This post reviews some of the pros and cons of playing poker professionally. First, the distinction of professional poker playing is reserved in this discussion for individuals who are able to navigate the tax and legal structures of their countries to fully comply with the legal operations of self-employment and earnings from lotteries and gambling. Second, for individuals who choose not to comply with this regulation, playing poker officially and with serious regularity such that it is a stable strategy of livelihood is called a hustle, hands down.
So there are two articles within this post, so it will be broken into two parts. The first deals with the pros and cons of the distinction, professional poker that is utilized within this post. One is the pros and cons of playing professional poker, which includes the pros and cons of legalities, taxation, business structure, long term strategies, diversification of skills, transference of skills, and scalability of the business. The second one is about maintaining a steady hustle that meets the requirements of based living experience, operational expenses, and increasing substantial profit margins.
Let’s deal with the pros and cons of the first distinction: Professional Poker.
It can be consistent income for those with the skill and perseverance. Luck and chance has little do with it, although statistically luck and chance are small factors in the overall success of professing playing. The pros are also that compliance with legal and taxation laws, business structure laws, and any other applicable laws can provide legal protections, including business insurance, from income destabilization and other litigation expenses. There are also multiple means of funding overhead expenses from a business perspective that are not available if you simply have to operate outside of the business world. Skills that are learned including statistically probability, body language reading, and psychological analysis can be applied to and transferred to other professional endeavors. Business set up allows for a clean and clear exist strategy if individuals no longer wish to play professional poker. Business set up also requires clear and clean financial organization and accounting, which provides greater likelihood of business sustainability for living experiences and overall profit that may be valuable if an individual has dependents or other obligations that must be met for the maintenance of the overall quality of life.
Playing professional poker is an extreme entrepreneurial risk, mentally and financially. It requires more than average entrepreneurial acumen to maintain an even weight within the day to day activities of playing poker. Individuals must work at poker like a full time job, often spending over sixty hours a week playing poker alone wither online or in casinos. Furthermore, individuals may experience legal issues and reduction in social reputation. Individuals have to keep check of whether they are operating at a profit loss or profit gain, and the majority of players are operating at a profit loss.
Overall, the pros of professional poker outweigh the cons of professional poker from a conservative and socially mobile perspective. This conclusion is based on the perspective of conservative societal responsibilities, understanding and meeting those obligations and the distinction that professional poker is a legal, tax, and business structure with careful planning, skill determination, and long term options. Anything outside of that is dealt with in the next article on the pros and cons of playing poker officially, or a serious hustle game that is comparable in structure, expectations, and income to a legitimized and legal operation. There are also other pros and distinctions relative to professional poker that are best covered within a discussion of poker as a power hustle.