Start with a black background

On a new layer draw your basic bullethole shape in white with the pencil

Add gaussian noise (monochromatic) at around 100, then duplicate the layer

Select the first layer and apply the distort/spherize filter at 100 ,then apply the pixellate/fragment filter

Now select the top layer and goto edit/transform/rotate and rotate until it looks decent

Thats it, not the most realistic bullethole but it looks ok

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