How much money do you need to become a pro gambler?

LT Profits · 03-17-09, 03:26 PM

Originally posted by RogueJuror

This thread was not worth a serious discussion, he was only 'toying'.

But you must admit, I did make it interesting.

pavyracer · 03-17-09, 03:36 PM

RogueJuror go hump a jungleman again. That was the last time you posted something interesting.

Lets_Get_Money · 03-17-09, 07:00 PM

For Arguments sake if you had a Bankroll of 200,000 or 20,000 wouldn't it more profitable to bet on Heavy ML Favorites?

pimike · 03-17-09, 07:01 PM

Originally posted by LT Profits

No, the bet size increases as your BR grows. Always bet 2.875% of your CURRENT BR.

Nice info

bigugly · 03-17-09, 07:01 PM

Bet every yankees game.

donjuan · 03-17-09, 07:15 PM

For Arguments sake if you had a Bankroll of 200,000 or 20,000 wouldn't it more profitable to bet on Heavy ML Favorites?

It would only be profitable if these ML favs are mispriced in your favor. If you just blindly bet so-called "can't lose" teams on the ML you won't have a 200 or 20k bankroll for long. There are plenty of times heavy chalk has a positive expectation, especially one certain week in early Feb.

Iceman · 03-17-09, 07:50 PM

Originally posted by durito

5 plays a day? If your bankroll is under 100k you should probably be making at least 25 wagers a day.

Durito's answer is perfect.

This exactly what one needs to do. In fact I am close to 30 wagers on average a day for the 7 months I have been here in Las Vegas doing this fulltime.

Find any edge and bet it.

Bet small amounts, high volume. Put 7-10k a night thru on average or 200- 300k a month. Win 2-3% ROI, which is less then 54%.

Only need around 30k or so bankroll to do this.

Lets_Get_Money · 03-17-09, 08:04 PM

Originally posted by donjuan

It would only be profitable if these ML favs are mispriced in your favor. If you just blindly bet so-called "can't lose" teams on the ML you won't have a 200 or 20k bankroll for long. There are plenty of times heavy chalk has a positive expectation, especially one certain week in early Feb.

Alright ... what about Chase Systems in Baseball and NBA?

donjuan · 03-17-09, 08:08 PM

Alright ... what about Chase Systems in Baseball and NBA?

Chase systems are stupid. If there is a market inefficiency that a chase system is taking advantage of, you should just bet the games with a normal staking strategy like your preferred variant of Kelly. If they aren't taking advantage of any inefficiency, they are just basically Martingale.

LT Profits · 03-17-09, 08:19 PM

Originally posted by Iceman

Durito's answer is perfect.

This exactly what one needs to do. In fact I am close to 30 wagers on average a day for the 7 months I have been here in Las Vegas doing this fulltime.

Find any edge and bet it.

Bet small amounts, high volume. Put 7-10k a night thru on average or 200- 300k a month. Win 2-3% ROI, which is less then 54%.

Only need around 30k or so bankroll to do this.

Oh I agree. You should bet any game you have an edge on.

Again, I am merely pointing out then even betting 5 plays a day, one can do this for a living.

Mudcat · 03-17-09, 08:23 PM

I started with no money. I just used the credit I had available on various credit cards to fund my start-up accounts. At the start, finding more lines of credit was as important a skill as finding profitable angles. Well, not quite but in a way.

This would be very dangerous for most people though. I don't recommend it. You could get yourself in big trouble. You really, really have to know how to win at betting. You need to have proven it conclusively before you start taking on the debt, not just dive in.

But the dollar figure for me right at the start was probably less than 10K.