However, for some people betting is a serious business. It plays a huge role in their lives but is it possible to start betting as a full-time job? There is no doubt betting can be profitable if done successfully but is that enough to sustain a full-time income?
Perhaps the first thing we need to consider when considering betting as a career is the amount of money which can realistically be made.
How Much Can be Made from Betting
To the casual punter, winning a tenner on the weekend is good. For those who plan to have betting as a full-time job, this is clearly not good enough.
There have been many reports online of people who have supposedly made hundreds of thousands of pounds betting but are any of them true? An article on The Tab in 2015 showed twins Gavin and Alex Walker made nearly £400,000 from betting in 18 months. Their passion was football betting and it paid for them to live in a smart London apartment.
Their strategy involved betting on football matches in-play to get a better idea of how the match was developing and placing bets accordingly. If you asked them the question ‘can betting make you rich?’ the answer is going to be yes.
It all seems great but then one quote summed up the potential pitfalls of betting as a full-time job.
“It is stressful. We don’t have days off if things go wrong. We just keep going, keep backing the teams we think will do well. We once lost £40,000 in a day, during the U17 World Cup. It wasn’t good.”
Can betting be profitable? Yes, clearly £400,000 is a lot of money by most people’s standards and would be enough to quit their day job.
The question is, how can betting as a full-time job affect other areas of your financial life?
Can Betting Affect a Mortgage?
It seems gambling and mortgages do not mix well. A mortgage is a way of lending money, if you were to lend money to someone you would want to do so with as little risk as possible. In many people’s eyes, a full time gambler is a risk taker and why would a bank want to give money to someone who has a history of taking risks with money?
Those who are gambling for fun with their income coming from a main job should have little problem in obtaining a mortgage. However, those who have betting as a full time job may struggle to secure a mortgage.
Even if you have been making £50,000 per year on average over the past three years from betting, there are going to be times when income has been up and down. You may have made £5,000 one month only to make £400 the following the month. The very nature of gambling means you will see ups and downs across a period of time.
If you have been successfully betting for a living for several years and have kept proof of all your earnings during that time, you will have a better chance of getting a mortgage application accepted. Having a higher deposit can also help when securing a mortgage as a full-time gambler.
Can betting affect credit score? Having a low credit score can have an impact on many aspects of your life. Whether it be buying a car or a new sofa, if you need credit for any reason, the company selling you the product will check your credit rating.
For example, if you have had a previous loan of £100 per month and you paid it back in full and on time, your credit score will go up as a result. This will change over time
As a full-time gambler, betting can affect your credit score but the impact is not very extreme. Lenders may not want to lend you money if you are betting as a full-time job for the reasons outlined in the mortgage section above.
If you have never had a loan for anything in your life before you became a full-time gambler, you will not have a credit score. This can make obtaining a good credit score difficult. Bad credit tends to follow those with a poor financial history so if you are successful at betting as a full-time job, your finances should be in good shape.
Nonetheless, betting is not going to help your credit score in any way. If you are accepted for a loan, paying the loan back on time and not defaulting on any payments is the key.
Making Enough Money from Betting
Can betting make you rich? If the example above is anything to go by, the yes, betting can make you rich. However, making a living from betting is not the same as getting rich from betting.
Income is not guaranteed when betting but if you are professional and have tasted success over many years, you may feel confident about giving about your day job to focus on betting. Can there be such thing as too much success in betting? There have been reports of successful gamblers having their accounts closed at an online bookmaker. That could have a serious impact on your profit.
Getting rich from betting is possible but so is losing everything. That may seem like a very negative statement but it is true. Can you afford to lose £100, £1,000 or £10,000 betting? If the thought of that makes you worried, betting as a full time job is not for you.
As with all forms of gambling, you should never bet more than you can afford to lose. The information in this article is not there to advise you how to take up betting as a full time job or to try and obtain a loan. It is simply a look at betting as a full time job and the possible consequences in other aspects of financial life.
If at any point you feel you have a problem with betting or gambling please seek help, advice or support here at BeGambleAware.org or contact the National Gambling Helpline on 0808 8020 133.