Becoming a profitable gambler requires skill, yet not all skillful gamblers are profitable.
The thing that separates the wheat from the chaff, more than anything else, is one’s financial conduct.
When you think about any branch of gambling, the edge you are going to have over the house/ bookie/ other participants, is limited. Professional poker players will be happy with an edge of x2 –x4 BB over a course of time; professional blackjack players like this guy had an advantage of 1-2 per cent over the house, while abusing the game and bending the rules; professional punters could be winning as much as 54%-57% of their bets (when they select bookies carefully, and use the best betting tips).
In other words, even skillful gamblers have tight margins. That means that unless every bet is maxed-out to its full potential, these tight margins fade into non-existence.
If you are in a pursuit of becoming a professional gambler, and you are limiting yourself to your physical whereabouts, you are not following the thesis I proposed in the opening paragraphs. In order to beat the margin, or at the very least maintain it, you should max-out on every bet you make.
A big part of maxing out, is finding the best odds. In poker that means a weak field of players and low rake, in casino games you are going to look for the best payout and flaws in the way the a game is handled, and with sports betting you will look for the best… odds (on your potential winning).
As a professional gambler, you should be well prepared to travel across the globe looking for that. When you do so, the financial conduct comes into place.
When you travel abroad looking for a profitable endeavour, disregarding the currency exchange aspect would be a bad idea. The common “easy” ways most people use to exchange money will destroy your margins, and leave you losing even when you have solid streaks.
Using your credit card to withdraw money abroad is the worst option you have. Not only you will pay a hefty fee for each card use, you will be charged a transfer fee (your local currency to desired currency), and you will end up with a terrible exchange rate provided by the bank.
Changing cash in money exchange bureaus, wherever they might be, is both uncomfortable and the exchange rates are poor. To further understand your potential upside by NOT using these services, read this article.
What is the alternative to the above? The answer would be commercial money transfer companies. Not only their exchange rates are between 1 to 5 per cent cheaper than the ones offered by the banks, they charge no fees, and comfortable to use, with great online interfaces.
Money Transfer Companies
How do these companies work?
These companies allow you to access an account online, and change funds from your bank account or Visa into foreign exchange. You can pick it up the whole amount in cash, at their offices (in the country where you travel to).
What is the global reach?
The very best companies will have access to over 200 currencies, which is more than your local high-street bank can handle. Even the ones with limited global reach (say 30 to 50 countries) will satisfy any gamblers requirements, unless you found great odds provided by a bookie in hearts of Turkmenistan.
Are these sorts of companies regulated by any way?
Yes. In the UK the FCA approves all medium-size companies and up. Smaller companies are registered, but unaudited.
How do I know which company to pick?
Sites like moneytransfercomparison.com help you by reviewing a multitude of companies, grading them, and present you the best hand-picked selections for any usage.
Any additional perks, or is it just the exchange rates and fees?
The main thing, especially for a professional gambler trying to maximizing the margins, is obviously better exchange rates and lack of fees. The other things that are quite handy are accessible online platforms which make the transfer easy to make, as well as full phone support.
Beyond support, a dedicated dealer will process your request and can help you tailor the best deal for your needs. On top of that, you can hedge your transfer safely and easily.
Hedging the transfer?
The right companies give individuals access to FX tools that are usually reserved for larger financial accounts. If you are going to gamble abroad, hedging will allow you to minimize the “gamble aspect” and focus of your area of skill.
When you make a currency transfer you are exposed to another type of risk (on top of the usual risks of gambling); the risk is that the currency rate will not be similar when you transfer back to your original currency. Within a period of one week many things can happen when it comes to the volatile FX rate.
Even a successful journey, filled with winnings and after following the advice above, could go sour.
FX hedging tools help you overcome that obstacle by allowing you to “stabilize” the rate with a forward contract. You get the exact same rate you used originally. Doing this would eliminate another unnecessary risk.
I hope the information provided here will help you in your journey to become a professional gambler. Best of luck.