How Do I Become A Professional Gambler

Matched betting is probably the easiest way to become a professional gambler but does have an earnings cap. Once you have made £15,000-£20,000 you will need to move on to another way to make money gambling. Then once you have exhausted matched betting you can move on to making money from casino bonuses. Even more profitable but quite a bit. The answer is a little different to you may expect! Professional gamblers share a common trait; not following the crowd. In this Q & A session, Caan answers. Walters (born July 15, 1946) is an American entrepreneur, philanthropist, and retired professional gambler widely regarded as among the most successful sports bettors in Las Vegas, having a winning streak which extended for over 30 years.

1. How Do You Be A Professional Gambler
2. Names Of Professional Gamblers

For tax purposes, it is important for those who engage in frequent gambling to be able to distinguish between a professional gambler and a casual gambler.

In no time at all, Brady and Billy become good friends. Billy thinks he’s a professional card player, but he’s got a lot to learn and Brady has a whole lot of wisdom to share. Billy helps Brady steady himself in his quest to save his son in California, and Brady keeps Billy on the straight and narrow when it comes to cards. You must learn the skills needed to be a professional gambler, or you can pay someone else to do the hard work for you. If you want to become a full-time professional gambler that makes money from betting on your own selections, you need to consider several things. Most importantly, you need to understand the concept of value.

WHAT IS THE DIFFERENCE IN TAX TREATMENT BETWEEN A PROFESSIONAL GAMBLER AND A CASUAL GAMBLER?

Professional gamblers can take advantage of certain tax benefits that are not available to casual gamblers and have the option of deducting their business expenses in some circumstances. Casual gamblers, on the other hand, are at a tax disadvantage since they are required to report their gambling winnings as income but cannot deduct their gambling losses to the extent of the winnings.

If you gamble frequently and have questions or concerns about how your gambling status may affect your tax liability and benefits, one of our experienced tax attorneys at the Kridel Law Group can help.

FACTORS USED IN DETERMINING PROFESSIONAL GAMBLER STATUS

There are several factors that the Courts have developed to identify and distinguish whether a person is considered a professional gambler or a casual gambler. One of the most hotly debated factors in previous cases has been the issue of “profit motive,” or whether the gambler intended to make a profit. The non-exclusive list of factors include:

• Whether the taxpayer conducted the gambling in a businesslike manner, including keeping books and records to track income and expenses;
• The level of expertise the taxpayer has developed over time, and whether he or she consults experts or attends educational courses about gambling;
• The time and effort expended by the taxpayer in carrying on gambling activities;
• The expectation that assets used in the activity may increase in value (usually not applicable to gambling activities, since cash is usually the asset involved in gambling);
• The taxpayer’s time, attention, and success devoted to other activities not related to gambling;
• The taxpayer’s history of income or losses with respect to his or her gambling activities;
• The amount of occasional profits from the taxpayer’s gambling activities;
• The financial status of the taxpayer, including whether he or she makes a living through other endeavors; and,
• Whether elements of personal pleasure or recreation are present.

How Do You Be A Professional Gambler

CONSULT AN EXPERIENCED TAX ATTORNEY IN NEW JERSEY AND NEW YORK

Names Of Professional Gamblers

New Jersey is home to many popular gambling attractions and, of course, Atlantic City. Our tax attorneys in New Jersey and New York have had extensive success in helping many clients establish their status as a professional gambler. Contact us today at (973) 470-0800 or law@kridel.com to schedule a consultation with an attorney.