Originally Posted by
Mens et Manus
I can't speak for Americans, but I am Canadian and have been doing well the past few years. One big advantage for me is I get reduced juice lines from Pinnacle. 2.3% - 5% per line in savings really adds up. I only bet MLB and NHL money lines. I don't play NBA or NFL. I find NBA hard to cap because honestly, some of those guys just don't give $hit. They dog it and play when they feel like it. NHL players, and MLB, will play as best they can even if they are down 5-0. NHL players have pride. NBA players for the most part are selfish and rarely work consistently.
Another thing is it all depends on your living expenses and standard of life. If you are 23, with no family or mortgage, then sure, you can live off of $25,000 a year. Especially if it is tax free. However, when you get older, and you want to buy a house, and raise a family, your going to need at least 50-75K + your spouses income, or about 75k + if it's just you bringing home the bacon.
Other complications the arise when you actually are a long term winner is that you will have to explain to the tax man how you make the money. In Canada, your vehicle is cross referenced with your income on your taxes, as well as your property taxes. So if you say you only make 40K a year, and you are living in a 500K house and drive a BMW, expect an audit.
Right now, sports winnings are not taxed in Canada as it is a grey area still. I have never been audited because I have been careful not to raise any flags (big transfers, wires, big cash purchases, etc...)
It can be done, but it takes a lot of mental discipline. Capping is easy, it's managing the money and your emotions that is tough.