The Life of a Professional Gambler: How to Become One, Pros and Cons

Have you ever found yourself thinking about players’ lifestyles in professional gambling? Or maybe you’re curious about how these players choose the games or an online casino, face the odds, and still score a few wins? If so, this post is for you. We’ll cover the lifestyle and even the struggles of a professional gambler as he makes his way in a tough industry.

What Does a Professional Gambler Do?

There’s a growing demand for professional gamblers in regulated markets like the United Kingdom. So, how does a person become a professional gambler? By definition, a professional gambler is someone who regularly plays casino games like blackjack and poker, wagers on sports betting, and makes a living off the winnings. In contrast with the casual player, a professional gambler has control over his time, bankroll, and energy when playing games at an online casino.

Also, a professional gambler keeps detailed records of his activities with a bookmaker or the top online casinos. The record details all wins and losses for federal purposes, and the professional gambler is categorized as ‘self-employed’.

Expected Professional Gambler Salary in the UK

Professional gamblers in the UK can earn between £20k to £29k per year, with an average increase of £2k annually. This amount, available on Glassdoor and other reputable websites, represents the average salary submitted by users. In addition to this base pay, a professional gambler in the UK can also earn extras from commissions, tips, cash bonuses, and profit sharing.

Since the government recognizes professional gambling as a form of self-employment, every gambler must pay taxes. In the United Kingdom, HM Revenue and Customs (HMRC) always look for unexplained income, so recording the losses and winnings is part of the gambler’s job description.

Types of Gambling Pros: Pick Your Game

Although online casinos offer different types of casino games, professional gamblers will often focus on a few classic card games and even sports betting. This section will describe the most common casino games to play if you want to take professional gambling seriously.

Poker or Blackjack Card Counter

Some players out there make a living counting cards and playing blackjack. Card counting is a popular blackjack strategy wherein the player tries to overcome the house edge by keeping a running count of the low and high-value cards dealt on the table. The professional blackjack card counter will bet more if he thinks he has the advantage or bet less when the house has the advantage in the cards.

According to the principle of card counting, the high cards, like Aces, 10s, and 9s benefit the player, and the low cards from 2s to 7s will benefit the house.  You don’t need unusual mental abilities to track and memorize all the playing cards to become a professional gambler. They rely on a scoring system for each card; for example, you deduct 1 point for high cards and add a point for low cards.

Professional Baccarat Gambler

In addition to poker and blackjack, professional gamblers also frequent the baccarat casino tables. One of the legendary baccarat players is Akio ‘The Warrior’ Kashiwagi, a Japanese professional gambler with over $1 billion in assets. Kashiwagi is a regular in Las Vegas and Atlantic City casinos known for his high stakes.

Kerry Packer is another exciting personality in the professional gambling circuit. Mr. Packer is known for his high stakes baccarat games and often bets up to $100,000 per round. Anyone can also become a professional baccarat player, provided he can set up a strategy and invest time and energy into playing the game responsibly. We also wrote a deep dive article on Mikki Mase, who is one of the most prolific Vegas players. Also, a professional gambler will not just play any casino or game; part of the job is finding the right casino and game.

Professional Sports Gambler

Professional gamblers can also bet on sportsbooks and profit from the winnings. Unlike gambling in a casino game, sports betting requires access to data and different tools and resources. Remember, you are betting on the results of games with human players and team members with varying skills and emotions. As such, an inspiring professional sports gambler shouldn’t just know the sport.

Accessing various tools and resources such as a bankroll management system, odds calculator, alerts systems,  and betting guides and sheets is equally important. For example, a professional punter must also subscribe to newsletters and alerts to get the latest scores and stats in football and horse racing.

One of the popular professional punters in the UK sports betting scene is Patrick Veitch. According to multiple sources, Mr. Veitch has won over £10m from bookmakers by placing value horse racing bets. He often works with a team of agents who will bet on advertised prices on his behalf. In return, these agents get tips and commissions.

Matched Bettor

Professional gamblers also turn to sports matched betting to earn potential payouts and profit from the winnings. Matched betting differs from traditional sports betting, where you bet on your favourite team to win. It’s different since you’re managing risk by taking advantage of the bookmaker’s promotions, such as the free bets and deposit bonuses, to guarantee a profit. For example, the bettor will wager on two opposite bets on the same event or cover all possible outcomes in the match to guarantee a profit.

You’ll need to take two steps in matched betting on gambling sites. First is the back bet, where you must place a qualifying bet using a free bonus. For example, you can bet on the winner in a horse race or the winner in a Premier League matchup. Second, you must place a lay bet on the exchange against this outcome. This process cancels out the risk in your initial wager, thus guaranteeing a profit.

Sports Trader

Another option in professional sports gambling is to become a sports trader. Sports trading differs from betting since you’re not directly involved in placing a bet. Remember, there are three participants in sports betting: the bookmaker, the punter, and the sports trader. Simply put, the sports trader is responsible for determining the odds and potential bets that the other two participants can earn as a profit.

Sports traders are hired by gambling sites to set the betting odds and lines, keeping in mind the company’s interest. In addition to setting the betting options for punters, sports traders can also help sportsbooks design promotional offers and campaigns. Some of these popular sportsbook campaigns include free bets and boosted odds, which can attract bettors to place their first bet.

Arb Bettor

Aside from betting as a pro, there’s also a career option to become an arb bettor. This job is based on the concept of arbitrage betting or ‘arbing’ which refers to a gambling strategy that requires placing wagers on all possible outcomes to guarantee a profit. As an arb bettor, you may sign up and place bets on several betting sites to ensure winnings.

Why Slots Can’t Be Played Professionally

If you’re in this part of our guide, you may wonder where the slot machines fit into the picture. Can a professional gambler also focus on online slot sites when it comes to value betting? The short answer is no. Slot machines aren’t recommended for those who want to become a professional gambler.

As you can see, every professional gambler aims to beat the house edge through planning and the use of tools and resources. This approach applies to sports betting since a punter can improve his chances by knowing the sport, by accessing the right tools and resources, and knowing the stats.

You can’t do this with online slots since the game completely runs on a Random Number Generator or RNG. There’s no specific strategy or approach that can help you predict the result of the next spin. Yes, there are a few things you can do to extend the bankroll, but there’s no tested way to guarantee the jackpot.

How to Become a Professional Gambler in the UK: 5 Things You Need

Do you have what it takes to become a professional gambler in the UK? If yes, then check out our brief guide below to help you prepare for a life of a professional gambler:

#1 Bankroll Control

Control, patience, and setting limits are crucial in professional gambling. You must bet responsibly, and one crucial step here is knowing how to identify a bankroll and sticking with it. The bankroll is your budget when betting on sports or when playing casino games. Once you have set your bankroll, it’s crucial to stick with the limit and never chase your losses.

#2 A Winning Strategy

To succeed as a professional gambler, you need to develop and refine a winning strategy. This involves extensive research, practice, and analysis of your chosen game or betting market. For card games like poker or blackjack, study advanced techniques and practice consistently. For sports betting, stay updated on team statistics, player performance, and other relevant factors that can influence outcomes.

#3 Emotional Control

Professional gambling requires a high level of emotional control and discipline. You must be able to make rational decisions based on strategy rather than emotions, especially during losing streaks. Develop the ability to walk away when necessary and avoid chasing losses.

#4 Continuous Learning

The gambling industry is constantly evolving, with new strategies, technologies, and regulations emerging. Successful professional gamblers commit to continuous learning and adapting their approaches. Stay informed about industry trends, attend seminars or workshops, and network with other professionals to share knowledge and insights.

#5 Legal and Tax Compliance

As a professional gambler in the UK, it’s crucial to understand and comply with all relevant laws and tax regulations. Keep detailed records of your gambling activities, including wins and losses, to accurately report your income to HMRC. Consider consulting with a tax professional who specializes in gambling income to ensure you’re meeting all legal obligations.

The Realities of Professional Gambling: Risks and Rewards

While the idea of becoming a professional gambler has been made out as this glamorous profession in movies or other forms of media, our KingCasinoBonus.uk experts think it’s important to understand the potential downsides of this career choice:

• High Risk – Professional gambling comes with significant financial risks. Even skilled players experience losing streaks, and there’s no guaranteed income.
• Stress and Pressure – The need to consistently perform and make money can lead to high levels of stress and pressure, potentially affecting mental health.
• Social Stigma – Professional gambling may still carry a social stigma, which can impact personal relationships and how others perceive you.

Beating the Odds: Is Professional Gambling Right for You?

Professional gambling can be a potentially lucrative career for those with the right skills, mindset, and approach. However, it’s not a path suited for everyone. Before going on this journey, carefully consider your motivations, skills, and risk tolerance. Assess whether you have the discipline, emotional control, and financial stability to weather the inevitable ups and downs of professional gambling.

Remember that responsible gambling practices are crucial, even for professionals. Set strict limits, never gamble with money you can’t afford to lose, and be prepared to walk away when necessary. If you decide to pursue professional gambling, approach it as a business, continuously refine your skills, and stay adaptable in an ever-changing industry.