How to play full-time and become a high roller. Informational guide for casino clients playing high stakes
Accessing the world of high stake players and turning your hobby into the main source of income is a very important decision.
This life changing choice could drastically revolutionise your life for better or worse.
I am the founder of Cashback Online Casino and I have a wealth of experience in the gaming industry, accumulated over the last 15 years working for online casinos, betting operators, land-based casinos and now as an independent affiliate.
In this article I will share my knowledge which can help you to make an informed decision and decide if the life of a professional gambler is for you.
What is a casino high roller?
Let’s start with the basics and define first of all what a high roller is.
The term refers to casino risk-takers who are willing to bet at least £50 on a single hand. A professional player indisputably considers £50 the minimum bet. This nominal wager is applicable irrespective of the game chosen. As you can guess, higher bets leads to larger stakes and to a superior high roller status.
Conditions required for becoming a pro gambler
Facts to keep in mind to see if you can become a professional gambler.
To make money from gambling, being in control of your financial situation is at the top of the list. You might have been a casual player for many years and possibly have some funds saved. This could lead you to the idea that you could give up your day job and start a new life as highroller. Before you do so, make sure to get all of the accounting right. If you have played for a while you should already know that at times you can face periods with no decent winnings, and those periods could last for weeks.
Once you are a high roller the choice of sitting back and waiting for the next salary check is no longer an option. During these transitional periods it is extremely important that you have sufficient financial resources to keep playing and sustain your normal lifestyle. If this idea makes you nervous and you think that you could risk your financial stability then you probably don’t have sufficient funds to become a pro player yet.
Knowing what you can afford and being confident about your financial situation at all times is a crucial step that you must consider before getting into professional gambling. If you don’t get this right, your life could become very unpredictable and the dream of being a casino high roller could turn into your worst nightmare.
Keep track of your games
Like in any other profession, keeping your books in order is key. Knowing how much you are actually spending every month at the tables can in fact assist you with the planning phase (listed below).
For your gaming accounting there is no need to purchase fancy applications. There is an extensive number of free excel templates that will help you to do the job well enough.
For your convenience I’ve attached a useful spreadsheet that can help you keep your books accurately - feel free to download it here for free, courtesy of Cashback Online Casino. Make sure you update it regularly to keep a clear and accurate picture of your inbound and outbound casino transactions.
I suggest you record at least 12 months of deposits ad winnings into this file for a realistic picture of past gaming activities.
The planning phase
If you have followed my tips shown above then you should have now established:
A) That you are confident with your finances
B) Your realistic historical figures of gaming expenses and incomes
You can now start the planning phase. This is the moment where, being a business planner, you are going to determine timeframes and goals of your new profession as a casino high roller.
- Step 1: Draft your ideas in a book
The old paper pad method is not completely dead. It is proven that when drafting ideas on paper, your brain is better stimulated and exercises more creativity than when you do so digitally. Therefore I strongly advise that you get a new pad to draft initial ideas and then turn them digital if you prefer to do so.
- Step 2: Establish limits
Your historical deposits and winnings are very handy at this stage. By only using your actual historic deposits you are now in the position to precisely calculate how much you can invest in your new gambling career. Take your total casino deposits from the last year and decide if you can spend the same amount or more in the next 12 months. If the answer is yes then split the available amount into 12 months, 54 weeks and 365 days. These figures will help you to put your initial spending limits in place.
- Step 3: Playing time as working hours
Decide how many days per week you will play. You can adjust the allocated expenditure according to the chosen time and determine how much you can afford to spend on a weekly basis. For example, if you know that you will only play 4 days per week you should divide your weekly deposits into 4 to determine your maximum spending amount for each of those days.
Note: Control your emotions. You should never exceed your budget so make sure that you don’t get carried away. If you spend more than planned on any one day you will then have to balance it on your remaining days of the week. If you want to be a professional you must be wise enough to remain within your budget.
- Step 4: Cash out at the right time
There will be periods when you win big money. The source could be a lucky roulette spin, a large jackpot playing slots or maybe the right day at your favorite table games. When you face large wins at any casino game the thrill and excitement is at the top.
Make sure you enjoy these moments as they are most probably the reason that encouraged you to move into playing professionally. Ignoring your feelings will be impossible. Your excitement must be rewarded and these are the times when you must hit the withdrawal button.
Of course it is important to request your cash-outs when you see an attractive balance at the end of a profitable day. However, it is even more crucial to do so in front of a large win.
As long as you keep your account within the budget, the rest is all clear cash to be enjoyed. As always, keep track of each withdrawal, as at the end of the year you will need them to evaluate how well you performed.
- Step 5: Periodic reviews
The exercise of reviewing your figures on a monthly, or even quarterly, basis will help you to know how well you are keeping up. Keep books in order and evaluate how this new gambling experience is affecting your life.
This periodic review is very similar to your personal assessment. There is quite a lot that you can learn from each month or quarter. Maintain a good level of detailed information about your gaming activities and you will be the best person to understand your own mistakes and learn from them.
It is possible that you had initially imagined a different world or lifestyle. These periodic reviews will give you the opportunity to re-assess if this new life as pro gambler is what you are looking for.
Do remember that it was your well-considered choice and you should be happy! Sometimes we all make wrong decisions for one reason or another and if you think that your initial choice of playing at this level is not making you happy then maybe this is the time that you should change your mind about being a pro gambler.
- Step 6: Holiday time
There is always time to take a break. As much as you enjoy your new life as a high roller, playing is tiring and like every other job it is important that you take time off to enjoy the results of your work.
When planning your playing hours (mentioned in step 3), you should also keep your vacations in mind. During your holidays make sure that you stay away from games and just enjoy your time off with your friends, family or beautiful strangers. Again, this is another opportunity that allows you to think of your lifestyle as a professional gambler and evaluate your freedom, financial situation and social interaction with fresh eyes.
- Step 7: End of year review
You have now been playing professionally for 12 months, keeping track of your deposits and winnings, taking regular breaks, allowing yourself a decent amount of vacation and mostly enjoying your new lifestyle. At this point it is time to open the books and review some figures to see how well you did throughout the year.
Changing from casual to professional playing might, or might not, have been as lucrative as you originally planned. However, this is not going to be your unique rationale to evaluate your decision.
In some cases during the last 12 months you could have made slightly less money than planned but you have particularly enjoyed your freedom and what you have been doing in your life.
It can also be the case that you are no longer that interested in this experience and decide to quit playing as a pro gambler.
Then, of course, you also have those times where you both enjoy most aspects of this new life and exceed your planned winnings.
The bottom line is that you must now make a choice and decide if you can go on for another year. If you decide against it, it is time to look back at other careers and keep your casino time a casual hobby (if you wish to do so). If the answer is yes, congratulations! You have completed your first year as a professional player and learned all the main steps that a highroller should follow.
“Your excitement must be rewarded and these are the times when you must hit the withdrawal button”
Professional Gamblers UK Taxes
Betting TAX UK
If you are a professional gambler based in the United Kingdom, you’d be pleased to know that at the end of the financial year there will be no taxes to be paid to HMR&C.
According to the information published on the official HMR&C website, gambling is not considered a trade and therefore is not taxable: “having expertise or being systematic (‘studying form’) is not enough to create a trade of being a ‘professional gambler’”. Further details publishedby HMR&C can be found on this link: http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm
If you are based outside of the UK, I would suggest contacting a qualified accountant to get professional advice on tax obligations related to your gambling incomes.
How to network with professional gamblers
You are now a professional gambler and you might wish to meet more players like you. Below you can find some tips to help you become a member of the high rollers community.
When playing at any online casino, you get to know high rollers by simply choosing those games where only high stakes hands are allowed. Within most games it is very common to have web chats enabled, allowing players to comment hands on or just to have a casual chat while playing.
Web chats are huge on most bingo platforms. Bingo lovers are in fact the most frequent users of in-game chats, although bingo is rarely a game chosen by professional players. In-game chats within high stakes games are one of the simplest ways to make new high roller friends. The downside though is that you might be based in different parts of the world so it often turns into virtual friendship.
Land based casinos
When visiting land-based casinos the story is completely different. Of course you can easily identify big tables and VIP rooms offered by the casino. However, approaching high rollers is not so easy. The casino director often welcomes high stake players and accompanies them around the premises, which makes it difficult to start conversations. Furthermore, VIP players are well aware of their status and they might not be so open to making new acquaintances.
It is quite interesting how people can open up when behind a computer and then turn out to be much more reserved individuals in real life. This is, of course, not a rule but I have noticed this behaviour to be particularly common for high net worth punters.
Based on my experience, if you are looking to expand your group of successful and experienced gamblers, online chats and sometimes good casino forums are probably the places where you can have more chances to become part of the group.
High Rollers Cashback
Cashback Online Casino reserves a very special treatment for high rollers who deposit and play at least $1,000 per month.
My team will be happy to send you dedicated cashback deals to suit your gaming volume with higher cashback percentage. If you are going into professional gambling, make sure to contact us in advance so that we can put together a unique High Roller Cashback proposal for you.
Further details on our special offers are available on our page: High Roller Cashback.
I hope you have enjoyed reading this post. If you found the above information useful please share this with anyone else who could benefit from it. I wish you all the best of luck in your gambling career!
The above article is for informational purpose only and should not be seen as suggestion or invite to become a professional gambler. Cashback Online Casino supports responsible gambling. If you need help to stop playing online or have any gambling issues we invite you to visit Gamble Aware: http://www.gambleaware.co.uk/