Why the rich win gambling more than the poor.

[Makus]

Based on the question from the topic, why do the rich win gambling more than the poor? I'll say most time it's because of greed, when it comes to sport betting, where I do reside I have seen some person trying to use less than a dollar stake to win more than a thousand dollar. You can just imaging the difference between the two, and for such to happen they'll have to bet on more games in just one slip, they'll make like 20-40 games inside one slip. So tell me how such they'll not loss their bets, when you gamble less in a single slip, you have a high probability of wining than in a slip with more games. So most times what the rich do is, to pick not more than 5 games or less, and use a very huge stake to bet on them, due to the high stake you see that the winning bonus added to the game odds will also be huge. However it's not like the poor don't win some of those multiple games in one bet slip, but trying to use a very small Stake to win big has high probability of loss.

[Subbir]

I don't know you came about checking the ratio of your supposed stats but I do also feel some how when their is an increase in the bank roll of the gambler the risk involved is alot lesser per say the number of game accumulated will be reduced and the risk also will not be too much.

Poor people mostly lose because poor people are afraid to take the second risk and they don't have money to take a second risk or invest. There can be many other reasons such as those who are a little poorer mostly withdraw funds or withdraw portions of the profit and those who are rich keep the portion of the profit. As a result, the success rate of the rich is much higher than that of the poor.

[iBaba]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

The logic is very simple: they have more money, meaning they also have more left to spend, and they can take a higher risk than the average guy and wager a higher amount than the average guy. When they lose one, they call it nothing as the money is just like a peanut to them, and they can continue betting, which won't affect their financial life, and when they win in such situations, the winning is always loud.

Aside from the money they have and the fact that they still have more to spend, they also have the confidence to lose and try again next time. Because of their financial stability, it put into them that confidence to continue to bet regardless. There are also cases where these rich gamblers made their finances from gambling. Some of them do it as a career and are experts in the gambling game. As a result, they make more money from the gambling much more than a poor person will make from it.

A poor man who's struggling to pay his bills will find it tasking to take that bold step of investing the very meager resources he has into gambling because he doesn't know what the fate of the money would look like and so terrified of losing the little they posses. So it's only logical really to expect that happen.

[Hirose UK]

Hahahaha they are rich people who have enough money to play or bet and they don't wait for opportunities to come but they are the ones who create opportunities.
When gambler plays longer in game, the chances of winning will increase and of course they will definitely get the win, but on the other hand there is a price to pay.
It is true that there will be wins in larger amounts, but if you consider that from starting the game to getting the win, they have spent large amount of money and I am that the win is not commensurate with the money spent.
For example, if you gamble for 5 hours and spend $1000 then I sure that in the time and amount you spend there will definitely be one big win, but that win doesn't cover the $1000 you spent.
You want to believe it or not, but this is the reality that for every win there is money that must be spent and the house edge is always superior because it is impossible for you to get a big win without losing or losing bigger too.

Don't look at every other gambler wins, but look at and study their process of playing and you will be able to find out why gambler with unlimited money can win more.

[bounceback]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

Because rich people have enough funds to bet so they will sometimes get occasional wins when they have spent a lot of bets while poor people will only bet with a limited amount of funds and make the winning percentage also small for them, but basically in gambling it will not guarantees that people who have a lot of funds can often win and vice versa because when it comes to gambling everything really depends on luck.

[LDL]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

There may be many reasons why the rich win more at gambling than the poor but the most common is that the rich are not afraid to bet because they have enough money in their balance and even if they lose several times, their mentality does not change. On the other hand, the poor prefer money to participate in gambling because once they lose, their bank accounts are likely to be bankrupt. Rich people like to take big bets in a bet while poor people tend to bet very little in their bets.
Moreover, it is baseless that only the rich win in betting, but the bet sizes of the rich are much larger than those of the poor, and if the rich win the bet, the winning dollars are much larger.

[bitbollo]

Ok, if we assume this is pretty true, I think that "poor" try to reach high jackpot with low bids.
this means they are just trying risky bets trying to catch a big reward. Of course more high is an odd more hard to get...
 
but I wonder, are we sure that all this information/games are also published by the "rich"?
sometimes I have the feeling that only a part of bets are revealed...

[Rabata]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

Sometimes such a question often arises in my mind. Especially when I see someone I know who has more money who bets more and wins more. On the other hand I can't earn money from it even after doing a lot of research with little money. The answer to this question is that gambling does not understand rich and poor. A gambler who can control his emotions and money management will be relatively ahead in betting. Risk is also an important aspect here. Those who are financially well they try to take risks and even if they lose there is no major impact on their normal life but those who are not well can have a big negative impact on their life due to losing their small amount of money.

[zuzie]

Rich people have a lot of money, guaranteed to have a good life, therefore they consider gambling just to entertain themselves or have fun. If you win, just think of it as a bonus and if you lose, you don't need to worry because you still have a lot of money saved. In contrast to poor people, some of them gamble to get extra money, and they only gamble using as little money as possible because they have no savings at all in their wallets, so when they lose they will experience losses and regret.

The rich will gamble for fun and may gamble less often, so they do not loose so much, the poor gambler who sees gambling as a way for money will make mistakes from the pressure on them when they gamble and this mistake will likely be made more frequently because they are trying to make money from gambling and will try to gamble more often in believe that they are increasing their chances to  win, but that is not correct always. Some gamblers who control themselves enough to gamble once in a while can surprisingly still be getting more profit than the everyday gambler. Winning in gambling does not concern how long you have been gambling and how regularly you have been gambling.

Yes, your opinion is correct, that rich people will gamble when they need entertainment, maybe by gambling only for a certain time they will feel happy, different from poor people, they might gamble when they see their friends win, then they will be encouraged to do it. imitate and carry out his gambling in the hope of winning like his friend. And a poor person must realize that when he only sees victory, he will play uncontrollably because he is only chasing profits by gambling continuously without control and this will actually turn into a tremendous mistake because he has experienced many losses there.

Yes, of course the length of time a person gambles is not a measure of his winnings, in fact he will often lose and lose a lot because he cannot determine the outcome of his winnings, but will just surrender when defeat comes over and over again and the result is that they lose and lose their money, which is bound to happen.

[adultcrypto]

I don't even understand the question. Where did you hear about this claim? They both are winning with same rate because that's how betting probability works.
Rich people are winning bigger wins because they bet larger amounts. They are also losing larger amounts because of the same reason.

There are several instances and testimonies of consistent winnings by some rich guys. Even in this forum, there was a day someone posted a match between Russia U21 and Belarus U21 to play over 2.5 goals with odd 1.68. He propose to play the game $170,000. Now this is single bet which he staked and won $285,600 making a profit of $115,600. The poor that plays with $0.1-$5 may not consider playing this game because the winning might seem insignificant to them. Instead they will add more games thereby expanding the risk for greater wins. At the end, they will lose the bet while the rich guy is enjoying his profits. Like I said before, there are countless testimonies of this even here in my country and even among celebrities. 

You hear about rich people winning more because it's more interesting when someone 10x a million then someone 10x:ing a dollar.

There is high tendency of the poor playing accumulation that is risky. They want to win big and change their financial situation and that is where their problem is compounded.

In short: you need to spend money to make money. Even though both would win in same ratio, smaller bets gets you smaller wins.

I don't think the win rate for both categories of people is the same. I still believe the rich win more because they take less risk. They are less desperate to win amd their emotion is not too attached to the game because they have a comfortable life outside betting.

[Mauser]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

I am wondering how did you observe that the rich are winning more in gambling that the poor? When it comes to online gambling it's hard to tell if someone is rich or poor as we don't know anything about their financial situation. The same goes for visting physical casinos, just because someone has a lot of chips in front him or is dressed in fancy clothes doesn't necessarily mean he is rich. He could be just showing off and wants other people to believe that he his rich. In any case, I think that rich people have it easier in gambling because they can survive a losing streak for longer. Starting with a much larger bankroll means that we can afford to lose more games before going bankrupt. The worst thing that can happen in gambling is going bankrupt, because once you lose your whole bankroll there is no chance to recover again.

[aysg76]

Gambling is more of luck based and high bets will automatically have more chance of high winnings if you understand it.They are more into strategic plays as well and seek fun elements in it but I would say making comparisons on this ground like they win more or less against poor is not correct.Gambling as well know is more of luck based game and have seen people Fortune changing with gambling and they were poor while some rich turns into poor because of  it so don't get too much involved.

[Saisher]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

It goes down to the size of the bet the rich are able to magnify the bets compared to the poor, if there is a rich and poor player with the same results, the rich guy will have a huge winning because of the size of the bet and rich gamblers can take big risks compared to the poor who only bet when they have a chance to win a bet.
and I agree with your statement that many rich people know how to handle themselves when it comes to managing their bankroll and their finances, they are not rich for nothing but when it comes to making gambling decisions it's a case-to-case basis for me, it's on the individual preferences, you can be poor or rich and you can have good or bad gambling decision.

[Ultegra134]

I believe that the same rule applies to cryptocurrencies too. You buy $100 worth of BTC, its price rises by 10%, and you get $10 worth of profit. Now let's switch scenarios. If you're quite well off and invest $10,000 in Bitcoin, the same scenario applies, and now you've got $1,000 in profit, which in some countries is more than a whole paycheck. Thus, this is why wealthier people are able to afford larger bets. Moreover, I think it's pretty self-explanatory why someone who's barely making ends meet is spending more on gambling. It's quite evident that poorer nations have high gambling rates because they believe that they can escape their current lifestyle through gambling, which, if they're lucky, will enable them to quit the vicious cycle. With that being said, they make small bets of $20 to $50, which of course aren't enough to yield any significant amount of money; it's quite rare at least, and in the long run, they are susceptible to losing quite a lot of money.

Those who can afford larger bets are also capable of yielding greater results; in the case of wealthy people, it's often greediness, while on the poorer's side, it's an attempt to make a living and exit their existing lifestyle.

[Z390]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

When you are financially comfortable it means you are able to take any risks without feeling too much hit when losses occur, you have other ways of making money and gambling is just a side entertainment for you, I don't think this is about been rich, it's about what you can afford to lose, the only difference is that the rich have a upper hand of making the highest money because of the amount they are risking.

I have always say that people should be making money before exposing themselves into investment and gambling, make money first, this is what will give you peace in mind, you will be able to panic less and make the right decisions compare to someone who is struggling to live or maybe even jobless, whatever you risk is what you can't afford.

If you are struggling to earn money or you are jobless, you automatically can't afford taking any risks, not on investments or gambling, you will always be in a panic mood, you should be looking for solution to start making money before you start thinking of risking some part of the money you making on something else, you can still be a gambler if you are struggling,  but many people won't like the result they will get.

Poor people using $1-$10 to gamble won't give any life changing result, but the rich using $1000- $10,000 on games anytime will bring significant result because they amount is higher, if you are not contented then you will fall into greed and addiction, you want solution? Make more money, mind you, the rich loses their money too, sometimes it's better to just take heart.

[Mr. Magkaisa]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

      -  Of course, when you are rich and you enter a casino and they have privileges for their gambling players or gimmick bonuses, they can immediately become VIP members in the casino, and we know that being in that category has many benefits.

Whereas for poor gamblers or middle-class types, they still have to meet the requirements or work the total wagered amount just to get the benefits to the VIP member. Then, secondly, the rich bet big, and when they are lucky, they will win big for sure. Unlike common gamblers, it is not like that; in short, it depends on the amount they bet.

[EarnOnVictor]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

Because of the difference on bankroll. Rich people have a huge bankroll that gives them freedom to increase bet or play more until they win huge amount while poor has only limited bankroll which they will stop immediately once they lose enough.

This is the reason why poor shouldn't play gambling because it was intended for source of entertainment not a way to escape poverty. Bankroll is very important on gambling to stay longer until you hit your streak to profit.

This is just a misconception, gambling is meant for everybody. Who told you that the rich should gamble more, or often win more gamble than the poor? I believe the wager size is deceiving you. Both have their level playing ground, only that the poor might not be using their senses well. What I see here is that the poor should "cut their clothe according to their clothe," and they should use their brain and not be aggressive in gambling or believing they can get quick money from it. By doing this, they could probably do themselves a favour by not wasting too much money with the way they often recklessly bet without proper planning and management. I blame the poor for most of their misdeeds in gambling because of a lack of plan because I have many friends who are guilty of this. They know how to bet on sports very well but are not reasonable and calculative in their betting due to greed, they want to make more money very fast and will be permutating many games together thereby increasing the risk. So if one loses, the whole ticket has spoiled.

The poor might win more gamble than the rich but the rich would use more money to leverage on their winning. So why can' the poor be contended with what they gain also with their little money, why increase their risk in betting because of greed? And who is to be blamed for this if not them? If the rich bet with $10,000, the poor could bet with $10 if that is what they are capable of. The moment they are emotional about this and start taking more risks, that is how the problem starts.

[knowngunman]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

In this situation, I don't think it's about financial management but about taking calculated risk. The reason why it seems to be like that is because poor people who are struggling to meet their needs tend to take reckless risk by picking too much unrealistic odds especially in sports betting in order to increase their potential win with a small amount of money as a wager so they can be able to solve their problems and everything will crumble at the end. The rich who are less worried about having money to meet their needs, they bet on few games with high wager in order to increase their chances of winning and in most cases, it works for them.

Even as an average person, if you can give it a trial and pick some reasonable odds at most 2 or 3 odds with little amount you can afford to lose just to test the strategy and double or triple your money, you'll see why the rich seems to win more than poor people. Without arguments, you can not compare the chances of winning 3 odds and 20 odds in sports betting. I have seen a ticket in numerous times where the gambler accumulate more than 2k odds. It's possible to win such odds if luck is by your side but it rarely happens.

[Chilwell]

The rich people source of income are not gambling, they are only having fun with gambling, but the poor are not having fun with gambling but to to win is what they want. Which means the rich people are not desperate when it comes to gambling unlike the poor that want to hit a jackpot.

You are right, the rich does not source their money through gambling, I think the only thing I will point out here is that, the rich always have money to play as many games as possible and again they don't depends on the gambling as source of income, so when they loss people don't see it in them like frustrating in them because they have already make their money, I don't really think that they are the only one winning, all this is all about money, poor person really depends on the win to survive and anytime he plays and loss people around him will notice that the bet didn't favour him. Rich people also lose very well as poor people loss too but the thing is that poor don't have money to continue while the rich is balance to play as much as possible.

[Roseline492]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

For me I think one of the reasons why the rich mostly win more than the poor is that the mindset of the poor is to become a millionaire overnight by adding so many games together on a slip and stake them with a very small amount and expecting to win big from it and at last they will end up losing.

But however the rich on the other hand are very mindful of the there pattern of gambling because they feel that adding too many games together could be very risky in such a way that the possibility of losing the bet could be higher, so instead they will only pick like one sure game and stake with a very big money and wins it. So that's why most times it seems the rich make more gambling winings more than the poor.