Choosing to embark on a career as a professional gambler is risk. That goes without saying, but there is a big reward there to be found also. ut, what happens if you win big, or hit a big slump? You need to be prepared. Read on for advice on managing your finances to ensure you always have something to fall back on.
The life of a professional gambler is as exciting as it is risky.
The gambling industry in the US is worth $240 billion, so it’s no surprise many avid gamblers want a piece of that pie. But the traits of an amateur gambler are often quite different from those of a professional. Smart financial management is one of the main things separating the dabbler from the professional.
That’s why we’ve put together this complete guide to managing your finances as a professional gambler.
Build a Gambling Fund
The best betting tips always start the same way: you gamble with the money you aren’t afraid to lose.
That means not gambling with the grocery fund or even the money you spend on luxuries. It does mean establishing a distinct gambling fund, and ensuring it’s the only pot you pull from for gambling.
Everything else, whether it’s your rent or your long-term savings, comes first.
Think of your gambling pot as the ultimate luxury. You only fill it when you’ve taken care of the rest of your life. Can’t afford that? Then you can’t afford to be a professional gambler. But if you’re sure you can afford to lose it, you could start with only a small gambling fund.
Professional gamblers don’t talk about “Lady Luck”. Luck is the enemy of a good bet.
This is why many professional gamblers (though not all) stay away from professional sports betting. Losing control of the variables puts you in the hands of luck. And luck has a way of failing when you need it most.
Instead, put yourself in situations where you control the variables. Don’t bet against the house, because they’ll tweak the situation in their favor. Play against other players, and win from the inexperienced – or those relying on luck.
When you minimize luck, you increase gains over time. Like the stock market, your long-term growth eclipses the wobbles.
Become a Robot
Emotions are for amateur gamblers.
Emotions will lead to poor decisions at the table. They’ll leave you vulnerable to the predations of other players. Leave them at the door, and maintain a logical mindset at all times. Don’t listen to your gut and know when to quit.
This also holds true for superstitions. Superstitions are for the losers who feel they need them. Professional gamblers know that the situation is always based on very visible variables, and nothing ethereal.
Manage Your Finances
Treat your gambling career like you’d treat your finances. And treat your finances like you’d treat your finances, too.
By that, we mean you should approach gambling in terms of budgets, expenditure, and income. Set yourself a weekly gambling budget and never, ever go over that amount. You need to divorce yourself from the idea of gambling as a game.
As for your finances, you should make sure that gambling covers your living costs and leaves you enough left over to live on. You’ll also need to complete a tax return to ensure you pay your taxes, along with setting money aside for them.
Put the Professional in Professional Gambler
The real trick of being a professional gambler is to take it seriously. This is your profession, as the name indicates. Treat it like any other day job, and you’ll have an attitude that sets you apart from the marks you’ll make your money from.
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