (110 bet + 100 win) to a winner and keeps the $110 from losing bets.
Ideally, the Sports book would like to have the same amount of money wagered on the two teams playing. The winner gets $100 and the book collects $110 for the loser. This gives them a $10 profit. To accomplish this they assign a line or spread to make the contest equally attractive for both sides.
The point spread
Many people believe that the point spread is the predicted margin of victory one team will beat another team. This is not true but a spread number is needed to create wagering on both sides. The line is the handicapper’s prediction of what number will be required to split the wagering evenly on both teams. The line may change a little before game time. The sports books goal is to have the betting as evenly as possible.
If the public is swayed by sentiment to bet on a certain team then the odds makers need to adjust the line. Otherwise, the betting would be heavily lopsided. The general betting public reacts from the opinions of others. Smart bettors usually go against public sentiment when bettors over-value a certain team.
Betting On Horses For A Living
The sports books line is flawed if it does not attract the same action amount on both sides. The line is flawed when it does not compute to his predicted outcome of the game. A weaker team can actually become the favorite if public sentiment is with that team. When this happens the underdog presents a huge overlay for the seasoned handicapper tilting the odds in his favor. This is the contrarian principle and why many smart handicappers go against the general betting public.
A winning handicapper formulates his own opinions
A handicapper gets information from numerous sources and assigns weights and values to the wagering data. They will make their own power ranking and predict what the point spread should be without looking at the official line. They compare their predictions to the line to look for discrepancies. A large amount of data is available via the internet and other sources that the handicapper will find value bets. The use of computer programs can help when searching through the data.
Why don’t more people win at sports betting. Like any other endeavor, it takes time, patience and practice to become successful. A person of average intelligence can become a winning handicapper if they have the desire. Based on the odds of -110 for a straight football or basketball bet a handicapper only need to be right 52.38 percent of the time to break even. However, many sports bettors cannot achieve that percentage of winning over the long run.
The chart below shows the break-even points for the various odds you will encounter when you make a money line bet. With higher odds, you have to have a higher winning percentage to break even. If you bet the underdogs you can have a lower win percentage and still make money.
Favorite Winning % Underdog Winning %
-110 52.38 +110 47.62
-115 53.49 +115 46.51
-120 54.55 +120 45.45
-125 55.56 +125 44.44
-130 56.52 +130 43.48
-135 57.45 +135 42.55
-140 58.33 +140 41.67
-145 59.18 +145 40.82
-150 60.00 +150 40.00
Betting favorites vs underdog
The best part about sports betting is that you always have the potential to make some money. You always have the ability to win, which not only feels great but puts a little extra padding into your wallet. This money making does not have to stop with just making a few extra bucks here and there.
A lot of people have trained themselves to become professional sports bettors. They have learned how to sift through stats with a keen eye for making correct picks. If you are good at predicting how games are decided, sports betting may be for you.
Lack of knowledge
Most sports bettors know just enough to make them dangerous. There is a great difference between being knowledgeable in the NFL and NFL betting. Being able to name the starting offensive line for the Cowboys is not likely to help a person win a bet.
Bettors are competing against other bettors who spend countless hours on handicapping, studying trends, injuries, and betting angles. If you fail to study the games, find somebody who does it for a living. A reputable sports service is skilled with sports betting professionals.
The sports betting industry is a major investment market for a limited number of successful traders. Alternative investment markets are a popular destination for investors with excess cash waiting for a decent return on investment. Most stocks are tied into the economic news with no parameters and direction.
Betting For Fun
Sports betting as an investment
It is becoming more difficult for even savvy investors to time the bottom. They have to become much more selective. The sports betting market has been around a long time with some controversy in the earlier years. However, there is a vibrant market in today’s highly competitive sports arena. The regulated Nevada sports books have the monopoly on legalized sports betting.
Can the amateur recreational bettors make money at these books — sometimes, but not in the long run. The professionals know how to look for the edge and only need to hit a minimum of 54% to make a modest return on investment. Making a 15% to 25% return for the year is very possible.
A Betting Man
The good ones are few but the results are quick and opportunities exist everyday when soft betting lines are found and exploited. The betting lines are made to divide the betting public. They ideally want even betting on both sides. Their number does come close about 70% of the time.
The market scope
This happens a lot in all sports. They do provide a good service but their stats and computer models can only go so far. Investments in this area have a limited scale and cannot handle the millions or billions that pour into those other markets. But investors with up to one million can see a very nice return with the right professional.
The Nevada Senate Bill 443 passed in 2015 has made it legal for individual investors to deposit money in a sports betting mutual fund investment entity group for the purpose of betting on sporting events. What are the requirements of sports betting mutual funds and what legal business is needed This sports betting mutual fund entity group is usually a Nevada corporation or LLC.
Established by gaming executives and sports bettors that manage the fund as a Nevada fiduciary agent. They can solicit funds from investors anywhere in the world. However, major restrictions do apply and is open to anyone that can go through the difficult approval process.
Betting On Horses For A Living
The entity or fund manager can take US investors and can charge fees or commissions for managing the fund. This includes placing the bets and where to allocate the funds for future investments. No investor can make a bet through the fund. It is a private hedge fund for sports betting. It is a different format than the current sports advisory business of selling picks to subscribers.
The application process is far from just providing standard information. Many applications have been rejected with about 10% being approved. The application process is an attempt to secure very personal and private information about the applicant. Any investor has to approve such scrutiny and invasion of privacy.
Spread Betting For A Living
This would include a background check, source of funds invested and other customer data. In other words, a lot of red tape. If any prospective investors are not dismayed by the application process, there are other alarming issues to confront.
Strict investment guidelines
CG Technologies is the only option for entity group formation and execution. They are the center of the application process to get things moving through the state. Their managed sports books accept and review investment groups detailed information. Other sports books could eventually join in the experiment but most are weary of the red tape. The additional regulations make things more difficult for other books to participate.
Sports Betting For A Living Reddit
The biggest issue for the actual betting decision selection is the absence of shopping for a better line. There are over a dozen different point spread lines in Nevada. Entity groups and their investors get access to only one line from CG Technology managed sports books. This restriction is the main problem of trying to find an edge when placing a bet.
Most experienced veterans in the industry have joked bill. They even dismissed it as a bad “beat bill” without a redeeming quality.