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Is it possible to make a living from gambling?

Home Forums Archive Topics Is it possible to make a living from gambling?

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  • #4215
    Racing Daily
    Participant
    • Total Posts 1364

    Is it possible to make a living wage by gambling.  I’m sure there has to be a way to do it.  I win regularly.  Is there a formula to making it work in the long run?

    I’d really be interested to know if anyone here has had the nerve to give it a go, and suceeded.  Any opinions and ideas would be more than welcome.  I want to know if it is actually possible, and if there are any tricks of the trade I should know about to making it work for me.  I’m totally fed up with working my b*****ks

    off for a pittance.  There has to be a better quality of life out there than working yourself to death for minimum wage.

    #100206
    Daylight
    Member
    • Total Posts 369

    #Moderation Mode

    Moved to ‘Horse Racing’ to reach the correct audience.

    <a href=”https://theracingforum.co.uk/cgi-bin/ikonboard/topic.cgi?forum=15&topic=1723&#8243; target=”_self”>Moved here</a>

    #100207
    Nick Hatton
    Member
    • Total Posts 399

    Of course it’s possible RD but it is hard work.

    IMO you need to be sure of exactly what your ‘edge’ over the game is, and you need to take full advantage of it. All ‘mug’ betting needs to be cut out, not only for the sake of your bank balance but also to maintain the correct psychology. You should always have a good idea of the price each selection should really be and never bet if you’re not getting value. When you do bet you should have a large bet. The way I see it is that if a bet isn’t worth a large bet then it almost certainly isn’t worth a bet at all. I suppose what I am trying to convey is that a lot of the fun is taken out of the game.

    Of course to even consider giving up the day job you also need a big enough betting bank to make it all worthwhile.

    I hope I have been some help and wish you all the best.

    Nick  :cool:

    #100208
    Tony25
    Member
    • Total Posts 327

    I would suggest several on this forum already make a good living from punting and laying.

    I think Nick hit the ‘nail on the head’ when he mentioned self control and having money in the bank.

    Other than that it would depend on the individual to stay informed and understand what he/she is doing!!

    There is no point in discussing strategy because everyone as differant ideas on the subject,some will suggest…..

    Betting part of your bank.

    Following the market.

    Act only on insider advice.

    Follow tipsters and try and gain the advantage by getting the best price possible.

    Form students who are not remotely interested in any outside advice.

    Others will use the parade ring to gain inspiration.

    Is it better to get on early and get the price?….or is it better to read the market and see the runners going to post before venturing in?…………HAWK WING(Irish Champion) is a great advert for waiting and HALMAHERA for getting on early.

    The moral to the story…….yes it’s possible but it will all depend on your own ability and strategy.

    #100209
    apracing
    Participant
    • Total Posts 3105

    Hi Racing Daily,

    It’s certainly possible and I’ve managed it for the last eleven years. Admittedly I’ve added to my betting income by other means, mainly writing and tipping, but I could have lived on the betting profit alone if necessary.

    BUT, by the time I depended on that income, I had a good capital base built up over the previous ten years, I’d paid off my mortgage and I had no family to support. Those things make it much easier to start, as the pressure for immediate success is removed. I reckon it took me two years to adapt to being a full time punter as opposed to doing it as a hobby.

    I was also used to playing to large stakes before I went full time and changing from bets of £20 or £50 to stakes in the hundreds can be difficult to do without it inhibiting your betting.

    I know that I have been, and still am, very fortunate to be able to make a living from something I love doing. I also know that I would have been very unhappy if I’d died without at least trying my hand as a ‘pro’.

    If you can show a consistent pattern of profitable betting over a five year period, then you have the ability. Whether you have the right sort of mental approach, only you can decide.

    Good luck,     Alan

    #100210
    larry layer
    Member
    • Total Posts 84

    Great advice from everyone so far.. see if i can add my couple of pennies ;)

    Find your own method of doing things.  Although I have never tried it myself, i do have doubts about following other peoples tips in order to make a profit.  It just doesn’t sit well with me, i wouldn’t feel comfortable putting my money on something that someone else thinks has a chance.  What happens if they have a long losing streak and you give up on them, only to find that the tip you gave up before comes in and pushes the bank into profit ?! Or you are unable for some reason to get that tip where the big winner comes in…

    Finding your own method that works is a time consuming process, but when you find it it will not only pay you in £££, but its very satisfying.  Also, you have a lower risk of other people affecting your price or using the same method.

    Have an open mind.  There are more instruments and ways of investing/betting than ever before nowadays… it makes sense to look at them all and assess them to see if they suit your needs.  I would advise you to look at the exchanges and all of the things that go on there.  There are a lot more ways to make money in this game than simply playing a straight bet.  Read up on trading – financially, this will make you think.  Make sure your knowledge of probability is up to scratch as well..

    Be Disciplined.  Stick to your method.. you might want to paper trade it to ensure itis profitable..  don’t experiment and never chase loses – this is the quickest route to the poorhouse.  Learn from your mistakes, always ask why you lost, and always ask whats the worst that could happen and were you just lucky to get away with the bet…take this into account.

    good luck !  we’re all here to help you anyway.. if you wanna bounce any ideas off me or anyone just post up a message or PM ;)

    (Edited by larry layer at 3:11 pm on Sep. 12, 2002)

    #100211
    johncockerill
    Member
    • Total Posts 20

    IMHO no, it is not possible to make a living from gambling unless you are a bookmaker, trainer or jockey and in very rare cases as an owner.

    Every racing pundit on the T.V. or in the papers gives a different opinion on each horse race and subsequently a different selection.

    It is not a exact science. There is no formula or system that takes into account the various factors involved in finding the winners. There are exceptions, when the trainer, owner or jockey is not trying to win and others are in the know, but I do not believe there are enough of these for the ordinary man to make a reasonable living.<br>I am afraid that there is no substitute for hard work and a decent education to make a decent living in this day and age.

    If any members disagree and maintain that they can  and do make a living from gambling on the horses, then let them prove it and show their selections on this Forum and, at the end of each month give their profit & loss account.

    D.J. is the only member to do this and I can verify his figures so far as Timeline is concerned and as you can see he is struggling and he is gambling many hundreds of pounds on each selection. Only for the very brave and for those with a very large bank!

    All the comments made by Tony, Nick, APR and RD are absolutely correct except, I suspect, for the statement that ‘several on this Forum already do make a good living’. Those that lay bets on the exchanges may do better than backers, but enough to make a good living? I doubt it, unless you lay virtually every horse in the race and then you are being a bookmaker.

    Be Lucky and dont give up the day job.

    John.

    #100212
    larry layer
    Member
    • Total Posts 84

    i feel the need for some clarification of my posting following john’s comments :)

    i don’t consider myself a pro punter – trader would be closer to the mark.  essentially i trade fixed odds contracts on exchanges.. and i never do the horses.  so i couldnt post selections etc.. but i do enjoy this site and the punters that are on it and respect them greatly, i do believe there are people here that do well punting.  

    as for my profitability, i still have a job that i dont intend (for now) to give up..so im not a "pro". i am currently making approximately 7 times more online though, so it is tempting…my life is changing slowly due to the extra money – so maybe you can say im "making a living" for myself.. i never count my chickens though and see it more as a hobby.  i also think that with the advent of betting exchanges there will be increasing numbers of people out there who make a living from them.

    4p in the meter now :biggrin:

    #100213
    larry layer
    Member
    • Total Posts 84

    btw john, a lot of the things you posted are the reasons i don’t play the horses.  it IS incredibly tough to do well betting on them… i don’t know enough about them or live the horse racing lifestyle – i think you need to live and breathe horse racing to really know how to win at it.  

    #100214
    Keith the teeth
    Member
    • Total Posts 36

    Betfair offers the best opportunity for making a living from betting.  I’m giving it a go because I don’t want to look back in 10 years time and say what if?

    #100215
    snowman
    Participant
    • Total Posts 554

    I think it is possible to make a living purely from betting, but the apprenticeship is a long one. I agree with Larry’s 1st point whole heartedly you have to do the work yourself and live and die (figuratively speaking) by your decisions.

    I am not earning a living from betting but am working towards getting myself into a position, where i can at least try it. Like Keith I dont want to be in my dotage and wondering – what if?

    I constantly learn lessons as I suspect do most of us. I agree that discipline is as important as any lesson to be learnt. Anybody can have a bet but it sometimes takes strong will power not to.

    <br>

    #100216
    STE601
    Member
    • Total Posts 23

    Are you a natural gambler or are you a cautios gambler?picking winners is the easy part nowing when to go in big is the real answer.Next time you have a well fancied horse ,who matches all your reasoning for a top bet go in heavier then you have ever done before and see what your reactions to the outcome are.

    #100217
    Seagull
    Member
    • Total Posts 1708

    Here is my line on all this.<br>Of course it is possible as I for the last 4 seasons have been living solely from betting. I used to drive artics for Tate & Lyle and was made redundant I then bought my own truck and the work was ok and the money good but in the end with the diesel keep going up almost every day (I was spending over £1,200 on average a week on the stuff in the end ) road tax was £5K  a tyre cost £400 and I was also limited or supposed to be by the tachograph.<br> I sold the truck and lived since on the money that made . That was my betting bank. I list all bets. I focus mainly on nat hunt racing. I go racing a lot but the edge has gone as many now dont bet each way on the tracks but with the betting tax gone the 9% was quite a burden. I use betfair a bit to back rather than lay which is against what a lot do but it works o.k. I wish I had done it many years ago. I have a very strict policy there are no fun bets or greyhound bets but it can be done.  It is not for most people as they have no discipline, chase losses , bet on stuff such a vitual racing etc etc etc<br>we still go and a lot but I do my 8 hours but it just concerns horseracing nowadays.

    #100218
    larry layer
    Member
    • Total Posts 84

    Learn to use inaction as a weapon.  

    But, at the same time.. when you realise an opportunity, be aggresive (within reason).

    #100219
    Racing Daily
    Participant
    • Total Posts 1364

    My whole trouble is that I find it SO difficult to ‘stop at a winner’.  I think it’s called greed.  I wouldn’t call myself a greedy person, but I think that we all have the greed factor built into us by default.  It’s just human nature.

    I am currently developing the frame of mind to be happy with winning £50, rather than going for a couple of hundred.  9/10 times I just end up blowing what I won and a little more to boot.  I won today on Almushahar.  Had £150 @ 1.94 (-5%) for a £283.94 rtn.  But I still had to have a fifty on my other fancy (which got beat, what a surprise!).  When I can learn to control myself, I know i’ll be able to do it.  

    Thanks for all the ideas guys.  I’ll have to make an e-book out of them  

    (Edited by Racing Daily at 3:35 pm on Sep. 13, 2002)

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