Thinking You're a Professional Gambler? (2024)

The life of a professional gambler may look appealing, but is it possible to gamble this frequently without getting addicted?

What is Considered Professional Gambling?

A professional gambler, by definition, is someone who makes a living off of their gambling winnings. Professional gamblers have their primary game of choice, which could be sports betting, poker, blackjack, etc. Their game of choice is typically

A professional gambler is someone who has complete control over the time, money and energy they spend on gambling. They are seen to be more skilled at gambling than other gamblers, and are considered at low risk for addiction.

A professional gambler will keep detailed records of both their wins and their losses for federal purposes, and will be considered “self-employed” by the government.

Why Do People Want to Become Professional Gamblers?

There are many reasons why people gamble, but here are a few reasons people try to gamble professionally.

  • They see it as an easy way to make money.
  • They can make their own schedule and don’t have to work a typical 9-5 job.
  • No formal education is required.
  • They want to make their hobby into a living.

The Fine Line Between Professional Gambling and Problem Gambling

If someone tells you they are a professional gambler, you may want to take it with a grain of salt. Problem gamblers often perceive themselves to be professional gamblers.

Thinking You're a Professional Gambler? (1)

Rick Benson, founder of Algamus Gambling Treatment Services, once believed himself to be a professional gambler, before coming to terms with his gambling addiction.

He says, “The lie started with me believing my own lie that I'm a professional gambler. Once I believed it, I sold that to people. I told people that [I was a professional gambler] and they absolutely believed it. I believed it in spite of the fact that my financial situation was becoming really disastrous. And I was doing whatever I needed to do to get money to gamble.”

Rick even quit his day job, believing that he would become a professional horse player.

However, no matter how smart you are, or how familiar you are with the game, you can never predict the outcome of the situation. Gambling is always a risk.

Is it Only a Gambling Problem if You are Losing?

Some people believe that you can only be considered a problem gambler if you are losing more than you are earning. Someone who continues to gamble despite the amount of financial loss, is seen to be a problem gambler.

The reality is, no matter how much you are winning at first, there will always come a time where you lose, regardless of how much skill you have. The losses that come with gambling can be extreme, and can lead to financial difficulty, as well as relational and mental health issues.

If you start losing, and you feel determined to win back the money that you’ve lost, this is a sign to take a step back.

Is it Possible to Be a Professional Gambler?

Do professional gamblers exist? Yes, but they account for a very, very small percentage of gamblers. Although the idea of being a professional gambler may sound great, it’s nearly impossible to gamble the amount that a “professional gambler” does without getting addicted.

Gambling is also not a sustainable profession. Your income is based on how much you win. In other words, your income is based on luck. All in all, being a professional gambler is not as great or feasible as it seems.

How to Know if You're Addicted to Gambling

Don’t fall into the belief that you are a professional gambler, just because you gamble frequently and have had some significant wins. If you do believe yourself to be a professional gambler, there’s a chance that you actually have a gambling problem.

Thinking You're a Professional Gambler? (2)

Here are a few signs to look out for:

  • You are unable to stick to a time or spending limit.
  • You chase your losses.
  • You continue to gamble, despite it causing serious consequences in your personal life.
  • Those close to you are concerned about your gambling.
  • Gambling as a way of coping with difficult emotions or life situations.
  • Experiencing cravings or withdrawal symptoms when you stop gambling.

Get Treatment for Gambling Addiction

Attending a residential treatment center is by far the most effective way of treating a gambling addiction. Algamus Gambling Treatment Services offers a 4-6 week gambling treatment program, where clients will have the opportunity to work through their gambling addiction and any underlying mental health issues alongside gambling counselors, therapists, psychiatrists, and their peers.

Contact us today to learn more about our program, and how Algamus can help you or a loved one get the help that is needed.

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Thinking You're a Professional Gambler? (2024)

FAQs

How do you prove you are a professional gambler? ›

Gambling must be “pursued full time, in good faith, and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business.” Winnings are reported as business income if this is the case. Talk to a tax attorney if you're not sure what this means for you.

What qualifies me as a professional gambler? ›

A professional gambler is someone who has complete control over the time, money and energy they spend on gambling. They are seen to be more skilled at gambling than other gamblers, and are considered at low risk for addiction.

What can I write off as a professional gambler? ›

If you're a professional gambler, you can file Schedule C as a self-employed individual. This allows you to deduct costs associated with your gambling activity, including meals and travel expenses. However, it also means you'll have to pay self-employment tax on your net income from gambling.

How to spot a professional gambler? ›

Being a professional gambler takes a high level of patience, frustration tolerance, self-control and intelligence. These gamblers often weigh the odds of a situation and patiently wait for the best bet before proceeding. They dismiss anger and impulsivity, as these traits can stand in the way of their performance.

What is the mindset of a professional gambler? ›

Successful gamblers accept that they can't always win. They don't feel that they're fighting against the Bookmaker and that they need to 'force' a win. Professional gamblers look for a long-term ROI — not short-term gains to cancel out previous results.

Is a win loss statement good enough for taxes? ›

Taxpayers who win a certain amount when gambling at a casino will be provided with a win/loss statement, known as IRS Form W-2G, Certain Gambling Winnings, which can be used to report their gambling wins and losses on their tax returns.

What if I lost more than I won gambling? ›

You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return. If you lost as much as, or more than, you won during the year, you won't have to pay any tax on your winnings. Even if you lost more than you won, you may only deduct as much as you won during the year.

Are bank statements proof of gambling losses? ›

You can use your bank statements as proof of gambling losses if they are listed separately and not a combined number.

How much money does the average gambler make? ›

What Is the Average Professional Gambler Salary by State
Annual SalaryMonthly Pay
Top Earners$43,500$3,625
75th Percentile$38,500$3,208
Average$34,863$2,905
25th Percentile$30,000$2,500

What does the IRS consider a professional gambler? ›

Professional gamblers are people who gamble regularly for their primary income and their profits are are treated differently for tax purposes.

How much can you win gambling without reporting to the IRS? ›

Do sportsbooks and casinos report gambling winnings to the IRS? If you win at a sportsbook or casino, they are legally obligated to report your winnings to the IRS and to you if you win up to a certain amount ($600 on sports, $1,200 on slots, and $5,000 on poker).

What do you call a professional gambler? ›

bettor bookie bookmaker. Strong matches. backer cardsharp crapshooter dicer player plunger shill speculator.

Do I qualify as a professional gambler? ›

So that means you need to be gambling regularly with the intent to make a profit.” The volume of activity alone does not necessarily qualify someone as a professional gambler in the eyes of the IRS. You should also: Maintain separate bank accounts and credit cards exclusively for gambling activity.

What is the most addictive type of gambling? ›

The type of gambling considered the most addictive has traditionally been slot machines. However, with the rise of internet gambling sites, online gaming has become one of the most addictive contendors.

What makes a bad gambler? ›

PSYCHOLOGICAL FACTORS. Psychological disorders and conditions, in addition to coping styles, social learning and beliefs, could make someone more susceptible to harmful gambling. Individuals with gambling problems may also suffer from substance abuse and mood disorders, such as depression and anxiety.

What makes someone a professional sports gambler? ›

A professional sports bettor is someone who makes a living betting on sports. That usually means doing intensive research, creating expert betting models, and in some cases, curating weekly picks for their fanbases.

What is a good ROI for a professional gambler? ›

This means that if you can consistently win over 52.4% of your bets, you should be able to make a profit in the long run. However, some professional sports bettors aim for higher ROI, often in the 5-10% range and sometimes even more.

What is the business code for a professional gambler? ›

NAICS 713200 - Gambling Industries.

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