Gambling for a living?

[JJP]

Mike--

One other thing: don't set your expectations too high too soon. I think this is the downfall of many gamblers. They are impatient, expect to be millionaires right away, and when they hit a prolonged slump, then they start chasing. Learn from your mistakes and don't get down if the progress is gradual.

 

[NySportsfan]

Thanks for that JJP.....your right, you have to shake off bad days and come right back, which is difficult....if you go 3-5 in baseball one night, or 4-6 in basketball, you must come back the next day, and bet as you usually would, not forcing any more or less plays, this is very difficult buy a key aspect....You must have faith in yourself and believe in your methods, and that they will be successful...Every person is different, I am fully aware of the work involved, but still think I could take it, albeit Id need some days off, or Id burn out too quickly capping every day, the stats would gimme headaches, sometimes need to relax and go to a movie with the girlfriend and not think about gambling...but ill tell ya, i fukin hate school, all phases of it, unless I took a class or 2 that I would like, I dont feel its for me. but again, Ill hafta see what happens, life is a fukin difficult task, especially when trying something as unconventional as being a prof gambler, parents wont lend you a DIME, you must become self made all through your own money and do it all yourself....thats the key, keep the thoughts comin
Mike

 

[Neemer]

NY...

I dunno if you mentioned it or not, but what city do you reside in? If it's not LV or AC, then I'm assuming you know that doing this as a full time occupation you will run the risk of gettin' caught by the authorities. As much as we don't like to think about it, the fact is STILL that gambling on sports outside of these areas is STILL illegal. Probably shouldn't worry too much about your local authorities, but if you do wind up prospering in this business, the IRS will eat your cake if they ever find out about it. This is something that most people choose to ignore, but my bookie in college got busted my last year of graduate school, and the back taxes he owed was astronomical! He also spent quite a few months in the county jail, but the Feds decision about his back taxes owed really took the wind out of his sails. Guy lived an extremely lavish lifestyle and reported on average a $30k year income. Just from his personal possessions alone, they realized he has to be making 5-6 times that much. They dug for almost 3 years, and they really took a lot out of the fella. Needless to say, he closed up shop and will probably continue to work for the federal government the rest of his life. They also liquidated nearly every perosnal possession he had acquired over the years, and even took his damn exotic talking parakeet that he had had for numerous years. Anything of value, they confiscated to help pay the fines they levied upon him and his family.

Don't want to sound like I'm trying to scare ya to death, but this is a fact of life and a profession that you will have to continue to look over your shoulder. I can't imagine the tons of stress that will be put upon your shoulders, especially when you start a family and your "selections" will determine if there's food on the table. AS I'm sure Fletcher can testify to, this is NOT the glamorous lifestyle that Hollywood makes it out to be. There's a lot of work involved and the realization that the government can take it all away at the drop of a hat.

Of course the above scenario is based upon the fact that you live outside of the confines of the above mentioned areas. But, even if you do, there are still numerous scenarios that can happen that will cause you many many sleepless nights...

 

[NySportsfan]

Neemer, you have some valid points....My response is that, a) I dont live in atlantic city or las vegas, and atlantic city wouldnt help anyway, because sports betting is not legal there...2nd of all, I dont know If I mentioned this, but ALL my betting is done offshore with a few accounts...I DO NOT get involved with local corner-side bookies anymore or any of that, just dont need it...So everything is accounted for with checks, etc.....Yes, the fact that internet gambling can at some point be shut down, I dont see how, but I guess it could be, scares the shit outta me...At that point Id have to move to LV....
So far as the tax stuff, you have another point.....I need to keep meticulous records, as the god damn IRS will look to take a lot away from me, and try and find every cent I made and make sure I reported it....A way around this would be to deposit checks into diff family members accts friends accts etc and have them give you the cash, but thats still a hassle..AS well as though as a prof gambler you can deduct tickets to games, etc etc..lot of good tax breaks..But of course, the IRS HATES gamblers, and will probably try and make my life, or fletchers already.fletch, im curious, does the irs bust your balls about taxes, do you have any good tax advice, I know your not an accountant, I heard rbxtaxes.com has good tax people for gamblers.good points neemer, but think you were referring to betting with illegal bookies, i hope internet is never shut down.taxes though will always be around, need professional help and advice, although not many CPA's are well versed in prof gamblers.....feedback appreciated

Mike

 

[He Hate Me]

How do we really know this is a 19 yr old kid? and why is he asking people personell questions about there personal taxes? Just a thought.

 

[NySportsfan]

I am really 19, first off, I just happen to write pretty well....2nd of all, I dont want personal info about taxes, I just simply said, I wanted to know some advice about how other prof bettors handle them, because its a vey difficult issue which Im not familiar with and should probably seek professional help with as most people should for a complex issue like that when $ is involved, thats all I meant He Hate me

Mike

 

[ryson]

NYSF:

just grab your thing and jump and stop talking about it, if you are worried play on paper for a while just to see where you stand. I am sure you will know in about 6 weeks if you can gamble for a living. Put a buck on each game and let if fly........your bankroll will tell you how you are doing. I played on paper for 3 yrs. before I had the stones to pony up any of my cash.

just my .02

 

[NySportsfan]

Thanks Ryson for that....Problem is, once you commit to it and abandon school, you now have all the expenses, rent,food,car, insurance, etc of moving out on your own.and if gambling doesnt fare well, you gotta start over again..but life is a gamble, just every day you live is a gamble, anytbing can happen at any given time, just look at the tragedy of 9-11.....I mean, you have to trust yourself and be happy with what you do and live life the way you want to do it and ultimately be accountable for your own decisons, be them good decisons or bad, and live with them.other thoughts appreciated on the more technical aspects, paying billsa, picking the games, etc.....also, want ppls thoughts about brun out, mad jack said 2 hrs a day handicapping baseball is enough, i tend to agree, cant spend 5-6-7 hrs handicapping or youll get burned out...also if anyone has any good spreadsheets for keeping track of ftball gms pls let me know..and if anyone tracks every col hoops tm, I think its better to just use conf's you know and are good at , example Im gonna stop doing missouri valley and mid american next yr, just never knew it well enough and didnt do well, too many other conf's i know better such as mtn west, and the majors, some ppl just have better feels on certain things...g luck to all
Mike

 

[Spock]

Opening post of this thread by the kid:

Hello all, I just joined MJ today, im 18 yr old big met/knick/giant fan from New York


most recent post from the same kid:

I am really 19, first off, I just happen to write pretty well....


Buddy .. what art thou b'day. First make sure if u r 18 or 19 or both.

Now lemme get back to what u have written ..

Cheers !!!
Spock

 

[WHY ASK WHY?]

Mike:
As best as I can make of all this advice,from very learned sources her on the BB. As we say down south..."You're about to start playin a game of possum & pulpwood truck!" (guess which part is your's?)

WHY?

 

[NySportsfan]

Im 18, said 19 b/c that guy questioned if i was young or old and he mentioned 19 but I am 18..dont really appreciate the cynicsm, your all entitled to opinions though,. I prefer the candid posts by fletcher, stats, thegibbs, etc you guys have been right on money.this is certainly a ballsy move, but you need to do what you need to do at some point, its YOUR life...keep thoughts comin if anyone has anything to add

Mike

 

[WHY ASK WHY?]

Mike:
You think You can do it?

WHY ASK WHY?

 

[acehistr8]

Look, you're 18. Which means if nothing else you should respect the combined years of experience on this board and at least take a step back and wonder if you are doing the right thing.

But I read back over all your posts. To me it sounds like you arent really here for opinions at all, you've already made up your mind you're just here for a pat on the back and for people to say you are making the right decision. Well, I personally dont think you are, and I dont think anyone else here that has done this for more than 2 months would say the same thing, especially at your age. Dont think you are going to find anyone who would say to gamble full time at 18 rather than get a job and go to school. Sure its cooler. But I think you would rather hear people say wow way to go how cool etc. If thats what you're here for than fine. But if you last more than 8 months paying all your bills and doing this full time I will be very impressed. Lots of guys many times your senior cant do it.

That being said, as I do with everyone here, I wish you the best of luck and hope you find happiness, which after all is the most important.

 

[WHY ASK WHY?]

Mike:

To use a final analogy...You do not ask someone that wears a watch how to make a watch!

Find yourself a successfull gambler and attach yourself to him 24/7 if possible....If you are unable to find one in your area...keep searching...they are there, but not many. And most (outside Nevada,) when asked what they do for a living,..... will say they are in sales.

(TIP)

THE KEY WORD IS "SUCCESSFUL! NOT GAMBLER !


WHY?

 

[NySportsfan]

WhyAskWhy.......There are not many gamblers around my area that I know of, there are some, but of course, most always turn away from being known as gamblers due to the stigma of gambling, which still exists....Id assume you have to go to Vegas to find the real pros and even some of them wouldnt wanna help anyone, sales is a good thing to say you do though I guess people do that....
acehistr8.....Sorry to have come across that way, Its not really what i inteneded..I know thats what it seemed, but I was simply asking people why it couldnt be done, Im not asking for pats on the back, believe me, I dont need that at all, nor do i care about it....I simply need advice on certain financial aspects esp tax stuff, which Im not going to get on these boards Id need to seek help.but the advice about school, etc I will get, doesnt mean Ill adhere to it though.Happiness is certainly the most important thing in all of this, I agree.but after all, how many ppl are happy when theyre struggling, especially gambling..to most people it causes them bitterness, etc, which is very unpleasant...Of course very few ppl do this for a living, its very work-intensive, and people always want the quick buck, but never want to do the work to make it.....Nothing thats rewarding, and has as many positives as gambling for a living, comes easily....The biggest strengths are huge and priceless, no boss, own schedule, etc etc, work from home, but of course its very hard, then to balance the bills when having a few bad wks you must be very crafty, and Im sure Id scrape by the first few yrs, maybe make 15-20-25-30k, which isnt very much, but if u keep investing a little every yr then your bank grows, you learn some more capping stuff, and you eventually improve....this is tough to do with a family though of course, b/c its not stable enough, and you dont wanna put your kids or wife at risk, they come FIRST and foremost....anyway, appreciate the feedback as always

Mike

 

[Spock]

no offence bud .. just wanted to get the age straight for the record

Good luck
Spock

 

[Nick Douglas]

I may be in the monority opinion here but I think that college isn't for everyone. College is great if you want to get a job that pays you good money working for someone else in most cases. If you are the type of person who wants a job in the corporate world then it is for you. But one thing I will say is that the b.s. that comes with school is a lot of the same type of crap you will have to take in a job like that.

As of two years ago I read that only 18% of American's have degrees from full 4 year institutions. College isn't for everybody and it may not be for you.

One thing I would agree on is that it is very rare for an extremely young person to be successful at sports gambling and that you should definitely have something to fall back on should gambling not work out. College actually is a good place to start as a gambler in a lot of respects because you get a flexible schedule and plenty of free time to handicap and learn things about gambling.

Also, there is one more thing to think about. I don't think anyone would call gambling an especially virtuous activity and that is what you are thinking about making your profession for the rest of your life. There is a reason that car loans, etc. are hard to get if you are a professional gambler, and it has little to do with the unpredictable nature of the business. It is more the same reason that porn stars or pimps would have a hard time getting car loans if they gave their vocation: it's widely viewed as an immoral activity.

That may sound hypocritical from a person who has his own page on a major gambling site. Maybe it is. But I have to call a spade a spade and you would be hard pressed to find any established moral code that views gambling as a healthy practice. As a hobby, I fully endorse it as long as the gambler has some amount of discipline, but as a full time profession it is hard to argue that it is any more virtuous than being a stripper or a prostitute.

 

[acehistr8]

As of two years ago I read that only 18% of American's have degrees from full 4 year institutions. College isn't for everybody and it may not be for you.

As of the last two 2000 studies I read, that number is 25 or 26%. I think I can safely say that number has gone up.

 

[Nick Douglas]

The study I read covered only fully accredited institutions. Not tech schools, JCs or trade schools. Could have been 3 years ago that I read it, but I believe it was 2. You could be right that the numbers have gone up, but even at 26%, that is a very low percentage.

 

[acehistr8]

Quite low, I agree.

However I found this a common statistic, like it or not, and I assume this disparity would be the same in 2002, this happens to be from the 1999 dataset:

"Annual average earnings in 1999 for those 18 and over who had completed high school was $24,572 compared with $45,678 for those with a bachelor's degree."