Why the rich win gambling more than the poor.

[Docnaster]

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.

Where did you come up with this info? Any link to the source of information? Where did you observe the performance of rich gamblers?
It seems kinda logical for the rich to be successful at gambling. If you have more money, the chances for you to hit a big win are higher.
By the way, the term "successful at gambling" shouldn't be taken seriously, because nobody is successful at gambling in the long run.
The casino always wins in the long run, so the casino owner is the only one, who is truly successful at gambling. I don't have a problem with this, because I gamble for fun.
By the way, if you are really poor(you don't have enough to meet all your needs) spending your money on gambling is the worst financial decision ever. Poor people should stay away from gambling.

There are simply analogies of life that doesn't need deep knowledge or research for one to know about them and I think who wins more between a gambler that's rich and the one that's trying to survive falls in that category. When a gambler that's rich wants to gamble, his chances of losing are slim because he'll gamble on very big odds and stake a huge sum of money in it while a poor gambler will want to gamble on very small odds and stake with small money in other to win big from it.

Gambling is one engagement that one shouldn't venture into with the aim of becoming successful in it but as we all know, most of the poor gamblers out there are engaging in gambling because they want to alleviate from poverty through gambling and that's why majority of gambling addicts are mostly poor people.

[1715171826]

1715171826

[1715171826]

1715171826

[1715171826]

1715171826

[1715171826]

1715171826

[1715171826]

1715171826

[maydna]

~snip~

I would say the opposite is possible as well. A rich gambler is rich, and they could win big and not care because they are already rich and keep gambling and lose it all, whereas a poor gambler could gamble and get lucky and win, and they could take that money out right away, withdraw it to their wallet and get out. In that situation the poor one did the smart thing not because they were just smart but because they were poor, if they were rich and had millions then they may have continued too, but because they were poor they wanted the money instead.

I have seen plenty of people like that rich one, guys who wagered 100k, lost it all, and then won 100 k back and lost it again. This is why it is not all that easy to handle this, and people should be careful about what they do, they should not be really caring about it and need to do better in the end. I hope that people could do it, and be fine about it so that they could continue to make some return while not caring about how much they have, just get out when you win big, no matter how poor or rich you are.

Whether rich or poor, gamblers can both be lucky and win a lot of money, but it will depend on their luck because we won't know who will be lucky in the next round. But when rich gamblers can place bigger bets than poor gamblers and rich gamblers win the bet, it means that rich gamblers can win more money than poor gamblers. But poor gamblers, with their limited capital for gambling and also in placing small bets, will not be able to win as much money as rich gamblers. We cannot compare between rich and poor gamblers because they will each have different amounts of money used for gambling.

Winnings and losses will always come while they are gambling, and if they cannot control themselves well, they will only lose more money without being able to recover their losses. If poor gamblers know about this and try to control themselves well and keep their money from running out quickly, they can definitely enjoy gambling well and will not experience any problems. We really have to get out immediately after winning big because that is to save the winning money so that it is not used to continue gambling because our greed will get bigger. We have to control that greed.

[goxcraft]

There is also a point, rich people tend to have more capital to gamble so they don't hesitate to bet without thinking about the defeat that will be obtained, because they have a lot of capital so they are more free to bet on gambling, the defeat they get may not be a big problem for them because they are confident in the capital they have that much.
And for the poor they tend to gamble to multiply money hoping to get a win in order to help their daily basic needs, but they tend to be more careful, do not want to lose the money they bet on gambling because the anxiety with the money allows them to borrow money to gamble again because they are still "curious". and this is his fault, they can make their own lives because of their stupid actions.

Another fact is that because they have more capital they get more chances where the poor's doesn't. They have limited capital to bet. They can't even effort to play 20 games a day where rich are playing 100 even more games a day. It won't even matter if he looses 100 more. That's the key difference. If I had more rocks, I would have more chances to hit the target. Exactly this philosophy.

[Samlucky O]

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 think the rich always play smart, by playing there games with huge amount of money with less odd why the poor play with less money with higher odd. If gambling was to play with lesser odd with higher money I think they would have been making alot of money. Note: the higher the odd the riskier the game.

[Dewi Aries]

There is also a point, rich people tend to have more capital to gamble so they don't hesitate to bet without thinking about the defeat that will be obtained, because they have a lot of capital so they are more free to bet on gambling, the defeat they get may not be a big problem for them because they are confident in the capital they have that much.
And for the poor they tend to gamble to multiply money hoping to get a win in order to help their daily basic needs, but they tend to be more careful, do not want to lose the money they bet on gambling because the anxiety with the money allows them to borrow money to gamble again because they are still "curious". and this is his fault, they can make their own lives because of their stupid actions.

Another fact is that because they have more capital they get more chances where the poor's doesn't. They have limited capital to bet. They can't even effort to play 20 games a day where rich are playing 100 even more games a day. It won't even matter if he looses 100 more. That's the key difference. If I had more rocks, I would have more chances to hit the target. Exactly this philosophy.

Maybe rich people will bet without hesitation because they have a lot of capital to gamble so they don't think about the chances of losing or winning where they bet just to get a sensation that can make them satisfied. Also rich people do have a greater chance of winning because they have a lot of capital as well as the bets they make with not small amounts, there is no doubt about the bets they make, while their money is there they will do it without the slightest doubt.

In contrast to poor people where they gamble with the aim of wanting to win so that they can bring it to meet their needs that are completely lacking, and also they gamble with anxiety fear of losing the money they have, gambling carefully does not guarantee they can win. There is still a big chance of losing and there is no avoiding that.

[bakasabo]

There is also a point, rich people tend to have more capital to gamble so they don't hesitate to bet without thinking about the defeat that will be obtained, because they have a lot of capital so they are more free to bet on gambling, the defeat they get may not be a big problem for them because they are confident in the capital they have that much.
And for the poor they tend to gamble to multiply money hoping to get a win in order to help their daily basic needs, but they tend to be more careful, do not want to lose the money they bet on gambling because the anxiety with the money allows them to borrow money to gamble again because they are still "curious". and this is his fault, they can make their own lives because of their stupid actions.

Another fact is that because they have more capital they get more chances where the poor's doesn't. They have limited capital to bet. They can't even effort to play 20 games a day where rich are playing 100 even more games a day. It won't even matter if he looses 100 more. That's the key difference. If I had more rocks, I would have more chances to hit the target. Exactly this philosophy.

That isnt necessary like that. Rich person can also play only few games, but place huge amounts. Similar to poor person, he can loose all of them at once. I think your example with rocks is slightly incorrect, because instead of throwing small stones, rich will throw bowlder. Mathematically it will be correct that the more bets you make, the more chance to win you have. But it is impossible to insert "luck" into formula. Rich can make 100 bets and lose, poor can make 1 and win. In the end rich lost his deposit, poor ends with profit. Your philosophy fails. 

[OgNasty]

Gambling is a form of entertainment that you have to pay to play. It isn’t a crazy thought that people who have more money are then able to pay more for entertainment. I imagine rich people have more subscriptions to paid services, pay more for their vehicles, etc. This would also lead you to believe this leaves more time for poor people to enjoy the best things life has to offer, which are free.

[Hispo]

Gambling is a form of entertainment that you have to pay to play. It isn’t a crazy thought that people who have more money are then able to pay more for entertainment. I imagine rich people have more subscriptions to paid services, pay more for their vehicles, etc. This would also lead you to believe this leaves more time for poor people to enjoy the best things life has to offer, which are free.

Regardless of the truth you say about the relation between money/liquidity availability and gambling. We should also take a look at countries where the majority of people is not supposed to have much money to spare. Specially countries in Latin America, Africa and Asia, even though there are people in need in those places that does not stop gambling and lotteries to be important industries in those communities.
The explanation then cannot be the direct relation between liquidity and gambling sessions/time gambling, but rather other things. If I had to guess I would point out to some cultural influences gambling has on those countries or the need for money, which can push people to wager money they are not supposed to.

If gambling only depended on the money available, we would not see so many play houses and small casinos in those regions I mentioned.

[TelolettOm]

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

How do you observe it?
I don't really understand it, do you mean the chance to win in gambling or it is about the number of the prize possible to win?
If you mean about the number of the prize, surely the rich man can win bigger prizes because they are capable to gamble with higher funds.

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?

It makes sense if the rich people may have a better understanding in financial management. They can't be rich people if they have poor financial management. But if it is related to knowledge about gambling, it has nothing to do with the financial status of someone. Rich man or poor man has the same chance to have a better gambling decision. Someone can have a better decision if he has good knowledge in gambling, has good mentality, and experienced enough.

[nullama]

Gambling is a form of entertainment that you have to pay to play. It isn’t a crazy thought that people who have more money are then able to pay more for entertainment. I imagine rich people have more subscriptions to paid services, pay more for their vehicles, etc. This would also lead you to believe this leaves more time for poor people to enjoy the best things life has to offer, which are free.

On the other hand gambling can be seen as a hope to get rich.

Therefore, rich people most probably won't be bothered by that.

Although it is true that many see it as entertainment, and for them you are absolutely right.

[goxcraft]

Poor people doesn't have much choices but the rich does. It's their advantage. If i could have bet 100 bets the odds of winnings is very close. But if I don't the odds of winning, jackpot is very slim. That's the difference.

[goxcraft]

I think the rich always play smart, by playing there games with huge amount of money with less odd why the poor play with less money with higher odd. If gambling was to play with lesser odd with higher money I think they would have been making alot of money. Note: the higher the odd the riskier the game.

Don't forget, with higher odds, you can get higher profits. But you are right here. The richer have advantage in term of gambling. As they have many choices. They can play different games to test out their luck. They get many opportunities to win big. But those with small capital doesn't.

[erep]

Poor people doesn't have much choices but the rich does. It's their advantage. If i could have bet 100 bets the odds of winnings is very close. But if I don't the odds of winning, jackpot is very slim. That's the difference.

I think differently, that poor and rich gamblers only differ in the level of the number of bets placed on gambling, but regarding winning is not certain for rich gamblers even if they lose they will lose more money. The solution is that poor gamblers must have the right type of gambling with high odds to win the bet, for example in sports betting then they can choose the top team to place a bet because the chance of that team winning the bet is very high.

[Silberman]

I think the rich always play smart, by playing there games with huge amount of money with less odd why the poor play with less money with higher odd. If gambling was to play with lesser odd with higher money I think they would have been making alot of money. Note: the higher the odd the riskier the game.

Don't forget, with higher odds, you can get higher profits. But you are right here. The richer have advantage in term of gambling. As they have many choices. They can play different games to test out their luck. They get many opportunities to win big. But those with small capital doesn't.

As we know money opens many doors, and while having a lot of money does not really make a person a better gambler and does not change the odds of winning on any of the games, at the same time this gives the rich much better opportunities to obtain all kind of bonuses that your regular gambler will never obtain, and without a doubt this can increase the perception that those that bet more money are able to win more often than the rest of the gamblers out there.

[Justbillywitt]

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.

Both the rich and the poor wins gambling, but the rich win bigger money than the poor will ever win. Sometimes the amount that the poor man will want to win is the bet is the amount that the rich man will use to place his bet. Also the rich man has the tendency of placing bets multiple times a day while the poor man can only go once or twice. But one thing is certain both do win gamble. Also the rich loseses more money in gambling than the poor.

[HajiBagi]

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.

Rich people gamble for enjoyment rather than only to earn enormous profits from their bets, while the poor gamble only in hopes of making a huge profit that will change their life forever. Rich people can lose a game and still not care, but the poor will be furious if they lose. Rich people don't gamble all the time, but the poor always manage to bet on a game every day in the hopes of winning. The rich people who do gamble, however, don't wager on many games; instead, they bet on a few that will guarantee them a good time.

Did you also know that the wealthiest people are the ones who always have luck when it comes to winning at gambling? The reason I say this is because the wealthy will never wager on more than four games and will only wager 10 to 20k because they are certain they will win. In contrast, the poor will wager on more than 20 games and will only wager 100 or 200 naira because they hope to win millions of naira. This is the best thing that is happening to the poor people because even when they lose, they will continue to have faith that they will eventually win the game.

[Africolo]

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 will begin by noting that the capitalist system has always favoured the rich or simply put, the rich become richer why the poor continue to languish in poverty. Gambling favours the rich more than the poor because the rich have this mentality to reduce the risk they take. Let me use sports betting as an analogy.  A rich man will make few selections and then place a high stake thereby reducing the risk and increasing the chance of winning whereas a poor man who hopes to break out from the chains of poverty will select more games and stake a lesser amount thereby increasing the risk and reducing the chance of winning. This analogy justifies the reason the rich win more than the poor.

On the issue of desperation, both the rich and poor are desperate since they both desire to win this, that desperate isn't peculiar to the poor alone. The only difference as noted above is that the rich shoulder lesser risk than the poor and that is what creates the gap between the rich and the poor in the gambling purlieu.

[Lorence.xD]

I think the rich always play smart, by playing there games with huge amount of money with less odd why the poor play with less money with higher odd. If gambling was to play with lesser odd with higher money I think they would have been making alot of money. Note: the higher the odd the riskier the game.

Don't forget, with higher odds, you can get higher profits. But you are right here. The richer have advantage in term of gambling. As they have many choices. They can play different games to test out their luck. They get many opportunities to win big. But those with small capital doesn't.

As we know money opens many doors, and while having a lot of money does not really make a person a better gambler and does not change the odds of winning on any of the games, at the same time this gives the rich much better opportunities to obtain all kind of bonuses that your regular gambler will never obtain, and without a doubt this can increase the perception that those that bet more money are able to win more often than the rest of the gamblers out there.

If you are gambling having a lot of money is really advantageous on your side, as you can place many bets which can increase the probability of winning, while the poor could only afford to bet one at a time which lowers the probability of winning. I agree that money can't make the person better at gambling, but it could differ both on their money as one option to make. Rich people have the money in short, they can go back to gambling anytime they want, so casinos would give them bonuses and discounts for being loyal customers to their casino, plus they could also build connections with their fellow gamblers which is one of their advantages. You can't tell if a person is rich or poor in gambling, but you can assume that a person that you can always see in the casino a rich as they can gamble anytime.

[Obim34]

There is a clear difference between the way the Rich stake on their own games and the way those who do not have enough stake games. You can see the rich go with fewer games and stake with huge money why the poor or average person carrys more game then stake with very low money so as to win big.
For example as of today's match the rich can just go with accumulating 2 odds alone then stake $100 on the bet which will eventually give him a 100% profit. But in the case of an average person you see him carry about 20 to 30 games and stake with as low as 3$ to $5 to get a potential win of $100 which most times end up in loss while sometimes favors them. The rich has less to worry, as his games are few and certain to play as predicted, even if it cuts he still has more than enough to do better next time

[nullama]

~snip~
If you are gambling having a lot of money is really advantageous on your side, as you can place many bets which can increase the probability of winning, while the poor could only afford to bet one at a time which lowers the probability of winning. I agree that money can't make the person better at gambling, but it could differ both on their money as one option to make. Rich people have the money in short, they can go back to gambling anytime they want, so casinos would give them bonuses and discounts for being loyal customers to their casino, plus they could also build connections with their fellow gamblers which is one of their advantages. You can't tell if a person is rich or poor in gambling, but you can assume that a person that you can always see in the casino a rich as they can gamble anytime.

It doesn't really matter if you have many bets. The odds are the same for rich and poor.

If you have 1 unit of money invested in N bets, the chances of winning are the same.

And if you think that betting simultaneously in more bets is a better move, it is not generally speaking.

Betting on N number of bets with a cost of 1 unit of money, usually give you a price lower than N units of money.