[Sam Odom]

In $$$ - how much would your base BET amount have to be for you to quit working a 'job' and be a PRO Gambler?

Say you can hit 55%

Make 3-5 bets a day

What dollar amount PER BET would you need to make to sustain your lifestyle ?

[easyliving]

Considering having to pay taxes, having to pay for a healthcare, putting money aside for retirement etc, not to mention the stress it will put on your life over the long haul, anything under 100k isn't even worth considering.

edit: read the question wrong. $500 units is fine with a few $1000 plays through out the year. Can easily be done with a 50k starting bankroll.

[mcdonae101]

$750-1000 units

[Sam Odom]

$500 units is fine with a few $1000 plays through out the year. Can easily be done with a 50k starting bankroll.

$750-1000 unit

You guys live well

[Darkside Magick]

Per Kelly criterion...if you have a starting BR of $10,0000...your Median BR would be 123k if you play 5 bets a day and hit 55% for a year....yr base bet at that point would be 5300 a bet

[Sam Odom]

Rough math , probably off

365 days x 4 bets (avg) = 1460 bets

Lose 45% = 657

803 winners

Net 146 wins (dont forget to subtract the vig) per year

[Aussiefalconfan]

$400 units and I'd be confident

[mcdonae101]

Rough math , probably off

365 days x 4 bets (avg) = 1460 bets

Lose 45% = 657

803 winners

Net 146 wins (dont forget to subtract the vig) per year

so it's really like 80, 80 units isn't bad, recreational hundred dollar bettor pick up 8k, but to make living, gotta b 1k+ units

[Sam Odom]

Whatever your personal dollar amount is... multiply by 50 = BR

[mcdonae101]

Whatever your personal dollar amount is... multiply by 50 = BR

What if u bet 50 units first bet and lose?lol

[amolg24]

Whatever your personal dollar amount is... multiply by 50 = BR

I would say considering this will be your sole source of income and is your profession, multiplying your unit by 100 would be your BR

[Sam Odom]

I would say considering this will be your sole source of income and is your profession, multiplying your unit by 100 would be your BR

To be safe ... or safer - yes. 100x

Sammy recommends bets of 1-2% of BR

[scurd8]

500 base bets, 50k bankroll, with compounding through out the year

[jjgold]

Sammy I'm doing it one hundred dollars a game

Playing with $2000 bankroll

Rent paid for three months

Odds are against me

[Sam Odom]

Side note -- When you dont have a 'real job' and when your profession is gambling your daily expenses go way up - just does

[newguy]

If you knew you could hit 55%, and bet 4 games every single day, 365 days a year, you would place 1,460 bets, winning 803, losing 657 so up 146 units. So yea - $1,000 a unit to even really consider it. Unless your wife (for the 2% of the SBR population that applies to) or domestic partner (for another 5% of population) has a job that includes insurance and retirement benefits.

Even making $146k before taxes, the stress that would come along with having to hit at that rate, and going through cold spells, etc. I guess if you are single thats worth it - but if you have a family and are trying to support them - this would be a tough way to do it.

You would need a good chunk of change in the bank - I would have to see consistent 6 figure winnings for at least 3 years before I would even consider it

[Sam Odom]

Sammy I'm doing it one hundred dollars a game

Playing with $2000 bankroll

Rent paid for three months

Odds are against me

You can say that again...

[d2bets]

If you knew you could hit 55%, and bet 4 games every single day, 365 days a year, you would place 1,460 bets, winning 803, losing 657 so up 146 units. So yea - $1,000 a unit to even really consider it. Unless your wife (for the 2% of the SBR population that applies to) or domestic partner (for another 5% of population) has a job that includes insurance and retirement benefits.

Even making $146k before taxes, the stress that would come along with having to hit at that rate, and going through cold spells, etc. I guess if you are single thats worth it - but if you have a family and are trying to support them - this would be a tough way to do it.

You would need a good chunk of change in the bank - I would have to see consistent 6 figure winnings for at least 3 years before I would even consider it

803-657 does not net you 146 units. After the vig it's more like 80 units.

[TonyTall]

move to vegas. live in walking distance to job and casinos

dont need a car

work at a restaurant where you get free or 50% meals

hit 55% of your bets. only have to work 30 hours a week

[Sam Odom]

The Vig amount varies ... 10% is high - IMO

Because if one is serious therefore a true Pro he aint paying 10% across the board

[tatehill2000]

making 4 bets a day is pure insanity,,,

[Sam Odom]

tater , average

[Seto]

I'd be happy making anything starting 25k a year not including paying taxes (are you guys sure you have to pay taxes as a pro gambler? thought I'd read in the UK that it wasn't necessarily the case? Maybe it depends on the country). Simple lifestyle. No real need for more although it would be better obviously.

[d2bets]

making 4 bets a day is pure insanity,,,

True. Not nearly enough.

[KRIT]

Wait, people actually pay taxes on their gambling gains?

[tatehill2000]

in the states you gotta pay taxes on everything,,, my advice to everyone, including what I do, is I am very fair with the govt. I am very fair,,, If you dont play fair with the IRS lol,,, they will not play fair with you,,, lol,,

[Seto]

Wait, people actually pay taxes on their gambling gains?

I can only speak for rules in the UK but as far as I understand you don't. At least you definitely don't as a recreational gambler but pretty sure you don't even if that's your only income.

Just found this actually - http://www.taxationweb.co.uk/forum/p...cy-t33781.html

Since moving here he has started to make a living as a professional gambler. In this country, earnings from gambling are taxed up to 50%. In the UK earnings from gambling are tax free.

Come live in the UK if you want to actually do this guys

[jjgold]

move to vegas. live in walking distance to job and casinos

dont need a car

work at a restaurant where you get free or 50% meals

hit 55% of your bets. only have to work 30 hours a week

not a bad strategy

[professionalAD]

this is my dream, juice kills, im learning day by day.

[Sam Odom]

this is my dream, juice kills, im learning day by day.

AD , how old are you ?

married , single or attached ?

Two very important questions

[jjgold]

From a Pro Sammy

[newguy]

803-657 does not net you 146 units. After the vig it's more like 80 units.

Yea - you are assuming everything is -110. In hockey and bases you can easily have a population of bets that averages ev. Football maybe a little tougher but maybe thats because I stick to totals and sides, so am sure as a pro you could try and figure it out.

[d2bets]

Yea - you are assuming everything is -110. In hockey and bases you can easily have a population of bets that averages ev. Football maybe a little tougher but maybe thats because I stick to totals and sides, so am sure as a pro you could try and figure it out.

Well if your bets avg +100 then hitting 55% is more like hitting 58%. Good luck with that.