Ok so, this question gets asked A LOT so I thought I would take the time to write my findings as a PLAYER, not as staff.
When I joined LGH and started fishing a little over 2 years ago, I was told it would take me several years to even reach top 100 let alone see good profits. Being I don't really listen to others or like to be told what I can or can't achieve I prefer to set myself goals and set forward to learn it for myself.
Now I am going to state this clearly now, I NEVER used the credit system, I NEVER invested my own money into the game and did everything through earnings and profit.
I started with a free rod and 50 free worms, worked hard and fished hard, 12-18hrs a day. Through this I gained profit to buy me a delux rod and a green shubbie.
From there i continued to fish hard, using any profits to keep worms stocked and shubbie fed.
Now I was lucky, I won't deny this. My 2nd ever shubbie split was a red shubbie, which I sold for 8000L$ (cheap for reds but all I needed as I saved) and bought a shark rod.
From here I focused on breaking even, not gaining profit. Buying tasty worms when price suited, smalls when it didn't. Keeping enough food for shubbie and enough worms to fish. I used Tasty worms more often than not, eventually I found I had over 80000 shubbie food. So stopped buying food for shubbie and added more tasty worms.
Time went by, many shubbie splits, always using a green shubbie, lots of alltime experience gained, no immediate profit but always breaking even. I had reached into the top 100 within less than 2 years and decided to focus on profit, reduce to small worms only and a blue shubbie to feed.
Suddenly I was seeing 2000-5000L$* a week in pure profit (profit being after buying worms and shubbie food), realising this I decided to save and invest in worm farms. Suddenly it was 1 farm, then 2 and before long it was 8 farms, with each one that pure profit grew higher. At this point I will admit due to life circumsatnces and a winning of money in real life, I invested my first of my own money and bought 2 small worm farms to bring total farms up to 10.
I have continued to fish, barely buying worms or always checking when price was .20L or below and buying some, thus always adding to my end profit.
Between this entire process I randomly bought avatars, random junk or clothes on marketplace so some breaking even or profits where for personal gain so likely findings if I didn't do that would be much higher, though I will remain on track and only speak of LGH gains.
So a little bit over 2 years, I am sitting on 10 worm farms, shark rod, 7th shubbie (18 splits), 2-5kL$* a week, 2821L$ in SL account (spent 3500L$ on a b'day party buoy) and cashing out more every day.
So is fishing profitable? Yes, Yes and Yes!
There are different ways to play the game, other's findings may be different but this was my goal, my plan, my journey. I found it very profitable!
*NOTE: these profits where during the massive buoy boom and loads of high multis.