100% correct plus some related comments.

My main source of income is being a professional gambler. (a strange term)

It basically means only betting when I have a high probability of a mathematical/statistical edge on the bet.
But it also relates to your bankroll size (current budget)

You can often turn a calculated risk into gambling by betting too much of your current bankroll.

As a quick example if you had a 10 million budget and you were offered a fair coin flip to win 11 million you should turn it down even though you have an edge.
You have a 50% chance of going broke.

With a 10 million budget you should probably risk at most 4.5% of your budget on the coin flip according to the kelly criterion

Posted By: usacanary, Sep 9, 16:10:44