What do you call a professional gambler?
A professional gambler is referred to by terms such as "pro bettor", "advantage player", or simply a "sharp". They earn a living primarily through gambling activities rather than a salary or wages.
It‘s estimated there are 15,000-30,000 full-time professional gamblers globally. While small compared to most professions, it demonstrates that consistently generating income gambling skillfully is achievable.
However, those numbers also show the significant challenges. For every successful pro, there are far more who try but fail to make a career out of of gambling.
Key Games Professional Gamblers Specialize In
| Game | Key Knowledge Needed |
|---|---|
| Poker | Odds and probabilities, game theory, opponent psychology |
| Sports Betting | Team/player analysis, injuries, trends, line movements |
| Blackjack | Perfect basic strategy, card counting systems |
| Horse Racing | Handicapping factors, pedigree analysis, track biases |
Most pros choose one game to dedicate themselves to long-term. The depth of expertise required means dividing focus amongst many games makes success unlikely.
They invest major time into building knowledge and strategies. The top pros treat it as an obsessive pursuit to constantly gain small edges over the house and average gamblers.
Veteran professional poker player Daniel Negreanu puts it: "So many gamblers fail because they aren‘t willing to put in the long hours to study the games inside and out".
Skills and Mindset Needed
In addition to game-specific expertise, certain mental attributes are vital:
- Patience – Pros only place wagers when they have a clear mathematical edge. This may mean lengthy dry spells waiting for the right spots.
- Discipline – Sticking to defined betting criteria and bankroll rules, unaffected by emotions or past results.
- Confidence – Trusting their betting systems derived from vast experience.
- Calmness – Detached analytical perspective aligned with investors maximizing returns.
These traits allow professionals to thrive long-term where more casual gamblers stumble. According to blackjack pro Bryce Carlson: "Discipline is what separates pros from wanna-be pros".
Bankroll Management
Proper bankroll management is crucial to survive the inevitable downswings. Methods include:
- Only risking 1-3% of total bankroll per bet
- Adjusting stake sizes based on edge
- Moving down limits during losses to rebuild
- Minimum 500-1000x buy-in size bankrolls
Applying these gives professionals greater longevity by minimizing ruin risks.
Potential Rewards
The top echelon of professional gamblers can earn lavish multimillion incomes:
- Poker legend Daniel Negreanu has amassed $42 million in career earnings
- Billy Walters, one of the most successful sports bettors, has profits estimated up to $100 million
- Blackjack cardcounter Ken Uston won over $500,000 from the Atlantic City Tropicana casino in the 1980s
However more typical earnings for proven pros generally fall in the $75,000 to $300,000 range according to research. While substantial, the hours are long, pressure intense, and job security fleeting.
Some also parlay gambling winnings to purchase casinos and other businesses eventually. For those with the talent and dedication, big payouts awaited.
Lifestyle Realities
Potential seven-figure incomes and freedom allure some to pursue professional gambling. And its flexibility enables unusual lifestyles like constant travel.
But the reality also involves significant downsides:
- Huge swings in earnings week-to-week
- Little job security – one bad run can destroy many years of profits
- Social stigma still associated with gambling careers
- Loneliness and isolation being on the road for long stretches
- Stress from the pressure and focus required
Pro gambler Alan Woods who made millions betting on horse racing once remarked: "It‘s a very tough way to make an easy living".
While it offers big potential rewards, the road is filled with hazards. Longevity is rare – most flame out well before retirement age. The mental demands in particular wear many down over time.
Final Thoughts
In the end "professional gambler" is simply a label for those uncommon individuals capable of making a consistent income from games requiring high skill levels.
They go by pro bettor, advantage player, sharp and more. But all share a reliance on specialized expertise, immense discipline, and mental stamina enabling careers built upon beating games designed to make you lose.
A rocky path for certain, but one with big payoffs achieved by the few at its pinnacle.
