Why the rich win gambling more than the poor.

[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.

 

[dezoel]

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.

For someone who has a total bankroll of $50 or less, $5 is not a small amount, and someone making bets worth $10k would see $5k just as $5 because they are rich and money has more value for the poor and not for the rich. A rich person wouldn't consider $1,000 a lot of money but ask a poor and you will know how much value that much money has for them. So, it's a matter of perspective and capabilities and not about amounts and stuff when it comes to rich and poor gambling and winning.

I don't agree that the rich tend to win more in gambling than the poor. I believe it's just that the rich don't worry much even if they lose a very large amount because they are rich and they know it's not going to affect them, whereas a poor person won't be able to sleep properly if they lose $10 in a single day in gambling.

[Odohu]

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.

For someone who has a total bankroll of $50 or less, $5 is not a small amount, and someone making bets worth $10k would see $5k just as $5 because they are rich and money has more value for the poor and not for the rich. A rich person wouldn't consider $1,000 a lot of money but ask a poor and you will know how much value that much money has for them. So, it's a matter of perspective and capabilities and not about amounts and stuff when it comes to rich and poor gambling and winning.

There is something you are missing and that is the fact that most of those who stake small amount hardly play small odds while those who play big amounts are more comfortable playing small odd, this is what give them edge. With $0.5 stake, you will rarely see anyone play this on a 2 odd game whereas someone can easily play 2 odd $1000 and target a profit of $1000. This is the same principle that applies between the rich and the poor that made me think the rich win more both in terms of win rate and the amount won.

Personally, the amount I stake depends on the risk level. While I reduce my staked amount when the risk is high like in accumulation, I increase the staked amount for smaller odd. Yesterday I saw Swansea U21 vs Ipswich U21 over 3.5 with odd of 1.5, my plan was to stake it $100 but I was discouraged by the odd which I feel was too small. I had to reduce the money to $10 and then added several other games to raise the odd to 10. Unfortunately,  PSG vs Newcastle cut the bet as I expected three goals from that match. In a situation like this, someone that is rich will just play the single bet that is sure and will make 50% profit while those playing with small amount will do what I did and lose.

[aioc]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor.

You have to prove that because there's no data that you can prove this is correct, not because you are rich you are guaranteed to win even if you have a huge bankroll in the casino are a game of chance or luck and it will not pick or choose gambler to win, the casino house edge has no specific classification of people you'll win if you're lucky regardless if you're poor or lose.

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 not rich but I do win from time to time and I have a poor friend who I consider so lucky because he won many times in horse racing so now he is not poor nor rich but he is proof that rich or poor your chances are all the same, no category in life has a monopoly when it comes to gambling.

[angrybirdy]

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor.

You have to prove that because there's no data that you can prove this is correct, not because you are rich you are guaranteed to win even if you have a huge bankroll in the casino are a game of chance or luck and it will not pick or choose gambler to win, the casino house edge has no specific classification of people you'll win if you're lucky regardless if you're poor or lose.

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 not rich but I do win from time to time and I have a poor friend who I consider so lucky because he won many times in horse racing so now he is not poor nor rich but he is proof that rich or poor your chances are all the same, no category in life has a monopoly when it comes to gambling.

It depends to our own observations but you already answered your own questions, mate. As you can see, those "some" rich people are not chasing winning since gambling is a part of their leisures and they gamble in a less stress manner which helps them to think and to analyze better. Seeing rich people's reaction when they are losing their bets are so casual and normal. You have a point that rich and poor are all the same when it comes to chances of winning, , Sometimes those middle class person tends to win more than the upper class,  but those lower/middle class person are usually developing a signs of a person who's addicted in gambling. Though, there will be small changes when it comes to the bank rolls of a gambler because there is a saying that the bigger your bank roll, the bigger your money and chances of winning will be.

[retreat]

So far I have not found any data that says that the percentage of rich people winning gambling is greater than that of poor people. I think this is just your assumption, because I think poor people and rich people have the same chance of winning. The only difference is skill. Yes, rich people have skills that are above the average of poor people because of their knowledge and analysis and maybe that is what makes their winning percentage greater. But saying that most rich people win more than poor people is not true.

[boty]

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.

Those who place their bets on the smallest amounts will certainly be able to survive for a long time in the gambling they play, but it will be very difficult to find them able to win very large bets, but at least they can really enjoy the games they play and this is not will make us have to take another amount of money to return after experiencing a loss due to playing with a large bet amount.

[AicecreaME]

There are several reasons that influence the rate of winning of rich people and poor people. To name a few, these are the reasons that I often see which greatly differentiate the two: abundant financial resources, knowledge on risk assessment and management, and being disciplined.

Being rich elevates the advantage in terms of winning gambling because they have more than enough fund to risk for gambling. While it doesn't guarantee since everything is still a risk, it increases their chances because they can bet more and bet huge. While poor people can only bet a little (unless they are addicted) because they have to monitor the flow of money, hence the chances slim out with low frequency of bet and play.

Having the knowledge about risk assessment and management helps a lot too. Knowing this and incorporating it into every play will definitely give them a leverage. Applying different strategies and approaches because you know how to play with the uncertainty will help a gambler achieve more profit. Lastly, discipline. Having self-control is very essential in gambling. Most rich people have a very strong sense of self-control because they know their boundaries. Most of them have other matters to attend to because they only view gambling as entertainment and not a source of income. Unlike for poor people that view gambling as a get rich quick scheme to rise from poverty.

[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.

Everyone calculates profit and loss, it is a misconception that a rich person would want to pay losses because he has enough money. If a rich person is a millionaire, he dreams of becoming a billionaire. Being a billionaire, if he loses money by gambling one after another, he will not become a billionaire, but his money will only decrease. It is true that gambling depends on gambling skill and not money on stakes. Money may provide support later but gambling cannot win. You may be poor but if you know enough about gambling and if your luck helps you then you can go from poor to financially well off. Gambling is a game of luck as well as a game of skill about gambling and this luck can come to anyone.

[cafter]

I don't know from where you found that data of rich win more than poor in gambling.
the odds are same for both, I will say what I think about this, rich wins more often because they have lot of ways and investments from where they can recover their losses quickly.
but poor or people who earn daily and very rarely they are able to save a little amount from that earning, they don't have a easy way or quick way to recover their losses.
it all comes to emotions because rich have source of income from various way so they have less emotional pressure of being broke, but if a person who earn daily and doesn't able to save from that too will risk it all more often and because of it he will lose more often then a rich person who doesn't play emotionally.

[Latviand]

So far I have not found any data that says that the percentage of rich people winning gambling is greater than that of poor people. I think this is just your assumption, because I think poor people and rich people have the same chance of winning. The only difference is skill. Yes, rich people have skills that are above the average of poor people because of their knowledge and analysis and maybe that is what makes their winning percentage greater. But saying that most rich people win more than poor people is not true.

Well, it definitely is just an assumption or more like conjecture since OP didn't present any information that might support the claim but a little observation is helpful to know if there's a possibility that this is the truth about income level in gambling, that there's more rich than poor people gambling. I wouldn't say skill is the defining difference between a poor player and a rich player because there are rich players that are big losers in the casino meaning that skill doesn't define your income, the biggest defining quality is already stated, the rich ones wins the most because they got the money and when they bet or gamble, they tend to put more money on the bet which would result in them getting a bigger win compared to a poor player betting a small amount and winning, maybe the size of the bet and resulting reward for the win is what's making us think this way and if this is the case then it's a matter of perspective of who's gambling more, the rich or the poor but that can only work until there's data to be shown to prove all the conjectures wrong.

[maydna]

~snip~

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.

That's why those of us who don't have a lot of money must also be able to realize that we can just enjoy gambling as it is and don't need to try too hard on ourselves to win. We are different from these rich gamblers in that they have more money that can be used to bet, and they can even place bigger bets than us. By realizing the limitations we have, we will not try to gamble excessively, so we only need to use the time and money we have to place bets, and when we have enough, we can immediately stop gambling and leave the casino. This is a preventive measure so that we don't get a lot of problems from gambling and also don't experience gambling addiction because we can control ourselves when gambling.

[Sakanwa]

I don't know from where you found that data of rich win more than poor in gambling.
the odds are same for both, I will say what I think about this, rich wins more often because they have lot of ways and investments from where they can recover their losses quickly.
but poor or people who earn daily and very rarely they are able to save a little amount from that earning, they don't have a easy way or quick way to recover their losses.
it all comes to emotions because rich have source of income from various way so they have less emotional pressure of being broke, but if a person who earn daily and doesn't able to save from that too will risk it all more often and because of it he will lose more often then a rich person who doesn't play emotionally.

Well,from what I understand,the rich win more because they don't stake small amount of money,they stake on one or two games,and back it up with large amount of money just to double it,but the poor stakes with a very little amount and look for odds that are big,they choose all the games that are to be played that day,and stake on all of them together with a little amount,and there is no way you can predict all games correct,one must cut the ticket.But at thesame time,I think greed is one of the reasons why the poor do not win games regularly,they win games once in a blue moon because the odds they chose to play are high odds, and even when the chance to cashout comes,they will simply refuse because of the small amount of money they used in the staking,the.cashout would also be small.

[jaberwock]

Not sure, but if I had to guess I would say it has something to do with the liquidity those people have in comparison to someone who does not have much money.
The more money one has it means the wager is bigger and the session will also last longer.

A person who cannot spend much on gambling will try to get modest multipliers in order to extend their session as much as possible, even if they have luck those multipliers won't translate into a significant amount to for them.
On the other hand, a person who had much more to gamble will go for higher multipliers and it may only take them to have good luck in one of two sessions for them to recover their money and get significant wins in the process.

This is true and I noticed this a lot of times already, as there are times that my bankroll is only limited, and I can not re-deposit anymore, so there is no way for me to possibly recover what I previously lost and may be end up earning something in the process.

For the rich peeps, money is not a problem to them, so they can do this most of the times. Even if they lose on their second deposit, they can just deposit again and again up until their luck comes back. I do believe that casinos can always win at the end or the longer we play because of the house edge but there are many instances that I can also win the longer the session I make.

[junder]

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

Well that's the logic that makes more sense, not only them but we must also have experienced several conditions like that where for example losing a job as the only main income and on the other hand economic needs cannot be tolerated or that means there is no reason at all not to look for money because needs will always be the main thing as long as we are alive. With that situation, it is clear that we will look for and try everything that is important to be able to go home with money, and that is one of the strong and reasonable reasons why poor people have assumptions and mindsets that gambling is a place to earn without knowing the actual facts.

They carry that mindset because it is driven by considerable pressure in terms of needs, while on the other hand gambling is just a place to seek pleasure and not to earn, so that is the reason why usually poor people lose more because the number of their experiments is quite a lot driven by the hope of a pressure. Not only do not have a poor mentality but on the other hand, even though they are financially poor, they should not also be poor in terms of theoretical knowledge and ways of thinking, otherwise the impact will clearly be like this. Rich people have better circumstances, there is no economic pressure and that's what makes them gamble just for fun.

[nullama]

~snip~
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.

A dealer in a casino might be able to get more tips from a rich person, that's for sure.

And maybe they are able to push a bit (not sure how much they can) so that the rich person plays more.

Actually, I don't think they can talk about the bets with the clients...

[qwertyup23]

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.

Statistically, the more you gamble, the higher the chances that you would experience your returns. Since the poor has a limited budget for their expenditure in gambling, then it is obvious that they only have a few chance for them to recover their losses.

Again, the more money that you have, the more chances that you would be able to gamble again your money. According to some sources, in a given day, a gambler has at least 30% of winning. While this may sound relatively low, this can be quite profitable if it is managed well. But the longer you gamble, the higher the chances of you losing as well.

In conclusion, players who have more resources have the privilege of gambling more compared to poor people who only have a limited budget. This gives the former more chances for them to recover their losses (this is assuming in an UNLIMITED budget).

[SeriouslyGiveaway]

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.

Simply put, wealthy individuals have strong and stable financial resources, leading to a much more comfortable mindset. With the same amount of gambling, if the wealthy lose, it doesn't significantly impact their lives.

However, for the poor, it could become a burden for them and their families in the future. Gambling is a game of psychology, and if your mindset is not solid, the chances of winning are quite low. How can we make rational decisions when, if we lose, our families might go hungry or incur debt the next day? I experienced this when I invested in crypto with borrowed money.

My mind was always anxious about potentially losing that money. So, when I faced about a 20% loss, I hastily cut my losses, thinking it would continue to decline the next day. A few days later, that amount would have doubled if I hadn't sold early. I truly regretted it, and it became clear to me how much my mindset influenced my decisions at that time.

[goxcraft]

I am not rich but I do win from time to time and I have a poor friend who I consider so lucky because he won many times in horse racing so now he is not poor nor rich but he is proof that rich or poor your chances are all the same, no category in life has a monopoly when it comes to gambling.

If you are referring to sports gambling such as horse ridding, wrestling, football, cricket then, I do believe you are correct. But when it comes to online gambling, such as games and slots etc, then I think the rich have slightly higher chances.

The way I see it is that, in sports gambling it is possible to predict an outcome based on their previous performance history. But when we gamble in a certain platform at a certain game, there is no way to predict what will happen. It's pure luck. And rich people have more resources to try out their lucks but the poor doesn't.

Your friend is a very intelligent, I can presume. With experience and perfect analysis, he have succeed in gambling.

[Hispo]

Not sure, but if I had to guess I would say it has something to do with the liquidity those people have in comparison to someone who does not have much money.
The more money one has it means the wager is bigger and the session will also last longer.

A person who cannot spend much on gambling will try to get modest multipliers in order to extend their session as much as possible, even if they have luck those multipliers won't translate into a significant amount to for them.
On the other hand, a person who had much more to gamble will go for higher multipliers and it may only take them to have good luck in one of two sessions for them to recover their money and get significant wins in the process.

This is true and I noticed this a lot of times already, as there are times that my bankroll is only limited, and I can not re-deposit anymore, so there is no way for me to possibly recover what I previously lost and may be end up earning something in the process.

For the rich peeps, money is not a problem to them, so they can do this most of the times. Even if they lose on their second deposit, they can just deposit again and again up until their luck comes back. I do believe that casinos can always win at the end or the longer we play because of the house edge but there are many instances that I can also win the longer the session I make.

The rich probably also have a very considerable advantage of we consider games which are high-risk/high-reward. We all have read and listened stories of how someone managed to hit a jackpot with a single play and with a little bit of wager. That is pure luck.
On the other hand, someone who has much money to spare could try to get a jackpot through time (they may never achieve it) but they certainly have more chances than some random person who only played once or twice and had a giant strike of good luck.
Still, I do not believe there is some strategic component behind the use of a bigger bankroll, besides the management of the risk and the seeking for higher multipliers.