Gambling/betting shops vs Investment banks - Do you believe this guy's opinion?

[ralle14]

What do you guys think about this?

Maybe that's what he noticed in his country because it's easy for them to open up a gambling shop. In my country, it's the opposite, you don't find gambling shops that often, and the banks here are so accessible that you'll bump into them from one street to another.

Still, there could be a lot who'll agree because I remember visiting a thread back then that covered a topic about the UK struggling through that same situation.

[passwordnow]

I do not believe with that because it's been highlighted that there were gambling houses in the poor neighborhoods but I'm sure that there must be some banks and investments areas there as well. While the location or area where you've grown up plays a big part on what you can be as you grow old, still, the mindset of an individual will have it all then.

If you've been living in the poor neighborhood and your parents telling you not to gamble because it will lose your money, then you have to listen and you will find a way and dream about getting out of that neighborhood as you grow older and when you become eligible to work and/or study. But if that's the opinion of that guy, he's not wrong either. That's an opinion that has to struck to everybody, whether you're poor, rich or average, you have to appreciate that guy's opinion about what's been sinking in the reality to change people's minds.

[Potato Chips]

Felt like he has oversimplified stuff lol. Investments have risk too, you know. It doesn't necessarily translate to saturated money. People can get burned by their investments.

In my country, fiat investments have started to reach the lower class thanks to internet. However, with a small capital, it'll be hard to achieve great gains -- it may just be some gimmick from fintech companies tbh. Perhaps that's why it makes sense that the rich are typically the target audience of these. We also have casinos in rich neighborhoods or places rich people come like hotels.

As for gambling, you can have fun with just a couple of bucks.   Ultimately, they're two different things, investments can be an actual passive income while gambling isn't.

[Oshosondy]

Still, there could be a lot who'll agree because I remember visiting a thread back then that covered a topic about the UK struggling through that same situation.

That guy is from Nigeria and it is a lie if you can confirm it from Nigerians. As poor people are exposed to gambling in Nigeria so are average and rich people exposed to gambling both online and offline. I believe if there can be a way we can see who lost money most to gambling in Nigeria, it will not be surprising if it is the rich people. You may not see the rich people in betting shops but they know how to do it online. If you have good phone or laptop, there is not reason to visit betting shops. What the man said is not true.

[wiss19]

What do you guys think about this?

Maybe that's what he noticed in his country because it's easy for them to open up a gambling shop. In my country, it's the opposite, you don't find gambling shops that often, and the banks here are so accessible that you'll bump into them from one street to another.

Still, there could be a lot who'll agree because I remember visiting a thread back then that covered a topic about the UK struggling through that same situation.

I think only a few countries have banned gambling and then there are only places that gambling shops are less. Same here in the place where I live. That is because we are away from the city and it's not an ideal location here even for other businesses.

It's also normal that we can find banks often because they are more legal and then everyone needs them. It's like a necessity in our life. One can't just setup a bank, so a betting shop will still be a better option and we can also set up one online. It's much easier. Now if in terms of investing money like on how we invest in a crypto, banks offer it the most and many people invests on them.

[danherbias07]

This is true, in my opinion, and I think the establishment's position is proof of that.

Poor neighborhood or let's just say residential place with average-salary people. That's the target for gambling. Some would say "they have less money", I would think twice about that. I've seen people waste more money than their salary and I am still curious up until now on where they are getting it.
As I get older, I have an idea where the money comes from, it's either their savings or they are getting loans from different people.
What will be their collateral? Many things. House, motorcycle, wristwatches, gold, and more. With so many loan sharks in the gambling industry, they will take anything with value as collateral as long as the guy will exchange it for a low price.

I don't know they position of investment banks but I can see most of them are in the business districts.

[adultcrypto]

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

His opinion is not in tune with reality because he has failed to understand that gambling is not exclusively reserved for the poor. Maybe he is using the betting shops in his neighbourhood to generalised, forgetting that casinos and gambling shops are also located in rich neighbourhoods with rich people deeply involved. Perhaps Erriga has forgotten that prominent people like Drake also gamble.

I understand his point about investmemt but he is using a wrong comparison.  Poor people gambke for sure but they are not the people sustaining the gambling industry, which happens to be one of the biggest industry making impact across the globe. Gambling is not new either, just that it has advanced just like every other industry feeling the impact of technology.

[michellee]

He can say like that in his social media. But we don't have to follow whatever he say. We mush have our choice that maybe different than him. But he say it is right about gambling/betting shops is at poor neighborhoods and investment bank is at rich neighborhoods.

That is because gambling can attract poor people to test his luck and wins some money. That can makes them lose and gets poorer than before. While rich people becomes richer from their investments.

If poor people knows about Bitcoin, they can choose Bitcoin as their investment and not playing gambling. By investing in Bitcoin, all people will have the same chance to make a profit in the future. That will gives them ways to make money without playing gambling but using the investment.

[Frankolala]

From that guy speech he is only critizing gambling, and nothing more. Betshops are everywhere both in rich and poor environments. Banks will definitely be located in the city where there will be more population and enough security and not in a ghetto.

He should also understand that gambling is for fun and these days people no longer gamble that much in casinos but online in this generation, so his conclusion on gambling is wrong. I think he is saying that to his followers and who cares about what he says.

[Jawhead999]

Investment doesn't make you rich, revenue is. Investment is really overrated recently, many people are selling the dream to get rich from investment, while getting rich through investment is nothing different to luck. To get rich, you need to be hard worker, focus on one thing and being consistent, but most people fail, that's why didn't make a lot money.

Investing in Bitcoin for 4 years only make your capital double or triple, if you only have small amount of money, you won't earn much.

[Peanutswar]

Its the reason why knowledge is an investment, if you are aware with the different asset that gives you a good profit even you are sleeping you are earning instead hoping in gambling that a higher chance of loss. if you are well invested in knowledge for sure you will realize to yourself those gambling money can be use into other things that sustains your daily needs and even make a savings while having an investment. People have different perspective and its hard to make other change their mind once they already adopted this kind of routine. For me investment is for wise people and gambling is for risk takers.

[Gozie51]

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?

I think the reason for what he said is because of what the situation is. Although we are now beginning to have offline betting shops in places occupied by rich fellows but the observation is right to me. You see banks, microfinance, investment platforms in high places because they probably understand the purpose of investment or they have enough to save from but poor areas actually require what will help them "make money ". So I think that could be his reason.

Another reason for this is that you see alot of betting shops in high populated areas because of patronage. Poor areas are usually densely populated and so sighting such business in such areas would give ROI faster than if it was in a less populated area and usually rich areas have fewer people inhabiting it whilst such gambling businesses thrive more in populated areas.

[stompix]

There are no superstores or DIY superstores in my city center also, does that mean rich people eat less and don't buy anything for their homes be it rugs or drapes or pet food? One of the richest neighborhoods around has barely one restaurant and some coffee shops, does that mean rich people eat less out? 

The most luxurious casinos are either in city centers or in the most expensive tourist areas, they are not in a ghetto in any country, and banks are spread everywhere where there are enough customers to serve, just like basically every single business that actually wants to survive.
But yeah, let's find again some other culprit because the blame has to keep being passed on and on and on...

And speaking of, how would those betting companies make money by targeting only poor people? Usually, you don't want to sell, your product to some who, outrageous idea here, has money?

[Maslate]

Both investments are actually profitable; you just need to choose where your passion lies. If you are a gambler, of course, you'll choose a gambling house as an investment because not only will you profit, but you will also enjoy it. I’ve worked in the banking industry before. I may not be an investor, but I can tell you that running a bank is very complicated. Regulators scrutinize your every move, and any mistake can result in penalties. There’s a big difference between a bank and a casino because banking is a business of trust where depositors entrust their money to you, whereas, in gambling, you have random gamblers who come and go, but at the end of the day, you still make money.

As for industry comparison, although gambling is already a billion-dollar industry, banking is way bigger than that.

[dimonstration]

From that guy speech he is only critizing gambling, and nothing more. Betshops are everywhere both in rich and poor environments. Banks will definitely be located in the city where there will be more population and enough security and not in a ghetto.

I’m a gambler but I understand the message of his post. It’s hurtful but there’s a value on his message since he just want to emphasize that poor depends on luck and other nonexistent belief about quick rich while rich people usually use the traditional method of investment rather than relying on luck in able to gain.

He should also understand that gambling is for fun and these days people no longer gamble that much in casinos but online in this generation, so his conclusion on gambling is wrong. I think he is saying that to his followers and who cares about what he says.

This is true in reality but we already know that most of the gambler play not for fun but rather for profit. That’s why many still gamble hoping they will be a millionaire with just a lucky win in gambling.

[YOSHIE]

What do you guys think about this?

Of course Erigga has a point, he said that from the perspective of the dark side of gambling and investment in his country (Nigeria), maybe if he went to Las Vegas or Macau of course Erigga's words wouldn't apply.
Because everyone in this world knows life in these two places, gambling is only for the rich, poor people prefer to invest for their future, because they know gambling and investment banking have a different understanding of making money, life in Nigeria and other countries is different, that's for sure, whether it's from the perspective of gambling and investment banking.

As far as I know, in Nigeria it is difficult for poor people to access investment banks, traditional or online gambling is easy for those who are poor, while for rich people it is easy to access investment banks. Due to these factors, Erigga thinks so, in fact this only happens in Nigeria, Other countries don't like that, I'm sure Erigga is talking only to people in his country, not to other countries, from his perspective on gambling and investment banking.

[Moreno233]

Investment doesn't make you rich, revenue is. Investment is really overrated recently, many people are selling the dream to get rich from investment, while getting rich through investment is nothing different to luck. To get rich, you need to be hard worker, focus on one thing and being consistent, but most people fail, that's why didn't make a lot money.

Investing in Bitcoin for 4 years only make your capital double or triple, if you only have small amount of money, you won't earn much.

It's really difficult to comprehend what you are saying because I'm wondering what will make one rich if investment will not do the magic. Besides, investment is not only money, it can be in the form of time and other resources and anything that you give something to get some reward is investment. Some of the world's richest people actually invested money into businesses or other peoples ideas and that changed their lives. We should never underrate the power of investing. I think the post was about someone saying that gambling is not a great way to make money whereas investment in stocks, shares and other tangible assets is, and that the rich think in the direction of the later whereas the poor think in the direction of quick money from gambling.

[Ultegra134]

I don't know him, and I'm not from Nigeria either, but there is some truth in what he's saying, albeit not exactly how he's expressing it; location has no bearing on this. There's a reason why the poorest nations have the highest gambling rates: they believe they can exit the vicious cycle of being low or middle class by simply hoping for a miracle, such as winning the lotto.

However, you cannot be so dogmatic when expressing yourself, which is merely your opinion, not based on any facts or data. Luck does play a role; some people are born wealthy while others barely make ends meet from the very first moment in their lives. Breaking the cycle is almost impossible in such cases.

[Jawhead999]

Investment doesn't make you rich, revenue is. Investment is really overrated recently, many people are selling the dream to get rich from investment, while getting rich through investment is nothing different to luck. To get rich, you need to be hard worker, focus on one thing and being consistent, but most people fail, that's why didn't make a lot money.

Investing in Bitcoin for 4 years only make your capital double or triple, if you only have small amount of money, you won't earn much.

It's really difficult to comprehend what you are saying because I'm wondering what will make one rich if investment will not do the magic. Besides, investment is not only money, it can be in the form of time and other resources and anything that you give something to get some reward is investment. Some of the world's richest people actually invested money into businesses or other peoples ideas and that changed their lives. We should never underrate the power of investing. I think the post was about someone saying that gambling is not a great way to make money whereas investment in stocks, shares and other tangible assets is, and that the rich think in the direction of the later whereas the poor think in the direction of quick money from gambling.

In this context, investments are only limited to "investment banks, equity firms and asset management companies" those are people who already rich, not from someone who born poor and want to get rich.

Investment banks, you need to become priority member.
Equity firms, you want to take a loan to start business and you need valid collateral.
Asset management companies, for rich people who don't have time to manage their money.

If you don't understand what I'm saying, then I will illustrate it.

Let's say Bob make $1 Million per month, he save 50% of his money which is $500K in banks and not want to invest.
While Eve make $1,000 per month, she always consistently invest $800 in Bitcoin.

Now, do you think which one is richer? Bob or Eve.

[serjent05]

This is true, in my opinion, and I think the establishment's position is proof of that.

Poor neighborhood or let's just say residential place with average-salary people. That's the target for gambling. Some would say "they have less money", I would think twice about that. I've seen people waste more money than their salary and I am still curious up until now on where they are getting it.

It differ from place to place, I think that guy lacks keen observation.  Even a person who knows what's happening in Nigeria stated that it is not true.  And in my place, there is more banks and financial firms even though it is not from a rich environment.  Another thing casinos and gambling establishment in my country can be seen everywhere regardless of the environment.  The place where the offices establish is dependent on the strategy of the owner and how he think the place can gather customers and not because they are poor or rich people.

As I get older, I have an idea where the money comes from, it's either their savings or they are getting loans from different people.

I think you forget the other main source of money ... a person's job and business.  Savings are just the extra of the money they had earned from their sources of income, while loan is just an additional option to borrow money unlike the two sources I stated.

I don't know they position of investment banks but I can see most of them are in the business districts.

In my place, banks are also located in the residential area but obviously, they have their offices in a commercial area within that residential district.

Let's say Bob make $1 Million per month, he save 50% of his money which is $500K in banks and not want to invest.
While Eve make $1,000 per month, she always consistently invest $800 in Bitcoin.

Now, do you think which one is richer? Bob or Eve.

It is obviously Bob is richer at the current state.  Depending on the movement of Bitcoin market, Eve might get richer if Bitcoin price increase by at least 625 times in the future.  This may take more than 2 decade at least if Bitcoin price continue to increase.  But if Bitcoin price became stagnant or increase at most 10x, Bob will still be the richer one.  For Eve to be richer than Bob Bitcoin needs to have a price of at least $40,171,330.3425‬.