Cut Your Losses Quickly. Knowing when to quit is an important quality to have in any profession. Becoming a Professional Gambler – Choose Your Discipline We like to say that gambling is a lot like martial arts. You can be a black belt in Muay Thai, and a complete beginner at Jiu-Jitsu. The same goes for gambling – you can be a semi-pro level poker player, but not have the first clue about trading the financial markets for a profit. By maintaining books and records show that you're not just a casual gambler, you can prove that you're a professional. Prepare for each tournament with a poker expert. This will show you consider gambling your job, and that improving your game is part of. In Groetzinger, 480 U.S. 23 (1987), the Supreme Court established the professional gambler standard: 'If one's gambling activity is pursued full time, in good faith, and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business.' The burden is on the gambler to prove this status.
Many people probably fancy themselves as a bit of a professional gambler or that they would be capable of becoming one, due to their exploits on betting sites or at casinos. It really does look like a dream kind of lifestyle, with many expecting professional gamblers to be wealthy people who enjoy all the good things in life.
The question is though, is it really everything it's cracked up to be; and how does one go about actually becoming a professional gambler?
First of all, a person wishing to become a professional gambler must have knowledge, commitment and discipline. You can't just wake up one day and suddenly become a professional gambler.
One needs to have a good understanding of the sport and the players involved; knowledge is key and the more information the better. There has to be a commitment to learn more, in order to improve knowledge of things such as form, odds, reports, rumours and even the weather; to gain whatever advantage possible.
How To Be A Professional Gambler On The Horse Racing
A professional gambler must put the hours in, as well as having the discipline to be able to consistently work on your own and have faith in decisions made.
To become a professional gambler people need to leave emotions behind. There will be highs due to the wins and lows due to the losses, so it's important to be able to not become affected either way. It's essential that there's always a good level of composure involved, so that decisions can be made clearly and accurately throughout without emotions playing any part.
The perfect example of this is seen on renowned football betting sites like Unibet, where the supporter of any particular club would rarely, if ever, bet against their team; no matter how slim the chances were of them winning.
The key part of being a professional gambler is of course money. First of all, there needs to be a budget and it must be enough to really get things started. Then bankroll management comes into play, and this really can make or break a career as a gambler. A person must understand cash flow, know when to place bets, as well being able to calculate risks.
If somebody doesn't for example know what they can afford to lose they'll quickly run into trouble; therefore, it is always prudent to have strict limits on how much one can afford to lose and even place a cap on winnings.
Anyone setting out in a new career or job will have goals and targets they hope to reach, together with expectations for the future; and being a pro gambler is no different. As with everything else, targets must always be realistic. If for example, somebody takes up betting on the football as their profession, aiming for huge wins over and over again will see them come unstuck pretty fast.
It's a better idea to set realistic targets at the start, learn from experience and fine tune the process in which betting markets and selections are chosen.
Denise Coates CBE (born 26 September 1967) is a British billionaire businesswoman, the founder and joint chief executive of online gambling company Bet365. In October 2019, Forbes magazine estimated Coates's net worth at $12.2 billion. In 2018, Coates was paid a £323 million, which included a 50 per cent share of a £92.5m company dividend. Bet365 owner. Denise Coates Biography - Life and History of Bet365 Owner Denise Coates – Bet365 Mastermind Denise Coates is a British businesswoman who founded online gambling juggernaut Bet365. She serves as the company's co-CEO (along with her brother, John), and she's also their majority shareholder (50.3%).
Finally, as with any career choice, a person must carefully consider all the pros and cons before committing to it. Being a professional gambler is financially rewarding at times, but there's a lot of hard work, dedication, discipline and self belief which is also required.
Finally, as with any career choice, a person must carefully consider all the pros and cons before committing to it. Being a professional gambler is financially rewarding at times, but there's a lot of hard work, dedication, discipline and self belief which is also required.
Professional Gambling
With this mind, the role is not that different to any other successful career. And like everything else in life, success always requires a bit of luck!
