Average Yearly Earnings for full time player

[KJ]

Huh?

Look here: http://www.irs.gov/Businesses/Small-...icare-Taxes%29

KJ - if you haven't been paying your SS and medicare self-employment taxes, you better find an accountant and lawyer, quickly!

I have a good tax guy who specializes in us strange income people. You are right 21, I do pay into SS. That was a mistake on my part. I pretty much figure those programs aren't going to do me any good by the time I get there, so I have dismissed them. I would have been better off saying, there is no company sponsored retirement plan, so you really need to plan for that as well. Actually this retirement part is something I have just started planning for. I put that off for too long. Easy to do, if you have limited money coming in. That is an easy one to push to the back burner and that was the point I was trying to make.

[chang04133]

KJ, how come you make only ~$20000 per year, playing BJ professionally? I read your other posts, and I do not get those.

[KJ]

KJ, how come you make only ~$20000 per year, playing BJ professionally? I read your other posts, and I do not get those.

I don't now. I now play at a level where I make upper 5 figures, more like 80 grand a year from blackjack, which is still very modest by most professional type players standards. But it is a level I have chosen to remain at for a while for longevity reasons.

The post where I said I made 80 grand total over 5 years was my first 5 years of play, a decade ago. I was playing very low stakes at the times. The OP asked what he could make his first 5 years and wanted to hear stories, so I shared mine, as dreadful as it is/was.

[mofungoo]

It all depends on your individual situation. If you are playing games with good rules, wonging shoes when you can, going for a 1%-2% ROR, optimal ramps, etc. you should double your bank in 400 - 600 hours of play going solo. Maybe double those hours playing games with bad rules. Plan on travelling a lot, which will increase expenses and increase the hours it will take to double the BR.

[21forme]

I have a good tax guy who specializes in us strange income people.

That's good

You are right 21, I do pay into SS. That was a mistake on my part. I pretty much figure those programs aren't going to do me any good by the time I get there, so I have dismissed them.

I look at it the same way - SS and MC deductions are just another tax, as the programs will be bankrupt and gone by the time I qualify.

[chang04133]

KJ, just curious, that what type of counting skill you use?
Since blackjack condition deteriorates, having more marginal benefits will increase more EV.
Now, I almost mastered hi-opt ii with Ace side count and is learning 7 count, both applying with multi-parameter indexes.

[chang04133]

I am not trying to be a professional gambler, so longevity is not an issue for me. But, I want to make as much profit as possible. For me, transition to hi-lo to hi-opt ii didn't took much time (about 15 hours of practice total) so I think adding 7 side count won't take much time.

[zengrifter]

User is banned, content deleted.

[max85]

it sounds all very negative really.....i suppose what im really getting at is if you apply yourself, have adequate bankroll can you make a healthy long term living of over 150k?

in australia casino winnings are not taxable, so maybe different in the us?
I could imagine the casino environment would become terrible after a while, in the beginning its fun and exciting bu im sure that would change. Im just curious as the prospects of determining your future when you want how you want is attractive.

my current line of employment gross's me 6 figures, hence why I stated dedicating a life to earning less does not seem smart....perhaps a combination of the both would be ideal.

after reading the comments here it sounds like its more the passion of the game rather than the financial rewards? Maybe for some and not for others?

[BJGenius007]

i understand it sounds glamorous, each time walking into a cas and walking out with cash. it takes hours of practice, training, ongoing practice, testing, dedication etc. however not much point dedicating a career to making 5 figures.......even though its tax free (i assume). however the lifestyle may be better than a normal position earning 130k gross?
i assume it also depends on bank roll size and many other factors.
just curious to hear what earnings are playing red chip, green, black etc

It is not tax free unless you cheat US government.

[shadroch]

It is not tax free unless you cheat US government.

Creative accounting can greatly reduce the tax burden and eliminate the SS and medicare tax. The first step would be to set up an LLC.

[zengrifter]

User is banned, content deleted.

[shadroch]

Why the need for LLC?

Put the profits into the LLC and distribute it the next year as capital gains. Not earned income so gets taxed at lower bracket and no SS or medicare taxes.