UFC 216 PBP/Discussion

[waiguoren]

Luckily for us in the UK we can get around restrictions and we also pay no tax. If i win £65k in a year gambling that is equivalent to someone who is employed earning £100k per year who is paying full taxes.

I recall that Labor eliminated all gambling taxes about 15 years ago. Does this ever come up as a political issue these days? Do you ever worry taxation might change?

 

[Sham5916910]

While I agree with this post, I also don't see a lot of people glorifying it. I was talking about the opposite issue, where a successful gambler would be afraid to admit what he does.


What do you mean by the "shelf life of it"?

There's certainly a stigma to it. I was on holiday recently and drunk i told a girl im a pro gambler. Went down like a shit sandwich. I would lie and come up with some sort of investor bullshit.

 

[Sham5916910]

I recall that Labor eliminated all gambling taxes about 15 years ago. Does this ever come up as a political issue these days? Do you ever worry taxation might change?

No it's never mentioned. Doubtful it's changed - the reason they don't tax is cos most people lose. If they started taxing they would have to rebate losers so it would cost the government shit loads.They just tax the fuck out of the gambling companies hence why Pinnacle left. If it did change so be it i'd just be paying tax like 99% of the population in the UK and like i've done until now.

 

[waiguoren]

No it's never mentioned. Doubtful it's changed - the reason they don't tax is cos most people lose. If they started taxing they would have to rebate losers so it would cost the government shit loads.They just tax the fuck out of the gambling companies hence why Pinnacle left. If it did change so be it i'd just be paying tax like 99% of the population in the UK and like i've done until now.

In the US, pro gamblers are taxed just like any other sole proprieter, with gambling losses being considered deductible business expenses. Losers are not rebated.

 

[SBJJ]

I'd suggest definitely having enough of a nest egg or side income to survive before plunging into making a living from betting/gambling or whatever. Be it in cash/stock/income from property

 

[SBJJ]

In the US, pro gamblers are taxed just like any other sole proprieter, with gambling losses being considered deductible business expenses. Losers are not rebated.

The amount of taxes actual paid off gambling in the US has to be incredibly small

 

[waiguoren]

The amount of taxes actual paid off gambling in the US has to be incredibly small

For sure, but you have to think the whales are at serious risk of being audited. I wonder what clever tax avoidance techniques they use.

 

[Agent Mulder]

I was happiest working in a warehouse and listening to audiobooks and podcasts all shift while making less than 40Gs a year.

I can relate to that. I used to work similar jobs when I was younger and my life was incredibly stress free. Now I work in an office, have a "good" job and make a good amount of money but at the same time I have so many responsibilities and you never really leave work with a job like this.

 

[Yotsuya]

I'm a trader by day, and I find it difficult not to bet on Ronda Rousey to enter the Royal rumble on a mobility scooter @ +5500. But I'm not black out drunk at my day job, most the time anyway.

I know loads of guys who gamble professionally, mostly poker, but some trading on UK betting exchanges (which I do too, but a lot lower volume). They make a lot of money, but they are pretty much always working, and every holiday with them is based around poker tournaments. You can see it wears on them, so I don't envy them at all.

This forum is probably the best I've seen for betting, you get good input and a lot of guys do some great research which I simply think one person could not do themselves. You have to sift through the occasional #superelite argument, and Barry (best just to block him), but this forum has done nothing but good things to my BR.

MMA betting is primarly a hobby and distraction for me, but one reason I like it is, that there's always the chance, that one becomes good enough to win pretty consistently. Unlike in poker, after certain point the difficulty of the "opponents" does not really increase with the stake though the stress no doubt will. I naturally do have other more passive retirement revenue plans and investments, but it would be nice to have an actual active career too if the current one ends.

 

[usernamee]

I can relate to that. I used to work similar jobs when I was younger and my life was incredibly stress free. Now I work in an office, have a "good" job and make a good amount of money but at the same time I have so many responsibilities and you never really leave work with a job like this.

So what's the consensus chief?
I'm right in-between atm

 

[Oblivian]

While I agree with this post, I also don't see a lot of people glorifying it. I was talking about the opposite issue, where a successful gambler would be afraid to admit what he does.


What do you mean by the "shelf life of it"?

For years on this forum people that bet larger amounts think that gives them some sort of clout. I have read a lot of people talk about how great it will be when they aren't working and their job will be watching MMA.

In regards to the shelf life, I'm talking about the longevity of it. I already mentioned limits and dealing with potential shady online books, but also just hitting rough patches. Also, just because you are good at betting in modern MMA does not mean you'll be great in the coming years. MMA changes a lot.

Then you get into the aspect of "what next". You give up years of work experience before you realize that you have to jump back into it. Especially people around my age. Giving up a career in your younger 30s to chase MMA gambling to me is probably one of the riskiest times. Someone in their 20's may not have shit yet, so they don't have much to lose.

As much as people hate touts like Luca, at least he's got a marketable skill in addition to being a "pro gambler". He's definitely developed in the sales aspect, marketing, and developing content. As much as I lol at the tout industry, those guys are at least developing a steady flow of income in addition to their gambling habit.

 

[waiguoren]

In regards to the shelf life, I'm talking about the longevity of it. I already mentioned limits and dealing with potential shady online books, but also just hitting rough patches. Also, just because you are good at betting in modern MMA does not mean you'll be great in the coming years. MMA changes a lot.

I see limits and the potential for your formula to peter out as the biggest issues. Limits will prevent you from averaging much more than 100k per year in MMA. It wouldn't be a problem in NFL/NBA but MMA is a far cry from the big guys.

You're right to point out that losing your edge would be a huge problem, but if you have the track record year after year, you might just be seeing things that other people don't. Also the touts you praise are not fully insulated from this issue. If Luca starts having abysmal performance year after year, he can expect a big drop-off in subscribers.

 

[Agent Mulder]

So what's the consensus chief?
I'm right in-between atm

I will be working towards making as much money as possible while having as little responsibilites and stress as possible. Last two years i've been the boss over around 50 people which can be incredible stressful at times. I'm trying to get more into management now and not having any employees.

 

[Oblivian]

So what's the consensus chief?
I'm right in-between atm

I'm set up to buy the company that I work for. The owner is about to turn 70 and wants to sell at 72 at the latest. In the meantime, I've negotiated profit shares for every quarter on top of my salary. My goal is to buy the business and have it fully paid off by the time I'm 45. At that point, I'd basically phase myself out and hire a manager to run the place while I come in for a few hours a day. That's been my goal for a while. If you can get in with a successful business that is small enough to buy, do it. From my experience, those people are the happiest.

 

[lifeisgood12345]

I'd suggest definitely having enough of a nest egg or side income to survive before plunging into making a living from betting/gambling or whatever. Be it in cash/stock/income from property

The most important part is that you have a proven track record of gambling success before you dive headfirst into the career.

Most people just aren't good enough to win consistently and it's not a smart decision unless you have feedback that you might be special enough to succeed. And past gambling success should give you enough financial cushion to take the leap

 

[lifeisgood12345]

I see limits and the potential for your formula to peter out as the biggest issues. Limits will prevent you from averaging much more than 100k per year in MMA. It wouldn't be a problem in NFL/NBA but MMA is a far cry from the big guys.

If you are good enough and have enough bankroll to take big risks, $100k is far from the upper bound. I'd say $500k-$1M per year is the approximate ceiling for an elite pro

 

[SBJJ]

Life is a gamble to an extent

I've had friends and family tell me how to do things right. Meanwhile I've seen many of them lose "safe jobs" lose "safe" houses. Find what you're good at keep a level head and keep fighting

 

[SBJJ]

Also. I couldn't fathom having more then 50k offshore. I just could not do it.

 

[lifeisgood12345]

Also. I couldn't fathom having more then 50k offshore. I just could not do it.

If you have it all in reliable books like Pinnacle and its helping you generate six figures of income doing work you love, you'd probably be OK with it

 

[SBJJ]

If you have it all in reliable books like Pinnacle and its helping you generate six figures of income doing work you love, you'd probably be OK with it

I had one of the most reputable offshore books that 80% use in here try their best to stop me from withdrawing over 40k years ago. They also limited me into nom existence.

And I really doubt dudes are pulling in six figures continually using offshore books. There is a reason a few in here go to Vegas on a regular basis