How Do Pro Players Actually make money from CHESS??

[Mark Howitt]

Hi all...

This is on my mind and is worth thinking about...

I wonder how chessplayers actually make money from playing chess... because it seems hard to me!

I mean in terms of making money from playing in tourns etc... seems v hard and of course a number of GMs have said how hard it is in public etc...

I guess/know a few get paid a bit for playing in 4NCL and even some loacl leagues etc...

But the rest of any money they get must come from coaching, commentary selling books etc... I guess this may be the bulk of their money?

Interested to hear your thoughts!

[Paul Cooksey]

I think Mark would enjoy this book and find it informative:

https://chess.co.uk/products/a-year-ins ... l-gormally

[Mark Howitt]

Yeah I've read the preview etc and chat to Danny on twitter a bit...

He said he made £12,000 in a year and a 'bin man makes more'...

[Peter Ackley]

The key element in any answer, Mark, is to realise that money is a route to happiness, not happiness itself. Thus the first question is "What does the specific individual need to earn to allow them to do what they want with their life". A chess player with such things as family commitments, expensive tastes etc will need to earn more than one living with their parents or happily to live frugally.

As to what chess professionals do I've provided a list of things I know at least one professional does (not giving names though) - not everyone does everything and also the ratios may differ between people. I've used the words "chess professional" as this includes arbiters, organisers, coaches etc - many of the things these people do will also be done by top players as additional revenue. Probably not exhaustive but I've only spent 5mins on this!

Non-chess activities
-Full-time/part-time non-chess work
-Sponsorship/endorsements (eg Magnus' appearance in The Simpsons)
-Prior earnings/family money

Chess activities
-Coaching - 1-2-1. group, school, online, f2f (also included things like annotations of games)
-Fees for playing
-Stuff for free (often part of the above) (eg free travel, food and drink, accommodation)
-Simultaneous exhibits
-Commentary
-Acting as a second in world championships
-Government payments (I know one country (Iceland?) gives IMs and GMs an amount of money every year)
-Blogs, videos (payment for these and also advertising and such - I really have no idea how these work)

Wider chess activities
-Paid chess roles (eg grader, magazine writer, committee member)
-Author
-Tournament organiser, arbiter (also adjudicator)

[Matt Bridgeman]

There seems to be a slice of English pros who are out of the more lucrative 1980’s weekend circuit times. Low overheads, no children, unmarried, and quite a bit of cash-in-hand work to keep below the £12,570 tax threshold. A increasingly tough life in the current economic climate. Perhaps not a huge pension provision either. Not a hugely attractive option for younger players to ponder.

[Nick Ivell]

Most young people will decide that this is not the life for them.

Hence the rather depressing decisions to opt for safe stuff like accountancy...

[Matt Bridgeman]

Most young people will decide that this is not the life for them.

Hence the rather depressing decisions to opt for safe stuff like accountancy...

Or investment banking!

[Simon Brown]

As an accountant working in investment banking, I'm not sure if I should be offended. Fortunately I was never strong enough to consider being a professional...

[Nick Ivell]

No offence intended of course.

Chess professionals are doing what they love. That is an advantage given to few of us.

But what did Gormally say he earned? 12k?? Not much use if you have kids and a mortgage, I would suggest.

[Peter Ackley]

As I said in my original post it depends on what you want from life. I know several chess professionals (players or organisers) who are perfectly happy with their lifestyle - more money would not necessarily bring them more happiness.

From my London days I know at least one chess player who realised they didn't need the money a London job offered and relocated, now working 2-3 days a week but earning more than enough money. I've been under the possibility of redundancy and considered what I wanted to do with my life - I was seriously considering a more "portfolio" based lifestyle. I know how much I spend per year and what I'd need to do to see that money coming in. One full-time job is not mandatory. Possibly, though, I'm slightly biased having watched my own father pretty much go from working to care home with no time to enjoy life in between...

I think part of the issue here is that we sell people these days the image that you have to take a full time job, you have to aim for the top, you have to sacrifice to make money, you have to work until you drop, you have to have all these expensive things... Few people these days tell anyone it's okay to be happy. The GMs from the 80s - their life style may not have change but I bet the views on it has.

[Geoff Chandler]

Write a book called; 'How To Make Money At Chess' and tell the reader to write a book called; 'How To Make Money At Chess.'

[Nick Ivell]

How to make money at chess has been a conundrum faced by many clever people.

Very few of those people have found an answer to the question.

[Mark Howitt]

I'm pretty sure Gormally has no kids or mortgage and can imply from tweets he may live with his dad...

I guess like the better u are at chess the more money u make obvs... but if you're strong enough to be a GM you can get a good job too prob... and there are IMs like Andrew Ledger and GM Parker who have jobs...

[Roger de Coverly]

From my London days I know at least one chess player who realised they didn't need the money a London job offered and relocated, now working 2-3 days a week but earning more than enough money.

I knew someone who had another take on this. His specialist skills could command a high enough premium that he could work for six to nine months of the year and sponsor himself as a full time chess player for the rest, travelling to tournaments round the world. At best he was only CM standard (2200).

[Mark Howitt]

From my London days I know at least one chess player who realised they didn't need the money a London job offered and relocated, now working 2-3 days a week but earning more than enough money.

I knew someone who had another take on this. His specialist skills could command a high enough premium that he could work for six to nine months of the year and sponsor himself as a full time chess player for the rest, travelling to tournaments round the world. At best he was only CM standard (2200).

Yeah this is the key thing I think... most chessplayers sponsor themselves...

I will just say that my 'sponsorship'... is v little so far although I have worked for the guy for years before and he is multi millionaire (still speak to him most days along with my share mentor who's managed 2 billion dollars)...

AKA most chessplayers will earn money from doing something else so can afford to lose money playing chess. For young players their family may sponsor them!