Most people gamble just to have some fun. Once in a while, they make big wins.
But can you earn a living playing slots? Well, it’s possible if you’re a professional gambler.
Eligibility
The IRS defines a professional gambler as someone who earns a living from gambling, has knowledge of the sport, and keeps a record of their wagers, loses, and wins for tax purposes. This classification by the IRS as a professional gambler is often tough to meet. But once you’ve been classified as one, you will be grandfathered in with subsequent changes to the requirements.
It is difficult and sometimes impossible to become a professional gambler playing slots as it is regarded as a game of chance. You may be required to prove your winnings and show consistency, but the IRS has the final say. But once you are a professional gambler, you are eligible for tax deductions based on your losses.
What determines if you earn a living is if your earning can sustain your livelihood and not the IRS classification. Some individuals have reported making a living through playing slots, but it is hard to verify claims.
Winning Strategy
Slots have shallow margins compared to table games. The low margins mean it is difficult to make a decent living without a large initial wager. In general, slots have an RTP of 95%. This means, in the long run, you can win $95 out of the $100 you wager. However, different machines and video slots have different behavior and returns influenced by side bets, number of denominations, number of lines, and so much more.
Understanding what is at play in a game can help you devise a strategy. The main option players pick is to rarely play with huge wagers on high-return volatile slots or regularly on a low-volatility machine with small increments of wins. Life-changing jackpots could also be involved in a slot game, but profits are not guaranteed. However, skilled players take time to study the different slot machines and identify those that give them a slight edge.
