For most in the world of poker, sports betting is one of the biggest leaks to plug. It is often said that the late poker legend Stu Ungar’s sports betting absorbed much of what he won on the poker tables because he just wasn’t good at the activity. But, for David ‘ODB’ Baker and Mark Gregorich, their sports betting prowess might have outweighed their poker playing abilities – at least for one season.

Introduction to Sports Gambling 1.1. Similarities and Differences Compared to Traditional Gambling Sports gambling is a form of betting similar to traditional probability games such as roulette, dice, or cards. The result of a sports bet is settled based on the outcome of a sporting event on which none of the betting parties has any.

If you want to earn a living from sports betting, then it must be handled like a business. The schedule must be designed in such a way that you have ample time to engage in other activities. Divide each task into subtasks and allocate a specific period of time and deadline for each. When designing the schedule, include time for breaks too. Bookmakers make money; sports analysts make a living from gambling by compiling odds for bookies; some of my own income derives from sports bettors using this website. Programmers earn a living from gambling by developing various betting applications. Manufacturers of gaming machines make money from people’s gambling habits. Bottom line — you can earn a living from sports betting. Only some people will go further than others. That’s life for you. For more information on making a living from sports betting, I recommend reading Smart Sports Trader’s Simple Guide To Making Money From Sports Betting. Originally published on 8 November 2016, and updated for 2021. Jan 13, 2021 Sports betting losses are tax-deductible, but under very specific conditions. The most important of these conditions is that you can’t claim losses that total more than your gains. So, if you lost $5,000 on sports betting last year but took home $7,000 in the end, you’d be able to deduct all of those losses.

Two Major Competitions, Two Major Scores

In Las Vegas, two of the major casinos host a season-long competition that pits sports bettors against each other testing their handicapping skills. The players pony up an entry fee and, for each week of the NFL season, picked five games against the spread. For each correct pick, the team earned a point; for each push, the team would earn a half point.

Baker and Gregorich were entered into these two contests, the Las Vegas SuperContest at Westgate Las Vegas (for a $1500 buy in) and the Circa Sports Million II (for a $1000 buy in). Each of these competitions had well over 1000 competitors, with the Westgate competition having a field of 1172 entries and the Circa event featuring a whopping 3,148 entry field. In the end, the Baker/Gregorich combination was among the leaders, if not outright leading the events, for most of the season.

In the end, Baker and Gregorich were able to secure the season championship in the Westgate series to win $435,623 in prize money. In the Circa competition, they came up just short in second place, but they were still able to score a $200,000 consolation prize. Along with being the leader at certain milestones in the season-long battle, Baker and Gregorich racked up a grand total of $785,623.

Both Players Have Tremendous Poker Skill

It isn’t like Baker and Gregorich are fresh off the bus in Las Vegas. Both men are longtime professional poker players who have been phenomenally successful in that endeavor.

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Gregorich’s poker career dates to 1995, with his first cash coming at the California State Poker Championship in Omaha Hi/Lo Split. Four years later, Gregorich made his first score at the World Series of Poker in the $2500 Seven Card Stud Hi/Lo Eight or Better event. Although he lacks a major title on his poker resume, Gregorich has earned nearly $2 million in his tournament poker career and probably has been able to make a decent living off cash game play in his career.

Baker’s resume is much more decorated. Called ‘ODB’ to separate him from another successful poker professional with the same name (he is nicknamed ‘Bakes’), Baker’s first tournament poker score was in Reno at a small tournament at Circus Circus in 1993. Strangely, he would disappear from the scene until 2004, when he reemerged on the tournament scene.

In 2019, Baker was the winner of a WSOP bracelet in the $1500 Limit Hold’em event, his second at the most prestigious poker series in the world. That victory came after his win in the World Poker Tour’s L. A. Poker Classic Main Event, which scored him his largest tournament win ever of $1,015,000. In his tournament poker career, ‘Bakes’ has earned almost $6 million in 191 tournament cashes.

Do Poker and Sports Betting Share a Skill Set?

There could very well be a skill set between sports betting and poker that is shared. For some to be successful at both, it takes a great deal of analysis and mental fortitude to come to certain decisions. It could also be said that, for a short-term situation, that there’s just luck involved. Over the course of an entire season in the National Football League – or in an entire year of intense poker tournament competition – it is more likely that skill takes hold rather than luck, however.

Congratulations to both Baker and Gregorich on their success in these events. It might be worth taking a flyer on their wagers – both on the poker tables and on the sports boards – for the coming year!

Online gambling is a growing industry, with online gaming transactions rising from $7.4 billion in 2003 to $41.4 billion in 2015. Despite this tremendous boom in interest, many people still question whether or not it’s possible to make a living gambling over the Internet. It isn’t easy, but there are professionals out there that have developed the strategies and systems needed to allow them to make lucrative incomes playing online poker, sports betting and various casino games from home.

How Online Gamblers Have Beaten the House

You’re probably familiar with the old adage “the house always wins,” but this absolutist phrase doesn’t always hold true with online gambling. While gaming providers definitely have an edge with most casino games, it’s still possible for gamblers to make a handsome profit. However, they need to develop the appropriate systems in order to make a sustainable living.

Here are a few of the different ways online gamblers can try to make a full-time living:

Taking Card Games Against Less Experienced Players

Making a killing from online slots can be difficult, as the numbers are randomly generated. For this reason, it’s a lot easier to make money on skill-based card games, such as online poker. Talented players in these games understand the impact of statistics and the elements of game theory, which gives them a strong edge over their less experienced opponents.

Making money playing poker on online gaming sites isn’t usually as difficult as it is in a traditional casino, as these sites tend to attract more amateur players. However, despite this, it still takes time and practice for players who want to “go pro” to develop their skills to the point where they’re able to beat the “noobs” and win regularly.

With practice, though? The very best online poker players can make bank. As an example, Niklas “ragen70” Heinecker earned $6.3 million in 2013 alone from online poker. Tom “durrrr” Dwan played very few hands, but still netted about $750,000 in the same year.

Playing Online Slots

Anyone that’s played slots in a traditional casino is probably skeptical about the fact that anyone can make enough money from online slots to earn a living. The first thing you need to keep in mind while playing online slots, however, is that they operate entirely differently from the slot machines in land-based casinos.

Online slots rely on random number generators, which aren’t actually random. They use complex algorithms to determine the next sequence of numbers, which means that it’s possible to predict outcomes by deciphering them.

Keep in mind that random number generators are extremely complex, so few online gamblers can figure out how to predict future outcomes. However, since the average payout on online slots is usually between 96% and 99%, you only need to be able to predict the outcome slightly better than the average user to walk away with a profit.

Of course, it’s also possible to make great money if you’re lucky enough to win a large jackpot from online slots. A couple years ago, a Scottish woman won £5.4million playing BetVictor’s Hall of Gods (though it’s important to remember that this was the largest win in UK history, and that it was due to sheer luck).

Online slots are really primarily games of luck. While it’s possible to develop a system to make a living from them, you’re still generally more likely to succeed with other forms of online gambling.

Sports Betting

Sports betting is another very popular form of online gambling that many people try to cash in on. According to Deloitte, U.K. citizens spent nearly £1.4 billion pounds on sports betting websites in 2013. They wager more money on sports than any other form of online gambling.

There are a couple of ways to make money from sports betting. The first is through arbitrage. A professional sports better on Reddit did an AMA about three years ago and illustrated how he makes a great living off of sports betting arbitrage. Essentially, he places bets on both teams through two different bookies that offer different payouts.

Here’s an example of some of the bets he may place:

Sports Betting For A Living

• One bookie is offering lines of +120/-130 • The second bookie is offering +130/-140

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What the Redditor would do is to bid $100 on one team and $125 on the other. This means that there are two possible outcomes: he either breaks even or wins $5.

There are other ways that players can make money as well (without rigging the competitions, of course). Betters that have a thorough understanding of the competitions can possibly forecast the odds better than their online bookies, which can help them earn a lot of money.

What Does It Take to Make a Living from Online Gambling?

Most online gamblers are hobbyists that expect to lose money in exchange for a little excitement. Some online gamblers are able to make a great living, but it isn’t easy. Make sure that you have all of the following on your side before trying your luck:

Capital You Can Afford to Burn

It’s going to take time to develop an online gaming strategy that’ll work for you in a regular, profitable manner – and you’ll only reach that point by playing regularly. Of course, this means that you’re going to need to spend (and possibly lose) some money.

Treat your new online gambling career like you would starting a new business by saving up a good share of money you can afford to lose. If your wallet is already stretched thin, this isn’t the time to start trying for a career as a gamer.

A Lot of Perseverance

Even the best online gamblers will have their share of off days (and off weeks). You can’t afford to give up if you think that your system isn’t working anymore; instead, you’ll need to just ride it out until you start to make a profit again. If your system has proven to work, have faith – it’ll work again in the future.

Are you a professional online gambler? Do you wish you were, but something’s holding you back? Share your experiences by leaving a comment below: