Rich or poor gambler, who should risk more?

[l3pox]

Gambling is for everyone of course. The casinos want the entire world to be gambling with them.

But, usually, it is the poorer who would end up gambling more times than the rich people.

The poor people want to become rich and they think they can get their quickly by gambling but they end up losing more money than they thought they will be winning, many people are getting frustrated daily because they are not succeeding at gambling and they cannot stop gambling instead they are trying to win back their losses. Gambling has an addiction effect and those that get addicted find it very hard to stop gambling in spite of all the negative feedback that they are getting from gambling like losing their money and self respect. I think the poor people are those that are gambling more and spending more money in gambling and this is why they are still very poor. The rich people  are also gambling but since they do not depend on gambling for making money, they are not always gambling.

we probably know really different people
many of the people I know, poor or rich, have really different risk aversion profiles
it's interesting to see how this is a bit separate than their total bankroll or total wealth
some people won't be interested in gambling no matter what you say
some people will have a 100% sure bet that they can bet as much as they want and will be once or twice

the interesting thing about humans is that we aren't predictable 100% of the time

[LUCKMCFLY]

Gambling is for everyone of course. The casinos want the entire world to be gambling with them.

But, usually, it is the poorer who would end up gambling more times than the rich people.

The poor people want to become rich and they think they can get their quickly by gambling but they end up losing more money than they thought they will be winning, many people are getting frustrated daily because they are not succeeding at gambling and they cannot stop gambling instead they are trying to win back their losses. Gambling has an addiction effect and those that get addicted find it very hard to stop gambling in spite of all the negative feedback that they are getting from gambling like losing their money and self respect. I think the poor people are those that are gambling more and spending more money in gambling and this is why they are still very poor. The rich people  are also gambling but since they do not depend on gambling for making money, they are not always gambling.

we probably know really different people
many of the people I know, poor or rich, have really different risk aversion profiles
it's interesting to see how this is a bit separate than their total bankroll or total wealth
some people won't be interested in gambling no matter what you say
some people will have a 100% sure bet that they can bet as much as they want and will be once or twice

the interesting thing about humans is that we aren't predictable 100% of the time

You are right, we have friends and people who think differently and when playing have very different criteria, some who are poor don't mind running out of money because they only care about playing or feeling the adrenaline, because the first time a friend was like that it was like that. a casino, he spent his entire salary going to the casino just once, it was incredible how he bet so much money on a gamble and lost it and it didn't hurt him at all , so I would say that there are people who perhaps have no obligation, children, wife They don't care, but I couldn't do something like that, and even if I had no obligation I wouldn't do it either, there are very different people in the world.

[bakasabo]

I have rich and poor friends also. And I would say, that those who are rich, make reckless things less, but those who are poor, have lower respect to money. Then always make financial difficulties themselves due to poor money management. From offline casino visit observations, I can say that those friends who can afford to bet a lot of money, place less risky bets and the same amount that others place. When everyone place 5 EUR, they also do that. They dont throw 50 EUR bill everywhere. I can say that they are modest.

[irhact]

I have rich and poor friends also. And I would say, that those who are rich, make reckless things less, but those who are poor, have lower respect to money. Then always make financial difficulties themselves due to poor money management. From offline casino visit observations, I can say that those friends who can afford to bet a lot of money, place less risky bets and the same amount that others place. When everyone place 5 EUR, they also do that. They dont throw 50 EUR bill everywhere. I can say that they are modest.

I think i agree with your statement to some point and I'll add that both the rich and poor takes risk but the poor individuals are known for taking uncalculated risks, i mean a rich man could risk money and still have something to fall back to but some poor individuals would risk all they got and end up losing everything. A good number of rich men won't risk everything they got to gambling cause they're already made.

 Well, except the rich individual is greedy or addicted to gambling but it's rare, but then most poor individuals, especially those who see gambling as a source of making a fortune would always risk the little they got on different occasions just to get out of poverty,  i heard talks about how most poor people spend all they had on gambling and end up getting depressed and embark on suicidal attempts.

[jcojci]

I have rich and poor friends also. And I would say, that those who are rich, make reckless things less, but those who are poor, have lower respect to money. Then always make financial difficulties themselves due to poor money management. From offline casino visit observations, I can say that those friends who can afford to bet a lot of money, place less risky bets and the same amount that others place. When everyone place 5 EUR, they also do that. They dont throw 50 EUR bill everywhere. I can say that they are modest.

I also have some poor friends who still gamble. They don't seem to care about the money they should use to meet their living needs. They are increasingly immersed in gambling games to the point that they have to borrow money from friends. Even though they can always pay their debts, they shouldn't do that and I have too often given them advice but they haven't listened to it. The poor friend shouldn't have taken such a big risk by betting big money but they didn't listen. But I can still say they were lucky because they could win, even though it was only enough to pay off their debt. But they are starting to reduce the number of bets and are willing to listen to my advice and that of other friends.

[l3pox]

Gambling is for everyone of course. The casinos want the entire world to be gambling with them.

But, usually, it is the poorer who would end up gambling more times than the rich people.

The poor people want to become rich and they think they can get their quickly by gambling but they end up losing more money than they thought they will be winning, many people are getting frustrated daily because they are not succeeding at gambling and they cannot stop gambling instead they are trying to win back their losses. Gambling has an addiction effect and those that get addicted find it very hard to stop gambling in spite of all the negative feedback that they are getting from gambling like losing their money and self respect. I think the poor people are those that are gambling more and spending more money in gambling and this is why they are still very poor. The rich people  are also gambling but since they do not depend on gambling for making money, they are not always gambling.

we probably know really different people
many of the people I know, poor or rich, have really different risk aversion profiles
it's interesting to see how this is a bit separate than their total bankroll or total wealth
some people won't be interested in gambling no matter what you say
some people will have a 100% sure bet that they can bet as much as they want and will be once or twice

the interesting thing about humans is that we aren't predictable 100% of the time

You are right, we have friends and people who think differently and when playing have very different criteria, some who are poor don't mind running out of money because they only care about playing or feeling the adrenaline, because the first time a friend was like that it was like that. a casino, he spent his entire salary going to the casino just once, it was incredible how he bet so much money on a gamble and lost it and it didn't hurt him at all , so I would say that there are people who perhaps have no obligation, children, wife They don't care, but I couldn't do something like that, and even if I had no obligation I wouldn't do it either, there are very different people in the world.

same way with trading
you have no idea of other people's size of bankroll, risk appetite, timing for exits and entries, if they're careless or not with their positions
it's a crazy world out there and the best way is learning your own way as you go.

[Dailyscript]

The poor people want to become rich and they think they can get their quickly by gambling but they end up losing more money than they thought they will be winning, many people are getting frustrated daily because they are not succeeding at gambling and they cannot stop gambling instead they are trying to win back their losses. Gambling has an addiction effect and those that get addicted find it very hard to stop gambling in spite of all the negative feedback that they are getting from gambling like losing their money and self respect. I think the poor people are those that are gambling more and spending more money in gambling and this is why they are still very poor. The rich people  are also gambling but since they do not depend on gambling for making money, they are not always gambling.

I completely agree with you. Trying to get rich quick through gambling can be very dangerous for people who are already struggling. Poor people are mostly tempted by promise of easy money but they end up losing even more and getting stuck in cycle of addiction and financial problems. Gambling can be very hard to stop and people may keep trying to win back what they lost even if it means losing even more. Rich people who can afford to gamble do so responsibly and don't rely on it to make living. This shows how important it is to address root causes of poverty and provide help and education to break cycle of gambling addiction.

I think the poor are willing to take those risk no matter how much they lose. Being poor alone is a loss in this life and if you choose to opt out of the poor gang then you have to be willing to take actions that the rich would. If you observe what could the little money in the poor mans hand possibly afford him. Is it a car, a house or a good business. Its obvious that he can only afford something within his level, like a book, a pen, transport fare and manageable meal to eat. This is why some people prefers using their last money at hand to gamble rather than using it to eat and after some hours they are broke and hungry again. The risk is high for poor people but its worth it sometimes. I will only advice that when it comes to health and family the poor should take care of these things as they are priority first before taking any high risk when they are gambling.

[adpinbr]

Well, you have really explained a lot about it and I think you’re right There are different class of gambling and different class of human. Yes, there is some people that is extremely rich if they scramble and lose money, it doesn’t affect them they can go to the other hand, and fix them self back Without any desk stop and some don’t even have at all after everything and they will notice they have gambled away a lot

[l3pox]

Well, you have really explained a lot about it and I think you’re right There are different class of gambling and different class of human. Yes, there is some people that is extremely rich if they scramble and lose money, it doesn’t affect them they can go to the other hand, and fix them self back Without any desk stop and some don’t even have at all after everything and they will notice they have gambled away a lot

it's crazy because sometimes we make decisions without being fully aware of what we are doing by that time and when the consequences come and hit us in our faces we are a bit lost and since we weren't aware it's not 100% of the times we can reconstruct our decision process and analyze where we got it wrong

to sharpen this process I like to write and read what I wrote from time to time, really good practice for the head.

[Accardo]

I think the poor are willing to take those risk no matter how much they lose. Being poor alone is a loss in this life and if you choose to opt out of the poor gang then you have to be willing to take actions that the rich would. If you observe what could the little money in the poor mans hand possibly afford him. Is it a car, a house or a good business. Its obvious that he can only afford something within his level, like a book, a pen, transport fare and manageable meal to eat. This is why some people prefers using their last money at hand to gamble rather than using it to eat and after some hours they are broke and hungry again. The risk is high for poor people but its worth it sometimes. I will only advice that when it comes to health and family the poor should take care of these things as they are priority first before taking any high risk when they are gambling.

The risk is so high for a poor gambler just as it is for the rich. The need to be a better gambler has nothing to do with funds. Most rich players think of themselves safe due to the amount of money on their bankroll but still stand the risk of losing more money. Low income players only have to lose out little amount of money which is dear to them and would have been used for other financial responsibilities.

Such thoughts is what affects the low income player towards making mistakes. He would think of gaining back the funds. The rich gambler or high roller has some money to fall back to if he runs short of money. Unlike a low income player who would run to get loan for gambling. Also remember that every gambler takes loan including the rich. The stress of it is backup which is what the low income player doesn't have. Going risky financially is a thing both rich and poor players shouldn't enjoy doing.

[Jody.Drummer]

Well, you have really explained a lot about it and I think you’re right There are different class of gambling and different class of human. Yes, there is some people that is extremely rich if they scramble and lose money, it doesn’t affect them they can go to the other hand, and fix them self back Without any desk stop and some don’t even have at all after everything and they will notice they have gambled away a lot

One of the things that makes the rich have a stronger defense than the poor is that they have a lot of money and also they already have many ways to make money so as to make them rich, while for the poor one or two defeats maybe it can make them suffer or can make them unable to eat all day because there is no other money they have to use. But actually everything comes back to how they treat gambling itself, if for example they gamble in a way that tends to always overdo it and do not apply any limits to their gambling activities then obviously no matter how rich you are in the end you will definitely go bankrupt and lose a lot of money and this possibility applies to all gamblers regardless of rich or poor. So of course in the end in gambling we cannot fully say that rich people are free from various bad possibilities because as we know everyone has lust and usually a gambler will not stop gambling before they run out of all their money when controlled by emotions.

[nullama]

Well, you have really explained a lot about it and I think you’re right There are different class of gambling and different class of human. Yes, there is some people that is extremely rich if they scramble and lose money, it doesn’t affect them they can go to the other hand, and fix them self back Without any desk stop and some don’t even have at all after everything and they will notice they have gambled away a lot

The thing is that rich people can end up broke in the same amount of time that a poor person.

They both have the same odds, and the rich person has the ability to spend more per gambling instance.

So, if they have the same outcomes in every step, and the rich person has, say 100x more money than the poor person in the beginning, but bets 100x every step, then they both will lose all their money at the same time.

The odds are the same for everyone.

[2Pizza410000BTC]

There are risks in gambling and that risk varies from person to person depending on the rich and the poor. But as far as I know a rich man has plenty of money so he doesn't think any risk in gambling. Since the rich man has no shortage of money, he has no fear of bankruptcy even if he loses a gambling bet but does not face any financial disaster in his family. On the other hand, a poor person is financially unwell and it becomes very difficult for him to collect the money that he will bet on gambling. As a poor person cannot borrow and risk gambling or take a loan from a bank to gamble. In both cases, he has a lot of risk, especially if he borrows money from the bank, the bank can declare him bankrupt at any time if he is unable to repay the money on time. Moreover, a poor man is reluctant to provide family support, in this case, managing gambling money becomes a very difficult challenge for him to bet on gambling.

[LUCKMCFLY]

same way with trading
you have no idea of other people's size of bankroll, risk appetite, timing for exits and entries, if they're careless or not with their positions
it's a crazy world out there and the best way is learning your own way as you go.

That is why in both trading and gaming I have a premise, I always play with the money you are willing to spend, from there no more , but that is something that we must establish from the Beginning and have a lot of discipline to Comply with what we insist , there is no point in Making a risk Plan , and then we start to fail to comply with them, it is always Necessary to do the right thing, that is why always working with our money is a double-edged sword, for money and it only makes us live in a casino and in a exchange when it comes to speculating in the market, and a bad play cannot make us lose, and sometimes a good play can make us win but little money , that is why here, both in trading and in gaming , perseverance and patience are rewarded, as well as control of our money.

[GigaBit]

Well, you have really explained a lot about it and I think you’re right There are different class of gambling and different class of human. Yes, there is some people that is extremely rich if they scramble and lose money, it doesn’t affect them they can go to the other hand, and fix them self back Without any desk stop and some don’t even have at all after everything and they will notice they have gambled away a lot

Wealthy gamblers have many sources of income. And if even a small portion of that income is used in gambling, even if there is a loss, it does not affect a rich gambler. The rich have the opportunity to recover losses in any way they want. But on the one hand poor people have limited sources of income where it is hard to meet their monthly expenses and if they lose more money in gambling then it will be difficult to live with their family. Poor gamblers are therefore less likely to take risks. If they take risks, if it goes beyond their limits, there is instability in their life management. Of course the rich can take more risks than the poor. Despite the possibility of profit from taking risks by the poor, they behave in a restricted manner.

[Bravut]

Well, you have really explained a lot about it and I think you’re right There are different class of gambling and different class of human. Yes, there is some people that is extremely rich if they scramble and lose money, it doesn’t affect them they can go to the other hand, and fix them self back Without any desk stop and some don’t even have at all after everything and they will notice they have gambled away a lot

Wealthy gamblers have many sources of income. And if even a small portion of that income is used in gambling, even if there is a loss, it does not affect a rich gambler. The rich have the opportunity to recover losses in any way they want. But on the one hand poor people have limited sources of income where it is hard to meet their monthly expenses and if they lose more money in gambling then it will be difficult to live with their family. Poor gamblers are therefore less likely to take risks. If they take risks, if it goes beyond their limits, there is instability in their life management. Of course the rich can take more risks than the poor. Despite the possibility of profit from taking risks by the poor, they behave in a restricted manner.

Well said. Yeah the rich have means of recovery than the poor gambler. And often time careless about losses that might be incurred in Gambling, my take when it comes to who should risk more is, nobody should risk more than he can afford to loss thus everyone gamble within your risk tolerance level, and not a matter of wealth.

[shasan]

Well said. Yeah the rich have means of recovery than the poor gambler. And often time careless about losses that might be incurred in Gambling, my take when it comes to who should risk more is, nobody should risk more than he can afford to loss thus everyone gamble within your risk tolerance level, and not a matter of wealth.

It is very hard to recovery the poor people while there is a good number of amount is loss as the poor people might have not a good number of money to recover the previous loses. But for rich people they can invest more people and they can earn more fund.

[Dailyscript]

Well, you have really explained a lot about it and I think you’re right There are different class of gambling and different class of human. Yes, there is some people that is extremely rich if they scramble and lose money, it doesn’t affect them they can go to the other hand, and fix them self back Without any desk stop and some don’t even have at all after everything and they will notice they have gambled away a lot

Wealthy gamblers have many sources of income. And if even a small portion of that income is used in gambling, even if there is a loss, it does not affect a rich gambler. The rich have the opportunity to recover losses in any way they want. But on the one hand poor people have limited sources of income where it is hard to meet their monthly expenses and if they lose more money in gambling then it will be difficult to live with their family. Poor gamblers are therefore less likely to take risks. If they take risks, if it goes beyond their limits, there is instability in their life management. Of course the rich can take more risks than the poor. Despite the possibility of profit from taking risks by the poor, they behave in a restricted manner.

You have made valid points here. This can be relatable to investment or anything that has to do with risk. In gambling one can easily take high risk when he knows they can get back the money any moment. Sincerely it depends on the financial strength of a gambler that one can see some things as risk. To am wealthy person, allocation 5% of his entire income into a single bet may not be seen as a huge risk same thing goes to a poor gambler. 5% of his entire income is not quite a huge risk as well. But no matter how wealthy a man is if he uses 50% of his entire money to gamble on a single bet that would definitely be considered as huge risk and vice versa.

[n0ne]

We can't be judgmental about whom to risk more in gambling. There is history stating that the rich have lost their entire earnings and lived an up-and-down life. As with that, there are poor people who have made themselves even poorer by gambling. It is not about risking money, it is all about making the right decision to get out of gambling. There are a very small percentage of people who just understand well and get into gambling. They just give it a try with a small amount that doesn't affect their lives at any point. If they find themselves lucky, they just take it and leave and invest the winnings in something else rather than gambling further with the winnings. This is the wise thing to do, but the majority of gamblers don't do it.

[nullama]

We can't be judgmental about whom to risk more in gambling. There is history stating that the rich have lost their entire earnings and lived an up-and-down life. As with that, there are poor people who have made themselves even poorer by gambling. It is not about risking money, it is all about making the right decision to get out of gambling. There are a very small percentage of people who just understand well and get into gambling. They just give it a try with a small amount that doesn't affect their lives at any point. If they find themselves lucky, they just take it and leave and invest the winnings in something else rather than gambling further with the winnings. This is the wise thing to do, but the majority of gamblers don't do it.

This is spot on.

The moment someone ends up winning gambling, they should simply quit. That's because the odds are against the gambler so in the long term they will lose all their winnings, and their initial capital as well.

The worse case scenario for the gambler is when they take loans to get their money back, as they most likely will lose it all as well.