Where do you get the income to be a pro gambler?

[VegasDave]

Poker or sports betting, money management is obviously key. But since you should only bet 1% or 2% of your bankroll at any given time, you obviously need a sizeable bankroll for these bets to really mean anything come grinding out a profit. So how do you get to this point?

[Ice Queen]

Poker or sports betting, money management is obviously key. But since you should only bet 1% or 2% of your bankroll at any given time, you obviously need a sizeable bankroll for these bets to really mean anything come grinding out a profit. So how do you get to this point?

i say, get the extra$$$$ from you're parents investments.
they are just waiting to share

[SBR Lou]

Not having kids helps, inheritance, retire young, lotto, malpractice lawsuit, criminal means, investments.

Most gamblers with deep pockets aren't following 1% wagering guidelines.

[idontlikerocks]

from winnings duh

[Ice Queen]

in my personal case, you have to win to get the extra $$$ to gamble, since that doesnt happen, i have to look elsewhere for the money to lose again, and again, and again.
Next time will likely be a win tho.
I'm sure of it

[Doug]

Plant sales, in the 80's mainly !

[Thremp]

from winnings duh

Whats funny is that this is actually how its done.

[louisvillekid]

Plant sales, in the 80's mainly !

yeah, i made some good money when i was in my teens and early 20's from stuff harvested from plants in the hills of eastern Ky. and the jungles of Columbia.

[20Four7]

in my personal case, you have to win to get the extra $$$ to gamble, since that doesnt happen, i have to look elsewhere for the money to lose again, and again, and again.
Next time will likely be a win tho.
I'm sure of it

I like your attitude Ice Queen, if you only stop betting on the Broncos you'd be better off.

Seriously most gamblers start small and work their way up. If you can't win playing part time you certainly can't go pro. Of course you can always re mortgage the house, sell the house, cash advance credit cards etc. Daniel Negraneu played 10/20 limit hold em in toronto a long time before he got to vegas and made millions.

[curious]

Poker or sports betting, money management is obviously key. But since you should only bet 1% or 2% of your bankroll at any given time, you obviously need a sizeable bankroll for these bets to really mean anything come grinding out a profit. So how do you get to this point?

Most of the people on this forum sell crack.

[DaveRabbit]

Most of the people on this forum sell crack.

FVCK! i thought we just had to use it, nobody pass the memo

[durito]

I would say it really depends on what a "professional" gambler is. I was quick to laugh when people like dodiff, curious, and robzilla declared themselves professionals, but perhaps I shouldn't have.

In my brief experience in the business world I met or worked with innumerable numbers of people who were completely incompetent at their jobs. These people are considered professionals and none of them are in any danger of losing their jobs. So, perhaps these posters are in fact professional gamblers.

Assuming someone can in fact develop models/methods to consistently win, it's pretty easy to grow one's bankroll. A quick look at Ganch's Kelly Calculator, shows a 3/4's Kelly bettor, playing 800 games (say one years worth of bets) all with a 55% win expectation and all at -105, with a starting bankroll of just $10,000 has an expected finishing bankroll of $308,534 and a median bankroll of $85,966.

Even if one is not betting kelly and only betting 1% or 2% per game, growing one's bankroll is again not that difficult (assuming you can consistently win). Say someone flat bets 2% of their starting bankroll for an entire year. This person also plays 800 games and wins 55%. They've won 62*2% at the end of the year. If their starting bankroll was $10,000, they now have $24,800. Do this a few years in a row, and you have a 6 figure bankroll.

So, clearly it's quite possible to build a sufficiently large bankroll from very little.