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QUOTE Originally Posted by VAPORTRAIL:

sounds like you have this gambling caper all figured S4722

3 months of winning , 22 years old .
what could go wrong ?

i'm always curious when posters on these forums say
"i do this for a living"
Sounds impressive , but you can't believe everything you read on anonymous internet forums right ?

a few years back in Australia , i had a 2 year run on horse racing that had me convinced i had the bankroll  to go full time professional gambler .

i even rang up the tax office to ask about tax laws in relation to gambling as a professional , and gambling as a hobby .
They said i should apply for  what's known as a "private ruling" where they take into account your own personal unique situation , and assess whether or not you get treated as a gambling professional , or as a hobby gambler , irrespective of the amounts you are winning.

Here in Australia , any transaction where a gambler wins > $10,000 is automatically flagged and the govt is alerted , so they know who's winning big, and how you are getting your money

Their answers made me keep my day job.
I got to keep more winnings by  NOT  being a professional gambler.
A full time worker , and hobby gambler doesn't have to pay tax on gambling winnings in Australia

sure enough , the wheel of chance  wiped out most of my bankroll ( the horses gave , and the horses took away )  , but it was profit i had made during my hot 2 year run , and i was using good bankroll management , otherwise i would have gone bust .
But i still have a very workable stack.

Horses are my main form of gambling ( wife)
NBA / MLB and other sports are more of a miscellaneous strategy. (mistress)

i still have a bankroll , i still work , and i still gamble, sure the numbers aren't as big as they were 2 years ago , but they're still enough to keep me excited. I'll always be gambling .

 ....but i always laugh when i read about "professional gamblers" on this site.
I dont think you truly understand what "do this for a living" entails
there are bills to pay , mortgage/rent , living and entertainment expenses, occasional medical bills , etc ....
And we're supposed to believe a 22 year old with all of 3 months experience has it all figured out ?

true professionals wouldn't really care about posting on a forum

true professionals don't start randomly betting 14 units

true professional don't bite when someone questions or criticizes them , they take it in their stride....

you may have made a decent amount of money in 3 months...but trust me....the books love gamblers like you , cause it takes is a small cold streak , and you'll be asking where the darn your bankroll went.

i understand the poker world too....money comes really quick in poker , and it can also evaporate just as quick.

out of curiosity , what do know about US tax laws , in relation to "professional" gambling , and hobby gambling ?

i'm curious.

cause i think i can smell a bullshit story from a long way off , and yours has a definite brown bouquet.

QUOTE Originally Posted by VAPORTRAIL:

sounds like you have this gambling caper all figured S4722

3 months of winning , 22 years old .
what could go wrong ?

i'm always curious when posters on these forums say
"i do this for a living"
Sounds impressive , but you can't believe everything you read on anonymous internet forums right ?

a few years back in Australia , i had a 2 year run on horse racing that had me convinced i had the bankroll  to go full time professional gambler .

i even rang up the tax office to ask about tax laws in relation to gambling as a professional , and gambling as a hobby .
They said i should apply for  what's known as a "private ruling" where they take into account your own personal unique situation , and assess whether or not you get treated as a gambling professional , or as a hobby gambler , irrespective of the amounts you are winning.

Here in Australia , any transaction where a gambler wins > $10,000 is automatically flagged and the govt is alerted , so they know who's winning big, and how you are getting your money

Their answers made me keep my day job.
I got to keep more winnings by  NOT  being a professional gambler.
A full time worker , and hobby gambler doesn't have to pay tax on gambling winnings in Australia

sure enough , the wheel of chance  wiped out most of my bankroll ( the horses gave , and the horses took away )  , but it was profit i had made during my hot 2 year run , and i was using good bankroll management , otherwise i would have gone bust .
But i still have a very workable stack.

Horses are my main form of gambling ( wife)
NBA / MLB and other sports are more of a miscellaneous strategy. (mistress)

i still have a bankroll , i still work , and i still gamble, sure the numbers aren't as big as they were 2 years ago , but they're still enough to keep me excited. I'll always be gambling .

 ....but i always laugh when i read about "professional gamblers" on this site.
I dont think you truly understand what "do this for a living" entails
there are bills to pay , mortgage/rent , living and entertainment expenses, occasional medical bills , etc ....
And we're supposed to believe a 22 year old with all of 3 months experience has it all figured out ?

true professionals wouldn't really care about posting on a forum

true professionals don't start randomly betting 14 units

true professional don't bite when someone questions or criticizes them , they take it in their stride....

you may have made a decent amount of money in 3 months...but trust me....the books love gamblers like you , cause it takes is a small cold streak , and you'll be asking where the darn your bankroll went.

i understand the poker world too....money comes really quick in poker , and it can also evaporate just as quick.

out of curiosity , what do know about US tax laws , in relation to "professional" gambling , and hobby gambling ?

i'm curious.

cause i think i can smell a bullshit story from a long way off , and yours has a definite brown bouquet.