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

[oktana]

What he says makes good sense to me. Indeed, it is mostly (but not only) in poor neighborhoods that you see many gambling stores. And most people who gamble are usually poor or broke. They try their luck to make money while the wealthy people are busy taking actual risks and investing their money in businesses. To think of this better, can you tell me how many wealthy people you know who made off their wealth from gambling. They exist, maybe, but it’s 1 in a million.

[stadus]

I can't fully agree with that person because if you say that gambling shops are only placed on the poor neighbourhood then it will be wrong because all the famous and reknown casino are in those rich countries and cities. And if you talk about the banks Since it is a business organization, these are built around the areas where their profits will be high.

Only small betting shops will be placed on poor neighborhood but those big casinos for sure they will put their establishments on strategic places since they provably like to target those rich guys who's willing to spend their money on their casino.

Although he has a point regarding on statement regarding on poor mindset specially for those small time bettors who rely their luck on gambling to became so rich.

There's still a lot of learnings we can get from his statement so I guess its up to the reader on how they gonna take his massage.

Some poor countries does ban gambling because they know the effect. Although they could tax the gambling shop, but its' overall effect is so negative to the people. When you believe that gambling should be treated like we gamble what we can afford to lose, but you'll try to operate in a poor country where their income, majority of them are not even enough, so it's like putting a machine to destroy them while you benefit as the owner, it's not good.

While on banks, they could cater the poor and the rich people. Best way is to lend the poor money to start a business to improve their life, it's called micro finance loan which some rural banks has it as it's their purpose to help the people learn how to improve their financial status.

[Marykeller]

The fact that gambling can be done with a phone at any time or place, I don't think I would believe this reasoning from Erica about gambling bets.

I think the real cause of why betting shops were mostly found in poor neighborhoods is what Davidvictorson pointed out below

In Nigeria and other countries that this is described, bet shops are in places that are crowded with high population density. The rich mostly live in gated communities and it is less crowded. Physical bet shops are literally in situated in places where they have customers and their aim is to make profit. Investment banks and other banks for security and business reasons cannot be in these places. It would be madness.

I agreed with this more than what Erica tried to generalize about sporty bets being found in a poor neighborhood. Erica fails to see that sporty bets are another business of their own. It will excel better and more efficiently in areas that are crowded by humans. It's the inflow of its customers that will sustain and generate profits for them.

[Kelward]

I don't think that the musician is totally correct in his assertion that gambing establishments are mostly found in poor neighborhoods, the fact is that they're mostly situated in areas where more people will see their businesses. I see bet shops, casinos, banks and all sorts of investment firms in the same area, I don't think that there's any discrimination about where to situate gambling shops because it's a fact that the rich and poor gambles. Although I observe that there are.many lotto kiosks in the rural areas, I don't know if there are that much in rich neighborhoods, maybe it's because there are no spaces to situate these kiosks in rich neighborhoods, not because the rich can't patronize them.

[Mr. Magkaisa]

while it is not true that gambling houses can only find in poor area because trust me gambling houses in my country are located in luxurious places that I know many will also agree .

But about what the Rapper says? i completely believe that gambling is not the place where we can predict our future instead by Investing , count the people who become millionaire in gambling comparing to investors, you will see that its investing is what will bring us to success in life .

       -   Many gamblers have become millionaires from gambling, which ended up being poor because of the mismanagement of the money they won, or, in short, not being used correctly.
There are many stories like this in our country in real life.

Because most of the gamblers who became gambling millionaires come from difficult life situations where they are not used to living with a lot of money, they don't know how to handle a lot of money either. But whatever the rapper said, I don't believe what he says is different, because the banks, that's just an investment; now it's up to the people if they want to have savings or if they want to grow the money they have; it's just one of the investments, and bank are choices among those they can choose if they want to have savings or invest.

[Gozie51]

I don't think that the musician is totally correct in his assertion that gambing establishments are mostly found in poor neighborhoods, the fact is that they're mostly situated in areas where more people will see their businesses. I see bet shops, casinos, banks and all sorts of investment firms in the same area, I don't think that there's any discrimination about where to situate gambling shops because it's a fact that the rich and poor gambles. Although I observe that there are.many lotto kiosks in the rural areas, I don't know if there are that much in rich neighborhoods, maybe it's because there are no spaces to situate these kiosks in rich neighborhoods, not because the rich can't patronize them.

You already stated the obvious facts that I also agree with you on your first line of thoughts in the beginning of your post and sentence but to suggest it could be because of no space in rich neighborhoods that could make such establishment like bet shops become scarce, that I don't think so. I don't think it is because of space but the first reasons which you rightly stated which is population sake.

Why in the study of economics, there are factors of production and nearness or proximity to customer, labour/ raw materials are all considered. So likewise, you don't have to see plenty of bet shops in rich neighborhoods where you have just 50 houses for instance and only 50 families live in there and out of those 50 houses only 5 house holds gamble from time to time and so who is going to patronize the bet shops if they were 3-5 bet shops  But if you go to poor neighborhoods so to speak, that 50 houses could also have house holds numbering up to 150 because of the nature of the building of the houses and demarcations and then the 150 house holds could have 100 house holds who gamble. So the point is business thrives when there is patronage.

[EluguHcman]

He actually mean that... gambling is not a sure place to  staked your money and make profits and gambling shop owners knowing the desperations of the vulnerables to get rich with the mentality that they can be lucky to win huge amount of money somedays and the gambling shop owners quite aware that it is impossible to actualize that makes the gambling reachable and spreading them all over the local areas to maximize their incomes as much as the poor are desperately chasing the profits while gambling.

And the other hand is that the real lucrative and productive firms such as the investment and most automated centralized sectors with empowerment opportunities are situated in the cities where they think they can find reputable persons that can deliver their jobs and also for security wise.

[Awaklara]

What he says makes good sense to me. Indeed, it is mostly (but not only) in poor neighborhoods that you see many gambling stores. And most people who gamble are usually poor or broke. They try their luck to make money while the wealthy people are busy taking actual risks and investing their money in businesses. To think of this better, can you tell me how many wealthy people you know who made off their wealth from gambling. They exist, maybe, but it’s 1 in a million.

If gambling among rich people, I think it will be a different gambling shop class, with most or close to the environment of people with the lower middle economy.
Those who bet know the risks. And the rich do not want to take risks with the money they fight for. They can play but they are smarter and most of them know their boundaries.
Inversely proportional to people with ordinary finances. They hope to get good luck to get greater results from gambling. They know the risks, but their hopes for the results that can be obtained from gambling are too high. That's what makes more people with mediocre income and even poor gambling often.

[mv1986]

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.

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?

Tend to agree maybe yes, but it is an overgeneralization. You can find all of that stuff in Las Vegas too, and I bet a lot of rich people are there to be found, or a lot of rich people are there making money with the infrastructure. It's two ways here: I get his point, but I am not sure he got his words correct. If it was as simple as that, I bet you could find plenty of counter examples. What is true though is that if he is talking about the richest places in New York and London, which are most likely banking locations and stuff, the poor could probably not afford the rents there. Yes those places probably offer gambling and pools for the rich as well.

[Dr.Bitcoin_Strange]

From what he said, I agree that most poor people believe that money or wealth is inherited by luck, while the rich always know that they have to invest in order to make more money. A lot of the rich men in the world today didn't make their wealth from gambling winnings; it was through hard work, smart work, discipline, and investment that they managed to create wealth for themselves. They never became rich because they were gamblers. Only a few people were able to use the money they won from gambling to entertain themselves. 

Rich people can believe in investment but they should know that luck and opportunity helped them there and make them become rich. There are people that have talent like them but not rich. Lack of exposure is the reason some people are not just rich. Some are not rich because of the environment they are. When they become rich, their thinking of luck and opportunity can reduce but they can not be rich if they do not have luck to be rich in life.

There are lots of people that are not rich and not believe also in gambling. Some people are not rich but still satisfied and hoping for a better tomorrow. Poor people can gamble and be losing and know that gambling can not do them any good. There are many people that invested in their children and get them good education believing that their children can become rich in life and make them leave the condition they are.

But I hope you understand that becoming rich or attaining wealth is practical and not theoretical. Despite that, I would agree that one needs to be luckily faced with a good opportunity, which can give them a high chance of becoming wealthy. I also believe that labour is more applicable than luck. If I should evaluate it, I would say that one needs to apply about 80–95% of labour and hope that 5% of luck can do the rest of the job. 

Even if you are working smartly, most times you will stress your brain so much that it could still be said that you are labouring your brain to get a good (exceptional) result. 

One thing about becoming rich is doing the right thing at the right time and in the right place. If you take opportunities by the hand at the right time when they present themselves, if you meet the right people at the right time when they will be willing to listen to what you have to say before they can help you, If you also find yourself around good people who are willing and ready to help people in your category of business or career grow, Being rich and wealthy is more practical; "luck" should not be overemphasized. We know that luck is there, but it should not be overemphasized. 

In conclusion, even some very rich people still become foolish at last that they will waste all their entire life fortune in gambling. We have hard stories of rich people that started gambling because they thought they can archive more wealth from there but at the end, they got addicted and ended up to lose their entire life savings in gambling. Where should we clarify such rich people? As those that believed in labour but later turn to believing that life is just all about being lucky and that was why they started gambling, believing in luck until they lose all they've got. Ah... Funny...

[retreat]

What about Las Vegas, Macau, and Marina Bay SG, are these places poor people's neighborhoods? So I feel that his statement is just his personal opinion based on the experience he has of seeing the conditions in his country, and that is okay, because it is based on the evidence there (although this may need to be clarified further). However, we cannot take this statement to other countries, because in other places the case may not apply and societal conditions may be different.
And his last statement which says that "wealth is a matter of mentality, not luck" I half agree and half disagree. Because there are many factors that make a person rich, and luck can be one of these factors - there are many stories of how people became rich with their luck. And what's more, investment alone cannot make you rich, it is just one way to become rich, because investment is not one hundred percent profitable, sometimes you find shit in your investment. But yeah, the advice to become rich with investments is the best advice - and gambling to get rich is a mistake of thinking.

[Yatsan]

We will have different opinions on this. The only problem I see on his point is the tone of being discriminative and conclusive. Everything is a matter of what works best for you. It all depends on how you view being rich is. Some became rich out of their profession, some are with investments and yes there are also people who made fortune in gambling. Determine which method will work on your circumstances. You could gamble without desiring of becoming rich as well; just a source of entertainment. We all know the importance of investments. However we have different pathways and goals to achieve in our lives. You could choose or create your own route. Not all investors became rich in the first place and same goes with other gamblers as we all know.

I don't think that the musician is totally correct in his assertion that gambing establishments are mostly found in poor neighborhoods, the fact is that they're mostly situated in areas where more people will see their businesses. I see bet shops, casinos, banks and all sorts of investment firms in the same area, I don't think that there's any discrimination about where to situate gambling shops because it's a fact that the rich and poor gambles. Although I observe that there are.many lotto kiosks in the rural areas, I don't know if there are that much in rich neighborhoods, maybe it's because there are no spaces to situate these kiosks in rich neighborhoods, not because the rich can't patronize them.

Indeed, gambling shops is a form of investment as well. And no investment does not accomodate a demand from people and on this instance, gamblers which is why I don't see anything wrong with it. There are also rich people who are engaging to gambling activities which is another thing that he should be looking into, as well.

[tread93]

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.

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?

Homie has his hater blockers on. I mean investment bankers still have these types of establishments they’re just in another form right? In a casino or in some other money raking taking method.

[robelneo]

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.

I am not generalizing but the majority of poor people engage in gambling houses and betting shops in the hope of alleviating their present situation in the fastest possible way they are likely to get more bettors in the poor neighborhoods.
Many rich people are investment literate they know that money begets money which is why these investment companies are situated in their vicinity, these investment companies are likely to get more clients and investors in this area than in the poor neighborhoods.
And besides these investment companies' portfolios are expensive something that poor people cannot afford to avail of, poor people live on their daily wage income while rich people have a lot of money to spare for investment.

[Bananington]

And the other hand is that the real lucrative and productive firms such as the investment and most automated centralized sectors with empowerment opportunities are situated in the cities where they think they can find reputable persons that can deliver their jobs and also for security wise.

Gambling companies target poor environment to build their business because they know that it's the poor people that gamble more because they're looking for a life changing opportunity in their life and they believe that they can get this though gambling. Gambling business is lucrative in the poor environment and not the rich because the rich gamble for entertainment.

The poor are always the ones getting the business that will only make them to be losing money but the rich people get all the good business to invest into because they have the money that the poor don't have.
Business are looking for investors that'll make their business successful therefore they will not care about what the poor can offer but only interested in the big check that the rich people will give to them therefore we'll always find gambling shops in the poor surrounding and investment banks in the rich environment.

[len01]

What do you guys think about this?

IMO, he only refers to (a way of making money) and according to him gambling is one way of making money, without realizing that gambling is just a place for someone who wants to find entertainment with a little money and if they are lucky, it is a little bonus from the fun we have pay.
But I like the quote, because it make some gamblers aware that they may be addicted because they are triggered by the desire to earn large amounts of money from gambling and this quote from Erigga can give a slap to gambling addicts who only think about earning money from gambling.

And back again to each individual's thoughts because betting shops and investment banks actually have different meanings but sometimes someone interprets both as the same as making money, but not for me.

[dansus021]

Hahahha but those guys are right in my opinion that Investment can make you rich and grow more money the wise man said "If you want to make money you must spend the money" and Investment are the great way to do that and bitcoin already prove it.

Tho gambling can be starter if you lucky enough and get 1 million dollar from it and start to move that money into kind of investment haha

[Hewlet]

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.

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?

what he's probably familiar with is the regular sports betting  which is more in local environment due to the higher population of people in those location. It's more about choice of gambling and not always about sports betting. Most people in an environment that's occupied by rich people might not visit betting shops that frequently but that doesn't mean that they aren't sport betters. It's just like considering the numbers of sports viewing centers we have in a typical estate to the number we have in a typical Nigerian street. We all know that most estate don't have a lot of sports viewing centers even though they actively watch h football. Can you conclude that because there are fewer viewing centers at most Nigerian estates that the poor people watch more matches than those living in a more serene environment? That's far from it.

Investment isn't same with gambling and the primary customers of an investment firm isn't same with those that are interested in gambling. Because of this difference, it's understandable to know that if you're considering establishing an investment site you wouldn't opt for an environment where you wouldn't have more customers. Poor people might not be too interested in making some of these huge investments offers these big firms bring to the market and that's the basic reason why there site isn't situated in such areas.

[0t3p0t]

I think this is all about mindset and what that guy is trying to say is actually true that gambling if possible is only for those who are having a stable income or has achieved financial freedom and for the poor people investment should be the priority instead of wasting money from nothing. Gambling isn't the right way to make stable income however it is the best way to lose money.

[Assface16678]

I slightly disagree with that, I mean rich people are mostly a big spender when it comes to gambling well its given becaude they have a lot of assets and for them gambling is for entertainment and fun and also rich people often also being addicted to gambling well its common, I think the difference between people with wealth and doesn't or unfortunate people is that their views in gambling are different, for people with wealth gambling is just an entertainment, but for average or poor people gambling is their hope ro become rich, because of hoping to have an instant life changing event they bet on lotto more often or they do gambling in hope to hit a jackpot, from there you will see why most of casino establishment and casino platforms are within the poor places as those owners take advantage of the desperation of those kind of people.