Questions on turning into a Professional Poker Player

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Re: Questions on turning into a Professional Poker Player

Postby ikanbilis » Sun Apr 08, 2012 6:11 pm

No need declare income tax.
If u wanna turn pro come to macau to test your skills first. Age is not the problem as Anette Obrestad started at the age of 15. Most important thing is bring lots of money and lots of confidence!! :D I'm sure you can make it big in macau!!!
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Re: Questions on turning into a Professional Poker Player

Postby Qooing » Sun Apr 29, 2012 10:29 pm

Build up a bankroll of 4,000 big blinds for the stakes you would be playing via a day job etc. Play poker 3~4 times a week, for 2 months. Then, ask yourself if you would like this career path.
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Re: Questions on turning into a Professional Poker Player

Postby oxygenwong » Mon Apr 30, 2012 4:37 pm

The idea of turning in a Pro struck me before, but after giving it a try for 6 months. I gave up.

To me,
Being a Pro doesnt mean you must be very good, but at least you must be able to sustain your own living expenses, in SG maybe you have to make 2k USD per month in winnings. In Malaysia, 1k USD will do. As your career as a Pro continues, you dont get promoted like in a Company with your experiences, so you will have to try to increase your winnings by moving up the limits if you want to have a more decent income.
But like in Businesses, Poker has downswings, as to how to manage your downswings and not go bankrupt is something easier said than done. Because I failed in it. Typical downswings are like in a month, all your hands that get All-in Preflop, are all owned. For me, all my AAs that are jamed Preflop are badbeated, all of it. All my KKs will either bang into FLush, straight or sets. This cause me to lose 50 BI in a month. OF coz I lost 200 BI in that month, coz this 50 BI is only those JAMMED hands.

After this severe downswing, I decided to find a job and work, playing poker in between my free time.
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Re: Questions on turning into a Professional Poker Player

Postby Afternoon » Mon Apr 30, 2012 6:40 pm

Jeefei wrote: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?


Jeefei,

1. Winnings are tax free.
2. You can declare as other income, just like property agent.
3. Keep all your receipts, ie. Dining at restaurant, purchase of computer etc, all these are tax deductible.

Life no take 2, go and realize your dream, hack care what people say, you are still young, you can afford to spend 1-2 years doing the thing you like.

First, you can start doing online grinding, build up a bankroll for going "live" later. You can do it in Macau or even in Singapore if you are above 21 years old (soon).

UB
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Re: Questions on turning into a Professional Poker Player

Postby thebebe » Mon Apr 30, 2012 10:04 pm

Afternoon wrote:
Jeefei wrote: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?


Jeefei,

1. Winnings are tax free.
2. You can declare as other income, just like property agent.
3. Keep all your receipts, ie. Dining at restaurant, purchase of computer etc, all these are tax deductible.

Life no take 2, go and realize your dream, hack care what people say, you are still young, you can afford to spend 1-2 years doing the thing you like.

First, you can start doing online grinding, build up a bankroll for going "live" later. You can do it in Macau or even in Singapore if you are above 21 years old (soon).

UB


+1
go for it, whether you succeed or not, at least you got no regrets. :) GOOD LUCK!
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Re: Questions on turning into a Professional Poker Player

Postby f0r3st » Fri May 25, 2012 11:17 pm

I think the main issue is that our time zone does not allow us to rake in enough volume/hr if you are serious in grinding sng. Although I have been playing over 2 years and have total winnings of 30K I still cant see myself playing professionally as the downswings can be quite bad and you must really play into the wee hours (European Timing)to rake in good volumes.
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