[rm18]

Professional Gambler

Professional gamblers will not frequently lose control when placing bets, rather gambling is methodical and planned (e.g., a professional horse gambler may not bet on every race). Gambling is their primary source of income. It is estimated that there are fewer than 3,000 professional gamblers in the US and Canada and only 50 professional gamblers in the US who earn over $100,000 dollars annually by gambling.



I would think that is a low projection for pro gamblers, and those making 6 figures especially, but just my guess though.

[Maledetto]

The nature of a true pro is to keep a low profile, so there's no way to even guess about it.

[shady610]

Not sure about the numbers. I dont feel like there are any true professianal gamblers. I feel that any successful player will have put some mone into some real estate or something to generate steady capitol.

Money based only on gambling would be hard to do. Not only for the success rate, but at we all hate having to go to work everyday. what does one do when he is sick of gambling and needs a break? no income for him.

[donjuan]

what does one do when he is sick of gambling and needs a break? no income for him.

Uh, take a vacation for a week or two? Are you retarded?

[Thremp]

I hope they're only talking about sports bettors, since I think I'd know everyone in the US making 100k or more a year.

That 50 figure is laughably low. Probably by 100x, maybe more.

[durito]

Not sure about the numbers. I dont feel like there are any true professianal gamblers. I feel that any successful player will have put some mone into some real estate or something to generate steady capitol.

Money based only on gambling would be hard to do. Not only for the success rate, but at we all hate having to go to work everyday. what does one do when he is sick of gambling and needs a break? no income for him.

So, are Doctors that invest in real estate not true Doctors?

Most professionals in any industry have a wide range of investments.

Most also tend to take vacations.

[jjgold]

Pretty accurate, most people lose betting sports including Pros.

Betting sports and winning is just as hard as the commodity market.

[Thremp]

Pretty accurate, most people lose betting sports including Pros.

Betting sports and winning is just as hard as the commodity market.

The irony in this is that you can't be a professional loser. There's something about winning money that is a requirement for being a professional.

[Ganchrow]

Professional Gambler

Professional gamblers will not frequently lose control when placing bets, rather gambling is methodical and planned (e.g., a professional horse gambler may not bet on every race). Gambling is their primary source of income. It is estimated that there are fewer than 3,000 professional gamblers in the US and Canada and only 50 professional gamblers in the US who earn over $100,000 dollars annually by gambling.

Considering that the source of the above quote is the California Council on Problem Gambling, I wouldn't put too much stock in those figures.

Learning about professional gambling from an organization chartered to help curb problem gambling, is a little like learning about wine tasting from Alcoholic's Anonymous.

There's no question that many people make rather comfortable livings through professional gambling. The people who tend to doubt this are frequently those who for whatever reason have been unable to succeed on their own (usually because of a lack of sufficient amounts of one or more of drive, intellect, knowledge, ingenuity, or discipline). They reason to themselves, "Well if I can't do it, and none of my friends can do it ... no one else can either." The truth is they probably just have the wrong friends.

But these action junkies just don't get it.

When most of the US players on message boards were bemoaning (over and over and over) the loss of Pinnacle. What were the US professionals doing? They were figuring out ways to open up new Pinnacle accounts. And they were doing it quietly.

The successful professional full-time gamblers I've met through the forums (and so far I've met 9) all pretty much have the same few things in common. They all have a fair amount of quantitative ability, most have (or are working on) advanced degrees, they all work their asses off, and they all ultimately prefer an intelligent voice to a stentorian one. (Oh and most of them would probably get a little pissed if I were to mention them by handle).

They don't go around talking about their records, they don't go around screaming and yelling about how well their posted picks have been doing (most don't even post their picks), and they don't drone on about how large their bets or bankrolls are or how much money they make. They don't even tend to talk about their own picks at all (which is why some of might be accused of not ever placing bets). They come to message boards to stay plugged in and to keep abreast of what's going on in the industry – not to feel better about themselves by picking on others (OK fine maybe some of them pick on others ... but they don't do it to feel better about themselves).

They just do their thing ... day in and day out, week in and week out, padding their bankrolls a little bit more (on the average) each and every day.

(Now am I saying that all professional bettors are like this? No. Definitely not. Just those pro's whom I've happened to meet through this and other forums. So please don't anyone get offended if these don't characteristics don't apply to you personally.)

[hhsilver]

.....



The successful professional full-time gamblers I've met through the forums (and so far I've met 9) all pretty much have the same few things in common. They all have a fair amount of quantitative ability, most have (or are working on) advanced degrees, they all work their asses off, and they all ultimately prefer an intelligent voice to a stentorian one. (Oh and most of them would probably get a little pissed if I were to mention them by handle).

They don't go around talking about their records, they don't go around screaming and yelling about how well their posted picks have been doing (most don't even post their picks), and they don't drone on about how large their bets or bankrolls are or how much money they make. They don't even tend to talk about their own picks at all (which is why some of might be accused of not ever placing bets). They come to message boards to stay plugged in and to keep abreast of what's going on in the industry – not to feel better about themselves by picking on others (OK fine maybe some of them pick on others ... but they don't do it to feel better about themselves).

They just do their thing ... day in and day out, week in and week out, padding their bankrolls a little bit more (on the average) each and every day.

(Now am I saying that all professional bettors are like this? No. Definitely not. Just those pro's whom I've happened to meet through this and other forums. So please don't anyone get offended if these don't characteristics don't apply to you personally.)

thanks for this post, Ganchrow. It should be required reading for all posters.

Just one question -- what does 'stentorian' mean????

no need to answer - I will look it up.

[Scorpion]

The nature of a true pro is to keep a low profile, so there's no way to even guess about it.

BINGO!!!!

Hwe should not even tell his mother, only his brother and his girlfriend!

[pico]

Considering that the source of the above quote is the California Council on Problem Gambling, I wouldn't put too much stock in those figures.

Learning about professional gambling from an organization chartered to help curb problem gambling, is a little like learning about wine tasting from Alcoholic's Anonymous.

There's no question that many people make rather comfortable livings through professional gambling. The people who tend to doubt this are frequently those who for whatever reason have been unable to succeed on their own (usually because of a lack of sufficient amounts of one or more of drive, intellect, knowledge, ingenuity, or discipline). They reason to themselves, "Well if I can't do it, and none of my friends can do it ... no one else can either." The truth is they probably just have the wrong friends.

But these action junkies just don't get it.

When most of the US players on message boards were bemoaning (over and over and over) the loss of Pinnacle. What were the US professionals doing? They were figuring out ways to open up new Pinnacle accounts. And they were doing it quietly.

The successful professional full-time gamblers I've met through the forums (and so far I've met 9) all pretty much have the same few things in common. They all have a fair amount of quantitative ability, most have (or are working on) advanced degrees, they all work their asses off, and they all ultimately prefer an intelligent voice to a stentorian one. (Oh and most of them would probably get a little pissed if I were to mention them by handle).

They don't go around talking about their records, they don't go around screaming and yelling about how well their posted picks have been doing (most don't even post their picks), and they don't drone on about how large their bets or bankrolls are or how much money they make. They don't even tend to talk about their own picks at all (which is why some of might be accused of not ever placing bets). They come to message boards to stay plugged in and to keep abreast of what's going on in the industry – not to feel better about themselves by picking on others (OK fine maybe some of them pick on others ... but they don't do it to feel better about themselves).

They just do their thing ... day in and day out, week in and week out, padding their bankrolls a little bit more (on the average) each and every day.

(Now am I saying that all professional bettors are like this? No. Definitely not. Just those pro's whom I've happened to meet through this and other forums. So please don't anyone get offended if these don't characteristics don't apply to you personally.)

your post made my day. agree with you 100%.

[Dark Horse]

Ask yourself one thing. If you're good at sports betting and offer to sell your advice, other sports bettors will usually laugh you off the stage. Whether justified or not, the important thing is that this is a direct comment on the field as a whole!

By comparison, if you're good at playing the stock market, many investors will blindly pay large sums of money for your advice. Given the fact that it takes almost the exact same skill set to play sports or stocks, the big mystery is why so many sports bettors insist on playing in a field where there just isn't a whole lot of money going around.

The advantages of the stock market over sports betting are almost too many to list. You set the duration of the game, so you don't run out of time. The field is fully legalized, and corruption is severely punished (corruption is extremely widespread in sports betting these days). And the ways to protect yourself against losses, or leverage your positions, are beyond belief compared to sports betting.

Long story short. Yes, you can absolutely win in sports betting. But you're leaving a lot of money on the table if you don't apply the same skills to the stock market. Naturally, like 99% of us, you got into sports betting for the excitement. May it wear off soon.

[Thremp]

Sports betting is orders of magnitude less efficient. Not to mention I can teach someone the basic ideas to be a long term winner in <10 minutes.