Topic: Gambling as a profession: there's people who live out of gambling? - page 29. (Read 6953 times)
November 29, 2019, 12:32:48 PM
I can't really say if there are people who are gamblers by profession but i know there are people who live soley on gambling. Funds they used from their day to day runnings and activities comes from gambling, to some extent they are good at what they do, since they know that their livelihood depends on gambling they take out time to study the system of any offline or online casino they use thrn see if they can exploit any loopholes and for quite sometimes now it has been working for them
November 29, 2019, 10:58:22 AM
From my own experience I can say that the profession of a gambler is one of the most difficult from a psychological point of view. Professional gamblers are not those people who do nothing and easily earn their money, they are those people who spend a day on the fly working to improve their game. Those people who spend many hours of session working out their strategies. This is an extremely resource-intensive activity for success in which it is necessary to make an effort no less than at the factory. Only these will be mental efforts. I have several friends of professional gamblers, not one of them considers their work a gift.
November 28, 2019, 12:58:19 PM
~ In other words, if you have enough dough, you can run pretty safe martingale strategies. Well, until the casino all of a sudden stop being fair, raises the minimum bet amount, or simply makes bets so agonizingly slow that you lose all interest using these strategies
From my experience, the main problem with martingale strategies is that you are either running it in a safe mode, making less than $0.2 per hour(and still risking to lose like $100 at once), or, if you want to make, say, $5 per hour, and you set your base bet accordingly, you can lose those $100 in a blink of an eye. And yeah, slow bets make the safe mode even less profitable
There's a whole lot of misunderstanding and confusion about martingale
And how it can be employed in an efficient way, both in respect to risk/reward ratio and total profits. More specifically, your approach itself (like making a certain amount of dough) per hour is skewed. With a proper martingale setup you earn through variance. You can wait for it days on end, and when it finally comes, you earn a certain percentage of your capital with one long losing streak ending with a spectacular win
Obviously, you should discard in your mind how much you make per unit of time (as otherwise you won't have enough patience to stick to your strategy) and think exclusively in terms of variance, i.e. how much of it you can survive, how often it should come and how much profit it should bring. Variance is what you should be looking for, not some dust you earn after each winning roll
I feel like you are saying something interesting, but I can't completely grasp it. Can you please explain with dice game, as an example, what do you mean by "earning through variance"?
Glad you asked
That's how I see it, but I know that it's the simplest way of looking at martingale. So, I'd like to comprehend your view, and that's why I'm asking for a similar explanation of the martingale setup for earning through variance
That's a skewed view (actually two views) on how to run a martingale setup (my way)
Variance here means that you earn only on long losing streaks which don't come too often, and are actually statistical outliers. That's why it is called variance, i.e. variation from the average (the average here being your average losing streak). In layman terms, you are looking for some really long streaks but not long enough to bust you
So you set your increase on loss as well as multiplier pretty high, and start small, the bare minimum. Given fast enough autobet, you wait for an outlier which will come sooner or later and bring you dough, like a couple percent at once. Then you increase your safety margin. Indeed, you may still bust but you must be extremely unlucky to end like that
November 28, 2019, 06:47:48 AM
~ In other words, if you have enough dough, you can run pretty safe martingale strategies. Well, until the casino all of a sudden stop being fair, raises the minimum bet amount, or simply makes bets so agonizingly slow that you lose all interest using these strategies
From my experience, the main problem with martingale strategies is that you are either running it in a safe mode, making less than $0.2 per hour(and still risking to lose like $100 at once), or, if you want to make, say, $5 per hour, and you set your base bet accordingly, you can lose those $100 in a blink of an eye. And yeah, slow bets make the safe mode even less profitable
There's a whole lot of misunderstanding and confusion about martingale
And how it can be employed in an efficient way, both in respect to risk/reward ratio and total profits. More specifically, your approach itself (like making a certain amount of dough) per hour is skewed. With a proper martingale setup you earn through variance. You can wait for it days on end, and when it finally comes, you earn a certain percentage of your capital with one long losing streak ending with a spectacular win
Obviously, you should discard in your mind how much you make per unit of time (as otherwise you won't have enough patience to stick to your strategy) and think exclusively in terms of variance, i.e. how much of it you can survive, how often it should come and how much profit it should bring. Variance is what you should be looking for, not some dust you earn after each winning roll
I feel like you are saying something interesting, but I can't completely grasp it. Can you please explain with dice game, as an example, what do you mean by "earning through variance"?
Imo, there are always only two possibilities for a martingale setup:
1. Small risk / small reward
Bankroll: 1 BTC
Base bet: 1 satoshi
You can still bust after 25 losses in a row, but that's highly improbable. So, with this setup you can earn around 3k sats($0.22 currently) per hour. And if you consider the depreciation of your computer in the process, the power consumption, and some other factors, you can conclude that it's probably not worth the hassle.
2. High risk / high reward
Bankroll: 1 BTC
Base bet: 100 satoshi
In this case it'll take just 19 losses in row to bust. Odds of losing 19 bets in a row at 49.5% on a site with 1% house edge: once every 433,974 bets. So even though the reward is pretty high in this case, $22 per hour, it is very likely that you'll bust before earning your first $1,000.
That's how I see it, but I know that it's the simplest way of looking at martingale. So, I'd like to comprehend your view, and that's why I'm asking for a similar explanation of the martingale setup for earning through variance.
November 28, 2019, 02:59:17 AM
For me gambling could be a profession for sure for a lot of people but it was really risky for a lot of people maybe if you have a lot of money or already have a lot of businesses and passive incomes like apartment or restaurant, you already have a source of income that you could use in gambling and have a chance to win as your profession. But surely if your already a professional in gambling you should not reach the point where already gambling all of your money you should always limit your money to gamble.
The risk is not worth for every people because they need to spend time to learn the skills in gambling. They need to have money to learn the lesson, and they must prepare for the lose that always comes to them at any time. Although you already get passive income, it doesn't guarantee you to have a chance to win in gambling because you know that gambling will be related to luck. It will be difficult to be a professional in gambling because that will need time and learning in gambling, and not all people can do that.
At least, you do the right way because I see that you use the money which you don't use for anything. I see that many people use that way for the first time, but then they will drag into the deep of gambling, and they can use the money that they want to use for something. And later, they can use more money if they think that their chance to win will be bigger. So they will decide to deposit more and more, but in the end, only a few of them that can win the money.
November 27, 2019, 09:58:35 AM
Doubling your amount after winning wont work for long as the probability of loss with each bet remains same. There is no safe mode here certainly. The right way to gamble is to enjoy bets instead of thinking about bets.
It is more about doubling your bet after a loss
Probably, this is what you meant to say. And it actually works quite well provided you can run pretty long losing streaks without busting. If this is the case, you effectively turn the tables in your favor and now, instead of being lucky not to bust, you become unlucky to bust if you bust (there is a subtle difference if you think it through thoroughly)
But casinos are very well aware of this approach, and they typically don't allow you to pull off such a trick by either raising the minimum bet amount, which makes employing martingale an exercise in futility and stupidity, or limiting your bet speed, which makes martingale useless as you can't get enough variance without risking too much
November 27, 2019, 09:07:47 AM
~ In other words, if you have enough dough, you can run pretty safe martingale strategies. Well, until the casino all of a sudden stop being fair, raises the minimum bet amount, or simply makes bets so agonizingly slow that you lose all interest using these strategies
From my experience, the main problem with martingale strategies is that you are either running it in a safe mode, making less than $0.2 per hour(and still risking to lose like $100 at once), or, if you want to make, say, $5 per hour, and you set your base bet accordingly, you can lose those $100 in a blink of an eye. And yeah, slow bets make the safe mode even less profitable.
November 27, 2019, 04:11:27 AM
For me gambling could be a profession for sure for a lot of people but it was really risky for a lot of people maybe if you have a lot of money or already have a lot of businesses and passive incomes like apartment or restaurant, you already have a source of income that you could use in gambling and have a chance to win as your profession. But surely if your already a professional in gambling you should not reach the point where already gambling all of your money you should always limit your money to gamble.
The risk is not worth for every people because they need to spend time to learn the skills in gambling. They need to have money to learn the lesson, and they must prepare for the lose that always comes to them at any time. Although you already get passive income, it doesn't guarantee you to have a chance to win in gambling because you know that gambling will be related to luck. It will be difficult to be a professional in gambling because that will need time and learning in gambling, and not all people can do that.
November 27, 2019, 03:31:51 AM
For me gambling could be a profession for sure for a lot of people but it was really risky for a lot of people maybe if you have a lot of money or already have a lot of businesses and passive incomes like apartment or restaurant, you already have a source of income that you could use in gambling and have a chance to win as your profession. But surely if your already a professional in gambling you should not reach the point where already gambling all of your money you should always limit your money to gamble.
The risk is not worth for every people because they need to spend time to learn the skills in gambling. They need to have money to learn the lesson, and they must prepare for the lose that always comes to them at any time. Although you already get passive income, it doesn't guarantee you to have a chance to win in gambling because you know that gambling will be related to luck. It will be difficult to be a professional in gambling because that will need time and learning in gambling, and not all people can do that.
November 27, 2019, 03:12:28 AM
~ In other words, if you have enough dough, you can run pretty safe martingale strategies. Well, until the casino all of a sudden stop being fair, raises the minimum bet amount, or simply makes bets so agonizingly slow that you lose all interest using these strategies
From my experience, the main problem with martingale strategies is that you are either running it in a safe mode, making less than $0.2 per hour(and still risking to lose like $100 at once), or, if you want to make, say, $5 per hour, and you set your base bet accordingly, you can lose those $100 in a blink of an eye. And yeah, slow bets make the safe mode even less profitable
There's a whole lot of misunderstanding and confusion about martingale
And how it can be employed in an efficient way, both in respect to risk/reward ratio and total profits. More specifically, your approach itself (like making a certain amount of dough) per hour is skewed. With a proper martingale setup you earn through variance. You can wait for it days on end, and when it finally comes, you earn a certain percentage of your capital with one long losing streak ending with a spectacular win
Obviously, you should discard in your mind how much you make per unit of time (as otherwise you won't have enough patience to stick to your strategy) and think exclusively in terms of variance, i.e. how much of it you can survive, how often it should come and how much profit it should bring. Variance is what you should be looking for, not some dust you earn after each winning roll
November 26, 2019, 07:20:17 AM
~ In other words, if you have enough dough, you can run pretty safe martingale strategies. Well, until the casino all of a sudden stop being fair, raises the minimum bet amount, or simply makes bets so agonizingly slow that you lose all interest using these strategies
From my experience, the main problem with martingale strategies is that you are either running it in a safe mode, making less than $0.2 per hour(and still risking to lose like $100 at once), or, if you want to make, say, $5 per hour, and you set your base bet accordingly, you can lose those $100 in a blink of an eye. And yeah, slow bets make the safe mode even less profitable.
November 25, 2019, 01:58:13 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.
For me gambling could be a profession for sure for a lot of people but it was really risky for a lot of people maybe if you have a lot of money or already have a lot of businesses and passive incomes like apartment or restaurant, you already have a source of income that you could use in gambling and have a chance to win as your profession. But surely if your already a professional in gambling you should not reach the point where already gambling all of your money you should always limit your money to gamble.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.
If people consider it as a profession and in that scenario losses a lot then they are stuck beacuse it will have a huge mental agony beacuse they have lost their savings and it would not be easy to recover it soon as getting job becomes difficult at immediate times .
November 25, 2019, 01:43:33 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.
For me gambling could be a profession for sure for a lot of people but it was really risky for a lot of people maybe if you have a lot of money or already have a lot of businesses and passive incomes like apartment or restaurant, you already have a source of income that you could use in gambling and have a chance to win as your profession. But surely if your already a professional in gambling you should not reach the point where already gambling all of your money you should always limit your money to gamble. 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.
November 25, 2019, 01:39:51 PM
Maybe, he doesn't have friends, partners, or acquaintances in sufficient "amounts" whom he could trust with a few thousand dollars. If you are betting on multipliers like 1.01x or 1.02x, giving so much money to a lot of people seems to me an extremely risky venture. Someone will undoubtedly let you down sooner or later (and rather sooner than later), so it is not worth it for so small a reward. Apart from that, you would have to pay your "team" something, and that again is meaningless on these multipliers. Maybe, there's something else at play here, I dunno
I didn't think about this at first. Indeed, if you earn $100 out of $10k wagered, what can you offer to your teammate? $50? And you are right, a partner can "lose" the money for whatever reasons.
So, this only proves once again that gambling as a profession is quite a pain in the ash.
Yep, it definitely is
And some of this pain comes from casinos themselves standing between you and profits. Ironically, I don't mean the house edge here as it is in fact a minor pain for the simple reason it is fully predictable, and thus can be taken care of. It is when you try to get around it in some sophisticated way (like the one you mentioned with sports betting) that casinos start to create difficulties and put grit in the device you come up with. It can be the max bet you can place being too low so that you wouldn't earn too much in the best case scenario or the minimum bet amount too high so that you can't unleash the unbridled powers of martingale, or anything that won't let you turn the tables in your favor
That's right, but here's what I think about the limitations on the max profit per bet. Basically, casinos act in the same way smart gamblers do(or should do): they don't risk the amount they can't afford to lose. Even though they know that they have slightly more chances of winning because of the house edge, they are not taking the risk. I think, we, gamblers, should take an example from them, especially when knowing that house edge is working against us.
November 24, 2019, 10:03:11 AM
And some of this pain comes from casinos themselves standing between you and profits. Ironically, I don't mean the house edge here as it is in fact a minor pain for the simple reason it is fully predictable, and thus can be taken care of. It is when you try to get around it in some sophisticated way (like the one you mentioned with sports betting) that casinos start to create difficulties and put grit in the device you come up with. It can be the max bet you can place being too low so that you wouldn't earn too much in the best case scenario or the minimum bet amount too high so that you can't unleash the unbridled powers of martingale, or anything that won't let you turn the tables in your favor
That's right, but here's what I think about the limitations on the max profit per bet. Basically, casinos act in the same way smart gamblers do(or should do): they don't risk the amount they can't afford to lose. Even though they know that they have slightly more chances of winning because of the house edge, they are not taking the risk. I think, we, gamblers, should take an example from them, especially when knowing that house edge is working against us
Actually, that's what I am repeatedly telling folks here
If we are talking about honest casinos, i.e. those provably fair (minus the house edge, obviously), they are as susceptible to the effects of bad luck as their players. That's why the proper bankroll management is of the utmost importance to any casino which considers itself fair, especially in crypto, where one holder can easily buy a dozen such casinos and not break a sweat at that (let alone ruin them)
But if the max profit per bet or max bet amount is reasonable, and you can bet doges, it becomes pretty irrelevant as long as the minimum bet amount is at its the lowest possible value. In other words, if you have enough dough, you can run pretty safe martingale strategies. Well, until the casino all of a sudden stop being fair, raises the minimum bet amount, or simply makes bets so agonizingly slow that you lose all interest using these strategies
November 24, 2019, 06:35:45 AM
Maybe, he doesn't have friends, partners, or acquaintances in sufficient "amounts" whom he could trust with a few thousand dollars. If you are betting on multipliers like 1.01x or 1.02x, giving so much money to a lot of people seems to me an extremely risky venture. Someone will undoubtedly let you down sooner or later (and rather sooner than later), so it is not worth it for so small a reward. Apart from that, you would have to pay your "team" something, and that again is meaningless on these multipliers. Maybe, there's something else at play here, I dunno
I didn't think about this at first. Indeed, if you earn $100 out of $10k wagered, what can you offer to your teammate? $50? And you are right, a partner can "lose" the money for whatever reasons.
So, this only proves once again that gambling as a profession is quite a pain in the ash.
Yep, it definitely is
And some of this pain comes from casinos themselves standing between you and profits. Ironically, I don't mean the house edge here as it is in fact a minor pain for the simple reason it is fully predictable, and thus can be taken care of. It is when you try to get around it in some sophisticated way (like the one you mentioned with sports betting) that casinos start to create difficulties and put grit in the device you come up with. It can be the max bet you can place being too low so that you wouldn't earn too much in the best case scenario or the minimum bet amount too high so that you can't unleash the unbridled powers of martingale, or anything that won't let you turn the tables in your favor
That's right, but here's what I think about the limitations on the max profit per bet. Basically, casinos act in the same way smart gamblers do(or should do): they don't risk the amount they can't afford to lose. Even though they know that they have slightly more chances of winning because of the house edge, they are not taking the risk. I think, we, gamblers, should take an example from them, especially when knowing that house edge is working against us.
November 23, 2019, 03:48:41 AM
That's the most problem of those gamblers who win and hit the jackpot price, they become greedy and want more even if they already have what they wanted. Winning or hitting the jackpot is already enough to stop playing gambling especially if what you have won is already good for your lifetime budget. Imagine, if he stops playing gambling and stays contented on what he has then for sure his winning are just with him until now and maybe have already his own casino or ant business that he wanted.
That is right. But I am sure that there is a smart person who can win or hit the jackpot, and then he can stop playing gambling and get the money to celebrate or even for saving that money. That person realizes that with that money, he can get anything he wants, and he doesn't have to come back to the gambling places for a long time
I think that rarely works out in real life
Why does it not? Before we proceed with this question, let's first discuss another matter required for better understanding of that question. The matter is, we often make assumptions that are virtually impossible in real life. They are possible in theory, but not in practice (like a gambling addict genuinely quitting on his own)
It is the same story here. If a person was smart enough to stop gambling after hitting big win or jackpot, he would likely never started gambling at all for being wiser than that, for knowing better. To cut a long story short, if you win, you are going to come back because you already came before and will come for more later
November 22, 2019, 10:15:18 PM
Correct. gamblers who knows how to control are possible to earned out from this activities. It can be done with the right preparations and
the right games that you'll going to play. Different strategies will work if the gambler itself have a good self discipline while playing, emotions
are very important since it's the key to keep surviving and not to lose your bankroll completely.
Control is a basic strategy or we can say that its a must for every gambler, but it doesn't mean a gambler would be profitable easily. the right games that you'll going to play. Different strategies will work if the gambler itself have a good self discipline while playing, emotions
are very important since it's the key to keep surviving and not to lose your bankroll completely.
It will take time before he master and become consistent in gambling but this also needs skills and knowledge because their are people who are even trying hard but they can't find the right strategy to win, they are just like wasting their money for a goal that they don't even have a chance.
Maybe discipline is the best term, it's a general term than control. It's not easy to control a game, you need massive experience before you reached the peak of having thr ability to control. Discipline is the best and basic strategy we should apply. A gambler must have it especially to those beginner who wants profit by playing.
of your bankroll. So-called professionals are good in maintaining their funds it is very important to them to make sure not to suffer with complete bankruptcy.
It is very easy to say but when you are gambling it becomes a lot harder to do in the real world. Even if a person plays this game in limits, he is highly vulnerable to becoming an addict. This would happen without him every realizing. he would Only discover it once he tries to leave this activity. But I cannot deny the fact that a gambler can save himself from ruining this way. Not here only, discipline should be maintained in every field of life.
November 22, 2019, 03:49:55 PM
Correct. gamblers who knows how to control are possible to earned out from this activities. It can be done with the right preparations and
the right games that you'll going to play. Different strategies will work if the gambler itself have a good self discipline while playing, emotions
are very important since it's the key to keep surviving and not to lose your bankroll completely.
Control is a basic strategy or we can say that its a must for every gambler, but it doesn't mean a gambler would be profitable easily. the right games that you'll going to play. Different strategies will work if the gambler itself have a good self discipline while playing, emotions
are very important since it's the key to keep surviving and not to lose your bankroll completely.
It will take time before he master and become consistent in gambling but this also needs skills and knowledge because their are people who are even trying hard but they can't find the right strategy to win, they are just like wasting their money for a goal that they don't even have a chance.
but without luck, people who have skills will never win 😂
even someone without skills can become a millionaire with just one click of luck. for me to gamble do not need skills only need to understand how to control themselves and their money
this is the thing.
I believe meditation and stoicism can help.
there aren't good and bad things.
there are only things, and the way we frame them.
makes sense?
November 22, 2019, 03:44:24 PM
Correct. gamblers who knows how to control are possible to earned out from this activities. It can be done with the right preparations and
the right games that you'll going to play. Different strategies will work if the gambler itself have a good self discipline while playing, emotions
are very important since it's the key to keep surviving and not to lose your bankroll completely.
Control is a basic strategy or we can say that its a must for every gambler, but it doesn't mean a gambler would be profitable easily. the right games that you'll going to play. Different strategies will work if the gambler itself have a good self discipline while playing, emotions
are very important since it's the key to keep surviving and not to lose your bankroll completely.
It will take time before he master and become consistent in gambling but this also needs skills and knowledge because their are people who are even trying hard but they can't find the right strategy to win, they are just like wasting their money for a goal that they don't even have a chance.
but without luck, people who have skills will never win 😂
even someone without skills can become a millionaire with just one click of luck. for me to gamble do not need skills only need to understand how to control themselves and their money
Jump to: