If Someone wanted to go pro?

Hypothetically , if someone wanted to go pro , how much money would you think would be a good amount to start with? How many hours a day would be a good amount? What should be the amount one should be looking to make per annum? Can you even get a mortgage if you are pro poker player?

10k 5-10 hours a day depending on mindset

shortstacked said:

Hypothetically , if someone wanted to go pro , how much money would you think would be a good amount to start with? How many hours a day would be a good amount? What should be the amount one should be looking to make per annum? Can you even get a mortgage if you are pro poker player?

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That is something I wondered, how would a bank treat you if you applied for a mortgage (or a car loan) if you wrote pro online poker player as your occupation?

The legal situation may differ elsewhere, but in the UK you would form a Limited Company, register your business as "Investment Management" or something of that sort, pay yourself a salary as an employee of the company and pay your income tax.

The tax hurts, but it means you have no problems with your credit rating and, if you ever decide to go back into normal employment, you have an employment history.

Shoestringx said:

That is something I wondered, how would a bank treat you if you applied for a mortgage (or a car loan) if you wrote pro online poker player as your occupation?

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You would be required to show a few years of tax returns showing your income - otherwise it would not be considered for the loan.

Hmmm, in canada poker winnings aren't taxed. Any form of gambling, lottery, poker, scratch tickets, sports betting isn't taxed. So forming a company and giving yourself a salary would be foolish, considering you would then be paying tax, whereas if you just took your winnings you wouldn't have to.

Hmmmmm....... I think I have the solution, I'll stay with my current girlfriend who has an impecible credit record and depend totally on her for any and all credit

Shoestringx said:

Hmmm, in Canada poker winnings aren't taxed. Any form of gambling, lottery, poker, scratch tickets, sports betting isn't taxed. So forming a company and giving yourself a salary would be foolish, considering you would then be paying tax, whereas if you just took your winnings you wouldn't have to.

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It`s the same legal situation in the UK, m8. It`s not necessarily foolish, because it keeps you in the system and protects your credit rating, state pension entitlement, and so forth. I guess it`s up to the individual to weigh that and decide whether it`s worth it to him personally.

Also, if it`s your Company, you naturally design things to minimise your tax liability and maximise your allowances. For example, your computer equipment and the cost of your broadband service are business expenses, if that`s your business. Your role as CEO justifies a company vehicle, does it not ? And that`s just the beginning.

Theres a guy on another forum that I post on who asked similar questions for a mortgage (he's Canadian), and the general answer was to have someone else to co-sign the agreement. Like a guarantor over here I believe.

Edit:

Just read the rest of Egon's post, and you sir, are an evil genius. My hat off to yoU!

Egon Towst said:

It`s the same legal situation in the UK, m8. It`s not necessarily foolish, because it keeps you in the system and protects your credit rating, state pension entitlement, and so forth. I guess it`s up to the individual to weigh that and decide whether it`s worth it to him personally.

Also, if it`s your Company, you naturally design things to minimise your tax liability and maximise your allowances. For example, your computer equipment and the cost of your broadband service are business expenses, if that`s your business. Your role as CEO justifies a company vehicle, does it not ? And that`s just the beginning.

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Hmmmm, point taken. I'll have to look into this further. However first I need to get better at poker. Then I need to convince my girlfriend that it is a viable career option (fat chance of that).

Vintage82 said:

Just read the rest of Egon's post, and you sir, are an evil genius.

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Worse than that, I`m afraid, much worse.

I have a degree in Management, and my wife is an Accountant.

Egon Towst said:

Also, if it`s your Company, you naturally design things to minimise your tax liability and maximise your allowances. For example, your computer equipment and the cost of your broadband service are business expenses, if that`s your business. Your role as CEO justifies a company vehicle, does it not ? And that`s just the beginning.

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When I had my company I took those and in a bit of creative thinking was able to deduct my cable bill too because I needed the Weather Channel to base my work hours on!

When I had my company I took those and in a bit of creative thinking was able to deduct my cable bill too because I needed the Weather Channel to base my work hours on!

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Lool. Very nice!

If your asking, you really have no idea. Now is def. the wrong time to go internet pro anyways.

LegalizePokerOnline said:

Now is def. the wrong time to go internet pro anyways.

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It might be if you are an American. Good career choice otherwise. Poker is booming elsewhere, especially in Europe.

In the UK, a new TV channel launched recently which is dedicated solely to coverage of "The Sky Open" which is a nightly online poker tournament. They screen it live every night, then run repeats around the clock until the next tourney starts the following night.

It`s a cr*p tournament, unfortunately. The blinds go up ridiculously fast in order to generate maximum action for the TV audience. Still, the fact that it is a viable venture at all shows the level of interest in poker.

(BTW, if you are in the UK and you are interested, take a look at skypoker.com, or channel 846.)

There are all kinds of "pros" from 1/2 no liimit holdem up to the high stakes you see on TV.

I know people wo survive on 300.00 bucks a week in regular jobs and I know poker players who can make that much easily at the tables. It kind of depends on lifestyle and the tradeoffs youre willing to make.

In the U.S, there are all kinds of loans to buy houses and get mortgages without the normal paper trails, one of the most common are "stated income" loans. The interest is rather high but they are available.

Creative financing is not uncommon. Get a bank account, keep quality records/statments showing deposits vs withdrawls. Get credit cards, and car loans and pay them off without being late. If you have a long established credit rating you can get loans without showing tax forms.

Going Pro

I would want to start w/ around $20,000 or so & play 15 hours a day no matter the limit be high or low. I would want to make @ least a few hundred dollars a day & the mortgage thing i have no idea about lol...i think you were joking about that ? anyways

i will quote from bbb- if her is a professional poker player on your porch. you better pay him for the pizza. just kidding but make soure you have all your ducks in a row and gl to you

I think you need to know your game inside out and by asking how much you'll make in a year means you aren't aware of the realities of the game. This will be very different for ring gamers and Tourney specialists.

I would think that if you are good enough and have done the necessary due dilligence on your game you could approach some investors and work out a deal with them. Work on a percentage or whatever you can negotiate with them.

It doesn't really work this way. You need to discover whether you have a real interest in playing poker and whether you have a talent for it. Then you move up the limits and at some point you can give up the day job.

Going Pro

Well first off I think you should make sure that you're good enough at poker to get a big enough bankroll, so that you'd be able to pay all of your bills on time! If you can't make enough money to pay all your bills from your earnings then you should definitely NOT quit your day job! Try to play about 8 hours a day like a regular job. GOOD LUCK!