(This post is kindly provided by the good guys over at www.alphasportsbetting.com, if you head over and take a look at their blog you’ll find an increasingly large database of great sports betting articles. Read on! Gavin from BetCraft).
You would have to admit that filling out a form and writing ‘Professional Gambler’ under the occupation field has a certain ring to it. For any punter out there who is possibly reading this; you’ve made some decent profits from your wagers. Betting has slowly etched into your life and you start to flirt with the idea of maybe turning professional. You start to think, I’ve made money with minimal effort, how about turning it up a notch and investing more into your bets. Well, the truth is that, as the overused saying goes – ‘looks are deceiving’. Whilst many have turned betting into a profession it’s important to understand both the pros and cons of turning gambling into your profession.
Pros and Cons of Being a Pro Pundit
This job offers more legroom than most jobs. Rid yourself from the humdrum routine of the rest of world as they slave away from 9-5 day in, day out. Turning pro will allow you create your own kind of balance between family and work life. It’s important that you’re strict with your time management, as the work still needs to be done. Although the truth is that you will have more time for other activities throughout your week.
2. Working Remote
Bid farewell to the four walls of your office, as you turn pro, you can work from just about anywhere. As long as you have your laptop and Internet connection, you’re good to go.
3. Tax Free
Unlike jobs that you’ve probably had throughout your lifetime, you will evade tax if you plan on turning your betting hobby into a career. This means that you’ll be making and saving money.
As your punting career takes off, you can attend betting conferences and keep updated whilst also networking and meeting some of the pros in the business.
5. Cash out
If you bet wisely and gain the much-needed experience for your betting career, this could mean that you could cash out big on wagers and secure your future financially.
Cons to consider
Due to the very nature of the job, punting might expose you some vices, which might be harmful to your well being. Betting might have a negative effect on your emotional health and as a newcomer to this full-time job you might not be equipped to handle it. Remember to prevent the worst-case scenario and seek help whenever you feel the need.
2. Welcoming Solitude
Being a professional gambler means that for the most part, you’ll be betting alone. Also, this means missing out on a Saturday night as this is considered a busy night for racing. Punting can be a social hobby if you keep it casual but as the stakes increase it become more serious and like most jobs, you will find it hard to strike that balance between work and pleasure.
Unfortunately punting does not offer the same security as a 9-5 job. There will be weeks when you cash out big and earn a profit on your investments, but that being said, there will be days when you’ll doubt your wagers.
This means that you will not benefit from a stable income every month and for those who have a family and other responsibilities this could be a big reason why they might not turn pro.
This lack of security could cause a person a great deal of stress. It’s important to comprehend these punting attributes.
4. Turning profit takes time
Punting is not a sprint, but rather a marathon. In order to be successful at sports betting you need to put in the time and within that time you will learn the strategies that work for you best. Pin down which sports you prefer investing and also understand most importantly, what kind of bettor you are.
Contrary to what many believe, betting in not purely based on luck. Just like anything else, betting is a skill you must cultivate and educate yourself on. It involves predicting the outcome of a game or race, analysing the mathematics behind wagers and making quick and important decisions. This is indeed, very stressful on any punter and any potential punter should know that this kind of life, does come at a price at times.
Making your mind up about changing your career to a pro punter is no easy task. For this simple reason, we’ve made a list of some personality traits you might possess and also others you could work on.
An appreciation for mathematics
Solid sports knowledge
Emotional control and discipline
Ability to analyse information
Good time management
A healthy bankroll
Understanding the long-term goals
As any bettor is well aware, there are various factors that must come into play when placing a bet; let alone winning one. Selecting a winning wager is crucial but alongside this is correct money management and realistic outcomes. There is no recipe for success when it comes to betting it’s more of a combination of several traits, which come together.
It’s important to carefully evaluate this list of pros and cons before fully committing yourself to becoming a pro punter. Keep in mind with the right mindset, goals, investment and education you can also master the skills required for a career in betting.
For more betting tips and online betting site reviews, visit our blog at AlphaSportsBetting.com.