When people gamble, they bet their money on a particular outcome for an unpredictable event. There are many reasons why people gamble. Some do it because they see it as a fun, recreational activity. Most people who gamble fall into this category.
There are some people who gamble out of habit. They are impulsive, and they make rash decisions. They play even if they are losing. And finally, there are professional gamblers. These people make a full-time living out of betting activities. These people, thus, have to be very careful about when and how they place bets. If someone more about gambling and professional gamblers they can go to Puheenvuoro.
7 Things That Differentiates A Professional Gambler From An Amateur
1. Gamble For A Living And Not For Fun
The most crucial fact that distinguishes an amateur from a professional is that for professionals, the money that they make out of betting is their primary source of income. In the US, if a person has to be recognized as a professional gambler, then he has to prove that he has no substantial source of income apart from what he makes out of betting.
However, in many countries like the UK, the government does not recognize gambling as a trade via which an individual can make a profit. Hence, if someone wins more money in betting than he loses, he need not pay any tax to the government in the UK.
However, there is a disadvantage associated with betting being tax-free. If gambling is not recognized as a trade, then a person cannot seek deductions in his income tax based on his losses. Even in countries like the US, where betting is recognized as a trade, a person can only offset losses equivalent to his biggest win. Hence, for professional gamblers winning more often than losing is of utmost importance.
In some countries, a professional gambler also has to prove that he bets solely for earning money, and there is no element of fun involved in it. In order to do this, professionals do not involve family members while they are betting, or they do not bet while they are on holiday etc.
Thus, in order to be recognized as a professional, a gambler has to prove that he bets purely for profit and not for fun and recreation. Moreover, betting should be his only source of income.
2. Gamble With A Full Proof Strategy
Most people lose money when they visit a Casino, but a professional cannot afford to lose more than he wins. Hence, he has to ensure that he has a fool proof strategy to win as frequently as possible.
Hence these people spend a significant amount of time and resources researching a game. They calculate the odds of winning, they see what the Casino’s edge is, and they bet only if they see that they have a good chance of winning. Thus, impulse and irrational decision-making are absent in the case of professional gamblers.
3. Professionals Commit Long-Term And Full-Time
Most people bet for fun; however, as a professional, if one is to make a living out of gambling, he has to give full-time commitment. He also keeps in mind the long-term perspective while placing bets.
Most people become full-time gamblers because they do not like a routine nine-to-five job, however, making a living out of any vocation needs a lot of dedication and time commitment, including professional gambling.
4. They Have A Strict Policy For Spending Money
One of the factors that distinguish a habitual gambler from a rational professional is that professionals have a very strict policy on how they use their money. Gambling is a risky business, and people should have good financial resources if they are to bounce back from a loss. Hence, a professional knows exactly how much to bet. Most players do not bet beyond 10% of their entire corpus. Most often, they bet between 5 to 6% of their entire resources.
5. They Collect Data About Their Loss And Win
Full-time gamblers maintain detailed records of their wins and losses. This data helps them analyze and improve their game. For instance, in a game of Poker, players analyze how often they can guess their opponent’s cards or how convincingly they can bluff them. Again, in a game of Blackjack, players analyze how well they can guess the dealer’s cards.
6. Betting Is Much More Formalized
When an amateur bets and loses money, he mentions his losses as deductions to get income tax benefits. However, a professional has to keep formal accounts of his gains and losses. He has to consult a professional tax consultant or an auditor to minimize his tax liabilities before the revenue agencies of the government.
7. Professionals Have Certain Specific Traits That Make Them Good At Their Job
Full-time gamblers have traits like the immense ability to handle stress, patience to wait for results etc. They are rational, and they do not bet based on superstition or biases. Hence most of them play strategy-based games like Blackjack and Poker and not luck-based games like Slots or Roulette. Many amateurs, for instance, think that seven is a lucky number for a roulette table; however, there is no scientific reasoning for thinking so. However, a professional will never go for such superstitions or baseless beliefs while wagering his money.
It is not easy becoming a full-time professional gambler because the job is just too risky and involves a lot of stress. However, there are many people who win frequently and can manage their bets in such a manner so as to register a net profit.
Despite the risk, there are many who want to become professional gamblers. A person might want to bet full-time because he might love playing Blackjack or Poker and is actually extremely good at it. Also, if one is a professional gambler there are no restrictions as in a regular job where a person has to log in every morning and has fixed holidays. Moreover, gambling does give immense profits if only a player knows how to play, what to play and when to stop playing.