Questions on turning into a Professional Poker Player

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Questions on turning into a Professional Poker Player

Postby Jeefei » Fri Apr 06, 2012 10:21 pm

Hi guys, I am from Singapore, and I am intending to turn all my attention into playing as a Professional Poker Player in the following years. However, there has always been a lot of questions on turning Pro.

1. Are Poker winnings considered as "Winning" or "Business Income" in Singapore?
2. If they are considered as "Winning", how do I file my sessions in the right way?
3. If they are considered as "Business Income", what are the Business Expenses that I can cut before I pay tax?
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Re: Questions on turning into a Professional Poker Player

Postby kr176 » Fri Apr 06, 2012 10:28 pm

get an education and a job pls......how old r u?
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Re: Questions on turning into a Professional Poker Player

Postby Jeefei » Fri Apr 06, 2012 10:30 pm

I'm 18 this year. I'm not giving up my education path for Poker FYI. I am just trying to know more about it before I finalize my decision after National Service.
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Re: Questions on turning into a Professional Poker Player

Postby iastate » Fri Apr 06, 2012 11:12 pm

Many have talked about this on the forum. Don't turn into full-time poker player before you have proven you can make money out of this game. Also, you need to at least have some savings that can last a few months in case you run into a losing streak. Trust me, that happens to every poker player. And what is your backup plan if you fails to become a winning player? These are the things you should consider before even thinking how to categorize your poker winnings.
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Re: Questions on turning into a Professional Poker Player

Postby iastate » Fri Apr 06, 2012 11:14 pm

It's better for you to attend university and get a degree. While pursuing your degree, you can still play online poker and test your skill. Whether or not you want to become a full-time poker player can wait after you graduate. (And your degree is at least a backup plan.)
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Re: Questions on turning into a Professional Poker Player

Postby kr176 » Sat Apr 07, 2012 12:38 am

18 yr old boy????? hahaha.....grow up and get an education pls........this will be the best piece of advice u will ever get!
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Re: Questions on turning into a Professional Poker Player

Postby philivey » Sat Apr 07, 2012 11:50 am

how much are you making per mth now? since u decided to turn pro?
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Re: Questions on turning into a Professional Poker Player

Postby sengkang » Sat Apr 07, 2012 1:14 pm

Hi Jeefei

This question has been asked by many players, myself included.

viewtopic.php?f=115&t=6355

I personally believe that regardless of age, anyone can turn pro. However, there are several important things you have to seriouly consider before making the BIG decision.

1) Do you enjoy playing poker or do you feel that it is 'easy money'?

2) Can you handle the downswing and tilt?

3) Can you handle the perception from your family and friends?

Whatever your decision, I wish you all the best. Cheers ;)
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Re: Questions on turning into a Professional Poker Player

Postby Jeefei » Sat Apr 07, 2012 1:53 pm

To everyone that are asking me to go back to studying, I appreciate the thought. The reason I'm even posting this thread is to know more of what I might get into. I am not 100% turning Pro without any backup plans. The main idea was to get my 3 points answered, not whether I can handle the way that I approach Poker. I'm sorry if I offended anyone in this reply, but I feel looked down for the reason that I am 18 and that I am dreaming Big.
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Re: Questions on turning into a Professional Poker Player

Postby Jeefei » Sat Apr 07, 2012 1:56 pm

sengkang wrote:Hi Jeefei

This question has been asked by many players, myself included.

viewtopic.php?f=115&t=6355

I personally believe that regardless of age, anyone can turn pro. However, there are several important things you have to seriouly consider before making the BIG decision.

1) Do you enjoy playing poker or do you feel that it is 'easy money'?

2) Can you handle the downswing and tilt?

3) Can you handle the perception from your family and friends?

Whatever your decision, I wish you all the best. Cheers ;)


Thanks for the link. I had read through that post before I posted this. I did research online and received different results. Some were saying that Poker winnings are taxable, while others saying that it is not taxable. Also, I am wondering about the way of filling my sessions so as to not arouse suspicions from the government if I was earning money.
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Re: Questions on turning into a Professional Poker Player

Postby sengkang » Sat Apr 07, 2012 4:56 pm

Hi Jeefei

I am not an expert in this matter, but here are my two pence.

Firstly, gambling income is not taxable in Singapore. Thus, you do not have to declare any of your winnings won from any sessions in any casinos. However, online poker is still a grey area.

Secondly, when you turn pro, you might get certain sponserships, be it from local or foreign companies. These are considered incomes which you have to declare in your tax returns.
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Re: Questions on turning into a Professional Poker Player

Postby kr176 » Sat Apr 07, 2012 6:44 pm

No money to be made at poker, everyone's solid.........

Sponsorship deal??????? DO u look like Andy Lau or Dai YangTian?

Come on guys, dont lead this young man astray........i presumen u r looking at online poker at your age cos most casinos require min age 21.
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Re: Questions on turning into a Professional Poker Player

Postby valkyr » Sat Apr 07, 2012 8:48 pm

you should use the free time in your ns period to find out if your dream is worth pursing. i highly recommend that you get yourself a deg/diploma because a professional gambling career is not as glamorous as how every1 makes it out to be. Remember, poker is a hard way to make an easy living.
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Re: Questions on turning into a Professional Poker Player

Postby targetnuts » Sun Apr 08, 2012 1:48 am

do u have a $5000 bankroll made from poker winnings?if not why go pro?
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