Can you be a professional gambler if have a job or are a loser for the year?

Iceman · Jul 16, 2006

I bet everyday around 2k a day, 15k a week. I am up around 5k for the year. I spend a good 20-25 hours a week gambling but have a 45+ hour a week job that pays my bills.

What is the cutoff in your guys eyes?

HarryCaray · Jul 16, 2006

I would say if gambling is your PRIMARY source of income, then you can consider yourself a professional gambler.

If you make 60K a year at a 9-5 job, and generally win 20K a year gambling, I would just say you have a very profitable hobby.

Anonymous1 · Jul 16, 2006

My hat is off to you ICE...I could no way in hell put that many hours a week into so little profit...you must enjoy the game...gl

Iceman · Jul 16, 2006

cheapseats said:
My hat is off to you ICE...I could no way in hell put that many hours a week into so little profit...you must enjoy the game...gl

I consider it paying for schooling. Alot better than losing and yes I do enjoy it

vanzack · Jul 16, 2006

I dont know if you are asking from an IRS filing status - but the IRS defines Professional Gambler Status as:

1. Gambling is your primary source of income.
2. You take the idea of gambling as a business with businesslike aspirations.
3. You make a profit 3 of the last 5 years that you file as a professional gambler.

The amount you bet or the amount you win is irrelevant. It is the intent.

GL

SSI · Jul 16, 2006

own rental property and have the steady money coming in...

then gamble for all side money..

valueman · Jul 16, 2006

ICE - did you mean you make about 5k in the year? If so you are NOT a professional but one of an elite few who makes a hobby profitable. Congrats for being a winner but unless it brings in more than your day job I wouldn't count it as professional IMHO.