I came across an article on the Slipperytoad website, originally published by the Punt.Com blog, and it offers a fascinating, if somewhat pessimistic, perspective.
Forums, blogs, bookies, and betting websites are full of people dreaming of becoming professional gamblers. The idea of being your own boss, working whenever you want, and making loads of money while watching sports is certainly appealing. However, let this post (and the rest of this blog) serve as a reality check.
Many people give up their jobs to pursue gambling after only a short time of trading. They think it’s easy, straightforward, and that it will last forever. But they haven’t thought it through.
I’ve been a professional gambler for over 3 1/2 years. Before that, I spent two years gambling before deciding to go pro. It was the biggest decision of my life, and not one I took lightly. Giving up a guaranteed income and job prospects to gamble with my own money was extremely risky, to say the least.
When you give up your job, you’re not only risking your money but your entire future job prospects. Let me tell you, gamblers are not viewed in the same way as someone with a normal job. The reaction you get when you tell someone you’re a gambler is a mixture of contempt, fascination, and disbelief. Gamblers are often seen as the vagrants of society, the losers wasting their family income on an addiction. No one believes it’s possible to win, and if you have, they’ll say it’s just luck. Like it or not, this is how you’ll be viewed.
Family relationships can be strained and tested. It takes a lot of understanding from loved ones, and this can weigh heavily on your mind while gambling. A stable family life is crucial because it directly impacts your work. Few jobs are as affected by this. You need stability and space to work well. And vice versa, a bad day at work can negatively affect how you treat those closest to you. Can you really say you won’t be in a terrible mood when you lose a large sum on a tennis player who gives up?
Your financial future becomes uncertain. You’re no longer contributing to society or paying taxes—an advantage to the gambler, sure, but it doesn’t improve your self-esteem and further enhances the feeling of being an outsider.
Try borrowing money from the bank? Easier said than done. This is why you need to secure your financial future as much as possible before making gambling your sole income.
And what about future job prospects? If you need to work again, do you think potential employers will be pleased to see a gap in your CV where you spent a year or two gambling for a living?
How much have you won before turning pro? It’s hardly ever enough. You need to make many times your current income before taking the plunge. Make sure you have substantial savings stashed away, preferably earning a reasonable amount of interest. I could have turned professional a year before I did, but I waited until I was financially secure. Not only for my livelihood but so that I could work confidently and without pressure. You cannot perform well in this game if you’re constantly worried about losing your hard-earned cash. Pressure on your profit and loss is deadly.
When you do take the plunge, your day-to-day life will change dramatically in ways you might not have imagined. Interaction with other people becomes scarce. You’ll spend long periods alone, staring at a screen all day. The temptation to fall into bad habits is strong. Why bother making an effort when you can get up, do some work, and go back to bed? Discipline is crucial. Working alone presents serious challenges. Your health and fitness can suffer drastically, and the way you interact with other people can deteriorate. Prepare for this in advance.
It’s not all excitement and glamour. It can be downright boring doing the same things day in, day out. Boredom can be a gambler’s most dangerous adversary. You may end up over-betting and over-trading just to stave off the monotony.
Gambling doesn’t owe you a living. A normal job pays you for showing up; here, people are trying to take money from you just for turning up. It’s you against a world of others, all with opinions—some of them much better informed than yours. Are you truly at the top of your game when it comes down to it? How consistent can your performance be to stay ahead? There are brilliant minds out there trying to beat you at every turn—be wise to the available strategies and the people you’re up against, and give them respect—they’re after your money and, by extension, your livelihood.
There are very few real professional gamblers, and the reasons outlined above explain why. It’s incredibly tough. You’ll be tested mentally every day, and you must guard against developing bad psychological habits. There’s a fine line between problem gambling, pathological gambling, and professional gambling. Many professionals develop problems, so be aware of the risks. There are fewer than 50 gamblers in the U.S. who make over $100,000 a year. With all the negative issues you can face as a professional gambler, you better make sure you’re being compensated appropriately. Ask yourself what a fair amount is for enduring these problems. If you’re not already making that, then is it really worthwhile?
Think about your life situation and your family. You’re risking your money and theirs. I was fortunate when I began that I was young, single, and in a job that didn’t pay much, allowing me to pursue gambling without overheads and relationship-damaging consequences. It’s incredibly time-consuming, especially at the beginning, when you’ll need to work hard to grow your funds to a suitable level. Don’t underestimate the time this takes, and the time you’ll be spending away from family chasing something that might not even work out.
I know this post is quite pessimistic, and it’s meant to be. I’ve heard it said that professional gamblers are pessimists. I’m not sure I completely agree, but in this case, I think it’s wise to be cautious. No matter how much you think you’re ready, wait a while longer. Wait until you’re sure you aren’t just lucky, then wait some more. Understand why you aren’t just lucky, and be big enough to admit defeat if you’ve been.
Photo: Freepik
