Slots have been a favorite for casino goers for a long time. Slot machines give you the quintessential casino experience. It is a game that offers a lot of excitement, it depends purely on luck, and it is incredibly easy to learn. You can head into your local casino for the first time without any knowledge of how to play slots and learn how to play the game within the first few spins. You just have to enter the coins, pull the lever (or push the spin button), and just pray that the reels stop to give you a winning combination.
It’s no surprise that so many new gamblers flock to slot machines when they start their gaming experience. But the experience only gets better when you start winning. Have you ever wondered if it’s possible for you to be good enough at the slot machines that you can start playing slot machines professionally? Is it possible to make a living by playing slots?
This post will give you the answers you need so that you can make a more informed decision about whether you should make a career change, or rather if you can make such a career change.
Is There Such A Thing As A Professional Gambler?
If you want to make a living by playing slots, the first thing you should ask is whether there is even such a thing as a professional gambler. The IRS actually recognizes professional gamblers. However, the IRS is quite particular about whom they can consider a professional gambler.
According to the Journal of Accountancy,, “…a professional gambler is viewed as engaged in the trade or business of gambling. The professional gambler reports gambling winnings and losses for federal purposes on Schedule C, Profit or Loss From Business. To compute his or her business income, the professional gambler may net all wagering activity but cannot report an overall wagering loss. In addition, the taxpayer may deduct “ordinary and necessary” business expenses (expenses other than wagers) incurred in connection with the business.”
In simpler words, a professional gambler is someone who reports gambling winnings and losses as business profit and loss, and they cannot report an overall wagering loss.
When it comes to playing slot machines, things can become a little tricky if you want to be called a professional slots player.
Does That Mean There Are Professional Slots Players?
You might come across many professional gamblers who claim to be professional slots players. It is possible that they might have a professional gambler status with the IRS if they play table games, but the IRS does not give you that status for playing slots. If you are a gambler who only plays slot machines, the IRS will not automatically consider you a professional slots player.
The reason for this is simple: Slot machines are entirely based on luck, and it is virtually impossible to enjoy long-term profits by playing slots.
Making A Living By Playing Slots – Winning Is The Key
Being recognized as a professional gambler for playing slots is not necessary if you want to make a living by playing the game. People often want to get professional status just for recognition and some validation for the work they have put in to master playing slot machines. Being able to win at slots is necessary if you want to earn a living by playing slots.
The only problem with that is the fact that it is highly unlikely for anyone to win often enough at slot machines to make a livable income. Slot machines were banned a long time ago because many people would spend their life savings by playing slots, hoping to win the jackpot and take home the biggest win possible that could change the course of their lives. Unfortunately, the chances of landing a multi-million dollar win at slot machines are incredibly low.
There is no way to beat a slot machine through probability because these machines use random number generators to generate unique and fair results each time. You cannot influence the results of these random number generators to land a winning spin, and you might end up spending more money than you can afford if you chase a progressive jackpot.
Of course, it is still possible for you to land the jackpot prize. But we would not recommend pursuing a career as a professional slots player. Slots are a game that offers fun and excitement. Trying to play the game and chasing those massive payouts could end up with you facing unnecessary financial troubles. It’s better to gamble responsibly and have some fun while playing slots.
In A Nutshell
It might not be possible to pursue a career as a professional slots player if you are looking for the IRS to give you that status. The whole process of getting approved will be challenging, and the legal fees will likely be through the roof. You can become recognized as a professional gambler if you have the expertise in another game and a good track record to show for it.
It might just be possible to earn a living through slots even if the IRS doesn’t recognize you as a professional slots player. Making a full-time income through playing slots is impossible because the game depends on luck and your chances of winning enough to make a livable income are slim to none. But you can keep playing for long enough and master the game to increase your chances of winning a massive jackpot. If you are interested in starting practicing your skills and luck at slots, try out the online slots games from our comprehensive suite at Enjoy Slots.
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