But you’ll play machines to use the free slots play. You can be a professional gambler because you make a profit at poker. Whatever your table game of choice is, being a member of the casino’s loyalty program means you receive free slot play.

But it’s been less than clear when speaking with them that they only play slots. I have met slots players who claimed to be professional gamblers. Professional Gamblers Exist Right? Do Professional Slots Players Exist? When it comes to slots gambling, should we make the same distinction between pro and semi-pro? As we’ll see, this is a trick question. The IRS doesn’t distinguish between semi-pro and pro gamblers as, either way, they have an overall profit. Semi-pro gamblers don’t earn a living through gambling. The lesser term semi-professional gambler reports the same as a professional gambler but instead only makes enough to supplement their income. Some of the lack-of-clarity of the general use of the term “professional gambler” comes into play at times. Cannot report an overall wagering loss.Reports gambling winnings and losses as business profit/loss.Using less income tax jargon and plucking out the important bits, a professional gambler: Nevius, The Journal of Accountancy, October 1, 2016. “Tax issues for professional gamblers” by Alistair M.

To compute his or her business income, the professional gambler may net all wagering activity but cannot report an overall wagering loss. The professional gambler reports gambling winnings and losses for federal purposes on Schedule C, Profit or Loss From Business. For clarity, what does the IRS consider a professional gambler? Here’s a professional interpretation. But we should be clear about the term “Professional Gambler” given its sometimes casual use. The answer to that question is a resounding, “Yes!” And the IRS agrees.

The first question we should ask ourselves when considering making a living playing slots, is whether anyone else does with some other form of gambling. Keep Reading … Or Watch Instead!įind my podcast wherever you listen to audio! Do Professional Gamblers Exist? If you pursue any of the ideas I put forward here, I recommend seeking professional advice from an income tax expert. But how? Let’s get into it!ĭisclaimer: I’m not an income tax specialist. Audience member RS asked, “Are there people that make a living playing slots?” What an excellent question! Yes, they do.

Can you win money playing slot machines