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    durgeshab's Avatar
    durgeshab Posts: 1, Reputation: 1
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    #1

    Dec 4, 2008, 10:02 PM
    A doubt about gambling
    Can a person make a decent living for him and his family solely by gambling, thoroughout his life.
    KBC's Avatar
    KBC Posts: 2,550, Reputation: 487
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    #2

    Dec 4, 2008, 10:40 PM

    Probably not.

    The very thought of 'easy money' doesn't state the obvious,easy losses.

    In casinos the house has all the odds,the machines are on a random number generator which is set to 'hit' at an advantage to the house.

    The tables are self explanatory.

    If someone has enough moxie to try it, I say go for it,I love to gamble,it's a traded addiction for me.No drugs hmm maybe I'll gamble instead!

    I have made far more than I ever lost,but I also know I am one of a few in that category.

    For making it as a career it takes dedication to boundries.

    IF... you make a set amount... every day... (almost, if not, impossible) you can make it,but it won't last long.

    I have heard of people doing this.Look at discovery channel or some station like it and watch a few interviews with professional gamblers.See how many there are?Hear what they say about the pitfalls?They have been there and done that.

    There was a story about a man who couldn't loose.Near the end of his truly inspiring career he was betting astounding amounts on five card straight poker,hundreds of thousands(if I remember right)until he lost,and he lost it all.

    If this is something you are seriously considering look at the success stories,but don't forget the losers,there are a lot more losers than winners.
    stevetcg's Avatar
    stevetcg Posts: 3,694, Reputation: 353
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    #3

    Dec 8, 2008, 11:00 AM

    Sure - there are professional poker players who work only at gambling.

    Its possible, although not practical to be a full time professional blackjack player. There are stories and books abound on how it has been done.

    Don't think for a second its an easy job. For one, the stress level is immense.

    I had a friend that was a professional poker player in Atlantic City. Every day he would go to the casino and play until he made his nut (the amount he needs to win each day to pay his bills). Some days he worked 10 minutes, some he worked 15 hours. He had been doing it for 15 years, while raising 2 kids and having a successful marriage.
    Jake2008's Avatar
    Jake2008 Posts: 6,721, Reputation: 3460
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    #4

    Dec 13, 2008, 08:51 PM

    For most people, betting money on a random game, without a known outcome, is asking for trouble. There are some, like the professional poker players, or those who bet the horses, who are able to sustain or augment an income, but they are rare. Gambing venue's are designed to hook you on the possibility of winning, not actually winning. The average slot machine at a casino, will typically pay you 10% of what you put in. Put $200 in, and eventually get $20.00 back. To actually try to make an income from poker, aside from the stress and uncertainty, will see far more broken relationships and ruined lives, than not.
    jjwoodhull's Avatar
    jjwoodhull Posts: 1,378, Reputation: 239
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    #5

    Dec 15, 2008, 09:57 PM
    My Grandfather played poker for a living. He had a wife and 5 kids and did pretty well for himself. However, if it was easy, everyone would be doing it. It takes a lot of practice as well as an aptitude for math.
    Jake2008's Avatar
    Jake2008 Posts: 6,721, Reputation: 3460
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    #6

    Dec 15, 2008, 10:14 PM

    My father was a gambler. I can remember many highs, and many lows. There were never enough wins to offset the losses, financially, psychologically, economically, and physically. It takes its toll on both the gambler and the family. For most, it is a devastating addiction.
    Jake2008's Avatar
    Jake2008 Posts: 6,721, Reputation: 3460
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    #7

    Dec 16, 2008, 10:24 PM

    Oops, I meant to say for SOME, it is a devastating addiction. Not everybody of course develops an addiction to gambling.
    pepsichallenge's Avatar
    pepsichallenge Posts: 22, Reputation: 1
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    #8

    Jan 3, 2009, 02:25 PM

    Gambling is the most financially stressful career a person can choose. For many, gambling is an addiction. For some even at their lowest points, they find any way to gamble. The idea is simple, make a small investment to win a life-changing amount of money to solve your problems. Those small investments add up to a large one, and eventually addicted people have even more problems because of the lack of money. They lie and steal to cover up the losses. It affects all ages/all races. Stay away from gambling altogether if you have any addiction problems. Personally I feel gambling is very bad for any society and people that run casinos are crooks.
    jjwoodhull's Avatar
    jjwoodhull Posts: 1,378, Reputation: 239
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    #9

    Jan 3, 2009, 04:22 PM
    Quote Originally Posted by pepsichallenge View Post
    Gambling is the most financially stressful career a person can choose. For many, gambling is an addiction. For some even at their lowest points, they find any way to gamble. The idea is simple, make a small investment to win a life-changing amount of money to solve your problems. Those small investments add up to a large one, and eventually addicted people have even more problems because of the lack of money. They lie and steal to cover up the losses. It affects all ages/all races. Stay away from gambling altogether if you have any addiction problems. Personally I feel gambling is very bad for any society and people that run casinos are crooks.
    Gambling to feed and addiction and gambling as a career are totally different. Career gamblers do not subscribe to the idea of making a small investment to win a life changing amount of money. Also, they make their money on card games - not slots. There is a real logic and strategy to playing poker. People who are good at math are more likely to be successful.

    As far as casino owners being crooks - they are running an entertainment based business that you may or may not chose to patronize. If we eliminated all business that feed addiction, we would have to shut down retail stores, bars, restaurants...

    Yes, gambling addiction, like all addictions, can be devastating. But the OP asked if a living could be made off it. The answer is yes - with the proper education and personality.
    Shaunzaidi's Avatar
    Shaunzaidi Posts: 1, Reputation: 1
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    #10

    Feb 5, 2009, 10:19 AM
    Comment on KBC's post
    It is accurate with some open ends. I know some fox making a decent living on it just playing Blackjack
    NJExit9's Avatar
    NJExit9 Posts: 31, Reputation: -1
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    #11

    Mar 8, 2009, 09:13 AM

    No. Even the most dedicated and self-controlled experienced professional gamblers at best break even through their entire career. The Pros know to develop bankroll management and don't ever get over their heads. And know they have to WIN consistently more to also pay for living expenses that come out of their bankroll build. Gambling is a very reckless way to consider as a career. Poor Choice even if you were lucky to once win a $100,000 Tournament. You always have to pay taxes on your winnings YET you cannot claim the losses.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #12

    Mar 8, 2009, 09:24 AM
    Quote Originally Posted by durgeshab View Post
    Can a person make a decent living for him and his family solely by gambling, thoroughout his life.
    Hello d:

    Not by "gambling" because gambling involves no skill.

    However, poker is a skill. If one is good, they'll still lose everything. If one is very good, they aren't good enough. But, if one happens to reach the top level of their skill, they can get rich and lots of them do.

    It's kind of like baseball. There's only a very few making money at it, and they're making a bunch.

    excon
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,505, Reputation: 4600
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    #13

    Mar 8, 2009, 12:58 PM
    Quote Originally Posted by NJExit9 View Post
    No. Even the most dedicated and self-controlled experienced professional gamblers at best break even through their entire career. The Pros know to develop bankroll management and don't ever get over their heads. And know they have to WIN consistently more to also pay for living expenses that come out of their bankroll build. Gambling is a very reckless way to consider as a career. Poor Choice even if you were lucky to once win a $100,000 Tournament. You always have to pay taxes on your winnings YET you cannot claim the losses.

    I thought you could claim losses to the extent of the winnings - do you have a citation?
    NJExit9's Avatar
    NJExit9 Posts: 31, Reputation: -1
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    #14

    Mar 8, 2009, 03:57 PM

    I wouldn't recommend it. Can always talk to your accountant. No on-line advice should ever be deemed reliable in a legal sense.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #15

    Mar 8, 2009, 04:02 PM

    Hello:

    IRS TAX TIP 2009-34

    Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.

    Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment.

    Here are some general guidelines on gambling income and losses:

    Reporting winnings: The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. You may not use Form 1040A or 1040EZ. This rule applies regardless of the amount and regardless of whether you receive a Form W-2G or any other reporting form.

    Deducting losses: If you itemize deductions, you can deduct your gambling losses for the year on line 28, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.

    It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

    excon
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,505, Reputation: 4600
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    #16

    Mar 8, 2009, 04:48 PM
    Quote Originally Posted by NJExit9 View Post
    I wouldn't recommend it. Can always talk to your accountant. No on-line advice should ever be deemed reliable in a legal sense.

    You gave very specific advice which apparently was also very incorrect - please don't lump all advice posted on this board into that (incorrect) category.
    Bryan Clifford's Avatar
    Bryan Clifford Posts: 1, Reputation: 1
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    #17

    Aug 7, 2018, 05:44 AM
    How much can I get per day playing video slots? It all depends on the amount with which you sit at the table: with two dollars, with five, with ten thousand. Depends on the number of tables you play at the same time. Competent approach - do not put immediately $ 5000, and sit down for 50 tables for $ 100. At a short distance, the probability of loss is greater than the long one. Everything is clear.


    The average player, not strong, but an ordinary player who sits at a table with $ 50-100, can safely earn $ 2000 a month. About the ceiling did not even say. In Belarus there is a friend (I personally do not know him), which, according to statistics, collected its first million in 25. Million dollars, of course.


    How much is obtained from me? And how much does the programmer earn now? Thousands two a month. This number can be multiplied by two. Roughly speaking, about $ 50,000 a year. It is quite possible to live.


    But we must remember that this is all individually.

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