How Do You Become A Professional Gambler

Keep records of the time you spend practicing and competing. By maintaining books and records show that you're not just a casual gambler, you can prove that you're a professional. Do you want to become a professional gambler? You need to know a few tricks and you should be courageous enough to lose as much as $2000 at least once. If you think you don't have them both, then you are out of luck and shouldn't be gambling. Gambling is an art and in order to become the best in it, you have to master it and that can only. Della began singing in her hometown of Detroit when she was 6 years old. As a teenager, she toured with gospel great Mahalia Jackson and, at the age of 18, she formed the Meditation Singers and became the first performer to take gospel music to the casinos of Las Vegas. Steve and Matt Bourie from the American Casino Guide book take a look at what it takes to become a professional gambler. In this two-part series they look at. Becoming a Professional Gambler – Choose Your Discipline We like to say that gambling is a lot like martial arts. You can be a black belt in Muay Thai, and a complete beginner at Jiu-Jitsu. The same goes for gambling – you can be a semi-pro level poker player, but not have the first clue about trading the financial markets for a profit.

Most gamblers realize that becoming a professional isn't an easy path. A successful pro must excel at a specific game and be disciplined in bankroll management and other areas.

Even still, professional gambling seems like a very desirable job. You need only look at multi-millionaire sports bettors, WSOP champions, and card-counting legends to get inspired.

Being a pro definitely has its highs, including fame and fortune. But it also has plenty of downsides that must be considered too.

That said, I'm going to cover the highs and lows of being a pro gambler and finish by concluding if it's a worthwhile pursuit.

Best Aspects of Being a Pro Gambler

Professional bettors enjoy a number of general advantages and benefits that are specific to their chosen game. The benefits discussed below apply to most forms of pro gambling.

Win Profits From Entertaining Games

The average person goes to casinos knowing full well that they have a solid chance of losing. After all, the casino holds an edge in all of their games.

Nevertheless, these people visit casinos and gamble for the sake of entertainment. While they hope to win, they'll still get plenty of thrills even if they lose.

But just imagine being able to play the same games, only with an edge.

As I'll cover later, this profession isn't always as glamorous as it seems, but it's exciting enough to keep many pro gamblers engaged in their job.

Be Your Own Boss

Being your own boss lets you set your own hours and decide your schedule. You don't have somebody else clocking your 10-minute break or limiting you to half-hour lunches.

Those who gamble for a living get to enjoy this very perk. They can enter the casino or log in online whenever the mood strikes and stop playing when they've had enough for the day.

Depending upon the game, some points of the day are more advantageous than others. For example, many online poker pros work during evening hours and weekends when many recreational players are online.

But even in these cases, professionals have some degree of control over their schedule. They can choose to take a night off when they need it and set their hours as necessary.

You Control Your Destiny

Most forms of employment don't give you a true chance to move up the ladder. You may be able to get a promotion after a few years, but you're still at the mercy of your boss or whoever's making such decisions.

Gambling, on the other hand, is a wide-open affair. You can improve your situation by studying your profession and becoming more skilled.

Of course, there are limitations to how much you can move up in the gambling world based on your bankroll. You can't expect to consistently beat $1,000 buy-in tournaments and daily fantasy sports (DFS) on a consistent basis if you only have $5,000.

By and large, though, being a professional gambler gives you greater control over your destiny than most regular jobs.

Virtually Unlimited Earning Potential

I'll reiterate again that some limitations apply to moving up the ladder in gambling. But the good news is that your earning potential is still almost limitless.

Nobody is stopping you from gradually accumulating a massive bankroll through sports betting and one day making six- or seven-figure wagers. Likewise, no one can prevent you from becoming a high-stakes poker player one day.

The key is having the patience and discipline to reach for higher and higher levels. While you may not ultimately make it to the top, you can at least improve your standing and win more money.

Become Famous

Some forms of gambling give you a platform for gaining fame. Poker, blackjack, daily fantasy sports, and sports betting have all seen certain players become well known.

Poker has especially created a number of minor celebrities. Players like Daniel Negreanu, Phil Ivey, Patrik Antonius, Phil Hellmuth, Gus Hansen, and Dan Cates have all gained some degree of international fame for their success.

Certain members of the MIT blackjack team became infamous through their card-counting exploits and even had a mainstream movie made about them.

Other counters like Ed Thorp, Al Snyder, Ken Uston, and James Grosjean are also blackjack legends. You may not necessarily set out to be famous when embarking on a professional gambling journey, but it can be an interesting byproduct if you become good enough.

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Travel to Interesting Places

Card counters and poker players may find themselves traveling to exotic destinations in their line of work. This especially comes into play with poker because major tournaments are held throughout the world.

The PokerStars Caribbean Adventure (PCA), for example, is held at Paradise Island (Nassau), Bahamas. The Aussie Millions is staged in Melbourne, Australia, annually.

Travel to Interesting Places

Card counters and poker players may find themselves traveling to exotic destinations in their line of work. This especially comes into play with poker because major tournaments are held throughout the world.

The PokerStars Caribbean Adventure (PCA), for example, is held at Paradise Island (Nassau), Bahamas. The Aussie Millions is staged in Melbourne, Australia, annually.

As for card counters, they often go where the games are good. If they've been thrown out of too many Vegas casinos, they may find more success in Europe or the Caribbean.

Of course, not every gambler wants to travel as part of their job, because it takes time and a portion of their bankroll. But those who do enjoy seeing the world will like this aspect.

Have a Cool Job

As a gambling pro, you'll receive lots of questions from other people. They may even pick your brain about how to become a professional themselves.

This line of work isn't common, such as being a truck driver, working in a factory, or being a salesman.

You may sometimes find yourself the center of attention at gatherings when others find out that you gamble for a living.

Satisfaction of Being Among the Best

Again, few get the chance to play casino games or other forms of gambling professionally. Even if you only last in this field for 1-2 years, you're still far better than the average gambler.

Any type of game you play will be a competitive affair. You'll especially face resistance in player-versus-player games like poker and DFS.

If you embrace studying strategy to improve your skills, then you'll fare well against opponents. With the right work ethic, you may even ascend to the top of your respective game.

Worst Aspects of Being a Pro Gambler

The advantages discussed above show why people aspire to make a full-time living through gambling. But what many of the same bettors don't take into account is that there are some serious downsides to this type of work.

You may ultimately find that the pros outweigh the cons, but you'll still want to be aware of the following drawbacks before throwing yourself into the matter.

Being a Pro Can Make Gambling Boring

Nobody randomly decides that they want to gamble for a living. They instead start out playing a fun casino game and decide that they've found a potential dream job.

But what may seem fun and exciting at first can become a drag. As a professional, you're no longer gambling for fun.

You're instead constantly looking for favorable opportunities and ways to maintain your edge. While this can still be rewarding, it's not the same as visiting the casino once per week whenever you feel like it.

Poker is a great example of how boring professional gambling can be. The pros are often called 'grinders' because they spend hours playing hand after hand and grinding out profits.

The rewards can be well worth the effort, but it may not seem so when you're playing up to 12 hours per day in a multi-table tournament.

Income Isn't Steady

Gambling is the total opposite of a nine-to-five job. You don't punch in and earn X amount of dollars per hour.

Your income is based on a combination of your skills, how many hours you play, and if luck is going your way. The luck factor is especially tough to deal with because it means that you never know how much you'll make in any given week.

Those who play in big DFS and poker tournaments especially know the difficulty of predicting their income. These gamblers rely on huge scores, which come very inconsistently in larger tourneys.

Downswings Are Common

Every form of gambling is subject to a degree of chance, no matter how good you are. You'll be riding high when you're playing well and luck is in your favor.

Unfortunately, you also go through periods where you can't catch a break. You may make a lot of seemingly good sports bets, only to continue losing again and again.

These downswings can certainly be depressing. However, they're something you must be fully prepared to deal with when gambling for a living.

How To Become A Professional Gambler Sports

You Need a Large Bankroll

You won't make much money through gambling if you don't have a big bankroll. After all, your bankroll determines how large of stakes you'll be able to play for.

You don't have to compete in DFS tournaments with four-figure buy-ins or poker cash stakes worth $200/$400 just to be successful, but you do need enough money to cover fairly high limits and your bills.

$50 sports bets and $10 buy-in DFS contests aren't going to cut it. You instead want a bankroll worth thousands of dollars so that you can make the type of bets that'll bring in serious profits.

Must Maintain Skills to Succeed

Just because you become a professional bettor doesn't mean that you maintain this status forever. You instead need to work on your skills so that you can improve, or at least remain at the same level.

You're not guaranteed a tomorrow with card counting, esports betting, poker, or any other legitimate gambling profession. If your abilities erode, then your chances of winning also go down the tubes.

You definitely want to study your respective game in order to keep up. Unfortunately, this means putting more work in away from the gambling side.

Hard to Stay Disciplined

Earlier, I covered how gambling can become boring when you have to do it every day. This problem can cause you to become undisciplined and take unnecessary risks.

You may start out with every intention of doing the right thing and placing bets with positive expected value. However, your plans can go off the rails after you've been playing poker professionally for three years and are bored with the matter.

Many poker pros make prop bets with each other because they want to spice up the action. They get tired of playing numerous hands and want to try a different type of gamble with each other.

Of course, there's nothing wrong with a fun weight-loss bet or challenge on how many lunges one can do. But players should never make the type of wagers that could put their career in jeopardy.

Travel and Casino Life Can Become a Grind

Earlier, I discussed how traveling can be a perk for professional gamblers. Those who've always dreamed of going to Europe, the Caribbean, or elsewhere will appreciate where gambling can take them.

But traveling also becomes a drain, especially when one has to do it often. Many poker tournament pros tire of constantly being on the road.

Even if you don't have to go far to gamble, simply spending hours in the casino is also a grind. Card counters and live poker pros know this all too well.

Some Look Down Upon Professional Gamblers

Having an interesting job as a pro gambler is good to some degree. However, you also have to consider that general society frowns upon this profession.

The average person doesn't realize that you're making money through skill. They instead envision you as a degenerate gambler who sits around drinking and smoking cigars.

This stereotype is no longer as true today, but that doesn't stop many people from seeing professional gamblers as degenerates.

You're Not Contributing to Society

You probably won't get much fulfillment out of gambling when considering that you're not producing anything substantial. Instead, you're merely winning money off the casino or other players.

Many poker pros have cited this aspect when they retire from the game.

The same ex-grinders often find work in a field where they're actually fulfilling a goal beyond just earning money.

You May Not Develop Meaningful Relationships With 'Coworkers'

One benefit to working at a regular company is that you can develop friendships with your coworkers. You may even find yourself hanging out with them beyond the workplace.

Some gamblers have developed the same relationships to a certain degree. However, not everybody appreciates rubbing elbows with fellow gamblers on a daily basis.

Hard to Maintain a Work-Life Balance

The problem with making your own hours is that it's hard to figure out where your personal life ends and your job begins. You have to gamble whenever a favorable opportunity presents itself, or leave profits on the table.

If you're a DFS pro who makes most of your money through NFL games, then you'll need to spend a lot of time on Friday and Saturday crafting your lineups. This is a point when you have the most information possible to make decisions.

Likewise, many online poker pros play during European evening hours. This is the time when the largest number of recreational poker players is online.

This sort of lifestyle creates problems when trying to maintain non-poker friends and a relationship with a significant other. The difficult work-life balance of gambling is another reason why many end up quitting the profession.

Is It Worth Becoming a Pro Gambler?

St leger stakes horse racing. You really need a passion for whatever game you're playing — at least in the beginning. Having this feeling gives you fuel to continue learning and excelling in your chosen game.

If you enjoy DFS then you not only need to like creating lineups and watching sports but also researching players and in-depth stats.

You can't be successful when you just enjoy the fun parts and forget the rest.

Of course, you may eventually lose this passion after years of playing a specific game. Any of the downsides that I covered earlier can eat away at your desire to gamble for a living.

But you'll only know this if you try becoming a professional in the first place. The reverse side is that you might grow to love whatever game you're playing and embrace it for decades.

You, therefore, have to evaluate how much you really like gambling before jumping head-first into it. Try gradually increasing the number of hours you spend with a particular game to see if you still have the same feeling or if it begins fading.

I definitely don't recommend that you go down the professional gambling path without the proper bankroll. You won't have enough money to survive gaming's volatility.

• A card-counting team, for example, is advised to start out with at least $20,000 to $25,000. They only have around a 1% edge, meaning they'll suffer losing sessions almost as often as they win.
• A poker or DFS tournament player should have around 100 buy-ins for their respective stakes. Big tourneys are extremely volatile, meaning one needs a large number of buy-ins while they're waiting for sizable scores.

You also need to be okay with the lows of professional gambling discussed here. Ideally, you want to feel like the pros outweigh the cons.

Conclusion

Being a pro gambler isn't as glamorous as it's made out to be in the movies. You won't constantly be involved in dramatic games or win six or seven figures on a regular basis.

Instead, this job is about getting an edge, maintaining it, and slowly grinding out profits over time. As long as you know and accept this going in, then you may be right for this profession.

Of course, everything begins with having the necessary skills to win on a regular basis. You can't call yourself a card counter or pro esports bettor when you lose over half your money.

You need to dedicate yourself to learning strategy and improving your skills. With enough time and effort, you may eventually have what it takes to succeed.

Gambling as a pro definitely has its benefits. You can set your own hours, control your destiny, have an interesting job, and win lots of money.

However, this profession also comes with drawbacks. Your favorite game can suddenly become boring, the income is volatile, you have to maintain your skills, and travel may become a regular thing.

Not everybody is cut out for this line of work. That's why so few people actually gamble for a living. But if you want to be a pro bad enough, then the opportunity is there in several games.

William T. Walters (born July 15, 1946)^[2] is an American entrepreneur, philanthropist, and retired professional gambler widely regarded as among the most successful sports bettors in Las Vegas, having a winning streak which extended for over 30 years.

In 1987, Walters stopped all gambling other than sports betting and returned to his roots in business. As of 2016, his holding company owned interests in eight car dealerships with one under construction, one golf course on the Las Vegas Strip, a rental-car franchise, and a number of commercial properties.^[3] In 2014, his net worth was estimated at more than $100 million.^[4]

Early life[edit]

Walters grew up poor in the rural town of Munfordville, Kentucky. His father, an auto mechanic, died when Walters was 18 months old. His mother, who was an alcoholic, walked out on her son and two daughters shortly after his father's death. He was raised by his grandmother in a home with no running water or indoor plumbing.^[5]

Walters credits his grandmother, a devout Baptist, with instilling a strong work ethic. She worked two jobs cleaning houses and washing dishes while raising seven children. At the age of seven, Walters secured a $40 bank loan for a power lawnmower to start a grass-cutting business. At age nine, he secured a second loan for $90 to start a paper route. His grandmother arranged both loans for Walters.^[5]

His grandmother died when Walters was 13, forcing him to move to Louisville, KY, to be with his mother. There he worked two jobs, one in the morning at a bakery and the second at a gas station in the evenings. He rented a room in the basement from his mother. He married and had a child before graduating high school. The marriage was short-lived.

Business success[edit]

In 1965, Walters went to work as a salesman at McMackin Auto Sales, a used-car lot in Louisville. Each time he sold a car, he mailed a self-promotion letter to 10 people living on each side of that customer's home. He would peruse the daily newspaper for car ads, inviting the ads' sellers to do trades with him. He went through the phone book and cold-called people. Walters sold an average of 32 cars a month and earned $56,000 a year in 1966, equal to about $400,000 today.

Walters worked 80 hours a week selling cars and setting dealership records. In 1967, he was hired as sales manager at Steven's Brothers Auto Sales, a competing dealership. He worked at Stevens Brothers until 1972, when he started his own business, Taylor Boulevard Auto Sales, wholesaling cars to other dealers throughout the southeastern United States.

How To Become A Professional Gambler Uk

During that time, Walters also remained involved in sports betting. In 1981, he left the automobile industry to become a full-time sports bettor. He was running his own betting service on the side and, in 1982, pled guilty to a misdemeanor charge of possession of gambling records in Kentucky. The charge later was expunged from his record.

It was then that he decided to move with his wife, Susan, to Las Vegas, where opportunity beckoned and betting on sports was legal.

Gambling career[edit]

Walters started gambling when he was 9 years old, when he bet the money he earned from his paper route on the New York Yankees to beat the Brooklyn Dodgers in the 1955 World Series. The Dodgers won and Walters lost the bet, but it did not deter him from gambling. Walters was a losing gambler as late as 1982. He had lost $50,000 by the time he was 22. Walters once lost his house during a game of pitching nickels. The winner did not take possession; Walters agreed to pay off the debt over the next 18 months.

Walters' success changed in his mid to late 30s. In June 1986, Walters requested a freeze-out with Caesars Atlantic City for $2 million at the roulette tables. Walters was known to have lost $1 million at least twice at the Las Vegas blackjack tables. Caesars, however, declined his request. Walters then took his proposition to the Atlantic Club Casino Hotel, then known as the Golden Nugget, which was accepted.^[6]

Walters and his gambling partner delivered $2 million to the cage at the Atlantic Club Casino Hotel. The pair noticed a wheel bias and bet on the 7-10-20-27-36. After 38 hours of play they won $3,800,000, beating the prior record of $1,280,000 held by Richard W. Jarecki at the San Remo Casino in Monte Carlo in 1971. Three years later his 'Syndicate' had won $400,000 at a casino in Las Vegas and an additional $610,000 from Claridge Casino in Atlantic City.^[6] Walters also captured the 1986 Super Bowl of Poker, (also known as Amarillo Slim's Super Bowl of Poker or SBOP) in Lake Tahoe earning $175,000.^[7]

Sports betting[edit]

In the 1980s, Walters joined the Computer Group, which used computer analysis to analyze sports outcomes. Over a period of 39 years, Walters had only one losing year, with a 30-year winning streak. Though he has finished in the red for a few months, he was always in the black by the end of the year. Walters bet on basketball, NFL, and college football. Walters won $3.5 million on Super Bowl XLIV after betting on the New Orleans Saints.^[8] Due to his reputation, Walters often placed bets through 'runners' so bookmakers would remain unaware of the person behind the bet.^[9]

In January 2007, Walters won a $2.2 million bet on University of Southern California defeating University of Michigan; USC won, 32-18. In 2011, Walters claimed he could make between $50 to $60 million on a good year.^[2]

Insider trading[edit]

In April 2017, Walters was found guilty of insider trading after using non-public information from Thomas C. Davis, a board member of Dean Foods. Walters was sentenced to 5 years in prison and fined $10 million. Lawyer Daniel Goldman, then an assistant United States Attorney for the Southern District of New York, was part of the trial team.^[10][11][12]

Walters' source, company director Thomas C. Davis, using a prepaid cell phone and sometimes the code words 'Dallas Cowboys' for Dean Foods, helped Walters, between 2008 and 2014, realize profits and avoid losses in the stock, the Federal jury found. Walters gained $32 million in profits and avoided $11 million in losses. At the trial, investor Carl C. Icahn was mentioned in relation to Walters' trading but was not charged with wrongdoing. Golfer Phil Mickelson 'was also mentioned during the trial as someone who had traded in Dean Foods shares and once owed nearly $2 million in gambling debts to' Walters. Mickelson 'made roughly $1 million trading Dean Foods shares; he agreed to forfeit those profits in a related civil case brought by the Securities and Exchange Commission'.^[13][14]

On December 4, 2018, the U.S. 2nd Circuit Court of Appeals upheld the insider trading conviction and 5 year sentence of Walters, even though it chastised an FBI agent for leaking grand jury information about the case.^[15] On October 7, 2019, the U.S. Supreme Court refused to hear Walters' appeal.^[16]

Walters was initially imprisoned at Federal Prison Camp, Pensacola, but was released to home confinement in Carlsbad, California, on May, 1, 2020, amid the coronavirus pandemic. His sentence was scheduled to be completed on January 10, 2022,^[4] and was commuted by Donald Trump on January 20, 2021.^[17]

Personal life[edit]

Walters has three children, and was an avid golfer. He claims to have made over $400,000 on one hole and once as much as $1 million in one round, although he admitted to losing a million at blackjack later that night.^[18]

In June 2014, Walters had a private jet worth $20 million and owned seven homes, with a net worth estimated at over $100 million.^[1]

Walters is a noted philanthropist and has donated to Opportunity Village, a Las Vegas nonprofit for people with intellectual disabilities.^[12] In September 2020, in response to Opportunity Village cancelling their two largest fundraising events because of the COVID-19 pandemic, the Walters family committed to a $1 million matching donation. He and his wife Susan have been staunch Opportunity Village advocates for decades and were honored at the organization's 11th annual black-tie gala Camelot in 2012. ^[19]

The couple were also honored as Las Vegas Philanthropists of the Year in 1997 by the Association of Fundraising Professionals Las Vegas Chapter^[20][21]

See also[edit]

References[edit]

1. ^ ^abRowe, Peter (June 13, 2014). 'Billy Walters, gambler extraordinaire'. sandiegouniontribune.com. Retrieved March 6, 2018.
2. ^ ^abBerzon, Alexandra (June 3, 2014). 'Taste for Risk Fueled Career of Bettor Billy Walters, Now in Trading Probe'. WSJ. Retrieved March 6, 2018.
3. ^Lareau, Jamie (July 9, 2016). 'Billy Walters: Done gambling, still dealing'. Automotive News. Retrieved July 3, 2019.
4. ^ ^abG, Thomas (May 1, 2020). 'Famed Vegas gambler released from prison in COVID-19 program'. AP. Retrieved May 1, 2020.
5. ^ ^abFish, Mike (April 2, 2018). 'Billy walters on his conviction, gambling -- and ex-friend Lefty'. ESPN. Retrieved July 3, 2019.
6. ^ ^abRussell T. Barnhart (1992). Beating the Wheel: The System That Has Won Over Six Million Dollars from Las Vegas to Monte Carlo. Kensington Publishing Corporation. pp. 101–. ISBN978-0-8184-0553-2.
7. ^'Billy Walters and the Story of the Computer Group'. Pregame. Retrieved June 4, 2019.
8. ^Newman, Eric (February 17, 2012). 'The Greatest Sports Bets of All Time'. Bleacher Report. Retrieved March 6, 2018.
9. ^Fish, Mike (February 6, 2015). 'Meet the world's most successful gambler'. ESPN.com. Retrieved March 6, 2018.
10. ^'Democrats' impeachment lawyer cut his teeth prosecuting mobsters, Wall Street cheats'. Washington Post. Retrieved November 13, 2019. Cucinella said she requested Goldman to be on the trial team 'because he has a bit of a swagger as a trial lawyer, and it's a confidence that serves him well. In a courtroom, he's incredibly effective.'
11. ^Moynihan, Colin; Moyer, Liz (April 7, 2017). 'William T. Walters, Famed Sports Bettor, Is Guilty in Insider Trading Case'. nytimes.com. Retrieved March 6, 2018.
12. ^ ^abErik Larson Bloomberg (July 27, 2017). 'Las Vegas gambler Walters gets 5 years in prison, $10M fine'. Las Vegas Review-Journal. Retrieved March 6, 2018.
13. ^Calia, Mike (September 6, 2017). 'Gambler Billy Walters sentenced to 5 years in 'amateurishly simple' insider-tradingscheme'. CNBC. Retrieved March 6, 2018.
14. ^Larson, Erik (July 27, 2017). 'Vegas Gambler Billy Walters Gets 5 Years for Insider Trading'. Bloomberg.com. Retrieved March 6, 2018.
15. ^Jonathan Stempel Reuters (December 4, 2018). 'Las Vegas gambler Walters loses insider trading appeal'. Reuters. Retrieved December 4, 2018.
16. ^Andrew Chung Reuters (October 7, 2019). 'U.S. Supreme Court rejects insider trading appeal by Las Vegas gambler'. Reuters. Retrieved October 7, 2019.
17. ^'Statement from the Press Secretary Regarding Executive Grants of Clemency'. whitehouse.gov. January 20, 2021 – via National Archives.
18. ^'Billy Walters - A Legend In Sports Betting History'. USA Sportsbook Sites. September 21, 2015. Retrieved March 6, 2018.
19. ^Rocky Nash KLAS-TV (2020). 'Opportunity Village receives $1M matching donation offer from notable philanthropists'. KLAS-TV. Retrieved September 30, 2020.
20. ^AFP Las Vegas Chapter (1997). 'Association of Fundraising Professionals Las Vegas'. AFP. Retrieved January 6, 2020.
21. ^Admin (January 6, 2020). 'Las Vegas Philanthropists of the Year in 1997'. official. Retrieved January 6, 2020.