So you want to be a pro? First, consider the cons...

Betting Strategy / Wayne Bailey / 14 October 2008 / 1 Comments

Wayne Bailey has some advice for those who are contemplating professional gambling as a career...

What image does your mind conjure up when you picture a professional gambler? Is it the larger than life characters like Harry Findlay, who's certainly not afraid to open the wallet? Perhaps it's Barney Curley you think of, whose exploits have become the stuff of legend. Maybe you picture J.P. McManus, who was known as 'The Sundance Kid' when he used to raid the betting-ring bookies of Ireland and Britain. Then there are the party boys, the Dave Nevisons of this world. The reality of daily life for most pros however, is completely different to the stereotype.

Calling yourself a professional gambler has a nice ring to it, and anyone who has started to show a decent profit in their spare time is sure to have toyed with the idea of going pro, even if it is just a pipe dream. Having relied upon betting as my income at various stages throughout my life, I can tell you that it sure as hell is not as easy as it looks. It sounds glamorous, fun and daring - but as the saying goes: 'It's the hardest way to make an easy living'.

If you've decided to go pro (or are thinking of doing so in the future), nothing I say here will change your mind. Indeed, that's not the purpose of this article, and I wish you success. However, I urge you to think about the following issues and consider them strongly when making that decision. The cold reality of professional gambling today is that most of your time is likely to be spent sitting in front of a computer screen. If you don't like your office job, you may just hate this too! Horse racing was my sport of choice, but I presume other professionals will see many similarities in what I write:

Hours of Work

It's not your regular nine to five, that's for sure. Most days, I'd get up at seven, have breakfast with my family and start working at eight. With racing, there's always something that can be done and it's very difficult to take a break from. In the summertime, you've the added headache of trying to keep on top of evening racing too. I'd regularly shut down the computer at 3am, get a few hours sleep and start again the next day.

Social Aspects

A few pints with the lads on a Saturday? Not on your life! Saturday is racing's busiest day, and the fear of missing a good bet becomes a constant niggle in your head when you don't follow the four legged action. If you have a family, it can be difficult to give them the time they deserve. If you have a partner, you will need their full support and approval, otherwise there will be trouble.

Criticism from others

At first, it may be fun telling people what you do but it quickly becomes a pain in the a*se. Everyone you meet asks for a tip, and only a 100% strike rate would keep some people happy. And then there's the cynical person out there. Some people won't accept that it's possible to make a living from betting, and snide comments can become common. 'The bookie always wins' is another line I heard many times, despite the fact that most of my betting is done on Betfair! You can't argue with ignorance, so in the end, it became easier to tell people that I worked with computers (which wasn't a lie entirely!).

Money/Job security

There is no job security in betting whatsoever. If you lose, there's no redundancy pay or pension. If you can earn a side income from your sport, that's a great advantage. I was always lucky enough to have various writing jobs for newspapers/websites etc, which helped boost the betting pot during the good times, while providing a small but steady income during the bad days (which WILL come to everyone).

***

These are just the tip of the iceberg, and there are many other issues to consider. For me, professional gambling is half about the horses, and half about the head. As stated, I'm not trying to put anyone off - indeed I've had some fantastic times and bets and it can be immensely enjoyable.

However, the point I'm making is that it's not always fun and games, and you should realise that the vast majority of people will lose money. Perhaps you will be different, and I wish anyone who tries it out the best of luck. But make sure you don't go in with the blinkers on, as that's surely the first step to losing, in all senses of the word.

Comments (1)

1. Peter | 15 December 2008

   An excellent article that is well summed up. The emotional involvement and time devoted to study are key elements. I believe you should put your bets on and walk away - to stay in a bookies all day it is high on impossible to win day in day out, though someone with the self control would be nice to meet. Still haven't met him though.