Professional gambling employment status

Psycho Sonny said:
what are you actually doing in regards to gambling then?

do you have a pile of cash and bet that a certain horse doesn't win?

need more details or else i call BS.
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You want him to tell you exactly how he makes money on betfair?

I'd guess that he's going to be reluctant to explain exactly what he does, its quite likely that the result if the race is irrelevant to him and he's more interested in the changes in the prices prior to the race beginning.

Then again maybe he sits trackside with a laptop, or maybe he's written an app to use betfairs API and arb any small price discrepancies... It's quite plausible that there are people out there making a living from betfair (and by the nature of the market many more losing money).
 
dowie said:
You want him to tell you exactly how he makes money on betfair?

I'd guess that he's going to be reluctant to explain exactly what he does, its quite likely that the result if the race is irrelevant to him and he's more interested in the changes in the prices prior to the race beginning.

Then again maybe he sits trackside with a laptop, or maybe he's written an app to use betfairs API and arb any small price discrepancies... It's quite plausible that there are people out there making a living from betfair (and by the nature of the market many more losing money).
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doesn't need to give exact details just tell us what form of gambling he is doing.

it is impossible to pick that many winners on a daily basis, with decent enough odds to give you £250 a day.

therefore he must be doing something else, but if it was that easy everyone would be doing it, therefore cant figure out what he is doing.

even matched betting only works for so long and usually doesnt give you anywhere near £250 per day.
 
@OP you're unlikely to get a mortgage as a 'gambler'.

If you're consistent then perhaps scale up your betting activities a bit otherwise perhaps you should get a job for 6 months or so - perhaps bet part time and once you're through the probation period get yourself a mortgage then, if necessary, quit the job.

How confident are you that whatever edge you're exploiting will remain as lucrative or even remain at all? Could you not automate some of what you're doing and/or do some of thus part time while holding down a job? You could end up in some trouble with a mortgage in say 3 years time if the markets change, you lose your edge and you can't find a job as you've been unemployed for the past 3 years.
 
Psycho Sonny said:
doesn't need to give exact details just tell us what form of gambling he is doing.

it is impossible to pick that many winners on a daily basis, with decent enough odds to give you £250 a day.

therefore he must be doing something else, but if it was that easy everyone would be doing it, therefore cant figure out what he is doing.

even matched betting only works for so long and usually doesnt give you anywhere near £250 per day.
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Why does he need to tell you that - I've just given you three general areas that don't involve picking winners or matched betting - 'trading' prices prior to the event, arbitrage and being 'courtside' so to speak. I don't think he's stated at any point that it is easy.
 
He said he's just trading so backing something, odds change and you trade out for profit. I do it on a small scale but i'm getting better at it.

robfosters you don't have to justify yourself here mate you're bound to get 'haters'.
 
Dmack said:
He said he's just trading so backing something, odds change and you trade out for profit. I do it on a small scale but i'm getting better at it.
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Well if the £250 a day is pretty much guaranteed then surely you could earn £2500 doing the same thing?
 
Not to mention bet fair most likely employ staff to weed out suspicious betting patterns and are well within their rights to close accounts and withhold funds. You can make money arbing etc but it's pretty much people making pin money alongside full time jobs and there have been cases of smaller online book makers not paying out winning bets meaning your bankroll can be taken out.
 
Van you not just rent a house on the cheap and save for one? Within a year you could buy a little cheap one that you could rent out if need be and continue saving for another/get a morgage based on the income rent of your first house. Would be a more convienient way.

Lol @ people saying you cant earn 250 a day.. One bet at 1.1 for the 1k he uses would land him 1k back so obviously 250 is easy if you have the money, knowhow and balls to pull it off
 
weringo said:
You obviously aren't very clued up up in world of professional gambling. Take poker alone - thousands earn a six figure income from it. Many more earn a very good living wage.

Have a flick through a few players on http://www.pokertableratings.com/.
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Yes but those players receive money from sponsors in the tens of thousands anually to enter tournaments (hence the 1 million + prize money) and pay for travel expenses lasting days/weeks at a time, they don't claim to rely on a £1000 bankroll and claim to earn 90k a year from it.
 
Slumberbox said:
Yes but those players receive money from sponsors in the tens of thousands anually to enter tournaments (hence the 1 million + prize money) and pay for travel expenses lasting days/weeks at a time, they don't claim to rely on a £1000 bankroll and claim to earn 90k a year from it.
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Errr.... no.

Most of the poker players who make a consistent income from poker play cash games, not tournament poker which you're referring to. I'm not talking about players who turn up for the World Series and fluke a big win only to never win a tournament again in their life.

In fact the site I linked to has nothing to do with tournament poker, it only tracks cash game winnings.

Don't get me wrong though, there are also many poker players who make a living from online tournaments, live tournaments, sit n gos etc.
 
Slumberbox said:
Yes but those players receive money from sponsors in the tens of thousands anually to enter tournaments (hence the 1 million + prize money) and pay for travel expenses lasting days/weeks at a time, they don't claim to rely on a £1000 bankroll and claim to earn 90k a year from it.
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Nope. A lot of money is earned by unknown people with a laptop.
 
hang on , did he not say gambler as in trader?

such as shares , if this was the case how does he earn the money 7 days a week , does'nt share dealing stop on weekends?

Again Im only presuming.:)
 
weringo said:
You obviously aren't very clued up up in world of professional gambling. Take poker alone - thousands earn a six figure income from it. Many more earn a very good living wage.

Have a flick through a few players on http://www.pokertableratings.com/.
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did you seriously just compare poker with gambling on betfair?

they are 2 completely different forms of gambling, in poker you are actually in control of the outcome for example, and i do actually play poker for cash on a fortnightly basis. ;)
 
robfosters said:
Have you ever tried asking questions on the betfair forums?

It's pure immaturity. Most on there are perennial losers and just accuse everyone of lying when they claim they win.
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Rob, probably the best gambling forum is 2+2 forums. Its predominately a poker forum but there are other subsections where people might be able to help you. Sure there are trolls on there but you can usually get some sensible answers.

Also whoever said spread betting isn't tax free if its your only job, I'm pretty sure your wrong....

Rob, I'm sure you are making some decent money doing what you're doing but when someone asked how much you earn, you gave a very specific answer of £250/ day, 7 days a week. By its nature, how can you earn such an exact specific amount on something with huge variance like gambling? Or are you just kind of averaging your last few months earnings? I play quite a bit of poker as some sort of side income, but whenever anyone asks me how much I make, I find it hard to answer because some months I'll be down because of bad variance and other months I'll be significantly up...I generally just tell them roughly how much I make from it per year...
 
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