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floatingflops
over 4 years ago

Commuting To Casino As A Poker Programs

Although I agree that you have to treat poker as a business if you are going pro, let's paint a more realistic picture of what expenses really look life for those that don't have their own personal chef.

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Commuting To Casino As A Poker Program

Rent for a one bedroom in Las Vegas: $700
Utilities: elec, internet, etc. $300
Food: $400, less if you eat with your comps
Car + insurance + gas: $400
Total: $1800

If you make $20 hr x 2080 hrs (full work year) you get $41,600
Taxes are not 30% in this bracket but for sake of argument we will use it. Gross after taxes: about $29,000
Monthly income: about $2,400.
Income - nut = $800 disposable income every month.

Anyone working their tail off now at a job they hate have an extra $800 at the end of every month? Me neither.

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trentbridge
over 4 years ago

Commuting To Casino As A Poker Property

Except floating flops - if you worked at a regular job that pays $20/hr - you get a paycheck every two weeks - the income tax is already taken out and your employer pays half of your social security. (6.65%) Plus you might even get two weeks paid vacation to go to the WSOP in Las Vegas.

Commuting To Casino As A Poker Project

Self-employed as a pro poker player, you aren't guaranteed any income and you owe 15.3% self-employment tax in lieu of social security.

You can't reduce a decision like this to accounting - you have to be comfortable making your living in a skill/talent based business that has nine folks at your place of business who believe they are as talented/skilled as you are - all wanting to take your money. It's the same world faced by writers, actors, musicians, comedians, artists, and professional golfers. The rewards at the top are extreme but there are no guarantees that more than 2% will ever reach those heights. Even established players are eager to take on sponsors - write books / do commercials/ sell teaching videos etc to make some income away from the felt.

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skippy01
over 4 years ago

$1,000 per month for food? And you are a vegan?
http://www.amazon.com/Eat-Vegan-4-00-Day-Conscious/dp/1570672571

'BJ21 is a meeting place for people willing to study to beat casino games. Many members are blackjack card counters, but BJ21 is also home to players who win at poker, video poker, sports betting, and craps. Members use message boards to swap stories about strategies and current playing conditions in casinos in Las Vegas and elsewhere.' --Stanford Wong - Stanford Wong's Biography

Stanford Wong has made a name for himself throughbooks, newsletters, software, and the Internet. Of course he has done his share of winning at gambling games. When he was in graduate school, playing blackjack was his major source of income, and he stayed in school long enough to earn a Ph.D. from Stanford. He published his first book, Professional Blackjack, in 1975 while a student at Stanford. Now he has it made -- a wonderful wife and a comfortable home in La Jolla, one of the garden spots of the world. Their two children are both adults and college graduates. Wong has moved Pi Yee Press to Las Vegas, but is in constant contact electronically from his home. So commuting to work in the morning means strolling down a hallway. Every day he walks along the beach. He is his own boss. Anything that has to be done that he does not feel like doing himself, he hires someone else to do. He could not have a more pleasant life had he chosen to do something other than figuring out how to win money from sportsbooks and casinos. Wong has created a website with message boards: BJ21.com. BJ21.com is devoted to discussion of getting an edge at casino games.
Interview with Stanford Wong
Wong on Dice by Stanford Wong