Gambling as a profession: there's people who live out of gambling? - page 26.

Shimmiry

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Quote from: deisik on December 24, 2019, 06:04:32 PM

Quote from: Betwrong on December 24, 2019, 08:58:35 AM

Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it

You shouldn't try it with Bitcoin

I tried that in 2015, and failed miserably losing 1.5 BTC (worth around 500 dollars back then). The only way you can successfully use this strategy is by playing with doges, and starting with the minimum bet at that

Quote from: Betwrong on December 24, 2019, 08:58:35 AM

What's important is that I think I'm starting to understand what you mean by "exploiting the outliers"

Really simple, isn't it?

You earn by enjoying the variance which randomness readily makes available to you due to its nature. You may not see a lot of outliers (since they are statistical outliers, after all, and thus not supposed to be seen too often), but their power is incredible. So as long as you use it wisely and with caution whenever you can (as not every casino allows it), you will be able to beat the house consistently

There are a lot of people now use trading as a source of income because they know they will earn on it. But most of the traders do not have enough knowledge of what is happening in the market, and this can be the reason why they lose their trades. Not all beginners lose their first trade; thus, it helps them to improve their trades and use this as a guide to succeed. Those people who already got a lot of income by using cryptocurrency now focuses on trading because they know they can earn more than their salary on work.

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Quote from: Betwrong on December 24, 2019, 08:58:35 AM

Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it

You shouldn't try it with Bitcoin

I tried that in 2015, and failed miserably losing 1.5 BTC (worth around 500 dollars back then). The only way you can successfully use this strategy is by playing with doges, and starting with the minimum bet at that

Quote from: Betwrong on December 24, 2019, 08:58:35 AM

What's important is that I think I'm starting to understand what you mean by "exploiting the outliers"

Really simple, isn't it?

You earn by enjoying the variance which randomness readily makes available to you due to its nature. You may not see a lot of outliers (since they are statistical outliers, after all, and thus not supposed to be seen too often), but their power is incredible. So as long as you use it wisely and with caution whenever you can (as not every casino allows it), you will be able to beat the house consistently

Betwrong

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Quote from: deisik on December 23, 2019, 11:07:44 AM

~ Back then, I was running on a 37% win chance (now it's a little higher than that), and I started with the minimum bet ever possible with doges. And if I remember correctly, I set the increase on loss to something like 120% initially which allowed me to survive losses up to 33 losing streaks. Then, as my balance grew (I started with like 20 doges of free coins), I increased this parameter keeping the killing streak more or less the same. And as a matter of fact, the exact numbers had been disclosed in that thread (though, maybe, in a few posts scattered across the entire thread)

That's what you need to know to repeat my setup (if that is your goal)

Yes, that's exactly why I was asking about it. I wanted to try it myself.

Now, after seeing your reply, I went immediately to PD to try this out. I set 0.00000016 DOGE as a base bet, win chance to 37%, and increase 120% on loss. I made 200 bets with auto, and below are the results:

Since the highest bet, required after 9 losses in a row, was 0.00032116, theoretically I could do it with my BTC balance too. And I would be more than happy on winning 40k+ sats in 2 minutes, but I would lose my entire BTC balance in the case of 15 reds in a row, so I decided to not risk it.

What's important is that I think I'm starting to understand what you mean by "exploiting the outliers". With your strategy, the longer the losing streak the more you win as the result. And, as long as you are immune to 33 losses in a row(a pretty unlikely event), you are waiting for the long losing streaks rather than for the winning ones.

I understand that this is not a recipe for earning money, but it's surely fun, and I'll be doing it from time to time, no doubt about that.

KnightElite

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Quote from: Webetcoins on December 23, 2019, 11:42:23 AM

Quote from: iamsheikhadil on December 22, 2019, 01:09:47 PM

Quote from: kaya11 on August 08, 2019, 11:53:17 PM

It is been ages, since from the beginning of a new era, and I bet from medieval period there are already gamblers, and yet I haven't encountered gambling as a profession, like what other profession needs, a college degree. Why is it there are no such things, courses and subjects for gambling where the student must know all sorts of gambling and be an intern in the casino. I know there are courses in some cybers sport already, and cyber sports are only just showcased recently.

See, that's a key difference when it comes to gambling and maybe educational institutes have prohibited such courses because in the end house always wins because of the house edge. That's why we have courses on trading, but not on gambling.

We shall keep in mind that gambling is something which is based on luck rather than strategies and in some countries it is illegal as well. Mostly people do not promote this game because of its negative outcomes. Trading on the other hand is a proper profession that is why we have trading courses. Gambling shall be simply treated as a fun game nothing like something as a source of income.

Luck is not something that will come up in your life, luck is simply created. Those people who became successful in gambling can be call lucky person but the luck that they got is something that they built upon sweat and tough nights. In order to become lucky in trading we should create our own luck and it is by improving our gambling skills and our gambling strategies.

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Quote from: iamsheikhadil on December 22, 2019, 01:09:47 PM

Quote from: kaya11 on August 08, 2019, 11:53:17 PM

It is been ages, since from the beginning of a new era, and I bet from medieval period there are already gamblers, and yet I haven't encountered gambling as a profession, like what other profession needs, a college degree. Why is it there are no such things, courses and subjects for gambling where the student must know all sorts of gambling and be an intern in the casino. I know there are courses in some cybers sport already, and cyber sports are only just showcased recently.

See, that's a key difference when it comes to gambling and maybe educational institutes have prohibited such courses because in the end house always wins because of the house edge. That's why we have courses on trading, but not on gambling.

We shall keep in mind that gambling is something which is based on luck rather than strategies and in some countries it is illegal as well. Mostly people do not promote this game because of its negative outcomes. Trading on the other hand is a proper profession that is why we have trading courses. Gambling shall be simply treated as a fun game nothing like something as a source of income.

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Quote from: Betwrong on December 23, 2019, 06:30:43 AM

Quote from: deisik on December 22, 2019, 07:56:03 AM

Quote from: Betwrong on December 22, 2019, 06:20:34 AM

So, if it's not a secret, can you tell how did you increase your betting balance by 1%?

Wasn't I doing exactly this recently?

I advised you to read my martingale thread here but you seem to have already read it or so you said. Anyway, I increased my balance by hitting an outlier like 24 losing streaks. I don't see them very often but that's the exact reason I see longer streaks even less often, the implication being that it is hard to kill me, especially when I use some of the profits thus earned to actively postpone that moment

Yes, of course I've read it. But if there are only words without numbers, it's hard to grasp, you know? What I was asking you in my yesterday's post, was, as long as you just had this experience, to describe it in more detail

These are not just words, these are actual statistics:

https://bitcointalksearch.org/topic/m.52376236
https://bitcointalksearch.org/topic/m.52524317
https://bitcointalksearch.org/topic/m.52617625
https://bitcointalksearch.org/topic/m.52703467

Back then, I was running on a 37% win chance (now it's a little higher than that), and I started with the minimum bet ever possible with doges. And if I remember correctly, I set the increase on loss to something like 120% initially which allowed me to survive losses up to 33 losing streaks. Then, as my balance grew (I started with like 20 doges of free coins), I increased this parameter keeping the killing streak more or less the same. And as a matter of fact, the exact numbers had been disclosed in that thread (though, maybe, in a few posts scattered across the entire thread)

That's what you need to know to repeat my setup (if that is your goal)

akmal1984

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Quote from: Zicadis on December 22, 2019, 03:23:56 PM

Oh, yeah. Professional gamblers do exist, though I don't think there are that many but I personally I know a few. I respect what they are doing but I can't be doing this for a living as the amount of stress is tremendous and I can't be left in situations with no money because things didn't go right. I only entertain the idea of gambling for a little fun and more experience but never as the sole source of my living.

Because not everyone has a strong mentality when they gambling. The most difficult part is when responding to defeat. Recently I found there gambler who lost 2.5 btc in a very short time in a basketball game bet. But his reaction was normal. I mean he did not take curses. He casually continued in another game. I think he is in the professional category of a gambler I have ever seen.

Betwrong

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Quote from: deisik on December 22, 2019, 07:56:03 AM

Quote from: Betwrong on December 22, 2019, 06:20:34 AM

So, if it's not a secret, can you tell how did you increase your betting balance by 1%?

Wasn't I doing exactly this recently?

I advised you to read my martingale thread here but you seem to have already read it or so you said. Anyway, I increased my balance by hitting an outlier like 24 losing streaks. I don't see them very often but that's the exact reason I see longer streaks even less often, the implication being that it is hard to kill me, especially when I use some of the profits thus earned to actively postpone that moment

Yes, of course I've read it. But if there are only words without numbers, it's hard to grasp, you know? What I was asking you in my yesterday's post, was, as long as you just had this experience, to describe it in more detail.

I mean, something like

My balance was XXXXX. At first I made N bets with Y% of my balance each, and with such-and-such payout. Then I changed the payout to ... and so on.

I mean, it's easier to grasp a theory when it's illustrated with a real life example. And I thought maybe you could write it down while it was fresh in your mind.

But it's okay if you don't have time to do that. I completely understand.

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Dump it!!!

Oh, yeah. Professional gamblers do exist, though I don't think there are that many but I personally I know a few. I respect what they are doing but I can't be doing this for a living as the amount of stress is tremendous and I can't be left in situations with no money because things didn't go right. I only entertain the idea of gambling for a little fun and more experience but never as the sole source of my living.

iamsheikhadil

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Quote from: kaya11 on August 08, 2019, 11:53:17 PM

It is been ages, since from the beginning of a new era, and I bet from medieval period there are already gamblers, and yet I haven't encountered gambling as a profession, like what other profession needs, a college degree. Why is it there are no such things, courses and subjects for gambling where the student must know all sorts of gambling and be an intern in the casino. I know there are courses in some cybers sport already, and cyber sports are only just showcased recently.

See, that's a key difference when it comes to gambling and maybe educational institutes have prohibited such courses because in the end house always wins because of the house edge. That's why we have courses on trading, but not on gambling.

deisik

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Quote from: Betwrong on December 22, 2019, 06:20:34 AM

So, if it's not a secret, can you tell how did you increase your betting balance by 1%?

Wasn't I doing exactly this recently?

I advised you to read my martingale thread here but you seem to have already read it or so you said. Anyway, I increased my balance by hitting an outlier like 24 losing streaks. I don't see them very often but that's the exact reason I see longer streaks even less often, the implication being that it is hard to kill me, especially when I use some of the profits thus earned to actively postpone that moment

Betwrong

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Quote from: deisik on December 17, 2019, 10:01:19 AM

~ Ironically, just before I read your reply yesterday, I had witnessed one such outlier that increased my entire betting capital by nearly 1%

That's what is of big interest to me. Can you, please elaborate a bit more on that? I mean, after seeing your post I went to PrimeDice where I had 363 DOGE on my balance. I made a 3.63 DOGE bet with 50% win chance, lost it, and then I bet 7.26 DOGE and won, thus increasing my DOGE balance by 1%. I knew it was risky, and that's why I bet with DOGE instead of BTC. I wasn't ready to lose 300k sats from my PD balance. But all of that wasn't so interesting because I was just doing classic martingale without exploiting outliers. So, if it's not a secret, can you tell how did you increase your betting balance by 1%?

deisik

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Quote from: zhekinsp on December 20, 2019, 10:48:16 AM

Quote from: deisik on December 19, 2019, 12:00:37 PM

Quote from: doomloop on December 19, 2019, 08:54:06 AM

Quote from: youdacapt on December 18, 2019, 11:43:25 AM

Professional gamblers are often seen at casinos and famous gambling spots, but I am surprised that some of them are well-known business people and government officials, so the true definition of the gambling profession is not very clear because they clearly have a better source of income. Online gamblers who depend their lives financially are also not easily visible in the real world, except for a few colleagues who are seen discussing gambling activities with me as often as possible.

Those who are totally relying on gambling for their income do not feel like talking about it because this is something usually people take as a negative or bad habit. People take gamblers usually as lunatic or May be addicts. As far as rich people are concerned they are do gambling simply for entertainment and to kill their time. Even if they lose their money, this does not make them suffer from financial crisis

It is not only that

People who are "professionally" involved in gambling, even though this use of the term seems a bit oxymoronic to me (unless you are a casino's owner, of course), should be extremely superstitious up to a point where them telling someone about their gambling habits (or someone accidentally finding out) could be considered potentially ruinous to their luck. Whether it is really so or simply no one can be lucky all the time is open to discussion

Rich people in a physical casino bet with high amount to show their financial status of how much they can afford for these entertainment purpose but not all the rich people will do this.But someone who goes to an online gambling site and bet with huge bets has the intention of making more money alone.Even a single hit can give them better life which also comes with risk who may be considered as professionals

But they are not professional gamblers, or are they?

I mean they are rich through something else (probably by being born into wealth), while professional refers to what you do for a living. You may do nothing as you might have inherited a fortune but that still wouldn't count as professional gambling unless we consider "professionally" wasting money as one's profession. But in that case it would feel as highly ironic. If not, it would sound oxymoronic to me

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Quote from: finaleshot2016 on December 20, 2019, 08:01:17 AM

Quote from: ethereumhunter on December 17, 2019, 11:11:48 AM

Quote from: Wawa2013 on December 16, 2019, 09:43:39 AM

Maybe there are people who live from gambling, surely he is very professional and has mastered all kinds of games. People who live by gambling usually live in a gambling environment. Yes it could be in the city of Las Vegas, maybe in that city there are people who live from gambling, because the population there almost all of them already know gambling.

Maybe that is only a few gamblers who can live from gambling even if they live in a gambling environment. I would say that they have a lot of experience in gambling from what they're seeing and try, and maybe they learn from the other gambler skills so they can add more knowledge to improve their skills in gambling. Las Vegas could have gamblers who can live from gambling, and don't forget that Macau is a city with many gamblers who want to win the games.

Professional means you've already had a good professional player too and you've managed to join tournaments. So if someone became a professional gambler, hands down to him 'cause he's already earning profit through playing.

There are many people now who live by playing gambling only, amazing but for me, I'm not satisfied with it. I think being professional is the peak and we could say this is the work, even we lose this opportunity at least we've managed to earn profit being a professional.

That could help us to make money with him because he is a professional gambler. But of course, we need to split the win money to him because he helps use to make money. If we can use his skills to win in gambling, that will be good for us, and we don't have to play in the tournament because he will replace our place to play gambling.

Being a professional gambler is not easy, and that is why we see many people who are trying to be professional gambling will not see success. They need to have skills and experience to become a professional gambler, and that person also needs control for themselves in gambling.

Best Dreams

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Quote from: doomloop on December 19, 2019, 08:54:06 AM

Quote from: youdacapt on December 18, 2019, 11:43:25 AM

Professional gamblers are often seen at casinos and famous gambling spots, but I am surprised that some of them are well-known business people and government officials, so the true definition of the gambling profession is not very clear because they clearly have a better source of income. Online gamblers who depend their lives financially are also not easily visible in the real world, except for a few colleagues who are seen discussing gambling activities with me as often as possible.

Those who are totally relying on gambling for their income do not feel like talking about it because this is something usually people take as a negative or bad habit. People take gamblers usually as lunatic or May be addicts. As far as rich people are concerned they are do gambling simply for entertainment and to kill their time. Even if they lose their money, this does not make them suffer from financial crisis.

This is so double face society people are so strange as the same thing can be good for rich but it is bad for poor this kind of thinking really makes me feel disheartened so we should not listen to the people who have no meaning in our life we simply should enjoy and get profit a from gambling. So no needs to suffer just do what your hearts tells you to do even if it’s gambling.

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Quote from: deisik on December 19, 2019, 12:00:37 PM

Quote from: doomloop on December 19, 2019, 08:54:06 AM

Quote from: youdacapt on December 18, 2019, 11:43:25 AM

Professional gamblers are often seen at casinos and famous gambling spots, but I am surprised that some of them are well-known business people and government officials, so the true definition of the gambling profession is not very clear because they clearly have a better source of income. Online gamblers who depend their lives financially are also not easily visible in the real world, except for a few colleagues who are seen discussing gambling activities with me as often as possible.

Those who are totally relying on gambling for their income do not feel like talking about it because this is something usually people take as a negative or bad habit. People take gamblers usually as lunatic or May be addicts. As far as rich people are concerned they are do gambling simply for entertainment and to kill their time. Even if they lose their money, this does not make them suffer from financial crisis

It is not only that

People who are "professionally" involved in gambling, even though this use of the term seems a bit oxymoronic to me (unless you are a casino's owner, of course), should be extremely superstitious up to a point where them telling someone about their gambling habits (or someone accidentally finding out) could be considered potentially ruinous to their luck. Whether it is really so or simply no one can be lucky all the time is open to discussion

Rich people in a physical casino bet with high amount to show their financial status of how much they can afford for these entertainment purpose but not all the rich people will do this.But someone who goes to an online gambling site and bet with huge bets has the intention of making more money alone.Even a single hit can give them better life which also comes with risk who may be considered as professionals.

Asuspawer09

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Quote from: Lucasgabd on August 08, 2019, 08:42:50 PM

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.

We can see professional gamblers they are called they way because they are already good at gambling, probably spend a lot of time and effort in playing gambling also surely they already have tons of experience in the game. But I don't think that there is someone that is making it a way of living or a source of their income for me it is very risky and a lot of times it could just easily wipe out your money. You cannot win all the time it is all about luck so if you're going to play every day surely you will experience lost imagine if you lose all your money in one day.

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Quote from: ethereumhunter on December 17, 2019, 11:11:48 AM

Quote from: Wawa2013 on December 16, 2019, 09:43:39 AM

Maybe there are people who live from gambling, surely he is very professional and has mastered all kinds of games. People who live by gambling usually live in a gambling environment. Yes it could be in the city of Las Vegas, maybe in that city there are people who live from gambling, because the population there almost all of them already know gambling.

Maybe that is only a few gamblers who can live from gambling even if they live in a gambling environment. I would say that they have a lot of experience in gambling from what they're seeing and try, and maybe they learn from the other gambler skills so they can add more knowledge to improve their skills in gambling. Las Vegas could have gamblers who can live from gambling, and don't forget that Macau is a city with many gamblers who want to win the games.

Professional means you've already had a good professional player too and you've managed to join tournaments. So if someone became a professional gambler, hands down to him 'cause he's already earning profit through playing.

There are many people now who live by playing gambling only, amazing but for me, I'm not satisfied with it. I think being professional is the peak and we could say this is the work, even we lose this opportunity at least we've managed to earn profit being a professional.

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Quote from: doomloop on December 19, 2019, 08:54:06 AM

Quote from: youdacapt on December 18, 2019, 11:43:25 AM

Professional gamblers are often seen at casinos and famous gambling spots, but I am surprised that some of them are well-known business people and government officials, so the true definition of the gambling profession is not very clear because they clearly have a better source of income. Online gamblers who depend their lives financially are also not easily visible in the real world, except for a few colleagues who are seen discussing gambling activities with me as often as possible.

Those who are totally relying on gambling for their income do not feel like talking about it because this is something usually people take as a negative or bad habit. People take gamblers usually as lunatic or May be addicts. As far as rich people are concerned they are do gambling simply for entertainment and to kill their time. Even if they lose their money, this does not make them suffer from financial crisis

It is not only that

People who are "professionally" involved in gambling, even though this use of the term seems a bit oxymoronic to me (unless you are a casino's owner, of course), should be extremely superstitious up to a point where them telling someone about their gambling habits (or someone accidentally finding out) could be considered potentially ruinous to their luck. Whether it is really so or simply no one can be lucky all the time is open to discussion

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Quote from: youdacapt on December 18, 2019, 11:43:25 AM

Professional gamblers are often seen at casinos and famous gambling spots, but I am surprised that some of them are well-known business people and government officials, so the true definition of the gambling profession is not very clear because they clearly have a better source of income. Online gamblers who depend their lives financially are also not easily visible in the real world, except for a few colleagues who are seen discussing gambling activities with me as often as possible.

Those who are totally relying on gambling for their income do not feel like talking about it because this is something usually people take as a negative or bad habit. People take gamblers usually as lunatic or May be addicts. As far as rich people are concerned they are do gambling simply for entertainment and to kill their time. Even if they lose their money, this does not make them suffer from financial crisis.

Topic: Gambling as a profession: there's people who live out of gambling? - page 26. (Read 6976 times)