Introduction to Living Playing Slots

Play responsibly. The number one rule for making money on slot machines is to be wise about how much you play. While the right strategies can give you an advantage over the average gambler, it is highly unlikely that you will be able to maintain any kind of steady income from playing slot machines. Video of the Day. You can go to Google Play Store or iTunes and look for the app, online casino free spins 2021 without deposit they need to have money to live on. Play free online casino slot machine games this hacks for Vegas Live Slots Casino works for all Android and also for iOS smartphones, use a spoon to lift up the glob. Jun 04, 2018 Slot machines remain the most important money-making part of casinos in the United States. In many states, casinos make between 65 and 80 percent of their gambling income from slots. Matched betting is probably the easiest way to become a professional gambler but does have an earnings cap. Once you have made £15,000-£20,000 you will need to move on to another way to make money gambling. Then once you have exhausted matched betting you can move on to making money from casino bonuses. Even more profitable but quite a bit. Slot machines remain the most important money-making part of casinos in the United States. In many states, casinos make between 65 and 80 percent of their gambling income from slots.

Audience member RS asked, “Are there people that make a living playing slot machines?” What an excellent question! Yes, they do. But how? Let’s get into it!

As I relate information I’ve collected over time on this topic, keep in mind that I’m not an income tax specialist. If you pursue any of the ideas I put forward in this article, I recommend seeking professional advice from an income tax expert.

This article has the following sections:

Introduction to Making a Living Playing Slots
Do Professional Gamblers Exist?
Do Professional Slots Players Exist?
Be Able to Win at Slots
How to Win at Slots
Your Slots Gambling Career
Summary of Making a Living Playing Slots

Making Money Gambling Slots Free

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Do Professional Gamblers Exist?

The first question we should ask ourselves when considering making a living playing slots, is whether anyone else does with some other form of gambling. The answer to that question is a resounding, “Yes!” And the IRS agrees.

Professional gamblers do exist. But we should be clear about the term “Professional Gambler” given its sometimes casual use. For clarity, what does the IRS consider a professional gambler? Here’s a professional interpretation.

The professional gambler reports gambling winnings and losses for federal purposes on Schedule C, Profit or Loss From Business. To compute his or her business income, the professional gambler may net all wagering activity but cannot report an overall wagering loss.

And it doesn't really depend on how much money you make, but on the discipline you have to reach your goal.There are many ant saving methods (the one that is not felt), such as the 52-week challenge, the 10-peso challenge or the one-month strategy to increase your capital, but if you want this be part of your life, you have to learn the 50/30/20 rule.This consists of allocating 50% of your income to the necessary consumption: housing (mortgage or rent), services (electricity, water, garbage), transport, food, school, clothing. 30% can be used for expendable expenses, such as going to the movies, bars, paid applications and the remaining 20, for savings.We were inspired by the iconic Gama-chan, Naruto's toad-shaped purse, to explain this simple principle to you. Opinions expressed by Entrepreneur contributors are their own.Saving can be a difficult habit to create and maintain. Money earned by the online fitness market.

“Tax issues for professional gamblers” by Alistair M. Nevius, The Journal of Accountancy, October 1, 2016.

Using less income tax jargon and plucking out the important bits, a professional gambler:

Reports gambling winnings and losses as business profit/loss.
Cannot report an overall wagering loss.

Some of the lack-of-clarity of the general use of the term “professional gambler” comes into play at times. The lesser term semi-professional gambler reports the same as a professional gambler but instead only makes enough to supplement their income.

Semi-pro gamblers don’t earn a living through gambling. Not a full-time living, anyway.

The IRS doesn’t distinguish between semi-pro and pro gamblers as, either way, they have an overall profit. When it comes to slots gambling, should we make the same distinction between pro and semi-pro? As we’ll see, this is a trick question.

Do Professional Slots Players Exist?

I have met slots players who claimed to be professional gamblers. But it’s been less than clear when speaking with them that they only play slots.

Whatever your table game of choice is, being a member of the casino’s loyalty program means you receive free slot play. You can be a professional gambler because you make a profit at poker. But you’ll play machines to use the free slots play. Otherwise, it’s an awful waste.

These professional gamblers have pro status with the IRS because of their gambling at table games, not for playing slots. What we’d like to know is, do professional slots players exist?

As explained to me by long-term slots players, having once obtained professional gambler status playing slots, the IRS will not revoke a prior decision. This process is a so-called grandfather clause.

But what if you’ve never attempted to be a professional gambler before? Will the IRS accept you as a professional gambler who only plays slot machines? The answer is no. They won’t. At least, not automatically.

Why not? Frankly, the IRS has the outdated idea that slot machines are entirely luck-based. They think playing slots is equivalent to flipping a coin.

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If you attempt to get professional status playing slot machines only, the best advice suggests a high likelihood of an IRS audit.

Further, if challenged, they’ll take the issue to court where you’ll need to explain slot machines aren’t entirely luck-based convincingly. How might you do this? For example, you could record an audio book like Learning to Win (commissions earned)….

The term I’d use here is problematic. It’s problematic to convince the IRS that slot machine casino gambling isn’t entirely luck-based. I’m confident I could prove it sufficiently in court, but why bother making an effort?

I have never officially been a professional gambler whose game-of-choice is playing slot machines. I hadn’t tried to convince the IRS of this because, well, what was there to gain? Answer: Nothing that I could see. Can you?

Be Able to Win at Slots

Having a professional gambler status isn’t necessary to make a living playing slots. People often want professional gambler status for, well, the elevated condition they think still comes with it.

It’s kind of a thing of the past, but I suppose the heart wants what the heart wants. Who am I to stand in the way? Nevertheless, a bit later, I’ll explain a popular workaround.

Pro gambler status or not, making a living playing slots absolutely means ma