The pitfalls of being a PROFESSIONAL gambler!!

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Read Wild Bill's article on the trials and tribulations of being a professional gambler by going to the RX home page at www.theprescription.com

Also, read Stephen Nover's interview with BoDog CEO Cole Turner, as well as our new feature called "News on the Web."

Charlie
 

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Excellent article. A must-read for all gamblers.
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Good article Bill.


However, can you explain what you mean in depth by this statement.......

Going to Las Vegas and taking on the title of “professional gambler” would seem to be one of those American dreams. It’s something that anyone can try, but few can do. Many do try it every year, but precious few come prepared. Only about five to 10 percent of these gamblers will make it.

......I apologize if I am not understanding this correctly.

But the way I am reading this, YOUR SAYING THAT 5-10% of those gamblers that come and try to do it professionally.....make it?

What do you consider making it? Having thier BR last 9-12 months?

The gamblers that come to Vegas and try to make it professionally for any decent amount of time and make enough to where they are not sleeping in their car are about one in 10,000 or more.

Again, sorry if I am misreading your statement and what you mean by it.
 

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Strut, even I think that the numbers are higher than you expect here. I could believe 5-10% easily. Now maybe 75% of those dont make more htan about 40,000 a yar at it. The other 25% account for the professional gamblers making 500,000 plus betting on sports
 

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you would not know most professional gamblers. if they are a pro they won't flaunt. no reason to live in vegas any longer either. rate of return on hours spent is poor, better money in other jobs. pro gamblers are gamblers for the love of it.
 

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I have seen this 5-10% in person and taken there bets,if you call five dollar six teamers a success then I wanna live like that.I would put the real number at less than 1% argue with me all you want I worked in vegas sportsbooks for almost 20 years from the biggest to the smallest and that statement of 5-10% is a joke
 

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My all time lists (LV only):

TOP LV SPORTS GAMBLERS
Ray Vera (dec)
Bob Martin (dec)
Billy Walters
(The Computer)
Sam Brown
Bruce(???)The Crab
Chuck Shaupp
Buddy Othic
Jerry Taffel (dec)
Billy Baxter
Pete White
Herb Lambeck
To make this list you must have relied soley on sports gambling for your living, you must have survived 20-30 consecutive years.

*** List # 2 ***
People who impacted LV sports betting:
Jimmy The Greek
Bob Martin
Roxy Roxborough
Vic Salerno
Sonny Reizner
Harry Gordon
Joe Slyman
Lefty Rosenthal
To make this list you must have impacted LV sports betting in a positive way, helped to put it on the "map".

My three other lists will remain secret because of sensitive matter:
Biggest bm's (licensed & locals)
Biggest Movers (thing of the past)
Biggest Frauds

.....ScottyS
 

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Scotty, I think you meant Chuck Sharp. One of the best, if not the best, at NBA totals. How is your son doing by the way?

Hope you and yours have a happy and healthy holiday season!

Charlie
 

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My list of the very elite handicappers:
Ray Vera (the best)
Bob Martin
Sam Cagninno (baskets only)
Pete/Kenny White
Jerry Taffel
Scotty Peril
Alan Boston (college baskets)
Bruce (???) The Crab
Buddy Othic/Jammie Thompson
Chuck Shaupp

to be continued.....
 

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THe reason why this thread is at the top is because CHARLIE is always trying to get to go to the homepage since that is where the money is made for the advertisers for the most part.


By the way, does anyone else that Charlie is the biggest waste of space in this universe??? I mean he brings NOTHING to this site that we can see and yet he posts dumbass threads about checking out the winenrs of the annual SCRABBLE contest on the homepage
 

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The 5-10% are the people that are winning enough to keep trying, the percentage that are significant winners are under 100 in total. You guys are talking about sports bettors, but poker players are a much larger group. I know some BJ players, but they are a real dying breed and will just dwindle to near nothing soon as technology just chases them out. I talk about Vegas because that is my experience. I don't know of the group making money out of say Cincinnati, but I am sure there are some there too. Offshore has definitely changed the dynamic somewhat, but I think some would be surprised that many people still equate becoming a pro with a requirement to move to Vegas. Not that it is required, but many still don't feel they have made the plunge until they make that step.

Some great names there Scotty, sad that it seems like no new blood is getting to that next level. I think part of it is the tougher conditions to make big money is part of it, but also a good deal of talent that I know of and have met just get into syndicate mode early in their careers. In some ways I can't blame people for doing that, you make money from day one instead of dealing with the fluctuation for years until you "get it". These guys in the list would rarely go into any significant venture with anyone else, they did things themselves and if others were involved they were merely lower level guys they hired to either crunch the numbers or move their money. Things are just done different I am told, people that went through the 70s and 80s are still mostly around Vegas, but don't even recognize the game as it is now.
 

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Once again I applaud Wild Bills' efforts, but disagree totally with his article.

To say 5-10% succeed has got to be one of the worst estimates I have ever seen. It's enough to completely discredit you Wild Bill. One reads this and it's very tough to not just say "This guy is in such fantasy land, he misses his estimate by a factor of 100, how can I give him any serious attention? How can I respect him as any kind of expert?

Over 99% of people coming to Vegas to become a professional gambler fail miserably. 95% of them have no clue what they are doing and aren't even playing with an edge. 5% play with an edge, but only 10% OF THOSE even discover any sizable edges. So we are down to .5% of those trying to win. Now you need discipline, a bankroll, good money management, etc. .1% (1 out of 1000 looks about right).

Disagree with me? Then refute this. Every Thursday night Park Place has -105 vig with decent limits. Surely "every" pro sports bettor would at least wander into a PPE book to make some bets right? Lines should be around the corner! Turns out 10-15 guys will show up. How could ANY pro sports gambler avoid this???? It's not a trap, as the Hilton has a good reputation for taking action. Also, one could rotate amongst properties to stay anonymous if desired.

Ok, maybe their are more pro poker players out there, and maybe 1% of those who come here succeed IN THAT CATEGORY. But 5-10%?

It's been said that it's easier to be a rock star than a pro gambler. If 1/20 of those who tried it succeeded, then their must be a lot of people with Solid Gold records out there.

Another refutation. I know guys who have TREMENDOUS knowledge and ability to beat sports and 21, and some other games. And many of these guys are bust outs. I could give many reasons but it comes down to a few:

1. Expenses too high (and with every big win they blow some of the winnings)

2. Bad lifestyles (too much drinking, smoking, etc)

3. Getting sucked into some bad negative situations betting (I'm getting heat playing 21, I'll just go play some craps for awhile). I liked the bet -6, what's the big deal if I have to lay -6.5? Etc.

4. Missing obvious great situations to make some serious money (Terrible's suited 21s pay triple 2 weeks ago for 1 day).

5. NO BANKROLL. This is a killer guys try to get it done with 30k or less. This forces them to either bet small (killing their earing rate) or overbet their bankroll......leaving them to go bellyup during the losing streak.


Seriously, "everyone" loses out here. The exceptions are easy to spot.

Wild Bill, PLEASE stop writing such things as 5-10% succeed. At best, it's terribly wrong and makes you look like a foolish author. At worst, it encourages people to go become a pro gambler, and ruins their lives.........
 
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Fezzik you have to be brain dead to not win:

1)Betting sports
2)Playing poker
3)Betting ponies
4)Playing BJ

in today's day and age.

Numbers 2 and 3 have never seen a more player friendly enviroment ever. Number 1 has but not by a whole lot and not in a long time. Number 4 is clearly the toughest thanks to the spread of information, but by no means impossible.

It isn't rocket science and every job has temptation and pitfalls.

Maybe b4 blasting Bill, you may want to ask a few BM's what % of their actives win. He is closer than you.

Scott-how many of those folks are from NY,NJ or PA?
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