High Stakes, High Rewards: The Life of a Professional Gambler

High Stakes, High Rewards: The Life of a Professional Gambler

Many gamblers daydream. Sometimes, it happens after watching a movie where a guy or a dashing lady is having fun and indulging in high-stakes games at a casino, winning huge jackpots, dining at posh restaurants, and crashing into exclusive hotel rooms. Social media and movies show a fantasy about being a professional gambler, and who wouldn’t want that life? But the truth is, that’s not usually how it goes. Sometimes, what looks like professional gambling might be a gambling addiction. There is a fine line between the two.

In today’s casino news, we will discuss professional gambling and why an individual would want to become a pro gambler. You’ll also learn the fine line between professional and problem gamblers.

Rolling the Dice for a Living: Being a Professional Gambler

A professional gambler is someone who uses knowledge, expertise, and strategic decision-making to gain a long-term advantage in games of chance or skill in a controlled manner. This person has a predetermined, effective bankroll management strategy and relies on honed skills and ability to gain an edge over opponents.

Professionals continually study their opponents, adapt their approach, and refine their skills to stay ahead. Therefore, they often specialize in games where skill can significantly influence the outcome, such as poker and blackjack, for optimal competitive advantage.

Employment status is a notable difference between professional gamblers and other gamblers. Professionals are considered to be self-employed and are obligated by the government to provide a detailed account of their gambling income (losses included) and win rate.

So, like salary earners and investors, professionals pay federal gambling tax as required by the Internal Revenue Service (IRS). Otherwise, they might face legal penalties for not performing their tax obligations.

Additionally, a professional gambler plays offline and online casino games with real money, often with a sizable stakes buy-in.

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When Gambling Becomes a Job: Gambling as a Profession

People have diverse motivations for pursuing this profession.

If you asked professional gamblers how they started gambling, some would say, “It began as a hobby”. For some, it is passion. Pro poker players like Phil Ivey, Vanessa Rousso, Sam Farha, and so on had loved card casino games from a tender age. An individual may become a professional gambler to make a career from what they love.

On the other hand, a person might want to become a professional gambler due to financial aspirations. Nowadays, success stories of high-stakes wins circulate in society, and people are becoming convinced about the profitable aspect of gambling. So, huge earnings can be a powerful attraction for many.

Another reason for pursuing professional gambling is a love for skill and strategy. Many people love the intellectual and strategic aspects of games both in the live and casino online scene. So, they aspire to gamble professionally because it allows them to test their abilities against other skilled players or the odds.

However, some individuals want to become professional gamblers so that they can frequently experience the adrenaline rush and highs associated with gambling. This need can be addictive and can lead to gambling problems. But how do you know whether someone is gambling professionally or has a gambling problem? Let’s make this clear.

The Challenges of a Professional Gambler

The romanticized version of it is rarely close to reality, as they often face many challenges and sacrifices, from the long and irregular hours of play to the constant travel and high-pressure situations. The lifestyle of a professional gambler can be tricky and cause relationships to suffer. Another challenge is the psychological and emotional stress of losing a game and recording a low win rate.

Going unprepared for a gaming session or motivated by greed, could lead a gambler to significant losses in their bankroll. It is recommended to understand the ins and outs of every game played before diving into betting with real money. This could be achieved by using casino guides that help you learn the ropes of all games, whether playing for chips or real money.

The Gambler’s Dilemma: Career vs. Compulsion

Problem gamblers can see themselves as professionals. Likewise, a professional gambler can develop problem gambling. However, there are behavioral markers that can differentiate between a professional and a problem gambler.

Problem gamblers have limited control over their gambling behaviors and are unable to manage their bankroll. They are always thinking about gambling and will continue to engage in the activity despite their losses and the adverse effects it has on them.

On the other hand, a professional gambler will settle down to restrategize and recover from any loss before they continue gambling online casino games, with dexterous control over their bankroll. A professional gambler can gamble openly, has nothing to hide, and keeps family and friends at ease about their endeavor. However, problem gamblers are often secretive about gambling and cause their relations to worry over them.

Additionally, problem gamblers might use gambling as a means of escaping from the life challenges they need to solve. However, a professional gambler has no issue with facing a challenge squarely.

Skill and Discipline

Professional gambling offers a unique and enticing career path for those who embrace its challenges and opportunities. However, it’s crucial to understand the realities of gambling. Likewise, the narrow border separating a professional gambler from a problem gambler must be respected, and the importance of responsible gambling practices must not be overlooked.

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