Things to consider when playing professionally

[Thunder]

As a professional blackjack player, these are some things I think you would need to make it aside from the obvious skill, temperament and bankroll requirements. In a way I know what it's like because I've been self employed for a while, dabbling in a few projects of which blackjack/poker takes up some time.

You in a sense are a self employed person. Blackjack is now no longer a hobby but something you are totally dependent on. Since you are self employed, you can't count on your job to give you the benefits that you are used to. Some of these things are health insurance, disability insurance, vacation, 401K, sick leave, etc.

Health insurance I would argue is vitally important for the professional player. Reason being, is you are going to be exposed on a daily basis to dirty chips, dirty people, cigarette smoke, and heaven knows what else when working in this environment. I was reminded of this when I got pretty ill with the stomach flu after having eaten at one place in Atlantic City. You may have to pay a premium for this since you aren't with a company ($800/month isn't totally unrealistic) however, if you aren't declaring your income, you could theoretically get state benefits such as food stamps (really just a credit card you swipe), housing vouchers (discounts on rent), drug assistance (discounts on legal drugs, sorry ZG!), discounted health insurance from a top company like BC/BS, and more.

I would argue that you should also get disability insurance heaven forbid something should happen to you such as you getting in a car accident or being hit by one. (Gotta pay the bills while you're not able to play.) If you're renting, you definitely want renter's insurance. I can tell you horror stories from when I've rented apartments in my younger days. Usually this is fairly cheap as in $10/month.

Since you aren't getting a 401K or a pension and with social security not being a guarantee either, you're going to need to save up quite a bit for retirement as in 10% minimum of your income. The exact amount will depend on your age. On this board there have been many discussions on what might be good to invest some of your savings in. I personally think the market will edge up higher at least until the summer with the unemployment news getting better and what not. The other reason why you need to save is so that in case of some emergency or really bad variance, you're going to be covered. Typically this means having 6 months worth of living expenses saved up.

You may wonder what banks are good for you. Typically, I would look for a bank that allows you to withdraw money from multiple atms in the area with no fees and gives you a good return on your money. ING Direct is one such bank.

You also want to save so that you can do things other than playing blackjack and being in a casino. While you're expected to almost be like a robot almost at the tables so that your emotions don't control your play (you do want to socialize some though for camouflage purposes), being a robot isn't healthy for your body. You need to go out there and do other things you enjoy or you may find that your "game" suffers. It helps to make a few friends too.

If you're young, you may decide to get a life insurance policy as it only gets more expensive as you get older.

Ideally, you may want to rent at first until you're 100% sure you're committed to doing this for a living and then you probably want to buy a place to live while housing prices are at a low. This will be your second biggest investment most likely after your investment in your playing career.

Finally, you need a plan B. You may decide after being a professional player for a long time, that you get burnt out from this. Trust me when I say the novelty wears off after a while. You need to have something you can fall back on. It may not hurt to do it part time either so that in the future you don't show a huge gap on your resume as that's a killer especially now when looking for a job.

The main thing to remember is to have fun and be prepared for the unexpected. You never know what might happen in this line of work on a day to day basis. Hope this helps.

 

[kewljason]

Some very interesting points, Thunder. Some have me thinking. I am under-insured on several fronts.

Health Insurance: I have a plan with a large deductible, meaning I pay for most of my medical need. My insurance would really only kick in if I had began to incur a lot of medical expenses. I am still fairly young and in good health and don't frequent the doctor often so I don't figure I need a plan to cover everything. When young and healthy, we tend to think we are invincible. Getting older, I should probably consider expending coverage.

Life Insurance: Have none. No dependence to worry about.

Disability Insurance: This is an interesting one. I have never given it a moments thought. I do have a type of disability insurance with my mortgage that would cover mortgage payments. Having such insurance to cover other expenses isn't a bad idea. I guess I never wanted to think about something like that.

I wonder if acquiring these insurances are more difficult, for self employed in this line of work, because it becomes more difficult to verify income.

On the topic of buying a property: Casinos are in practically every state now, so residing in Vegas, as I do isn't a requirement to being a 'full-time' player. But in the Vegas Market, property is extremely cheap as we have often mentioned. While this is good, as you can get a nice property (house/condo) for a fraction of what you would pay elsewhere, this market is so bad off and they overbuilt so dramatically, the chances for any kind of quick turn around are very slim. It is going to be a while before you see any kind of decent return on your investment. So, before making that decision, I would be certain that you wanted to live here either full time or part time for a while. Don't buy a property and think you will sell it in 2 years for a profit.

That concept of combining AP play and government services seems like a very bad one to me. While I am not exactly sure how these services work, I think you have to qualify, with limited income and resources. So to qualify, I think you would need to hide both. I wouldn't advise anyone doing so. Getting on some sort of govt sponsored housing programs seems like a particularly bad idea. Lets face it, low income type house equates to higher crime areas. Anyone playing full-time has to have access to and carry large sums of cash. These two concepts do not go well together. :laugh:

 

[Thunder]

Getting on some sort of govt sponsored housing programs seems like a particularly bad idea. Lets face it, low income type house equates to higher crime areas. Anyone playing full-time has to have access to and carry large sums of cash. These two concepts do not go well together. :laugh:

KJ, I can't speak for Vegas but for where I live, they will allow people to choose where they want to live and then give them a discount with a housing choice voucher, so you don't need to live in a ghetto area.

 

[kewljason]

KJ, I can't speak for Vegas but for where I live, they will allow people to choose where they want to live and then give them a discount with a housing choice voucher, so you don't need to live in a ghetto area.

I can't speak for Vegas either, or any other location for that matter, as I have no experience in that type of thing. I was just thinking out loud. :laugh: Meant no offense to anyone.

However, I still say, if you are considering any kind of government assistance, perhaps you need to re-examine your decision of professional blackjack player. :laugh:

 

[Thunder]

KJ, I'll also add that while casinos have sprung up recently in many states, a lot of people still would consider moving to LV because of the better games and because you don't have to drive 4 hours potentially just to scout a game. Time spent away from the tables is $. You also don't have as many promos available to you as you would have in a heavily concentrated area like Vegas.

 

[Dyepaintball12]

I only know this for the state of Michigan, but to get approved for a Bridge Card (AKA Food Stamps) you send in an application and then get interviewed.

You need to disclose your employment, rent, utilities, expenses, and ALL of your monetary assets.

If you keep almost all your money in cash then you could qualify easily and just leave it out on the application.

I think $200/month is about average in food benefits for qualified individuals.


- Dye

 

[shadroch]

I only know this for the state of Michigan, but to get approved for a Bridge Card (AKA Food Stamps) you send in an application and then get interviewed.

You need to disclose your employment, rent, utilities, expenses, and ALL of your monetary assets.

If you keep almost all your money in cash then you could qualify easily and just leave it out on the application.

I think $200/month is about average in food benefits for qualified individuals.


- Dye

It's not often you get to see someone suggesting another commit a felony.

 

[shadroch]

As far as Disability Insurance goes, you can get it pretty easily. They generally don't want proof of income, you just decide what kind of coverage you want. You could select $100 a day and if you got sick or disabled, thats what you'd collect. Obviously the premium for a $100 a day policy would be more than for a $50 a day one. Most, but not all policies only pay for a five day week so $100 a day will only pay you $500 a week.

 

[creeping panther]

Thunder

Another great post, props to you.

Yes, Major Medical and and Disability Insurance are a must for our Pro BJ friends, Right On.

CP

 

[blackchipjim]

The Pro!

I surprised that a pro that plays full time actually does it full time. I always thought that a pro had a main profession that they relied on for all the essentials that were metioned in the above. I was under the impression that a pro was really independatlly wealthy to some degree. I always figuired that a pro would be a older person almost if not already retired and pretty well set for the remainder of thier life. The other would be a young self made millionaire that needs something to amuse themselves. I mean no offense to anyone that doesn't fit these parameters but surprised at anyone that doesn't.

 

[blackjack avenger]

A Pro is as a Pro Does

I surprised that a pro that plays full time actually does it full time.

A definition:
undertaken or engaged in as a means of livelihood or for gain.

 

[blackchipjim]

A Profession!

I agree with the definition of profession to a greater degree. I think being a pro bj player may need other venues to prop up the player in low times. This isn't limited to just another job it may be stock investments or other. When your're young your prespective on life is a little different than when your're approaching mid-life. I'm not saying being a pro is informidable in the pursuit of riches or even fame just the likelyhood is not probablly. There is alot more to consider when pursuing a career in it. The long term picture comes into view and one should not let the short term blur it's inevitability.

 

[Dyepaintball12]

It's not often you get to see someone suggesting another commit a felony.

I am just providing information, sir. Lots and lots of college kids around here did this during school.

Felony? That's trouble!

 

[blackchipjim]

Ethics?

Wow! think about the ramifications of being in college and commiting fraud. I grilled my kids when attending college since they wanted to pursue careers that require no convictions of any kind other than open container. College kids? Glad they weren't mine since sending them to college was a great financial undertaking to say the least. This is about being a professional bj player and the constraints it contains. Food cards, unemployment checks, and housing assistance? Sounds like my original response was on the mark for some.

 

[apex]

I don't think you should purchase disability insurance Kewl. Much like puchasing insurance in a negative count deck, it is a -EV play. I would guess it pays out much worse than slot machines after the insurance salesman gets paid and the company takes their cut.

You probably have enough of a bankroll built up to ride out a short term disabilty. I like the high deductable major medical health insurance policy. Thats what I did until I got married. Most people are overinsured IMO.

 

[The Chaperone]

Insurance is a -EV ripoff. Much worse than insuring in a negative count.

I've played it like kewljason and honestly I'm not totally convinced I should be bothering with catastrophic health insurance.

I don't own any real estate. The only somewhat 'major' purchase I make is buying a car every 10 years or so. I buy new and pay cash. Not saying this is a great investment by any means, but I need a car to work and this is the least pain in the ass way for me to do things.

If I were doing the Vegas thing like kewljason, I would prolly buy a condo for 50k or something. Instead I just live some place where I want to live and travel to play.

Re: Retirement... Putting away 10% of your BR every year could end up bankrupting you. I agree it's a good idea for a person with a straight job, but an AP might want to avoid it, stay aggressive, and focus on becoming rich rather than eating away at his bankroll every year.

 

[MangoJ]

Of course insurance is -EV, otherwise it would not be sold to you.
However, you should buy insurance if it is +CEV.
Noone would insure each finger for a million, unless you are an expert (musician, surgeon) who needs to rely on this abilities.

 

[Thunder]

Yeah they might make money off you with insurance but put it this way. You get it to protect yourself. Unlike in blackjack where you're risking oh 1/1000 of your bankroll, here you could be risking it all. It may be unlikely that you'd have to use it but just one time is all it takes and you're screwed. Just one accident that requires you to get surgery and what not and you could be looking north of $40,000.

 

[Thunder]

Re: Retirement... Putting away 10% of your BR every year could end up bankrupting you. I agree it's a good idea for a person with a straight job, but an AP might want to avoid it, stay aggressive, and focus on becoming rich rather than eating away at his bankroll every year.

Chaperone, the point is to have a safety net. You never know what the future might hold so you always want to protect yourself if you can. If putting away 10% of your income is bankrupting you, you obviously need to cut expenses or get a better paying job imho.

 

[kewljason]

If putting away 10% of your income is bankrupting you, you obviously need to cut expenses or get a better paying job imho.

Maybe one could cut expenses by using food stamps and government housing. :laugh: (sorry thunder, couldn't resist)