Gambling Full-Time

[FlyersFan]

Originally Posted by V3r1f13d

I've thought about it before, but I made a post months ago about making a 10K run at it in Vegas. 10K is enough to tell if you can do it for real or not. By that I mean sure we all have good days and bad days. I play with hundreds though, its a HUGE difference wagerings K's. I've put a K down ONCE (talking about one game, not collectively), and won. It was not fun at all even thoguh I won.

Well, I dont want to say people here convinced me not to do it, but it really made me re think it and post pone it to an unknown date.

But hey, if you decide to do it, maybe I'll join you for a quick run at it.

There is no such thing as a quick run at it. Gambling is totally different when you do it for a living vs. betting for recreation. Like you said, when the money gets big it isn't fun. Try going to the window with your house payment on the line. Most of the "sharps" and wise guys who do this for a living in Vegas are ex-sportsbook guys, ex-number makers or guys who have spent years around the sportsbooks and know enough people to get good information (not inside) on certain games. Their knowledge and inside into Vegas makes you look like a 5 year old trying to hit a roger clemens fastball in his prime. To think you are just going to waltz into vegas and gamble for a living is rediculous and it is no differnet than being a 15 handicap and think you are going to all of a sudden show up on the tour each week. You have to pay your dues, just like in any other endeavour. And you better be ready for the lifestyle. Those guys live this **** 24/7. They have to, and to think you don't is selling what those guys do short. And you better have a HUGE bankroll to get you through the down times and the BAD seasons, which you will have. Most of these guys are divorced and their social circle is their gambling buddies. I heard a guy who is very reputable and a guy who gambles for a living say on a radio show once when asked if he had been on vacation this summer...."there are no vacations. you can't afford to be away and lose track of what is going on in certain sports".


good luck to anyone who tries it, but i have seen this posted so many times between here and the other site and i don't think most have the faintest clue how hard it is and what the lifestyle demand is.

[V3r1f13d]

Originally Posted by FlyersFan

There is no such thing as a quick run at it. Gambling is totally different when you do it for a living vs. betting for recreation. Like you said, when the money gets big it isn't fun. Try going to the window with your house payment on the line. Most of the "sharps" and wise guys who do this for a living in Vegas are ex-sportsbook guys, ex-number makers or guys who have spent years around the sportsbooks and know enough people to get good information (not inside) on certain games. Their knowledge and inside into Vegas makes you look like a 5 year old trying to hit a roger clemens fastball in his prime. To think you are just going to waltz into vegas and gamble for a living is rediculous and it is no differnet than being a 15 handicap and think you are going to all of a sudden show up on the tour each week. You have to pay your dues, just like in any other endeavour. And you better be ready for the lifestyle. Those guys live this **** 24/7. They have to, and to think you don't is selling what those guys do short. And you better have a HUGE bankroll to get you through the down times and the BAD seasons, which you will have. Most of these guys are divorced and their social circle is their gambling buddies. I heard a guy who is very reputable and a guy who gambles for a living say on a radio show once when asked if he had been on vacation this summer...."there are no vacations. you can't afford to be away and lose track of what is going on in certain sports".


good luck to anyone who tries it, but i have seen this posted so many times between here and the other site and i don't think most have the faintest clue how hard it is and what the lifestyle demand is.

By quick run I just mean to give it a shot. If it works it works, if it doesnt then it doesnt. I would never give up my real job unless I built up enough capitol to live on for at least a year, from winnings alone. I think it would be a horrible lifestyle, you guys have done a good job explaining that to me and I am thankful for that.

I really dont have the faintest clue whats its like, because I have never done it. If you are like the majority of us, you are also speaking from the outside looking in.

[FlyersFan]

Originally Posted by V3r1f13d

I really dont have the faintest clue whats its like, because I have never done it. If you are like the majority of us, you are also speaking from the outside looking in.

i am not on the outside as much as others are, nor am i close to being on the "inside". i have never tried it nor would i. but i do have a good ear to vegas, and i actually have had a couple friends who ended up getting pretty high up in the casino business in vegas. there is definitely an "inner circle" to vegas and i follow that "inner circle" through radio shows, websites etc.. i am not close to being in that "circle" nor do i want to be. but i am well schooled on what goes on in vegas. i steal picks all the time from these guys and im not ashamed to say it. i stole the KY/KentSt over from a particular gentleman and the game went over in the 3Q. Also had 2 different people put me on the NTSU/SMU over and that went over by about 20 points. stole the BUF game yesterday from a couple Vegas insiders. I have certain sources i check every week for stuff. i have actually amassed a lot of this stuff over about a 5 year period. The whole point is to win money. i could care less about getting props or trying to do everything myself. if i can find games each week from others that usually hit at a high rate and play them and win, so much the better.

my whole point was, to take 10K over there and think that is going to show whether or not someone can do it is ludicrous. i am never one to ever tell anyone not to do something. i tried to get sponsored to play golf on tours about 10 years ago and fell short. BUT i put the time in. i hit balls on the range until midnight on weekends.....i have no regrets. everyone i have ever seen post this stuff really doesn't get it and that was my point. you have to do the golf equivalent of hitting balls until midnight in handicapping, too. you have to develop contacts at the books, wiseguy contacts....etc.. all these guys share information. would you start a business without a plan? it's no different in handicapping.



and for me at least, handicapping NHL, CFB and CBB gets to be a major grind, and i take 5 months off during baseball season. as much as i like sports, i couldn't do this for a living. it would get to be a real drain.

[homedawg]

Boring?????????????? how about having a LIFE????... I can spend hours capping games for the day and come out ahead, and do it again the next day, and so on....

But there are days where I just dont feel like doin' any homework, spendin' time with the family, layin' back and relaxin', gettin' the mind clear from all....But yet I will still lay dough, just to have action.... Usually not good!

Doin' this **** for a livin'? you better have your pad paid for, and a whole lotta dough under the mattress!

Just to live, my overhead is over $200.00 per day... Sure would suck if ya went on a losing streak with no backup income!

[V3r1f13d]

Good points Flyers. I can't really agree because I don't know (nor can I disagree), but I can take your word for it and I will. it makes sense.

Half my family lives in Vegas and they don't even gamble, oddly enough. Other than that I have no contacts in Vegas. The only inside info I ever get is for the team in my avatar, and thats just for one game and/or one player. So ya, you would have to have a TON of contacts to do it daily.

[rjp]

We live in the internet age. That's all the contact you need. :)

[TheCaymanIslands]

I don't gamble the way most of you guys do. You guys will have play 4 or 5 games a day, if not more.

I use a double down strategy on each game, its worked for me thus far, and especially lately where I've been increasing my wagers and have built up a sizeable bankroll.

Some of you say its not fun betting a couple thousand on a game. Well it beats building an excel spreadsheet at the office!!!

V3, can you tell me more about the tax consequences of gambling that you learned from your CPA Friend? Thanks.

[CuseFan10]

He sure to succeed and obviously knows what he's doing!!!!

Parlay

[homedawg]

[Horfin]

Originally Posted by V3r1f13d

Hmm..I don't know why this post is in the toilet, but oh well.

Yes, my CPA has a couple clients who are professional gamblers. You claim your winnings and your losses are tax deductable. There is more to it, he told me all about it but I doubt anyone here cares so I'll leave it alone.

I'm not sure about the professional gambler, but for John Doe gambler the rule is:

Gambling losses are only deductible to the extent of your winnings.
Example: If you win $10,000.00 on the horses one day. You could deduct all of your $2.00 losses. So that if you had bet $2.00 15 times a day 7 days a week you would have ($2.00*15*7=$210/wk *52 weeks = $10,920 in deductions, however you could only deduct $10,000 of your losses against your $10,000 winnings. You could not use your gambling losses as a deduction against your ordinary income.

Horfin.

[V3r1f13d]

If you are a professional its just like having your own company, you can claim losses more than your winnings, and for the first 3 years the IRS wont even take a double look at it. You couuld win 100 and lose 120, being minus 20 net and not pay taxes. Just got to have good PL statements.

Professional means it covers your living expeneses and/or is 51% or more of your total income.

There are a ton of things you can do. So many ways to do it.
It's always good to have a laundrymat you can trust. You can establish a corp called "Capping Inc" and say you do consulting as well and you just opened a whole new door for write offs (home office, phone, elec, etc.), aside from winnings.

[TheCaymanIslands]

Originally Posted by V3r1f13d

If you are a professional its just like having your own company, you can claim losses more than your winnings, and for the first 3 years the IRS wont even take a double look at it. You couuld win 100 and lose 120, being minus 20 net and not pay taxes. Just got to have good PL statements.

Professional means it covers your living expeneses and/or is 51% or more of your total income.

There are a ton of things you can do. So many ways to do it.
It's always good to have a laundrymat you can trust. You can establish a corp called "Capping Inc" and say you do consulting as well and you just opened a whole new door for write offs (home office, phone, elec, etc.), aside from winnings.

Thanks V. Great advice. I'm thinking about establishing an LLC to do this.