Why the rich win gambling more than the poor.

[bakasabo]

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 is actually about the capital. Rich people has higher capital and therefore manage to set limits without the mindset of being desperate on winning. Poor people always have the mind of chasing victory and forget to manage funds that is lower compared to the rish ones. Rich people do understand the risks and essence of gambling. For rich people gambling is just a pastime but for the poor it is something that is some sort of a source of income.

Yes, rich people have relatively less greed for money which is not seen in poor people. Rich people can manage their money even if they lose but it is more difficult for a poor to collect money. Moreover, normally we see that in gambling poor are the most greedy. They are unable to control this excessive greed, they lose their money. On the other hand, it is not the case that the rich don't lose money either. The rich also lose at gambling but their rates are necessarily lower than those who are the poor. But in gambling there is no difference between rich and poor who can win. Those who can't make proper use of greed or other things related to gambling will face loss even after gambling for a long time.

I would not say that rich people have less greed. With great money comes great desire. They spend a lot, and always wants more and more expensive things or wish to make investment. I would say that they are also in need of money. Compared to poor, they have simply their prime necessity things solved. Also when people gets rich, some of them gets really greedy. They always bargain, ask for discount or buy less expensive things than people would their amount of money would buy.

But I agree that you say that gambling is equal for everyone. Rich dont win more than pore, but they suppose to play more (due to affordable budget), which creates a false vision that they win more.

[Odohu]

As far as I know, that kind of mindset is easy for you to think about, those who have a lot of money and those who have little money who are risking in gambling.
* Comparison: The rich place a $10k bet and the poor place a $10 bet.

These two things clearly produce different values, let's say they both win in the same type of bet, $10k at what times and $10 at what times, rich can bring a suitcase to take the winnings and poor can only carry a pocket.

My understanding is that poor people are smarter than rich people in gambling, the problem here is the different value of money when they win, that's where those who gamble stand out and are seen.

This comparison is not always true because the target for both will be different. The rich can place a bet of $10k to target $15k which the poor will not see $15 winning from a $10 bet as anything. Indeed $5k profits is satisfying where as $5 profit will be seen as a waste of time. Hence the power will want to add more games to raise the profit to like $50 and by doing this, they will end up losing everything.

I still feel the OP is right that the rich win more in gambling, the reason is many.

[DabsPoorVersion]

snip

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.

Apologies if the computation is unclear. The computation only states how many times a rich gambler can make a bet. To make it clear, the given example by @Solosanz says that a poor gambler uses $100 as his bankroll, given he has a $10k net worth. Using $100 as an example, he can make a total of 100 bets until he reaches his net worth limit. While the rich gambler uses $1M as his bankroll, given he has a $10b net worth. It will take a hundred times more chance than the poor before they reach the limit of their net worth. It only means that he has more capability to bet because of the size of his money.

However, what is stated below is right. Whatever the size of the bankroll, the point is whether you are rich or poor, it's all the same. All people experience losing and winning.

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..

[passwordnow]

This comparison is not always true because the target for both will be different. The rich can place a bet of $10k to target $15k which the poor will not see $15 winning from a $10 bet as anything. Indeed $5k profits is satisfying where as $5 profit will be seen as a waste of time. Hence the power will want to add more games to raise the profit to like $50 and by doing this, they will end up losing everything.

I still feel the OP is right that the rich win more in gambling, the reason is many.

He's right at many points because the rich can stay as much as they want even if they go ahead with a losing streak. Nothing beats someone who has a lot of money and that's why the houses are built for. They've got a lot of money and so they establish the business and casino and that makes them unbeatable.

Even for the individual that has a lot of money, he can be the one who'll likely go home early and happy unlike someone who doesn't have that much. Whether he stays so long in the casino and grow that small bankroll he's got, he needs to try hard and thrive for that moment for him to have such acceptable and satisfying amount of winning.

In life, when you have a lot of money whether it's in gambling or not. It's been proven that someone is going to be happy with it. It's like a life determinant on how to please and make someone satisfy.

[Kelvinid]

Those who have large amount of money will bet again and again until they win huge sum of money at once whereas poor people have little amount of money so when they bet for one or two times then they loss all the amount and now there is no chance with them to use their money into gambling in order to win next bet. Wealthy people do not take loan for the purpose of gambling so when they win their bet then they can use all that amount for further use in gambling but poor people always prefer to take loan and when they win then they have to return that amount to owner therefore poor people have the ability to use more money to win more while chances with poor man are lower as they don't have enough amount of money.

Well, it means that rich people have a chance of winning big because they are spending more as well. And without a doubt,  they also lose more money compared to poor people.

We know that rich people can gamble more without worrying about anything if they will lose. It means that when they gamble they don't think about winning but just enjoying themselves. And I notice that those gamblers who want to win often lose, while those who don't after winning become too lucky.

[bakasabo]

This comparison is not always true because the target for both will be different. The rich can place a bet of $10k to target $15k which the poor will not see $15 winning from a $10 bet as anything. Indeed $5k profits is satisfying where as $5 profit will be seen as a waste of time. Hence the power will want to add more games to raise the profit to like $50 and by doing this, they will end up losing everything.

I still feel the OP is right that the rich win more in gambling, the reason is many.

He's right at many points because the rich can stay as much as they want even if they go ahead with a losing streak. Nothing beats someone who has a lot of money and that's why the houses are built for. They've got a lot of money and so they establish the business and casino and that makes them unbeatable.

Even for the individual that has a lot of money, he can be the one who'll likely go home early and happy unlike someone who doesn't have that much. Whether he stays so long in the casino and grow that small bankroll he's got, he needs to try hard and thrive for that moment for him to have such acceptable and satisfying amount of winning.

In life, when you have a lot of money whether it's in gambling or not. It's been proven that someone is going to be happy with it. It's like a life determinant on how to please and make someone satisfy.

In life, things dont happen like you have described. Poor person can also gamble as long as his wants, as long as casino or other accept his tiny bets. Gambler gambles how his bank allows him. Rich person can go all-in from the very first bet and lose everything, while poor could place 1 cent bets and gamble for hours.

I think OP must be formulate more precisely what he has meant under "win more". Win more time, more frequent or win more money? With given above example, $5k from $10k bet is the same 50%, as $5 from 10$ bet.

And yet, in case of a win, poor person will spend $5 the way he wants and be happy, and rich person will spend $5k the way he wants and also be happy. It wont be that rich person would do 1000 $5 expenses and be more happy.

[junder]

I see that there is a factor of circumstance that is the difference in perspective between the rich and the poor in terms of gambling, as you said that the money allocated by the rich to gambling is probably only a small part of all the assets they have and whatever the results they will not care, basically the rich only come to seek entertainment, why? because obviously the fact that they already have a lot of money and already know how to make money, that's what makes them finally able to be at a financially sufficient point.

For the poor then the above is the opposite, as I said that the factor of circumstances that make them feel encouraged to get something tantalizing very easily, on the other hand the poor do not know that it is not as easy as they think, they have problems and errors in thinking, the logic is that gambling is just a place for fun and a little test of luck at certain times. So if you make gambling a place to make money then obviously it is very wrong, and that's why many people have lost a lot, none other than that as a warning to them that gambling is not a place to make money, instead of making money but what happens is losing a lot of money, I think this alone is enough to conclude the core of the problem.

Yes, it's true that rich people tend to use gambling just to have fun, they risk large amounts so the winnings are also large. but actually what they are looking for is not big profits but just fun entertainment, they already have their own business to make a lot of money and they only use part of it small of the money they use to gamble, so it doesn't mean that rich people win large bets, but rather that rich people bet large amounts, which they think is just the small amount of money they spend.

Poor people think that gambling can change their miserable fate so they gamble in the hope of winning big if they can win like that they can live like rich people, the more poor people expect big wins what happens is not victory but continuous defeat and they will The more they live in poverty because most of their money is used to gamble with the aim of changing their fate, they should realize that the more they hope for gambling, it will be in vain.

Of course, so for the problem of the idea of "why the rich win more than the poor" if it is related to the problem of how much the amount of victory is then obviously the rich will get a bigger amount of victory if they are lucky because their capital is also large and far from the capital allocated by the poor, but if the idea above concerns more often the poor or the rich who can get the victory honestly I can't give any statement for that because obviously everyone will also never know when they will be lucky because luck is always unpredictable, sometimes when it comes to just fun and not expecting victory sometimes luck comes alone and we win. So for the problem of luck it really can't be predicted.

As I said earlier that I believe rich people come just for fun, because logically they already have a lot of money and already know how to make money so they can become rich like that, so I think it makes less sense if they come to look for income. Unlike the poor, where they come because of the pressure factor of their situation that is not sufficient, sometimes when we are under pressure by a financial situation that is not good then it is very possible for us to do everything possible in order to get money.

[reagansimms]

Rich people have freedom when gambling, the large capital in their pockets makes them calmer when betting. Rich people can also play longer, of course because of the money they have. Luck in gambling sometimes takes longer to come, the longer they gamble the greater the chance of winning. Imo
Meanwhile, poor people are under pressure, they will play carefully, due to limited money. They might miss the opportunity to win big due to placing a small bet. It's not that poor people never win at gambling, the result of playing at small bets makes it seem like they never get big wins.

[piebeyb]

As I said earlier that I believe rich people come just for fun, because logically they already have a lot of money and already know how to make money so they can become rich like that, so I think it makes less sense if they come to look for income. Unlike the poor, where they come because of the pressure factor of their situation that is not sufficient, sometimes when we are under pressure by a financial situation that is not good then it is very possible for us to do everything possible in order to get money.

The habit of poor people when they are under economic pressure is that they need money quickly. They always think that gambling is a good way to get money quickly, but in fact they actually lose a lot of money in gambling. That's why poor people shouldn't have a poor mentality like that. They should use patterns. the thoughts possessed by people who have a rich mentality. think about gambling for fun like rich people do.

When we gamble without pressure we can control ourselves well and enjoy the game, that's what rich people often do where they always gamble to get pleasure and feel the adrenaline so they really enjoy the game until sometimes unconsciously they win the game and that's how they do it. playing gambling which is not done by poor people

[Cookdata]

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's like investment, the richer people that are financially buoyant always have a way to find ladder to the success in business than ordinary people, only in rare occasions you see a start up from scratch survive the turbulence of business to become successful. Now, gambling involves money and where there is money, the rich people think calmly than average people and that's why it's easy job for them to step up to win without even spending all their time.

Let's use sports betting for example, you know the rich people loves sports like Gulf and Football, if they want to wager an amount, they do it in large quantity in one bankroll and when they want to used it to stake, they put all but it will be in a single game and they make sure that it's the game they know most they bet on and thats how they make their money and move on. However, an average person will want to become a millionaire over night and will select games all based on stats including the ones he has no idea about and expect about 10 games to go as he expected, the chance of winning such games is always hard.

[rachael9385]

Those who have large amount of money will bet again and again until they win huge sum of money at once whereas poor people have little amount of money so when they bet for one or two times then they loss all the amount and now there is no chance with them to use their money into gambling in order to win next bet. Wealthy people do not take loan for the purpose of gambling so when they win their bet then they can use all that amount for further use in gambling but poor people always prefer to take loan and when they win then they have to return that amount to owner therefore poor people have the ability to use more money to win more while chances with poor man are lower as they don't have enough amount of money.

Well, it means that rich people have a chance of winning big because they are spending more as well. And without a doubt,  they also lose more money compared to poor people.

We know that rich people can gamble more without worrying about anything if they will lose. It means that when they gamble they don't think about winning but just enjoying themselves. And I notice that those gamblers who want to win often lose, while those who don't after winning become too lucky.

I believe that there is nothing that the rich people fears at all, especially those ones that starts from crash till they finally becomes rich, so taking risk is something that they have been doing while trying to make money.
However, as they stake with big amount of money, when they win, they also get big because in bets, the higher the stake the more the winning change.
While the poor guys will want to use $1 to win a thousand boxes just like that, and you know if one is trying to book a bet the more games the person add, the more chances for the game to lose.

[blckhawk]

I don't think it depends whether or not, you are rich or poor. Gambling is a game of luck. How can a rich man win more but the poor man win less? Does that makes any sense to you.

The only logical explanation could be that the rich have higher bankroll. They can bet more and more, multiple time to test out their luck. Even if he looses 100 bets, one single win can be enough for him to make up the looses. So in of the day his winnings are more.

But if you look at the poor, their gambling activity are limited due to shortage of money. So they aren't able to bet as much as they want. In the end they have loses more than winnings.

That's the only explanation I can come out with.

That bankroll logic is not foolproof though, say it is 100k bet for a rich man and he's got a 1m bankroll which and the highest win that he can get is 2x only meaning that he can only get 200k at best when he wins which means that one win is not enough to recoup the losses if we are basing on how much they are betting. Even if we magnify the bankroll, it is going to be the same thing although in terms of duration of playing, the rich man's bankroll is going to be an advantage.

[Oilacris]

As I said earlier that I believe rich people come just for fun, because logically they already have a lot of money and already know how to make money so they can become rich like that, so I think it makes less sense if they come to look for income. Unlike the poor, where they come because of the pressure factor of their situation that is not sufficient, sometimes when we are under pressure by a financial situation that is not good then it is very possible for us to do everything possible in order to get money.

The habit of poor people when they are under economic pressure is that they need money quickly. They always think that gambling is a good way to get money quickly, but in fact they actually lose a lot of money in gambling. That's why poor people shouldn't have a poor mentality like that. They should use patterns. the thoughts possessed by people who have a rich mentality. think about gambling for fun like rich people do.

When we gamble without pressure we can control ourselves well and enjoy the game, that's what rich people often do where they always gamble to get pleasure and feel the adrenaline so they really enjoy the game until sometimes unconsciously they win the game and that's how they do it. playing gambling which is not done by poor people

And thats always a bad thing on which making gambling as your solution on the current state that you are experiencing on when it comes to financial solution?
You are just basically making things getting more worst and we know that its never been ideal that you should be that focusing into this thing considering that it is really just that good for entertainment.
When it comes to winning then there's no difference among the two because chances or odds would be just the same. It is really just that rich people would be having advantage
since they do have bigger bankroll on which means that they could be able to stretch out their odds on taking those losses on a few bets which it is unlike
into those people who do have limited bankroll on which it would be doing the opposite.

[348Judah]

Rich people have freedom when gambling, the large capital in their pockets makes them calmer when betting.

Every one gambling has thesame freedom others do, the only difference from this is the amount of money each everyone of them has to use in gambling

Rich people can also play longer, of course because of the money they have.

Those that are not rich can also enjoy gambling under their own capacity for a long time, all they will need is to use a little amount of gambling stake to make them ensure that they have varieties of attempts on gambling for a long duration

Luck in gambling sometimes takes longer to come, the longer they gamble the greater the chance of winning

It doesn't work this way sometimes, the more you're gambling the higher the losses and you keep loosing the more, except if we wouldn't mind considering the amount of money used at the course of gambling.

[maydna]

Rich people have freedom when gambling, the large capital in their pockets makes them calmer when betting. Rich people can also play longer, of course because of the money they have. Luck in gambling sometimes takes longer to come, the longer they gamble the greater the chance of winning. Imo
Meanwhile, poor people are under pressure, they will play carefully, due to limited money. They might miss the opportunity to win big due to placing a small bet. It's not that poor people never win at gambling, the result of playing at small bets makes it seem like they never get big wins.

That is true because the luck factor cannot be predicted when it will come. With that larger capital, a rich gambler can gamble longer than an ordinary gambler, and maybe in the 100th round, the rich gambler will manage to win a big win that can get a big multiplier. This will turn the situation around where rich gamblers can get back their lost money and can also get their big winnings. Meanwhile, ordinary gamblers won't be able to have such an opportunity because they don't have much money and hope that their luck will come sooner than they think so that they don't have to lose more money because otherwise, they could spend all their money without being able to win. But there are ordinary gamblers who can win big with enough bets, and that's because they get lucky at the right time.

[danadc]

The answer is right there, the rich have more money, more oopcoins to earn and they don't lose anything when they do risky things, if they lose they don't care, for a person with limited economic resources the situation gets worse, because if They do not have much to eat or to buy what they must buy to survive and they spend it in a casino that is really sad, irresponsible and shameless, I could not be or have such great irresponsibility, I could think that the actions they do That's because they're drunk or because they're angry when they don't care about earning money that way.

A millionaire person has everything insured, if he goes to the casino it is to see how he can spend his money and waste it, there are people who are like that in the world, it doesn't matter to him at all, I am about helping others and not giving everything away in a casino , a casino is to enjoy it, and to play for a short time because you can spend a lot if you stay for a long time.

[Litzki1990]

Rich people can afford to gamble so they have chances of making more bets so they have the probability of winning more too but is such bullshit logic though cause money making skills, in general, has no effect in the results of a bet so thinking that rich people only make money in gambling shows such a delusional mindset of you.

Even if they suffer from a gamble, they are able to manage money for the next gamble, which is why we might think that the poor can't make a profit from gambling but the rich can make a profit from gambling. The profit or loss of gambling does not discriminate between rich or poor but profit or loss largely depends on your gambling skill and your luck. Just because a rich gambler can easily manage money after losing a bet does not mean that the gambler will win because he managed money easily. A gambler will make winning chances by gambling only when he has enough knowledge about gambling and can gamble with enough skill. A gambler can make a profit by gambling with that money from day laborers if he has gambling skills.

[nullama]

The answer is right there, the rich have more money, more oopcoins to earn and they don't lose anything when they do risky things, if they lose they don't care, for a person with limited economic resources the situation gets worse, because if They do not have much to eat or to buy what they must buy to survive and they spend it in a casino that is really sad, irresponsible and shameless, I could not be or have such great irresponsibility, I could think that the actions they do That's because they're drunk or because they're angry when they don't care about earning money that way.

A millionaire person has everything insured, if he goes to the casino it is to see how he can spend his money and waste it, there are people who are like that in the world, it doesn't matter to him at all, I am about helping others and not giving everything away in a casino , a casino is to enjoy it, and to play for a short time because you can spend a lot if you stay for a long time.

You can apply that logic to everyone.

Most people would have $1 to gamble. So, for them, gambling $1 would be similar to what you are describing as the rich person not caring about losing.

In the end, the probabilities are the same, independent of how much you bet.

[Silberman]

Rich people have freedom when gambling, the large capital in their pockets makes them calmer when betting. Rich people can also play longer, of course because of the money they have. Luck in gambling sometimes takes longer to come, the longer they gamble the greater the chance of winning. Imo
Meanwhile, poor people are under pressure, they will play carefully, due to limited money. They might miss the opportunity to win big due to placing a small bet. It's not that poor people never win at gambling, the result of playing at small bets makes it seem like they never get big wins.

That is true because the luck factor cannot be predicted when it will come. With that larger capital, a rich gambler can gamble longer than an ordinary gambler, and maybe in the 100th round, the rich gambler will manage to win a big win that can get a big multiplier. This will turn the situation around where rich gamblers can get back their lost money and can also get their big winnings. Meanwhile, ordinary gamblers won't be able to have such an opportunity because they don't have much money and hope that their luck will come sooner than they think so that they don't have to lose more money because otherwise, they could spend all their money without being able to win. But there are ordinary gamblers who can win big with enough bets, and that's because they get lucky at the right time.

The size of your bankroll can indeed have an effect on your chances of winning, even card counters which have a strategy that if applied correctly can beat the casinos, still need to have a big enough bankroll, and if this is not the case then they are taking a massive risk, as if the bets they make do not go their way early on then their capital will take a big hit from which it will be impossible to recover, so it is not surprising those that do not have a lot of money to dedicate to gambling seem to realize that those that have more money than them seem to have better luck, but this is happens simply because rich people can afford to gamble until their luck changes for the better.

[bakasabo]

Rich people have freedom when gambling, the large capital in their pockets makes them calmer when betting. Rich people can also play longer, of course because of the money they have. Luck in gambling sometimes takes longer to come, the longer they gamble the greater the chance of winning. Imo
Meanwhile, poor people are under pressure, they will play carefully, due to limited money. They might miss the opportunity to win big due to placing a small bet. It's not that poor people never win at gambling, the result of playing at small bets makes it seem like they never get big wins.

A lot of people say that rich persons main advantage is a larger bankroll. But imho that isnt true. Rich people make adequate their bankroll bets. When they buy chips for $100k, they dont go to $1 bet tables. They dont bother playing 25cent slots, they dont make small bets. Gambling algorithms works identically for poor and rich. Casino scripts arent able to read who is playing against them, rich or poor. But the dealer could, and he would try (if it depends on him) to make rich person lose more.