Gambling as a profession: there's people who live out of gambling? - page 46.

AicecreaME

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Quote from: tvplus006 on September 26, 2019, 09:09:43 AM

Quote from: suzanne5223 on September 25, 2019, 07:39:55 PM

Quote from: tvplus006 on September 25, 2019, 05:04:59 AM

Quote from: Kasabus on September 23, 2019, 04:24:53 AM

Its hard to determine the rate, but it's easy to determine who really are making profit in gambling, and it's non other than the gambling operators.
Aiming to make gambling as a living is a hard job, maybe the hardest kind of job in this world as we know that majority of the gamblers loses over time.

If we have enough capital, maybe the easiest way to make a living in gambling is just to start our own casino or gambling sites.

It’s very difficult to make a casino yourself. There is an opportunity to invest in an already functioning gaming site. And there are actually a lot of such sites that want to attract investors for their business. One such site is Mintdice https://mintdice.com/guide/investing But I am not familiar with the details of investing.

You make a good point and I also support the act of investing in gambling bankroll cause is another way of making passive income. However, the creation of a gambling site is a long process but ones don't need to have huge capital before he can create a because he can just make use of IEO scheme if have what it take.

Yes, you can create an online casino for little money. Such casinos usually operate outside the legal field. I do not think that their owners will spend their money on a license.
Recently, I don’t remember such an IEO that managed to raise money to create a gambling site. And the competition in this business is very high.

How much is this "little money" you were talking about Huh

I'm lost for words. Creating an online casino is no joke, and if you only have "little money" to create one, enlighten me on how you are going to manage your payrolls, who will be on your team to manage your online casino, a lot of money is need and not just little. Having a "little money" to create a casino will lead to a "little casino" and how will your "little casino" earn if you don't have players on it.

A lot of things should be consider if a certain individual is really serious about creating online casino as a business to make money everyday.

Best Dreams

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Quote from: wxa7115 on September 28, 2019, 03:06:51 PM

Quote from: vintages on September 26, 2019, 03:13:41 AM

Online casino are not difficult to make, a simple Google online will reveal people who are selling its scripts depending on the casinos site you want the script like. There are now even software for simple setup and installation but one thing players will miss is the uniqueness in such site.

While it is true that you can buy scripts that will allow you to set up an online casino almost immediately you must remember that casinos need a huge amount of money just to start operations, do you really think that they are going to invest so much money while relying on a script written by someone else? You do not know if such a script has backdoors that could allow the person that wrote that script to steal money from the casino or to somehow predict the outcomes of the games and earn money that way.

If you really want to create a casino you need to do it the hard way and hire software developers that create a unique script that you know is safe for you and your potential customers.

Blockchain is not an easy site, i know it’s quite hard to downs your money better use good amount that is spare from you. I like gambling as fun based earning instead of one way basic earning. I use it in my extra time it never disturb myself for it and never take any kind of situation as lose gives us lesson and experience.

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Quote from: roosbit on September 13, 2019, 05:21:36 PM

Quote from: EdenHazard on September 13, 2019, 12:37:14 PM

You can call yourself as a professional gambler or whatever who make a living out of it successfully for years ... until the time where you lost everything because of gambling come.

I don't think people who go home with nothing but stories of the casino after losing everything can be called professionals!

Well you have a point because professionals has the ability to be almost perfect on their field before they can claim professionalism but before that they cannot be considered as one.
~

In my opinion, most of the so called "professionals" are just people who were lucky enough to be in profit from their gambling activity for several years in row. When some of them lose big time we just forget about them, and don't call them "professionals" any more, but we always have others taking their place. I watched a lot of high stakes poker games on YouTube, and I can say there is nothing special about most of the players there. They make mistakes, like anyone else, and lose a lot, and sometimes they win big because of luck, and that's pretty much it.

I get your point here and yes that’s what really happening because losers are forgotten but winners always popular.in my own experiences I think luck have a big part on this professional claims.i have been lucky in gambling when I was young,most of the games I played is successful until I rested in gambling after college and focus in real life profited.
But maybe if I continue to gamble then it’s either I become professional gambler or a total pain in the ass for my family,lucky that they are always there to remind me about valuing money from work and not just from gambling

maydna

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Quote from: The Cryptologist on September 27, 2019, 10:55:25 PM

Quote from: maydna on September 27, 2019, 08:16:30 PM

Quote from: Shinpako09 on September 27, 2019, 04:49:03 PM

Yep, there is professional gamblers. One of them are those professional poker players. They are making a living out of gambling. You can also search in youtube some successful winnings of individuals in different kind of gambling. We all know luck is not always on our side so it's very risky, because in just blink of an eye your wealthy status could be gone or worst you'll be in deep debt.

Yes, I believe many professional poker players can make a living from the poker games. Although not many of them, they are surely making money for their life. But I thought that some professional sports betting is already to make money too as the poker players so they can use gambling as a profession.

Those professional pokers will have a unique technique to win the games, including how to bluff the opponent so their chance to win will bigger. Their skills cannot be learned in a short time because we need to have the experience too. The more skills we have, the more chance we can win the poker game.

Yeah, I sometimes see them on television on cable. But man, these people must have a lot of filthy rich relatives around them to continue gambling because poker is a favorite game of rich gamblers and with just a small mistake, they could lose millions and a lot of their properties. But I guess some of them have already mastered not being emotional and with great discipline so that is why they can continue as a professional gambler.

I don't know in reality, but yes poker is one of gambling game that has been favored by the rich people. When they were playing gambling, they will use a lot of money without any feeling as they don't think about losing the money. Perhaps, that is happening in Vegas, Macao, or another big country which allows gambling. The rich person can be the next target from the professional poker player to get their money because they can win from those people.

wxa7115

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Quote from: vintages on September 26, 2019, 03:13:41 AM

Online casino are not difficult to make, a simple Google online will reveal people who are selling its scripts depending on the casinos site you want the script like. There are now even software for simple setup and installation but one thing players will miss is the uniqueness in such site.

While it is true that you can buy scripts that will allow you to set up an online casino almost immediately you must remember that casinos need a huge amount of money just to start operations, do you really think that they are going to invest so much money while relying on a script written by someone else? You do not know if such a script has backdoors that could allow the person that wrote that script to steal money from the casino or to somehow predict the outcomes of the games and earn money that way.

If you really want to create a casino you need to do it the hard way and hire software developers that create a unique script that you know is safe for you and your potential customers.

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Quote from: stadus on September 26, 2019, 09:30:02 AM

Quote from: tvplus006 on September 26, 2019, 09:09:43 AM

Yes, you can create an online casino for little money. Such casinos usually operate outside the legal field. I do not think that their owners will spend their money on a license.

There are some who get license for their casinos, and we can see a lot of casinos that has an ANN thread in the forum that is registered and AFAIR most of them are registered in Curacao Gaming Licence, but actually gamblers does not ask or bother to know where they are registered, they gamble because the site has a good reputation.

So with less money, you can still create a casino even without license but building your reputation will take time especially that the competition in the gambling world is high.

Quote from: tvplus006 on September 26, 2019, 09:09:43 AM

Recently, I don’t remember such an IEO that managed to raise money to create a gambling site.

Maybe because serious gambling operators will start their own money in venturing this kind of business, when they run their own money, they can maximize their profit as long as the casino will become a success. As an investor, I would also not choose to invest in a certain gambling casino IEO as in the past, I can't remember any gambling sites that has an ICO that were having big success even if they raise a decent amount of money.

Or maybe they do not raise fund through ICO because online casinos especially cryptocurrency-based ones are not that expensive to start?
Maybe they are "not having big success" because they are Blockchain-based or are not experienced in running casinos?

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Quote from: Betwrong on September 26, 2019, 04:56:28 AM

Quote from: peter0425 on September 25, 2019, 03:52:55 PM

Quote from: roosbit on September 13, 2019, 05:21:36 PM

Quote from: EdenHazard on September 13, 2019, 12:37:14 PM

You can call yourself as a professional gambler or whatever who make a living out of it successfully for years ... until the time where you lost everything because of gambling come.

I don't think people who go home with nothing but stories of the casino after losing everything can be called professionals!

Well you have a point because professionals has the ability to be almost perfect on their field before they can claim professionalism but before that they cannot be considered as one.
~

In my opinion, most of the so called "professionals" are just people who were lucky enough to be in profit from their gambling activity for several years in row. When some of them lose big time we just forget about them, and don't call them "professionals" any more, but we always have others taking their place. I watched a lot of high stakes poker games on YouTube, and I can say there is nothing special about most of the players there. They make mistakes, like anyone else, and lose a lot, and sometimes they win big because of luck, and that's pretty much it.

I think of professionals that they were the ones who compete on tournaments with prize pools. Those who are just playing to entertain themselves are just casual players or those who are spending time and expecting to make profit. But these professionals wouldn't be professional without the luck and fortune.

"They make mistakes, like anyone else, and lose a lot, and sometimes they win big because of luck, and that's pretty much it."
There is nothing special on them, they are just experienced ones but then again they commit mistakes like normal players.

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Quote from: Eugenar on September 27, 2019, 11:33:18 PM

As far as I know you can't classify the gambling as profession. The only way you can earn through this is that if you were the owner or you have huge amount of luck. Apparently, gambling is supposedly for entertainment not for profit due to the fact that you have a low chance of winning. But this is just my opinon, I haven't encounter any professional gambler so this is the only I can say regard this.

When you are professional gambler, that means it is your profession, and you are doing it full time. You even pay special taxes on it. At least in the United States, it would be interesting to see how it is in some other countries.

Quote

The professional gambler reports gambling winnings and losses for federal purposes on Schedule C, Profit or Loss From Business. To compute his or her business income, the professional gambler may net all wagering activity but cannot report an overall wagering loss. In addition, the taxpayer may deduct "ordinary and necessary" business expenses (expenses other than wagers) incurred in connection with the business.

Whether a gambler is an amateur or a professional for tax purposes is based on the "facts and circumstances." 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.

.
Source

Eugenar

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As far as I know you can't classify the gambling as profession. The only way you can earn through this is that if you were the owner or you have huge amount of luck. Apparently, gambling is supposedly for entertainment not for profit due to the fact that you have a low chance of winning. But this is just my opinon, I haven't encounter any professional gambler so this is the only I can say regard this.

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Quote from: maydna on September 27, 2019, 08:16:30 PM

Quote from: Shinpako09 on September 27, 2019, 04:49:03 PM

Yep, there is professional gamblers. One of them are those professional poker players. They are making a living out of gambling. You can also search in youtube some successful winnings of individuals in different kind of gambling. We all know luck is not always on our side so it's very risky, because in just blink of an eye your wealthy status could be gone or worst you'll be in deep debt.

Yes, I believe many professional poker players can make a living from the poker games. Although not many of them, they are surely making money for their life. But I thought that some professional sports betting is already to make money too as the poker players so they can use gambling as a profession.

Those professional pokers will have a unique technique to win the games, including how to bluff the opponent so their chance to win will bigger. Their skills cannot be learned in a short time because we need to have the experience too. The more skills we have, the more chance we can win the poker game.

Yeah, I sometimes see them on television on cable. But man, these people must have a lot of filthy rich relatives around them to continue gambling because poker is a favorite game of rich gamblers and with just a small mistake, they could lose millions and a lot of their properties. But I guess some of them have already mastered not being emotional and with great discipline so that is why they can continue as a professional gambler.

maydna

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Quote from: Shinpako09 on September 27, 2019, 04:49:03 PM

Yep, there is professional gamblers. One of them are those professional poker players. They are making a living out of gambling. You can also search in youtube some successful winnings of individuals in different kind of gambling. We all know luck is not always on our side so it's very risky, because in just blink of an eye your wealthy status could be gone or worst you'll be in deep debt.

Yes, I believe many professional poker players can make a living from the poker games. Although not many of them, they are surely making money for their life. But I thought that some professional sports betting is already to make money too as the poker players so they can use gambling as a profession.

Those professional pokers will have a unique technique to win the games, including how to bluff the opponent so their chance to win will bigger. Their skills cannot be learned in a short time because we need to have the experience too. The more skills we have, the more chance we can win the poker game.

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Quote from: Lucasgabd on August 08, 2019, 09:42:50 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.

Well, there are. There are poker players who are famous in gambling industry and they are earning a lot of money from gambling by joining tournaments and other poker events. I think there are other people who are making a living thru gambling. Anyway, it's great to earn why you are doing what you love, but take note that being to addicted in gambling is not a good trait to have and this big time gamblers already a huge pocket on them that's why they have the luxury to gamble with a huge amount of money.

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Yep, there is professional gamblers. One of them are those professional poker players. They are making a living out of gambling. You can also search in youtube some successful winnings of individuals in different kind of gambling. We all know luck is not always on our side so it's very risky, because in just blink of an eye your wealthy status could be gone or worst you'll be in deep debt.

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Quote from: hahay on September 26, 2019, 04:06:03 PM

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Quote from: tvplus006 on September 25, 2019, 05:04:59 AM

Quote from: Kasabus on September 23, 2019, 04:24:53 AM

Quote from: Finestream on September 23, 2019, 03:41:48 AM

Quote from: swogerino on September 23, 2019, 03:04:15 AM

The remaining 1% are those who are making a living from gambling.

That's means gambling industry are so rich because they take the 99% chance of making money compared to only 1% of their gamblers who make a living in gambling. I don't know what percentage exactly but I do believe it's possible to make a living in gambling and 1% is just too small, maybe like 5%, but like I said, I really don't know because I myself is not making a living in gambling although in the past I tried to find ways to make it possible, but failed.

Its hard to determine the rate, but it's easy to determine who really are making profit in gambling, and it's non other than the gambling operators.
Aiming to make gambling as a living is a hard job, maybe the hardest kind of job in this world as we know that majority of the gamblers loses over time.

If we have enough capital, maybe the easiest way to make a living in gambling is just to start our own casino or gambling sites.

It’s very difficult to make a casino yourself. There is an opportunity to invest in an already functioning gaming site. And there are actually a lot of such sites that want to attract investors for their business. One such site is Mintdice https://mintdice.com/guide/investing But I am not familiar with the details of investing.

a lot of capital must be spent to create your own casino site, and of course that is not easy to do. indeed the profit generated by the owner of the comparison site is far greater than the gamblers who can benefit every day from gambling they do. however, only a few people can depend every day to get money from gambling itself and of course it can only be done by professional gamblers

So, what is impossible is to make gambling a profession. Indeed, there will be very large income differences between developers and users, and of course users or players will only get a small profit because players will receive more losses at any time from gambling. In this case it can be said that a gambler does not need to make gambling as the main profession because it will only spend your money from time to time.

But there are people who have gambling as their main profession, that's the thing. It's possible for that to work, though it xan't be applied to everyone. It's like working in the entertainment industry. These gamblers get paid because they're good at what they do. They don't live off of their winnings. People pay them to gamble, probably to promote a brand or something.

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Quote from: tvplus006 on September 25, 2019, 05:04:59 AM

Quote from: Kasabus on September 23, 2019, 04:24:53 AM

Quote from: Finestream on September 23, 2019, 03:41:48 AM

Quote from: swogerino on September 23, 2019, 03:04:15 AM

The remaining 1% are those who are making a living from gambling.

That's means gambling industry are so rich because they take the 99% chance of making money compared to only 1% of their gamblers who make a living in gambling. I don't know what percentage exactly but I do believe it's possible to make a living in gambling and 1% is just too small, maybe like 5%, but like I said, I really don't know because I myself is not making a living in gambling although in the past I tried to find ways to make it possible, but failed.

Its hard to determine the rate, but it's easy to determine who really are making profit in gambling, and it's non other than the gambling operators.
Aiming to make gambling as a living is a hard job, maybe the hardest kind of job in this world as we know that majority of the gamblers loses over time.

If we have enough capital, maybe the easiest way to make a living in gambling is just to start our own casino or gambling sites.

It’s very difficult to make a casino yourself. There is an opportunity to invest in an already functioning gaming site. And there are actually a lot of such sites that want to attract investors for their business. One such site is Mintdice https://mintdice.com/guide/investing But I am not familiar with the details of investing.

a lot of capital must be spent to create your own casino site, and of course that is not easy to do. indeed the profit generated by the owner of the comparison site is far greater than the gamblers who can benefit every day from gambling they do. however, only a few people can depend every day to get money from gambling itself and of course it can only be done by professional gamblers

So, what is impossible is to make gambling a profession. Indeed, there will be very large income differences between developers and users, and of course users or players will only get a small profit because players will receive more losses at any time from gambling. In this case it can be said that a gambler does not need to make gambling as the main profession because it will only spend your money from time to time.

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Quote from: Rikafip on September 25, 2019, 11:25:41 AM

After working there, i must say i respect anyone going into that business, it ain't as easy as some would like to think

I basically agree with this point

But we should not forget either about scams which just pretend to be "provably fair" casinos. As far as I remember, there were a few such cases discussed here in the past. Some were not outright scams but their bets were proven to be far from fair. Once it had become known with irresistible evidence provided, they had to close the shop. Some casinos were legit but their bankroll management sucked massively so it didn't take long for some whale to come and ruin them by betting big time and taking away all their money

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Quote from: tvplus006 on September 26, 2019, 09:09:43 AM

Yes, you can create an online casino for little money. Such casinos usually operate outside the legal field. I do not think that their owners will spend their money on a license.

There are some who get license for their casinos, and we can see a lot of casinos that has an ANN thread in the forum that is registered and AFAIR most of them are registered in Curacao Gaming Licence, but actually gamblers does not ask or bother to know where they are registered, they gamble because the site has a good reputation.

So with less money, you can still create a casino even without license but building your reputation will take time especially that the competition in the gambling world is high.

Quote from: tvplus006 on September 26, 2019, 09:09:43 AM

Recently, I don’t remember such an IEO that managed to raise money to create a gambling site.

Maybe because serious gambling operators will start their own money in venturing this kind of business, when they run their own money, they can maximize their profit as long as the casino will become a success. As an investor, I would also not choose to invest in a certain gambling casino IEO as in the past, I can't remember any gambling sites that has an ICO that were having big success even if they raise a decent amount of money.

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Quote from: suzanne5223 on September 25, 2019, 07:39:55 PM

Quote from: tvplus006 on September 25, 2019, 05:04:59 AM

Quote from: Kasabus on September 23, 2019, 04:24:53 AM

Its hard to determine the rate, but it's easy to determine who really are making profit in gambling, and it's non other than the gambling operators.
Aiming to make gambling as a living is a hard job, maybe the hardest kind of job in this world as we know that majority of the gamblers loses over time.

If we have enough capital, maybe the easiest way to make a living in gambling is just to start our own casino or gambling sites.

It’s very difficult to make a casino yourself. There is an opportunity to invest in an already functioning gaming site. And there are actually a lot of such sites that want to attract investors for their business. One such site is Mintdice https://mintdice.com/guide/investing But I am not familiar with the details of investing.

You make a good point and I also support the act of investing in gambling bankroll cause is another way of making passive income. However, the creation of a gambling site is a long process but ones don't need to have huge capital before he can create a because he can just make use of IEO scheme if have what it take.

Yes, you can create an online casino for little money. Such casinos usually operate outside the legal field. I do not think that their owners will spend their money on a license.
Recently, I don’t remember such an IEO that managed to raise money to create a gambling site. And the competition in this business is very high.

Rikafip

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Quote from: tvplus006 on September 26, 2019, 06:42:09 AM

Quote from: Rikafip on September 26, 2019, 06:13:55 AM

Quote from: tvplus006 on September 26, 2019, 05:34:39 AM

Quote from: Rikafip on September 25, 2019, 05:36:16 AM

Contrary to the popular belief , casinos don't have huge profit margin. From my experience , they have less than 10%, after they pay all the taxes and licenses, and taxes for these kind of business are quite high. Truth to be told,i worked in Europe where taxes on these things are quite high, some specific places like Vegas or Macau might have lower taxes.
So it is not so easy, to just open casino and make easy money.

If you look at a real casino, then the payout percentage is up to 98%. And the casino lives on these 2% very well) The main thing here is to have a big turnaround. In an online casino, it is not known what percentage is paid. And this is the main problem.

98% payout might happen only in short period of time like few weeks, but in the long run casino wouldn't be able to function with that kind of payout percentage. It would be hard for casino to pay taxes, licenses, salaries etc with 2% and keep on running for a longer period.
From my work experience in casinos, payout percentage is approximately 90% (talking about 1 year period).

I don’t know what position you occupied in the casino, but I’m sure that not all employees have access to financial documents. I did not work in a casino, but I gave these figures based on reports from Las Vegas casinos. I understand that in other casinos this percentage is lower.

You have to differentiate payout percentage on 1 specific slot machine in some specific amount of time, that can go up to 98%, to average payout percentage across let's say 100 slot machines that some casino has. So slot machine 1 can have 75%, slot machine 2 85%, slot machine 3 90%. and slot machine 4 98% and so on..

Just to add, payout percentage is regulated, so in some states minimum is set at 75%, while some have 80+%.

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Quote from: Rikafip on September 26, 2019, 06:13:55 AM

Quote from: tvplus006 on September 26, 2019, 05:34:39 AM

Quote from: Rikafip on September 25, 2019, 05:36:16 AM

Contrary to the popular belief , casinos don't have huge profit margin. From my experience , they have less than 10%, after they pay all the taxes and licenses, and taxes for these kind of business are quite high. Truth to be told,i worked in Europe where taxes on these things are quite high, some specific places like Vegas or Macau might have lower taxes.
So it is not so easy, to just open casino and make easy money.

If you look at a real casino, then the payout percentage is up to 98%. And the casino lives on these 2% very well) The main thing here is to have a big turnaround. In an online casino, it is not known what percentage is paid. And this is the main problem.

98% payout might happen only in short period of time like few weeks, but in the long run casino wouldn't be able to function with that kind of payout percentage. It would be hard for casino to pay taxes, licenses, salaries etc with 2% and keep on running for a longer period.
From my work experience in casinos, payout percentage is approximately 90% (talking about 1 year period).

I don’t know what position you occupied in the casino, but I’m sure that not all employees have access to financial documents. I did not work in a casino, but I gave these figures based on reports from Las Vegas casinos. I understand that in other casinos this percentage is lower.

Topic: Gambling as a profession: there's people who live out of gambling? - page 46. (Read 6953 times)