EARNING IT; Life's a Gamble. A Few People Make It a Profession. (Published 1997) (2024)

FOR Lem Banker, becoming a professional gambler was a matter of joining the family business.

Mr. Banker, perhaps one of the most successful gamblers in Las Vegas, Nev., learned the trade of sports betting from his father in Union City, N.J., where the family-owned candy store doubled as a bookmaking parlor.

And Mr. Banker, who is 70, is unusual in another way. While a fast-growing number of Americans are willing to engage in gambling, he is one of a small percentage who have made a career of it, earning all of their income from legal gambling.

Would-be professional gamblers, however, should think hard before quitting their day jobs. Only one-half of 1 percent of all gamblers fall into the professional category, according to the Council on Compulsive Gambling of New Jersey. While actual numbers are hard to come by, people in the field say the number of professional gamblers may be 100,000 to 700,000 nationwide. Such gamblers are heavily regulated and must win a lot -- and keep good records -- to make the financials work.

Most of the nation's professional gamblers are stationed in Las Vegas and at horse tracks across the country. And although they pay taxes and are recognized by the Internal Revenue Service, they do not seek attention and go largely unnoticed.

''A lot of the guys like to keep a low profile,'' says J. R. Miller, 58, a professional gambler who was writing for the television show ''Hee Haw'' when he realized he could make a living betting on sports. Mr. Miller now lives in Readyville, Tenn., about 55 miles southeast of Nashville, where he places his wagers and writes a weekly newsletter for football bettors, The Professional Gambler, which is published weekly during football season and costs $15 a week.

Experts say that unlike compulsive gamblers, professional gamblers approach betting as a job rather than as a fulfillment of an addiction.