Why the rich win gambling more than the poor.

[roksana.hee]

~

I don't appreciate the above text but several times I find this object in practically.

Rich people choose gambling as a means of entertainment to relieve their loneliness, loneliness. Since they don't choose gambling as a form of entertainment, they don't stress about it here.

On the other hand, there are relatively rich people or people living below the poverty line. They invest all they have in gambling, and if he does not profit from this investment he becomes penniless and a street beggar. So he has to take every step very thoughtfully and slowly and every step he takes is worried that if there is a loss, if there is a loss. He who holds the loss in his mind and carries it, then what will happen to him except loss?

One thing is true whoever thinks, Allah gives him the fruits of his thoughts. If someone thinks good then he gets good results and if someone thinks bad then he gets bad results, that's normal!

Note: A financially well-off person takes up gambling as a form of entertainment. A poor man is going to take up gambling as his profession. He wants to take it as his only source of income. So a poor person is always worried about his investments as compared to a wealthy person. As a result, an indigent person has to count losses on his investment.

A proverb says, "Too greedy, the weaver is ruined...!"

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[FinneysTrueVision]

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.

Bankroll is part of the reason but also the media makes a big deal when a celebrity influencer wins a lot of money. We don't hear much about a whale going bust and losing millions in one night. This causes us to perceive that rich people are just winning all the time when in reality they are also the biggest losers. Having greater wealth can have certain benefits when gambling but you can also incur higher risk so it ends up balancing out where statistically the average rich person will have a similar losing percentage as someone who is poor.

[Solosanz]

I think rich or poor doesn't matter. The only thing matter is that who has enough resources to overcome the losses. Obviously the riches. They can try different games, different strategy to minimize their looses. But when it comes to poor, they don't get enough chances. They are goes under and unable to play in just some games. That's the greatest advantage rich has, the ability to do multiple bets.

The reason why most people think the rich win more than the poor is they judge it based on the winning amounts. Let's say the rich has $10B net worth and he only use $1M to gamble, then he earn like $200K and people think he earn more. While the poor that only has $10K net worth and he use $100 to gamble, when he already earn tenth amounts of his bankroll which is $1K, they don't see the poor earn more than the rich.

[DabsPoorVersion]

I think rich or poor doesn't matter. The only thing matter is that who has enough resources to overcome the losses. Obviously the riches. They can try different games, different strategy to minimize their looses. But when it comes to poor, they don't get enough chances. They are goes under and unable to play in just some games. That's the greatest advantage rich has, the ability to do multiple bets.

The reason why most people think the rich win more than the poor is they judge it based on the winning amounts. Let's say the rich has $10B net worth and he only use $1M to gamble, then he earn like $200K and people think he earn more. While the poor that only has $10K net worth and he use $100 to gamble, when he already earn tenth amounts of his bankroll which is $1K, they don't see the poor earn more than the rich.

$100 x 100 bets = $10,000.

$1M x 10,000 bets = $10B.

The given example only shows that the rich have a hundred times more chance to bet than the poor. Meaning, that the rich can stay longer in gambling, and they can make more money the more they stay on betting. Given that poor people can earn the tenth amount of their bankroll, the rich can also do the same using the same strategy.

Aside from that, you stated that the rich used $1M to gamble then he earned $200k, that's 20% already. While the poor used the $100 and made it to $1k which is only 10% of his money. How come that the poor earn more than the rich?

[piebeyb]

Aside from that, you stated that the rich used $1M to gamble then he earned $200k, that's 20% already. While the poor used the $100 and made it to $1k which is only 10% of his money. How come that the poor earn more than the rich?

If he measures his wealth from the amount of his bets, perhaps what you said above is true, suppose that when a rich gambler uses 1 million dollars in capital and he wins just 10% of the sports betting, for example with odds of 1.10, that is more than enough compared to a poor gambler who only uses $10. each bet and only profits less, in fact if we talk about the size of the bet it can be seen that rich people win more on the number of bets, which doesn't mean they can't lose in their gambling bets.

The point is don't think that rich people will always win even if they use large amounts of capital and only win a little but it's bigger in the eyes of poor people. In fact, if we go back to discussing logically, winning and losing are all the same, everyone has experienced winning, whether it's him or her. rich or poor and will definitely experience defeat too..

[ethereumhunter]

lets have a factual discussion and let temporarily ignore that rich people are better able to continue betting to get a chance of winning, whereas the longer you persist in gambling, the more you lose because the house edge always wins.

lets take an example of you and me, for example you have $1m, I only have a budget of $100 and when you bet $1000 you get a win of $2000, you think its a small amount but for a small gambler like me its a big win.

In conclusion, this is only about the financial condition of each gambler, which is different, so we cannot assume that rich gamblers have the opportunity to always win, whereas gambling is only about how good our luck is so get rid of thoughts about rich gamblers winning more often even small gamblers can also get big wins.

The amount we use will be different and it will also affect the number of bets and the number of wins or losses we get. But whatever it is, those who have a lot of money to gamble can have a longer time to gamble and can gamble for more rounds. Meanwhile, those of us who don't have a lot of money can only gamble moderately and have to be satisfied with whatever we get. But it's best, no matter how much money we have, we should be wise in using the money and refrain from gambling for too long if we can't afford to lose more.

Maybe the chance of always winning will be the same but the difference is the length of time you play gambling. As I said earlier, rich gamblers can gamble longer than other gamblers even though they use the same minimum bet.

It maybe true but actually we don't know the real static about it since provably those rich people doesn't show their own stats. Maybe they are just showing the win result and not their losses since they don't want to be on situation where many people ashamed them because of their big losses. But most of the time the reason why they acquired that its because they are the one capable to spend more and maybe they can shift the negative result into positive while deciding to bet for more long hours.

They maybe prone to experience this what we called addiction if they are newbie but if they are experience gambler for sure no something like that gonna happen since this people will just erase those negative thinking and continue to gamble.

If we talk about statistics, we will never know the truth because there is no data like that unless we try it ourselves with our friends, where we use small money and our friends use big money to gamble. From there, we can see what will happen to both of us and if we have luck and can win, we may win from our friend even though he has more money to gamble. But if not, we will lose and lose all the money faster than him.

However, it is true that playing gambling for longer and too often can cause someone to experience a gambling addiction. We have to regulate our gambling activities so that we don't experience any problems.

Range wise or speaking about recovery wise, then having bigger money does have the chance on recovering whenever they are experiencing losses, unlike into those small time gamblers on which on the time that they would experiencing streaks then that would already be the end for them but for those who do have that sufficient fund then they could really be able to potentially recover if they are lucky enough but if not
then it would really be much more deeper and it is really that making that entire devastation into your finances. Surely means that it would be still giving out that kind of impact on which it is already that expected.

Agree on some points above that versatility and adjustments will really be that possible when you do have bigger bankroll and also it cant be denied that when you do see someone
who do make big base bets then you would already be assuming that they are rich and when big time hits then you do already conclude that they are in profits on which without
even knowing that neither they are still negative or breakeven or profitable. There's no way on knowing it out.

Certainly, gamblers who have more money will definitely be able to gamble longer than small gamblers, regardless of the results they will get. They may be able to recover every time they experience a loss but that still does not guarantee they can win more often than other gamblers because it requires luck and also skill to win at gambling, depending on the type of game. Even though a person has money, he must be able to manage his emotions well because there will be a tendency to continue gambling. After all, he feels he still has a lot of money and doesn't want to stop and feels he has had enough gambling. And if that happens, they will only have a bad impact from gambling because they can experience more losses than other gamblers.

Yes, no one will know it but we can see that if there are gamblers who gamble using big bets, they have a lot of money to be able to place those bets. But we also have to know that placing a big bet carries a big risk of losing. We have to set the amount of bets we can afford so that we can accept the losses we will receive and will not try to recover those losses.

That is true, I agree with that as well. When you have a lot more money than someone else, you have a lot more chances to chase the loss as well. I understand that it may not look like there isn't one but I think it's obvious that they could do a lot better. I know that we can't really make it change up all that much, and we need to figure out how we could end up with something that will benefit the situation. Think about it, if you have a lol more money then it also means that you have a lot more to lose.

This isn't some "poor persons wish type of thing, I just believe that if you gamble with 100 bucks because you are poor, that means 100 bucks is all you can lose, but if you are rich, then you can gamble with 1 million, and lose all of that.

Yes, that's correct. Rich gamblers can do much more than other gamblers because they have more money so they can bet more. Even though they use small bets, they can gamble longer, but that doesn't guarantee they can win a lot of money because it will depend on their luck and skills. Gamblers who don't have a lot of money can also win when they can get lucky.

The risks that each gambler will accept are also clearly different and in fact, gamblers who don't have a lot of money can reduce the risk of losing big. They can play enough gambling with enough money and can also avoid problems that can arise from gambling.

[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.

        -  For the rich, because most of them, when they gamble, don't seem to really feel the money they are losing in gambling, to be honest. Unless maybe there is greed in their hearts, why do they play any crypto gambling?

But usually, if their goal is just entertainment, they don't really take their gambling losses seriously compared to gamblers who are not rich, especially if they think of gambling as a source of income. It seems like this is the only logic that can be seen as a reason at that point.

[Weawant]

I think rich or poor doesn't matter. The only thing matter is that who has enough resources to overcome the losses. Obviously the riches. They can try different games, different strategy to minimize their looses. But when it comes to poor, they don't get enough chances. They are goes under and unable to play in just some games. That's the greatest advantage rich has, the ability to do multiple bets.

I agree with you, the availability of the resources to stay longer betting until they turn out lucky is one great Advantage the rich have got over the poor and this Also applies to their staking power and strategy, the rich just stays at advantage with all the listed because of the available resources.

Some strategy give the probability in percentage and for the rich who has got enough resources it makes sense they earn their profits in percentages as compared to the poor if they are to get their profits in percentage it will look too small and insignificant hence they would rather do multiples and put their selfs at risk of loosing because they have got higher odds reducing their chances to win further below expectations.

[Negotiation]

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.

Bankroll is part of the reason but also the media makes a big deal when a celebrity influencer wins a lot of money. We don't hear much about a whale going bust and losing millions in one night. This causes us to perceive that rich people are just winning all the time when in reality they are also the biggest losers. Having greater wealth can have certain benefits when gambling but you can also incur higher risk so it ends up balancing out where statistically the average rich person will have a similar losing percentage as someone who is poor.

Money is the main to gambling, no one can ever bet if there is no money. Even if the rich have a lot of money it does not have the impact on them. Next time they bet on a lot of money then they won if luck was better. But if the poor lose money they will be at risk so they are not at risk. It is correct that if the rich person cannot balance, it will not take time to finish even if there is a wealth of wealth. Once gambling become addiction the greed of gambling can quickly become a compulsion that is difficult to control.

[masulum]

Yes, that's correct. Rich gamblers can do much more than other gamblers because they have more money so they can bet more. Even though they use small bets, they can gamble longer, but that doesn't guarantee they can win a lot of money because it will depend on their luck and skills. Gamblers who don't have a lot of money can also win when they can get lucky.

The risks that each gambler will accept are also clearly different and in fact, gamblers who don't have a lot of money can reduce the risk of losing big. They can play enough gambling with enough money and can also avoid problems that can arise from gambling.

Rich gamblers apart from having the freedom to gamble because they have a lot of money, what determines why rich people can earn more money is the minimum bet is different.  if we as a gamblers whose maximum bet is no more than $10-$100, if we win at sports betting with a win of $100 we will be very happy. Meanwhile, rich people can have more betting power than that. If this rich gambler bets $20K, and wins $20K, this is very different from a small gambler. So, it's not surprising that the rich get richer if they win, especially if they get the jackpot.

[rahmad2nd]

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.

Do you have research data for what you say, or is it just your personal assumption.

Idon't even dare to speculate, or agree with the title of this thread. the reason is, I don't have research data or anything like that. Apart from that, I can't generalize whether it's a rich gambler or a poor gambler. The only obvious difference is, rich gamblers have sufficient money and poor gamblers have limited bankroll.

Let's take an example, a rich gambler can carry out one betting session with a fairly high nominal amount. one bet they make can bring in an amount of money commensurate with what they bet. different from mediocre gamblers, I don't like to say poor gamblers. they or I, bet with minimal capital, we even limit the bankroll that must be spent each betting session. Here it is clear that the results obtained are clearly different. we only bet a few dollars, and rich gamblers can bet thousands of dollars and the results are obviously different. and IMO, this is the point where the difference is most relevant if we have to compare them. Actually we can talk or discuss from other points of view, but what I said at the beginning is more than enough.

[bakasabo]

I would be nice if OP would pay more attention to his own topic and wont abandon it on a second day.

I would say that both rich and poor win equally they amount they bet. It is all about budgeting. The amount they wont is different, but the % ration might not be that different in general. Game mathematics and mechanics works almost identically for poor and rich.

I could answer to OP question with another question, to which answer is obvious. Why rich people lose more money in gambling than poor? I think that question might answer question that is in topic name. And if we make a survey, it might turn that, taking into consideration fact that rich people place bigger bets, they might even win less than the poor.

[dezoel]

Most games would have a maximum bet, so even the richest person cannot go past that.

Also, it only takes one bad game and the entire money is out.

The games in casinos have the odds favorable to them, so in the end casinos will always win, no matter how big or small the bets are.

Some people don't understand that, they think that if a person has a lot of money as their bankroll, they would never lose money because no matter how many bets they lose consecutively, they can still recover all the money by increasing the bet size after each loss without realizing that there is a certain limit for the max bet in each game and once you reach that limit, you can't double your bet anymore and it is not a big thing for a gambler to hit a loss streak enough to make them hit that limit.

Once you hit the max bet size limit, you can't double the bet anymore and when you can't do that, you won't be able to recover the overall amount that you've lost and you will have to just bet the maximum amount and if you still lose one or two bets at that point, you won't be able to recover it anymore. So, there will be no point in the whole recovering thing.

[junder]

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 the rich, because most of them, when they gamble, don't seem to really feel the money they are losing in gambling, to be honest. Unless maybe there is greed in their hearts, why do they play any crypto gambling?

But usually, if their goal is just entertainment, they don't really take their gambling losses seriously compared to gamblers who are not rich, especially if they think of gambling as a source of income. It seems like this is the only logic that can be seen as a reason at that point.

Yes that's right, rich people tend to gamble not seriously because the goal is just for fun, by not prioritizing the pursuit of victory. that's what makes them gamble because the fun they are looking for is not winning, because maybe their only pleasure can be found in gambling, not caring about the loss of money they play in gambling as long as they are happy with what they are doing then they will do it. And not considering gambling as a steady income is not a bad thing, because most who do not have enough money make gambling a steady income.

For someone who does not have enough money with them gambling may be the goal to pursue victory or multiply money in order to have enough money, and this is wrong. Because the right thing is to gamble to seek pleasure, if they aim to pursue victory it will only make themselves difficult in the future and it will create a problem that will cause high risk.

[Crypt0Gore]

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.

They have a lot more to risk than the poor, this is the only difference, but there are cases where gambling ruined rich men also, because they risk too much money, some rich men became rich not by hard-working, they are just fortunate enough, I call this type the foolish rich, they are the type that don't stay rich for long due to their own lack of knowledge.

There are stories of people that won lotteries and still end up on the street begging for money, it's very important in a man's life to know how to manage money either rich or not, and this will also help you in your gambling too.

Maybe the reason why rich people have positive result in gambling than the poor is because the rich knows how to manage their bankroll better, it's never easy to be rich anyway, so they must the smarter than average people.

[Natsuu]

First off, the fat wallets mean the rich have more cash to splash on leisure pursuits like gambling, without it biting too hard if luck is not on their side. Then there's this whole risk tolerance where the rich might just have a knack for rolling with the punches and seeing losses as part of the game. They dont mind losses anyway, they can afford it. They've got a grip on money management and a knack for strategic thinking that can give them an edge because they spend money in gambling that give them more experiences I guess? It may be just a past time for them but for the poor, they see it as a potential ticket out of their financial problems. Sometimes the poor risk everything theyve got hoping that theyll get a big win. In the end, its just a matter of luck.

[moneystery]

it's about financial ability which makes a person's gambling ability can be higher or lower. and that's why rich people gamble more than poor people because they have better financial ability compared to poor people.

these rich people don't even hesitate to spend thousands of dollars in just one gamble just for their enjoyment. they don't think about how thousands of dollars are lost because they think that it is for their entertainment, and that the next day they will get more than what they spent from their business.

[slapper]

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.

Do you have research data for what you say, or is it just your personal assumption.

Idon't even dare to speculate, or agree with the title of this thread. the reason is, I don't have research data or anything like that. Apart from that, I can't generalize whether it's a rich gambler or a poor gambler. The only obvious difference is, rich gamblers have sufficient money and poor gamblers have limited bankroll.

Let's take an example, a rich gambler can carry out one betting session with a fairly high nominal amount. one bet they make can bring in an amount of money commensurate with what they bet. different from mediocre gamblers, I don't like to say poor gamblers. they or I, bet with minimal capital, we even limit the bankroll that must be spent each betting session. Here it is clear that the results obtained are clearly different. we only bet a few dollars, and rich gamblers can bet thousands of dollars and the results are obviously different. and IMO, this is the point where the difference is most relevant if we have to compare them. Actually we can talk or discuss from other points of view, but what I said at the beginning is more than enough.

A wealthy gambler may view a significant loss as a minor financial setback. This gives them a psychological advantage because they bet without financial worry. Doesn't this freedom to bet without terrible repercussions allow richer gamblers to win more? The affluent have information and resources we cannot ignore. To optimise their betting methods, they can afford advanced tools and expertise. Doesn't this preparation and resource availability improve their odds beyond the bet size?

Rich gamblers' ability to absorb losses might lengthen the learning curve in skill-based games like poker. They can afford to play more games, learn from mistakes, and improve strategies. Gamblers with minimal finances may not have this luxury. Their losses hurt more, restricting their experimentation and learning. Isn't this a huge advantage for the wealthy, since expertise multiplies wealth? The objective is not to minimize skill or luck, but to show how financial cushioning may enrich gambling. Don't you think one's wallet size affects their gambling and life opportunities?

[goxcraft]

I think rich or poor doesn't matter. The only thing matter is that who has enough resources to overcome the losses. Obviously the riches. They can try different games, different strategy to minimize their looses. But when it comes to poor, they don't get enough chances. They are goes under and unable to play in just some games. That's the greatest advantage rich has, the ability to do multiple bets.

The reason why most people think the rich win more than the poor is they judge it based on the winning amounts. Let's say the rich has $10B net worth and he only use $1M to gamble, then he earn like $200K and people think he earn more. While the poor that only has $10K net worth and he use $100 to gamble, when he already earn tenth amounts of his bankroll which is $1K, they don't see the poor earn more than the rich.

$100 x 100 bets = $10,000.

$1M x 10,000 bets = $10B.

The given example only shows that the rich have a hundred times more chance to bet than the poor. Meaning, that the rich can stay longer in gambling, and they can make more money the more they stay on betting. Given that poor people can earn the tenth amount of their bankroll, the rich can also do the same using the same strategy.

Aside from that, you stated that the rich used $1M to gamble then he earned $200k, that's 20% already. While the poor used the $100 and made it to $1k which is only 10% of his money. How come that the poor earn more than the rich?

Sorry I don't get you. Won 1000 dollar with 100 dollar, isn't it 100%? I didn't quite get your math!

Anyway, it doesn't matter. As long as you have greater resources, you'll have greater opportunity. How can I gambler test out his luck if he doesn't have anything to gamble at the first place. Four-five games and you are all out. That's the whole point. When rich are getting multiple chances, poor's have limited changes. It's like a cat's life, they have nine lives many says.

[Litzki1990]

How is it possible that the rich win more at gambling and the poor lose more at gambling? Gambling certainly does not write in one's account or body that he is rich or he is poor. You can only say that the rich lose money but then start gambling again with more money, and if they win because of the new gambling with more money, the winnings appear larger. Those who are poor earn hard money and then try to gamble with that money, if they lose by gambling then they have to work hard to manage the money to gamble again later. But those who have a good idea about gambling and whose luck is fairly favorable can do well in the game of doa.