No offence but anybody who can't make gambling pay and have to head back to work to build their bank really needs to forget about making a career of it imo. Punters right or wrong are able to claim the dole as well because it's not counted as fixed income or guaranteed income.

@Rowley Mile,

Steady and unspectacular - which is good and the only way. In the 18 months or so, I only had one disaster 40% of my bank in one cricket match - still hurts, not the financial loss but the stupidity of it.

Learned a lot but two main things are:-

No. 1 - Learn how to lose. Looking back on my records, its the entries where I have a loss of 0.01 to 40.00 euro that ironically give me most pride - they reflect real discipline and maturity, and putting of ego to one side. In my early years they would have been -400 to -2,000!!!
No. 2 - Don't play to meet targets. Leads to irrational decisons and takes you away from your approach/strategy.

I spent more than I earned last year (8K so far), so time to go back to work, don't really mind. I feel like I could do it full-time but not confident enough to be fully-dependent on a betfair income. I doubt many people could do it - it really takes patience, calmness, long-term thinking, discipline. I have these qualities now, but not in sufficient quantities.

My bank doesn't allow for targets and i'm not full time so any increase is a good one but since i've dedicated a specific to my bank, it has increased steadily over six months.
Thanks for your advice, i hope you'll still contribute when you go back to work, your views were always worth a read !

Who cares, seperate debate, you chose to bring the dole into it, hardly a positive contribution ?

I suppose a congratulations is in order Wallflower.
I'd imagine you'd only be able to punt an odd cricket match etc when you start your job, any interest in horses yourself ?

@Wallflower

Sorry mate i must have read that wrong, ya i agree 100% with you. Good job and making a bit of betting pay and you'll be in on easy street. GL with it all.

I just have no interest in voicing an opinion on the dole, don't see any relevance to the topic. I'd find it hard to see anyone losing their money betting and not availing of the dole if they are entitled to it, bit of a moot point me thinks.

Pro Gamblers don't pay tax on winnings. It's quite impossible to define a professional punter for tax reasons. RF is unemployed but earns money from gambling for tax purposes, it's not subject to tax yet. Those on here who claim they advise various clients for financial gain would be liable for tax though. WMFB mixes it up with the States and other countries where larger winnings are declared as miscellaneous income.


Not the lifestyle for me personally, I have respect for people who do it yet secretly consider them a bit insane.

Rocketfingers all income is taxable,you are mixing up a once off big win with the earnings of a professional gambler.
Wallflower did you pay the premium charge?

RF  i never asked anyone how to make it pay !!!
You offer up advice on how to make a 30k a year living, the first 10k is free and handy according to you but you can offer little advice on how to make up the other 20k legitimately bar the fact that you know fellas who find it hard to get their bets on !!!

You still have your own four walls around you from what i can see wallflower, there's nobody on here who hasn;t hit the proverbial brick wall punting wise and that situation is common among horse racing punters, embrace a few of them and it'll definitely make your own situation seem more worthwhile and less as you put it. I wouldn't like to tell the horror stories i've seen and been part of on here.

over the last 3 years i have spent about 3/4 hrs a day studying form, watching racing and betting (previously less time but 25 yrs following racing in all)
i find i have turned over a profit with the bookmakers betting on line for each of the last 2 years
but have shown a loss on betfair similar to the profit shown on the books all years

i put it down to the fact that every bet placed with a bookie is because of the value offered..many were e/w bets
practically all placed the night before or better in the morning

most betfair betting has been nearer the off and more speculative, market driven etc some arbing (greening up)
when I look back over periods to analyse where I lost it´s usually been because of a string of undisciplined bets set off by one stupid bet placed out of boredom (i was actually doing really well each time)..then the angst to recover and disaster. I´ve learned to avoid it with time to not fall into the trap, still its there.. I would say if i could kill it off my betting would be profitable all round as i have sufficient knowledge to have an edge and cutting out these bouts its profitable

only thing with all above is my typical stakes are 10 euro e/w, 20 win etc etc.. so making a living is not the question

still the challange for me is to make a profit (beat the system, prove something to myself..) and enjoy the racing as a sport and the social side etc

reckon many on here are capable of forming an opinion and taking on the books and others but i believe that if they upped their stakes to the type of stakes needed to make a living they´d be closed down in no time unfortunatley

WMFB, that would mean you paying income tax on every win you have be it your lucky 15, it would also mean gambling losses could be claimed back opening up a minefield.

I assume, Pro Gambling in particular arbitrage and trading works to low margins, any tax would make it practically impossible to make it pay.

No the tax is paid on your yearly profit,you are only deemed a professional when you make money.Gambling losses are looked on as recreation so you can`t claim it as an expense,the same rules apply to gambling as to stocks and shares.

If you took bets and set the odds, you are operating a trade and would be subject to tax, this is why people should fear a tax of exchange layers.

UK and Ireland do not tax gambling winnings, the States tax professional winners thus causing a mix up.

Financial Spread Betting's main selling point is that it provides a cost effective alternative to share ownership, such speculation is considered the winnings of a bet and is both CGT and Income Tax exempt.

i only punt on racing and much prefer NH.As a Jumps punter I think if you cant show a profit(some profit, however small) between 1st nov and end Feb each jump season you'd have to have a long think is it worth the time/effort. Certainly the only way to profit is to watch all replays and that takes time!!

Wildclown you're boring people now, you're wrong let it go mate.

You say the same thing again and again, and then name some people I have never heard of,

Financial Spread Betting is Tax and CGT free, Paddy Power openly advertise this on Paddy Power Trader.

http://www.paddypowertrader.com/about-spread-betting.php

For the purpose of Tax, profits from spread betting are considered as bets, this excludes them from tax. I have worked in large Firms that use these products to minimise their tax liability.


HMRC are insistent here that tax is not paid on gambling in the UK.
http://www.hmrc.gov.uk/manuals/bimmanual/bim22017.htm


It is of course possibly subject to change, but betting winnings at this date are not taxable.

If you have big turnover on here you pay 2% commission,the agents charge the professionals a 3% rate now the premium charge has led to some extra charges.One of the agents has found the information garnered from watching one professionals lays so good he is ignoring the premium charge.

Some amazing statements on this thread. If you are a professional gambler you should not be claiming social welfare. When you claim social welfare you get put on jobseekers allowance or benefit (or something along those lines) unless you are sick and unable to work. The key is in the name, you are supposed to be actively seeking employment, if you are a professional gambler you are not seeking employment. You are therefore defrauding the social welfare system, you are defrauding the country and defrauding the taxpayers. You are no better than the knackers or foreigners who abuse the system.