I have seen many people in my locality, who have no other source of income other than gambling. Is it sustainable? I mean considering the unexpected nature of this field one should always have a side business and then enter this field of vast opportunities. What do you all think?
Some people gamble at a professional level, but I think it's a brave thing because it's unpredictable. Although these people are outstanding in games, I still think that anyone who devotes a lot of time and energy to gambling has better be on more than one leg and have other work on the side.
It's possible but you need three things:
1. A big float to bet from that is big enough to take the undoubtedly wide swings that will happen in your betting.
2. An edge - you need to identify value whether that's in the odds or bookmaker promotions. If you don't have an edge, you will eventually lose, it's just maths!
3. Outlets to bet - once sportsbooks or betting outlets realise that you're continuously taking value from them, they will shut you down. You need an army of outlets, or people to place many bets if you want to do this professionally.
Hope this helps!
It's only doable if you have a lot of extra money to burn. i wouldn't recommend relying on it as your main source of income, it's just too risky. 😓
It's a risky bet with the odds freakishly stacked against you to go with gambling as the only source of income. Even if things go smoothly for a while there's always that risk it could turn and you start digging a hole to get out of another hole, getting involved with loan sharks and all that. The percentage that can make this work are minute and you're most likely just seeing the outliers.
That's true! There are people who have become millionaires after hitting jackpots, but what are the odds of that happening to everyone out there? Having a job or a side business is a good idea. It gives you a safety net that ensures you're not left with nothing if gambling doesn't go well.
@lewisw Even if these three things line up for you for a time, how long would they continue that way? So the risk is still too high except you are damn good.
@ishtar As long as you maintain your edge and follow strict bankroll etiquette (i.e. never risk more than 5% of your float).
Depending on how risky your strategy is will inform how much of a float you need...
@lewisw I agree with all of your points. Being a professional gambler and succeeding with it is possible. I know this because my cousin is one in the UK. One of the best things about being a pro gambler in the UK is that you do not have to pay tax on your winnings as you do in the US and other countries.
You need to expect some losses at times which is where the float comes in. Keep records of everything that you do to keep the tax people happy.
@lewisw Would you be comfortable carrying this out long term? Rely on your strategy long term and i'm talking years??
It really boils down to the financial management of that person. If he can handle his gains and invest them rightfully, there's no problem with this.
Depending on gambling as your only income is a huge gamble itself. It’s too unpredictable and risky to rely on gambling for your expenses. Better to keep it as a side income, not your main source of income.
@adtya yup agreed. It should be a hobby or side income type of thing and not your main source of income
