Famous Professional Sports Gamblers
Professional gambler – two words that typically conjure up images of a sexy lifestyle, wads of cash and few working hours. The reality however, is much different. We tracked down UK based professional gambler Alex King (featured in the Racing Post) to get his take on what it takes to be successful, what shape the industry is in at present. The Black Sox (1919 World Series): “Never before in the history of America’s biggest baseball.
To most sports gamblers, a professional bettor seems to have a perfect life. They wager on sports for a living, make their own hours, and earn serious profits.
That said, professional sports gambling may seem like a glorious career. However, it actually involves a long and slow climb to the top.
This guide discusses the realistic points of the path towards becoming a success when betting on sports. It also covers the small edges and long hours that gamblers must put it into turning pro.
Professional Sports Bettors Deal With Small Edges
When the general population envisions an expert sports bettor, they think of somebody who makes thousands of dollars with every wager.
They probably also picture a gambler who just can’t seem to lose night after night. The reality, though, is much different than this.
Instead, they have a small edge that they exploit through large bets.
Many sports gamblers consider themselves successful if they win 50% of their wagers at -110 odds. Of course, gamblers can win more far more bets against the sportsbooks if they back heavy favorites (e.g. -300 or better).
But -110 is a nice measuring stick for how successful you are in terms of win-loss percentage. Even if you win 50% of the time at these odds, though, you still won’t be making profits.
After all, you need to take the juice into account. A bookmaker takes 10% from the losing side in a -110 wager, meaning a 50% win rate won’t get it done.
Some handicappers claim they correctly guess over 60% of their sports betting picks. However, no handicapper or professional sustains such a win rate in the long run.
At best, one can only expect to be successful on 55% of their bets long term. This win rate certainly isn’t the 80% mark that many would envision for a pro.
You Can’t Expect to Win Big With a Small Bankroll
You won’t get very far if you have a 53% to 55% win rate and are only placing $10 bets. You can’t even earn a dollar profit from each wager at this rate.
You need to exploit your long-term edge with big bets in order to make serious profits.
Here’s an example on how much you might win as a lower-level pro:
- You place $2,000,000 worth of bets throughout the year.
- You win 54% of your wagers at -110 odds.
- 2,000,000 x 0.54 = $1,080,000 in winnings
- 2,000,000 x 0.46 = $920,000 in base losses
- 920,000 x 0.1 (juice) = $92,000 in juice paid
- 920,000 + 92,000 = $1,012,000 in total losses
- 1,080,000 – 1,012,000 = $68,000 profit on the year.
Unless you strictly bet point spreads, most profitable opportunities that you find aren’t going to be at exactly -110 odds. But I keep referring to these odds because they make for the simplest examples.
You also need to capitalize with large wagers as well. You can only place these big bets if you have the bankroll to do so.
You Must Build Your Skills & Bankroll
Sports gambling definitely isn’t something that you jump right into and immediately conquer. Instead, it requires you to put long hours into the matter.
You’re most likely not going to win right away. Therefore, you want to study general sports betting strategy while slowly increasing your bankroll at the same time.
You also need to work on your handicapping skills.
This way, you won’t lose too much money if your betting skills aren’t yet up to par.
All the while, you should also be slowly adding to your bankroll. This process involves saving money and using it to build your gambling funds.
You probably don’t have $50,000 or $100,000 just sitting around for gambling purposes. But you can build up to this amount through a combination of steady investments and improving your skills.
Eventually, You Need to Increase Your Bet Sizes
I highly advise that you don’t jump into sports gambling and start placing $1,000 wagers right away. Eventually, though, you want to up your bet sizes to make more money.
With a large enough bankroll, you may even theoretically earn thousands of dollars per wager.
Of course, you want that bankroll to back up those huge bets.
Otherwise, the volatility could ruin your betting career.
Therefore, you should put serious consideration into your bankroll size. Here’s an example:
- You want to place $500 bets.
- You also want a bankroll with at least 100 units to survive the volatility.
- You’ll risk 1-3 units on each match, depending upon how confident you are.
- 500 x 100 = 50,000
- You should start with at least $50,000 (100 units at $500 apiece).
Can You Grind From a Low Roller Into a Pro Bettor?
If you’re like most amateur online bettors, you’ll probably start with a $50 or $100 deposit. These amounts give you just enough money to make several bets on the games you watch.
However, you may also have aspirations of turning your small bankroll into a fortune someday.
The odds are definitely against you depositing $100 and eventually becoming a top pro. Then again, though, everybody has to start somewhere.
The reason why most sports bettors feel this way comes down to two aspects:
- They fail to put the work into strategy and handicapping.
- They exercise poor bankroll management.
Sure, everybody who sets out on the road towards professional gambling blames bad luck or external factors for their failures. In reality, though, the average bettor is lazy and impatient.
They don’t want to put an hour into handicapping a single bet. They want to put five minutes into handicapping 12 wagers and pray that they’ll win most of the bets.
Furthermore, the typical sports gambler doesn’t wish to grind their way up towards larger wagers. They want to quickly increase their bet sizes and take shots at the big time.
Long story short, it’s possible to go from a small initial deposit to becoming a professional gambler. But you also need discipline, patience, and steady investments into your bankroll.
Most gamblers aren’t willing to make these sacrifices. That said, it can sometimes feel impossible grinding up towards pro status.
Tips for Starting on the Path to Becoming a Pro
As discussed throughout this post, you’re not going to become a professional bettor overnight. But you can at least get started on the right path by following the tips below.
Save Up for a Starting Bankroll
A $100 bankroll isn’t going to help you become a professional gambler. Even a $1,000 bankroll won’t do the trick.
You need a sizable bankroll so that you can make large bets and survive potential losing streaks. The amount needed all varies based on how much you want to get out of sports betting.
Of course, you don’t have to put your betting activities on hold just because you don’t have a small fortune.
Instead, you can learn the ropes by making small bets while slowly adding to your bankroll on the side. If you save up enough money, you’ll eventually be able to become a serious pro.
Break Your Bankroll Down Into Units
Most professionals don’t look at their bets in terms of dollars. Instead, they break their bankrolls down into units.
If you normally wager $100 per bet, then your unit size will be $100.
Of course, you’ll likely bet more than $100 when you feel extremely confident about an outcome. Therefore, you might risk 2-3 units in these situations.
In any a case, here’s an example on how to break your bankroll down into units:
- You have a bankroll worth $75,000.
- You want 100 units.
- 75,000 / 100 = 750
- Each unit size will be worth $750.
Narrow Your Focus
You might be tempted to bet on multiple markets. After all, wagering on a variety of sports is more entertaining than just one or two.
But the goal here is mastery. You stand a much better chance of making profits someday if you truly know a market.
Going further, you should also pay attention to a specific division rather than constantly trying to scout an entire league. If you know one division extremely well, then you’ll be an expert on matches involving that division.
Never Stop Studying
Sports betting is fun because you may never truly master it. You could dedicate a lifetime to this pursuit and still get fooled by the bookies sometimes.
That said, you have lots of room to grow with betting. If you truly dream of becoming a professional, you should constantly be studying general strategies and handicapping tips.
As long as you never stop researching advice, you’ll improve over time. Improve enough, and you could very well make a nice living off of sports gambling.
Conclusion
Sports gambling may seem like a quick path to riches for skilled bettors. But in reality, it’s a long journey that involves lots of planning and patience.
You can’t go from zero to 60 and expect to win big right away. Instead, you should grind your way up the ladder while slowly adding money to your bankroll.
With this approach, you can improve your handicapping efforts while also building your gambling funds. You should also steadily increase your bet sizes—especially as you develop an advantage.
This list was originally published in January 2010, last update was January 2020, let is know in the comments if you think anyone should be added.
Phil Bull
Phil Bull made a massive amount of money from betting, but not only was he a successful gambler he was also a breeder, owner, writer and publisher. It is estimated he made millions during his career.
In 1948 he launched the now internationally renowned organisation Timeform.
Phil had a shrewd attitude towards betting. He looked at the season as a whole and his form study was the same for every race.
How To Make A Book by Phil Bull
Phil Bull: The Biography by Howard Wright
JP McManus
Multi millionaire JP McManus is a renowned gambler and race horse owner.
Originally from Limerick in Ireland, McManus started betting as a schoolboy before working in his family’s plant hire business. He had his own betting stand for a while at Limerick’s greyhound track and it wasn’t long before he moved into owning horses as well as betting and laying. These days JP owns the largest number of National Hunt’s horses.
His first ‘big’ win (rumoured to be around £250,000) was at Cheltenham with a horse called Mister Donovan who was 2nd favourite but ended up winning the race. He also won over £1 million from famous Scottish bookie Freddie Williams in 2006 at Cheltenham.
Although McManus is a high level gambler a large part of his wealth is said to have come from international financing and money dealing which he overseas from his base in Geneva.
Still a big player and maybe he should be at the top of this list as he is still very active. If there is a book to read about JP let me know in the comments, I’d love to read it.
Alex Bird
The late Alex Bird made a considerable amount of money from betting after the war. It is estimated he had an annual turnover of £2 million from gambling.
His interest in gambling began when he was a child. He learned a lot from his father who was a bookmaker. However, he decided there was more money to be made from the other side and he become one of Britain’s most well known professional punters of all time.
Bird had several methods for getting one over on the bookies but his most famous was probably his success on betting on photo finishes which in those days took about 5 minutes to develop. This process earned him a fortune over a period of around 20 years and only stopped when the modernisation of technology meant there was no longer the delay in photo developing.
Alex Bird made his own mind up when it come to betting and rarely listened to anyone – he stuck to his rules and systems. Even now, almost 30 years after his death, there are current systems available that are based on the practices he used.
His biggest bet was on the well known horse Mill Reef at Gimcrack. The season after this Mill Reef won the Derby, again backed by Bird who had by then backed 7 Derby winners in 8 years.
One of his last bets was on a horse called Final Shot in 1990 when it won the Ayr Gold Cup.
Patrick Veitch
Patrick Veitch is one of Britain’s most successful gamblers who has won over £10 million from betting.
At just 15 years of age this mathematical genius got a place at Cambridge although he never completed his degree, instead he turned to gambling and started his own tipping line.
By his mid 20s Patrick Veitch was already making a lot of money but then came a turning point in his life. He become the target of a criminal and was forced to live in hiding for many months putting his career on hold and leaving him broke. However, following this episode he become more successful than ever and was soon making £1 million a year from his strategic betting methods.
Veitch is a strong believer that there is no short cut when it comes to betting – the only way to win is by working hard at it to get it right.
It is very rare to see Patrick at the races. He uses agents to place his bets and spends most of his time watching and analysing events from his computer.
Harry Findlay
Harry Findlay is a larger than life gambler who has not only made a fortune but also lost a fortune from gambling over the years.
He has always had a love for greyhounds and worked with them for a while after leaving school. Then aged just 20 Findlay spent 11 months in prison convicted of credit card fraud.
These days bets from his home office which is fully equipped with a number of TV screens and monitors often with different sporting events on at the same time.
As well as being a professional gambler Harry is also an owner. He jointly owns the 2008 Cheltenham Gold Cup winner, Denman who also won two Hennessy Gold Cups. Big Fella Thanks was another of his co-owned horses who he named after his beloved greyhound 1999 Coursing Derby winning Big Fella.
Barney Curley
Barney Curley is a professional gambler and trainer from Northern Ireland who has a reputation for being one of racing’s most colourful characters.
During his childhood he watched his Father run up huge gambling debts but still took up betting himself.
In 1975 he famously organised one of the biggest betting scams of all time – Yellow Sam which made him over £300,000. He has also appeared in court for illegal lottery after raffling his mansion for £1.5 million.
More recently Barney organised big coups in 2010 and 2014 and 2016.
Terry Ramsden
Terry Ramsden originally made his fortune from investment company Glen International in the 80s. He was worth millions and, amongst other things, owned a string of race horses.
He was also well known for his betting and in 1985 won £2 million on one horse. The following year he had another big win on Motivator in the 1986 Coral Golden Hurdle Final.
Towards the end of the 80s however, Ramsden’s company collapsed and he started losing massive amounts on bets – he reportedly lost £1 million on one bet alone. This lead to him going bust at which time he fled to America. He had won but also lost millions of pounds.
In the late 1990s he was jailed for concealing assets during his bankruptcy – one of which was rumoured to be a £70,000 plus win on the horses.
Despite returning to public life a few years later Ramsden has failed to recreate his earlier success and has since been involved in a number of arguments over money.
Pro gambler or rich man who lost it all on the horses? Many think the latter but he was a big player all the same.
Dave Nevison
Dave Nevison became a professional gambler in 1993 after he lost his job working as a currency trader in the City.
He now has an estimated six figure income made up largely from gambling but also from journalism columns he writes. Dave has also written 2 books and has his own horse racing tipping service.
A Bloody Good Winner: Life As A Professional Gambler by Dave Nevison
No Easy Money: A Gambler’s Diary by Dave Nevison
Alan Potts
At the age of just 14 Alan Potts started betting on horse racing and become a full time professional gambler after being made redundant from his office job in 1991.
He has admitted it took him many years to become a regular winner and despite making an estimated £50,000 a year from betting in the past, he has also suffered losing runs. Although he is also an owner, author and pundit Potts’ main source of income is from gambling.
Famous Professional Sports Gamblers Sports
In 1999 he jointly formed The Golden Anorak Partnership and this is the banner under which his horses now run.
Alan has written 2 books and also wrote for the betting exchange WBX until it closed in 2015.
Against The Crowd by Alan Potts
The Inside Track by Alan Potts
Clive Holt
Legendary punter Clive Holt was first shown that money could be made from betting by his father who kept a couple of greyhounds during the 1960s.
In the early part of 1975 Clive decided he was ready to quit his job working for the Electricity Board and take up gambling on a full time basis.
He started out using a fairly random approach dictated by his finances and he kept no proper records of bets he had placed. He soon made the decision to start recording his bets and this was the first of two business methods he implemented in order to make a better profit. The second was to setup a betting bank.
His first bet was £67 to £30 on Western Jewel who won comfortably and within 6 weeks he had made more money than he was earning in a year working in electricity. Over the years, although rarely winning more than £1,000 at a time, Holt’s profits from betting provided a lifestyle of luxury cars, exotic holidays and a listed country house with acres of land.
A number of books have been written by Clive Holt who was also the man behind Fineform.
Profitable Winners Always Back Winners
Be A Successful Punter
Fineform Winners Guide
Profitable Betting Strategies
Register Today for Free Daily Racing Tips from Top Tipsters.
Everyday Monday to Saturday we will email you a selections from the Daily Punt and guest tipsters.
Professional Sports Gambler
Enter your email address below and click the button to register
Famous Female Gamblers
When you subscribe to the Daily Punt list we will email you 6 days per week with free horse racing tips and related material (systems & strategies etc). These emails will sometimes contain promotional messages for other services and occasionally we will email you with other marketing messages in line with our Privacy Policy