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Author: [Las Vegas] Topic: Minimum needed to live the dream
Beergut send a private message View Space | Friends | Playbook |
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#1
Posted: 6/28/2012 6:51:15 PM
If you think you want to 'live the dream' and move to Vegas and make a living as a sports bettor/poker player/professional gambler, how much money do you need?

At a minimum, I think it would be $25000, if not more. Figure you need $10000 to pay for one year in rent at an apartment, including any security deposit. You need a $10000 bankroll to start out with, at a minimum, because even if you are betting small and only winning $100 a day, that bankroll ensures you 100 days of betting.

The last $5000 I would keep in a bank account as an emergency non-gambling fund. If it doesn't work out and you go bust, you will at least have enough money to go back home and start getting on with your life. If you tried to live the dream and failed, no shame in that, at least you made your attempt. Start saving again, hope you learn from your lessons, and decide if you want to take another shot.

Anyone went out there who is currently living the dream? How much did you take out there to get started? How long did it take you to become self-sufficient, where your winnings were paying for your living expenses?
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#2
Posted: 6/28/2012 9:01:48 PM
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#3
Posted: 6/28/2012 9:16:45 PM
I would say over 100,000 to handle the swings of this game.
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#4
Posted: 6/29/2012 3:55:18 AM

Let me clarify

If you are going to rent an apartment the cheapest you will find is maybe a studio for around 500 a month

so thats 6500 for the year including security deposit

You will have Bills

Electric,gas,cable and or satalite, phone and internet with the summers and winters lets say your total for these bills is another 300 per month

thats 3600 per year

You will need a car, Lets say your car is payed off just to be nice with insurance and gas and maintenence you are looking at 300 per month

thats another 3600 for the year

now food, dining in dining out going out to movies, dating once in a while if you have a life say another 400 per month, Im being ultra conservative here on a tight behind budget

thats 4800 per year

add medical insurance another 150 per month thats 1800 per year

from bottom to top

1800

4800

3600

3600

6500

thats 20K to 23K depending on your life style

Now in order for you to have a chance in hell of being successfull You will need that money just to live on for 12 calender months

Now you need a bankroll

trying to win 100 per day is not feasable Its just not

You will have to be ultra selective and bet a nickle a game until you reach a desired goal for the month a desired goal would be 3k

Pay attention here its the most valuable lesson in this reply

You need to come up atleast 7 wagers won over the wagers you lost.

You are giving yourself 30 calender days to reach this goal, its the only way to make this type of move without going bust

so 500 a day is what you must have for wagering with the swings of wins and losses you need 500 a day x 60 days atleast 30K

so I was wrong when I said 100K You need atleast 50K

thats my opinion and in my case if I ever decided to do something so irresponsible I have a family, I would need atleast 150K because my expenses are double to tripple.

But good luck.

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#5
Posted: 6/29/2012 5:28:26 AM
If a desired goal is 3k a month, winning $100 a day over thirty days would get you there.

BTW, I'm not going out to Vegas to "chase the dream", I'm just trying to figure out what someone needs to bankroll to do that.

It is interesting to me that we have so few on here who tried to make it.

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#6
Posted: 6/29/2012 5:55:12 AM
QUOTE

Originally Posted by Beergut:

If a desired goal is 3k a month, winning $100 a day over thirty days would get you there.

BTW, I'm not going out to Vegas to "chase the dream", I'm just trying to figure out what someone needs to bankroll to do that.

It is interesting to me that we have so few on here who tried to make it.

Beergut, Your asking for a-lot

100 a day is nearly impossible You are saying that you

a) win 100 a day everyday risking 110

b) make several 110 dollar wagers per day and pray you come out 100 ahead

 

You could easily lose 10 days and win 20 days and thats if you are real good.

Or

You are praying to the lords of gambling that you dont lose all 3 or 4 bets that day.

the point I was making was at 500 a wager, and being ultra selective, you have a 30 day window to reach 3000

It just makes more sense

I didnt chase the dream in Vegas personnaly for more than a few reasons.

1) I always looked at this as extra income if Im lucky enough and the ball bounces my way for vacations extra cash on hand etc...

2) this takes a major bankroll and major balls

3) I enjoy actually working for a living

4) its not gonna be an easy life, the swings are tough enough when its just bankroll money, let alone your life depending on it.

 

And god forbid the person who trys this has other vices

drugs, alcahol, other games of chance that they arent so good at or the odds are completely stacked in there favor.

Im not preaching here, but Id like to see people be a little responsible, this is probably the biggest risk vs reward endeavor anyone can ever take.

 

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#7
Posted: 6/29/2012 3:16:48 PM

Once I have $7500 I may go out and see how I do for a month.  If I get down to $2500 I'll head back to where I came from with the cone of shame around my neck. I do not like the cone of shame.

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#8
Posted: 6/29/2012 4:47:01 PM
TBH whatever amount or bankroll you have, it never seems enough. 
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#9
Posted: 6/29/2012 6:02:39 PM
is this is a serious post?
To live the dream you must cash winners, that is the answer and be about 55%
If you can do that month after month year after year, you can live the dream.
VERY FEW CAN.

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#10
Posted: 6/30/2012 4:53:36 AM

55% at 100 dollars a wager??????????

NOWAY

 

Now 55% at 1000 a wager Still not ends meat

55% at 2000 a wager, Yes you can eek out a living.

Fact still remains, you have to have a huge bankroll

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#11
Posted: 6/30/2012 11:35:07 AM
There are 100's of guys making a living,living on their betting wits BUT its a matter of degree. Living in a rattail motel or some flop-house on the cheap or a month to month in the Naked City. These jokers don't have huge BR, just cover the nut month-to-month or they end up dining at the St Vincent.
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#12
Posted: 6/30/2012 2:37:28 PM

go for it..

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#13
Posted: 6/30/2012 5:50:49 PM
keep us posted....hope this works out for you
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don juan
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#14
Posted: 6/30/2012 7:20:53 PM

I have an idea ! It's old fashsioned though. Go to vegas and get a Job !

Then Play BJ,  poker, or sports or whatever you think you can earn money doing.

Try that, it will work.. Even if you start off washing dishes, Better to wash dishes first instead of washing dishes after you go busted and go back home begging family to help you.

Don Juan, the Superbowl expert

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#15
Posted: 7/1/2012 8:02:14 AM

such a shame

is that the dream of a young man now ?

have a job and , go to vegas to enjoy your money ,as many times that you want   lol 

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#16
Posted: 7/1/2012 9:42:04 AM
Interesting no success stories posted.  I tried it 12 years ago, lost it all, left Vegas with my tail between my legs,  No need for the gory details.  Thank God my wife stood by me, Now still happily married, working, house almost paid for.   Still love to gamble, go to the indian casino once or twice a month, with my wife.. If we win, it pays for a nice dinner, if I lose no harm no foul.
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#17
Posted: 7/1/2012 12:19:14 PM
QUOTE

Originally Posted by conrad63:

  Thank God my wife stood by me,

 

You got a hell of a woman there man, Most Women head for the door the minute the well drys up.

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#18
Posted: 7/1/2012 3:46:25 PM
BELIEVE ME I KNOW HOW LUCKY I AM!!!!!!

THANKS
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#19
Posted: 7/6/2012 1:31:52 AM

conrad,

At least you went out there and made a run at it. Better to risk it all and fail than to never try at all.

 Again, this is a mental exercise, not a plan of action here. 

mafioso,

You are talking about making a living at sports betting. I'm not specifically referring to any type of game, just saying regardless of your game of choice, if you can win $100 a day on average, you can make it, because you'll be making $3000 a month or more. 

I don't even know what kind of a bankroll you'd need to play poker to try to make a living at it, for instance, which is why I didn't specify the game. 

I appreciate your replies, though, at least you put some thought into it. 
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#20
Posted: 7/6/2012 2:09:25 AM
This dream is my reality. I am leaving on the 11th. I bought a condo for cash in Summerlin and a 4k car. Left my GF of 5 years as she thought the idea was crazy. Buffalo will always be here if I go bust. 

Monthly nut appears to be about 1k. My plan is to stay away from the tables and just bet sports. 

I am not wondering if I will do well. I know I will. 

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#21
Posted: 7/6/2012 6:08:21 AM

let us know how you do.

If I may suggest you post a journal for us here at covers,

From day one starting with the plane ride or drive to vegas.

Dady to day show us the ups and downs, If you last one year, You can honestly take the journal to press and make it a book.

there will be nothing like it on the market, Id buy it immeditley.

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#22
Posted: 7/6/2012 12:13:30 PM
QUOTE Originally Posted by newyorkslim:

This dream is my reality. I am leaving on the 11th. I bought a condo for cash in Summerlin and a 4k car. Left my GF of 5 years as she thought the idea was crazy. Buffalo will always be here if I go bust. 

Monthly nut appears to be about 1k. My plan is to stay away from the tables and just bet sports. 

I am not wondering if I will do well. I know I will. 

Good luck Slim.. Manage your money and treat people well and you'll make out.

I'm the Superbowl expert. Look me up come SB time. I'll give you the winner. Over the last 13, My record is 12-1 against the spread, right here on Covers/Wagerline

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#23
Posted: 7/6/2012 4:18:23 PM
Sounds good Don Juan. Thanks - check out your pick for sure! 


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#24
Posted: 7/10/2012 10:35:20 AM
It's all relative. What conditions your comfortable living with. Are a couple Mac Double Cheeseburgers good eneough to get ya' through the day, or is Steak required . Personaly, I plan on giving it another shot with a lot less than 25 large. Is a bigger stake easier on the nerves and give ya' a better chance ? Obviosly , but you deal with what you have. Good luck sir. It is always better to try and maybe fail, then to never have tried at all.
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#25
Posted: 7/10/2012 12:46:26 PM
I have thought about your post a lot. I had some decent success at poker and black jack in my day. I have never gotten over the sports betting hurdle. It owns me.
I would have liked to try to make it at Poker but earn to good of living at what I do to risk it and have the infamous fear of failure.
I recently took a big financial risk and it is panning out for me. I hesitated to do it for years because of my fear of failure but finally, with encouragement from my wife, did it and have never been happier .
I wish you the best, I truly do, go for it, have fun and just do it!
Some words of advice.
1) You must only play games that you have a statistical advantage over- Poker, Sports Betting, BJ ( and knowing how to count) and Horse Racing ( if you are a hell of a capper) You cannot and will not win at slot, Craps, roulette etc over the long haul.

http://www.cardplayer.com/poker-news/8408-cake-poker-buys-t-j-cloutier-s-bracelet-off-ebay

2) You must be a master of the games you choose to play. If you play successful poker, you must never be the sucker. If you do not know what I mean, get out now.  I read 20 books on poker, read the forums over hands, learned to figure my odds and tried ( and succeeded sometimes) not to tilt. It must be your job, not your recreation. You will be playing for 1-3 bets an hour, that is it.  As I had success at poker, I moved up tables, starting from the small stakes games and getting to the large. You realize this in a hurry, there are no fish at a $20-$40 table, those players are there because they are quite good. Sometimes, you will feel like they can see your cards.
You should feel like you can see the cards of the other players at the low stakes games. 

3) If you plan to bet sports all day everyday then you need a unit system to wager on. Usually 2-4% or so of your total bankroll. Do not deviate from it, that is the road to ruin. You need to have a capping angle that no one else has. When you get it, do not share it, keep it for your own. This will be your advantage. I have tried dozens and all have failed. I will keep trying and have some this year for the NFL, I am very interested in.
4) You must learn to watch sports impassionately, objectively. It is about the money, not your team. I bet against the Rockies, far more than I bet on them, as they are terrible overvalued this year (still)
5) Look for friends that are winners. Surround yourself with positive energy, do not get in with those that are always chasing down, looking to get a loan etc. That is another thing, do not loan or borrow money. This is your job. Keep it to yourself.
6) Shop and get the best lines, I cannot emphasize this enough, the juice is what kills you over time. 5dimes is solid and will pay for now better than a book.

Let us all tail you! It will be a blast for me and the rest of the covers community. I am jealous and would love to live vicariously through you. Best of luck, knock em dead!
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