How Much Money Do You Need to Be A Professional Gambler?
Recently updated on October 12th, 2023
If you are an aspiring professional gambler wondering how much you have to spend gambling, you have come to the right place for answers. Being a professional gambler means you’ll be solely dependent on casino games as your primary source of income. This means you will have to play casino games that generate a maximum income. Many players wonder if they can gamble for a living and the answer is yes. However, you will have to part with lots of money to make money. Below we take you through how much you could potentially spend playing casino games as a professional gambler. We also take a look at how much you’ll be betting as a professional player as well as how much tax you could pay as a professional gambler.
Professional Gambler Bankroll
When playing professionally, your bankroll is the most important element of the chain you need to be aware of. More especially if you’re trying to live off gambling, it is also important to remember that nothing in gambling is set in stone. This means there will be ups and downs where you either win or lose money. Unfortunately, there is no way of guaranteeing that you will win money each time you make a bet.
Let’s say you are a professional gambler looking to make $50,000 a year. You would need a bankroll of about $1000 each week. The amount of money that you’ll be spending as a professional gambler will also be dependent on the game that you will be playing. Some of the best paying casino games you could look into include poker, Blackjack and sports betting. The amount of money that will be spending as a professional gambler on this game will also vary.
Depending on the casino site you’re playing at, professional gamblers can spend between $500 and $1000 on each hand. Of course, if you’re a professional high roller, bets can be as excessive as a hundred thousand dollars on each hand. However, there are some casinos where you can spend between $50 and $100 on bets regularly. This is a more attainable betting amount if you were looking to make a living from gambling.
Pro Blackjack
If you choose to play Blackjack, making $50000 could be easy. There are several ways to get to this total by the end of the year. Counting cards Is one of the ways that you can achieve such a goal. You can achieve a long-term Edge of about 0,50% and 1%. With this type of information, you’ll be able to determine how much you need to bet to reach a goal of $1000 and profit.
Making a profit of $1000 with a 0.50% edge means you will have to make $20,000 in bets per week. Basically, that means you will have an average of $100 in over 200 hands. The average number of hands that you can play per hour is 50, and with these numbers you would have to play 40 hours of Blackjack a week. While this may seem like a realistic number if you were counting cards, it can get difficult.
With that, if you get a 1% edge or playing 20 hours per week with an average bet of $100, you will get the same outcome as when you were playing 40 hours per week with a 0.50%.
Professional Sports Betting
Pro sports betting can also bring in a lot of money. And daily fantasy sports are becoming more and more popular. However, not all players are successful. This is because Sports Betting requires good math and statistic skills. Some of the things that you need to pay attention to win sports betting is your entry fee, the number of entries you’re making, the percentage of stakes as well as how good you are at gambling at the sport.
For instance, if you want to make 300 entries every day, you would be paying about $3300 daily. If you do win, you would make around $3500. This is a profit of $150 each day. If you play every day for the rest of the year, you can make an estimated $50 to $60000.
How much money do professional gamblers make?
If you have a healthy bankroll, that means you’ll be making bets that allow for good Returns. Professional gamblers can make anything between 5000 and 20000 CAD per month. Of course, making this type of income means that you must be focused and steadfast when playing. One of the things that you need to remember about gambling professionally is that your bankroll needs to keep you afloat during high and low times. As you can never be too sure of when you’ll be winning or losing, the last thing you’d want to do is make excessive bets that could bankrupt you. Making money as a professional gambler does mean you need to play a game in which you were scaled in. Understanding the basic betting strategies as well as the rules can see you make a good profit.
Professional players tax
The big part of how much money you will need to be a professional gambler is paying tax. Once you decide to be a professional gambler, you will have to pay tax in Canada. While there is no outline of when you are a professional gambler in Canada, it may take a few years before Canada’s Revenue Agency considers you a professional gambler. Pro players can write off their losses if you can prove to be a profitable gambling Pro.
As a pro player, you will have to declare and pay taxes on your winnings by filling out and submitting 85 slip. Failure to do so will mean that you will get a hefty fine. The amount of tax that you pay in Canada is solely based on your net income. This means that you will also have to keep track of your records regarding how much you have lost and won from gambling. Here is an indication of how much tax you could pay as a pro player.
- 15% in taxes will be paid for an income of about $46,605 income.
- You will pay 20.5% for an income more than $46,603.
- A 26% tax will be paid for incomes over $51,281.
- You will pay tax of 29% if you make an income over $61,353.
- A 33% taxes paid on income over $205 842.
Become a pro player today
Before you can start making a budget of $1000 to spend at online casinos, you should start practising playing casino games. Once you have acquired your skill in the casino game of your choice, you can start making small bets before jumping at $50 to $100 bets. Remember being a professional player means you can use your bankroll steadily to make a good income.
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