The rich is hugely favoured in gamble.

[IjawMan]

I was having a conversation about gambling with two young men and one of them said gambling is not for the poor people, that it has the proclivity to favour rich people much than with the poor, and the examples he gave  made me to come close to endorsing his interpretation.

His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

[Victorybit1]

I was having a conversation about gambling with two young men and one of them said gambling is not for the poor people, that it has the proclivity to favour rich people much than with the poor, and the examples he gave  made me to come close to endorsing his interpretation.

His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

Well it's quite understandable to relate from his view of seeing things because the initial view of gambling is something that should be done as a means of entertainment and not sort of hope of getting out of your financial status and this where the role of rich and poor gamblers come in play, because a rich gambler is actually playing to get the thrills and even if he losses his funds he won't be much affected and also the odd margin and tendency for success is high compared to the latter.

[Agbe]

I definitely agree with this idea because the fact is that gambling was originally designed for the rich and not the poor this is the main reason why you don't see many rich people getting addicted to gambling but the poor, this is because the rich people don't need to crack their head with accumulating plenty of odds they can pick one odd that has a high chance of winning and decides to use a very huge money in placing the game and the probability of winning will be high. But the poor due to lack of money to play will be targeting huge amounts of winning with just small amount of money by accumulating plenty of games which end up losing.

[Orpichukwu]

In that approach it's quite understandable, but he should not make it seem as if the rich are more favoured, sincethey use a higher amount to chase winning, which is just 2X of their staked amount. That's how they could also possibly lose the money sometimes, as going with little odds doesn't always guarantee winning, just as combining different games together is a high risk, but once you are lucky enough to win once, you are made.

[Samlucky O]

His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

Gambling doesn't favour the rich more than the poor, In as much as gambling is concerned both parties win and lose. There is no guarantee that even betting 1.11 odd is sure by the rich . I see that many people often think that staking high with less odd increase your chances of win, but forgets that staking huge is also increasing your level of lose in each bet. Let's say a rich guy who stake $1m with. 2 odd game and the game cuts, he will lose the $1m sometimes he might play such game in 3 different tickets and all result to loses and it will amount to lost of $3m within few minutes. But a poor person will gamble with what he can afford to lose. This can be staking $5 in each bet with 500 to 1000 odd and if he happens to win the game, his life will change. So lets not always see the advantage of the rich betting with less odd but we should also think of the loses. What I have been able to understand in Gambling or betting is that no odd is certain no matter how small it is. So thinking that less odd will guarantee high chance of winning, is a big lie. Go and check majority of people who follow the strategy of single bet, they lost frequently because no odd is sure.

[yhiaali3]

If we consider gambling to be just for fun, then it's for the rich because they have a lot of money and don't care about winning. They're just looking for a way to have fun and be thrilled, so they gamble large sums without worrying about losing.

I agree with you that the rich gamble with large sums of money, and they're comfortable and free from the pressure of losses, debts, and the like. Therefore, they play with complete ease and indifferent to the outcome. If they win, they're happy, and if they lose, they don't care.

[xPPx]

I wouldn’t say that the rich are favored. A large BankRoll allows one to survive huge swings, tho!

[acroman08]

Yeah, that's because they are rich, they have a lot of money that they can afford to lose, which gives them to have more opportunity to gamble more and win. But if we are strictly talking about odds, both poor and rich people are the same, both of them play in the same field, but the difference is that rich people have more funds.

[Su-asa]

I was having a conversation about gambling with two young men and one of them said gambling is not for the poor people, that it has the proclivity to favour rich people much than with the poor, and the examples he gave  made me to come close to endorsing his interpretation.

His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

What your friend don't understand is that gamble is for entertainment and so long as it's for entertainment both the rich and those with limited funds too can also have fun but it will be better if those with limited funds can gamble with what they can afford to risk. Reasons why gamble doesn't favour poor people that much is because they always want to become rich through gamble. But the poor people knows that any money they gamble with is already gone (they gave already accepted their fath immediately they bet).

[bhadz]

I was having a conversation about gambling with two young men and one of them said gambling is not for the poor people, that it has the proclivity to favour rich people much than with the poor, and the examples he gave  made me to come close to endorsing his interpretation.

His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

That's some bias argument he did there, the only thing that's favored in gambling are the houses. Because there is house edge and they're on this business to earn and not to make others win as all times with their money. While the rich has better chances due to the fact that they have more budget than the others. And so, that's what maybe he wants to tell. But to be honest, many poor are gambling because of the hope that someday they'll hit the jackpot and that's going to be the best thing ever for them that's going to be life changing.

[SUPERSAIAN]

If we consider gambling to be just for fun, then it's for the rich because they have a lot of money and don't care about winning. They're just looking for a way to have fun and be thrilled, so they gamble large sums without worrying about losing.

I agree with you that the rich gamble with large sums of money, and they're comfortable and free from the pressure of losses, debts, and the like. Therefore, they play with complete ease and indifferent to the outcome. If they win, they're happy, and if they lose, they don't care.

This is, of course, a perspective. All those flashy casinos are built for the rich people, everything is designed to provide them with more entertainment and services. Furthermore, the wealthy have a greater advantage because they have the capital to recoup losses. There's no pressure on them, such as having to win, rich people have more fun gambling.

It's possible that some wealthy individuals simply care about their losses out of greed, but we can't say that everyone doesn't care.

[Charles-Tim]

@IjawMan
The rich also know that gambling can make them to become poor if they do it irresponsibly. They prefer to play responsibly or not to gamble at all. Gambling is not a way of making money but people can do it for fun. Some people in the past are good examples as they later become poor because of gambling.

Gambling can favour and unfavour anyone, be it rich or poor. Gamble responsibly is what that matters.

As you see people like James Wynn in trading, he lose over hundreds of millions of dollars, so can something like that happen in gambling.

[Solodoski]

It's a fact that gambling really favors the rich more than the poor, just like your friend said the rich has the financial power to stake high, and they don't have to accumulate a lot of odds. They gamble with more money on little odd and that increases their chance of winning on like the poor gamblers that has to accumulate a lot of odds to stake with little money and that makes winning very difficult for them.
To be sincere I think gambling should be for the rich, because they have more chances of winning, rather than the poor.

[Floxynice]

I was having a conversation about gambling with two young men and one of them said gambling is not for the poor people, that it has the proclivity to favour rich people much than with the poor, and the examples he gave  made me to come close to endorsing his interpretation.

His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

I understand your point clearly.  However, one thing we must understand is that gambling odds do not change because of the amount involved. A 3.0 odd remains 3.0 odd irrespective of how much is at stake.

What I see here is that, the poor are mostly moved by greed and emotions which pushes them to make too numerous and wrong selections. That is why sometimes it seems like the poor do better. Well, both are risking according to their own financial capability. So if you ask me, they are both at risk and anyone can be favoured.

Instead of looking out for who gambling favours the most, we should be concerned about gambling discipline because in my own opinion, disciplined gamblers are the most favoured. They have deviced means to minimise losses and maximise profits as well.

[Z-tight]

If you have a large bankroll and you are willing to stake a good amount on single bets or on parlays of a few games, then your chances of winning is slightly higher.

Take note that placing single bets do not guarantee you will win and if you go with games with low odds, then the profit you will make on what you stake will be very small, and trying to add a few more games will now increase your risk. There is no certain way to win in gambling, if you stake very high, you are going to lose some and win some, and if your winnings are big, your losses would also be big.

[salad daging]

It is a fact that rich people gamble in large amounts and choose small odds, so the profits will be different from betting small amounts, which will yield small profits.

First, understand this:
The higher the bet, the greater the risk of loss.
If you bet a small amount, then you are prepared to lose a small amount.

Would you dare to bet large amounts even if you were rich?
My answer is no, because I don't want to take greater risks in gambling.

[Odusko]

I definitely agree with this idea because the fact is that gambling was originally designed for the rich and not the poor this is the main reason why you don't see many rich people getting addicted to gambling but the poor, this is because the rich people don't need to crack their head with accumulating plenty of odds they can pick one odd that has a high chance of winning and decides to use a very huge money in placing the game and the probability of winning will be high. But the poor due to lack of money to play will be targeting huge amounts of winning with just small amount of money by accumulating plenty of games which end up losing.

Why do we have so many gambling houses and shops within the poor people environment and have only banks and other financial institutions around rich people environment, this shows that gambling is mostly aimed at the poor much more than the rich no rich man will want to gamble with his money just because he has it, but poor men are wasteful in nature and at that can put in small, small amount into gambling much more than the rich people.

[Mia Chloe]

~snip

I'll agree with the topic title. The rich actually seem to be more flavoured in gambling because of the way they risk. Basically they actually take smaller risks that have a very high win percentage and even if the multiplier odds are small they have an advantage of initial bet amount. What I mean is if I take a 1.3 odd bet staking $1000, I stand to gain way more ( $300) if I win compared to someone who stakes $20 to gain just ($6) profit.

This is why people are tempted to place combo multiplier bets when their stake amount is small. And for those used to sports betting , they'll know a 1.3 odd is a safer bet.

[rachael9385]

I was having a conversation about gambling with two young men and one of them said gambling is not for the poor people, that it has the proclivity to favour rich people much than with the poor, and the examples he gave  made me to come close to endorsing his interpretation.

His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

Anyone can get lucky in gambling that includes tht poor as well but the chances of someone's that is rich to make it is quite higher and it's a lot easier because losing doesn't affect the rich unlike someone that's poor. There is a possibility that a rich gambler can recover losses and also make profit.  When money isn't a problem you don't mind taking certain risks and at the end of the day you might just find yourself winning

[Findingnemo]

~
His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions,  but the poor staking with $100 to win  $2 million has to pick multiple legs to accumulate odds to get such potential win.  It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.

But why, it's like putting a drag race between a bike and a MotoGP bike

Making 2 million with 1 million is pretty much easy compared to converting a 100 dollar into a million or 2 million but it's just the mathematics and honestly I don't want anyone to turn 1 mil into 2 nor the 100 into a mill because both has it's own kind of risk and doubling/multiplying your money then gambling is not the best place.