Is gambling only for the rich People?

[vs2014]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

[kanftka]

Gambling can’t be only for the rich. The same way the rich people can forget about losses because it does not affect them much, an average earner can also ignore losses if they are gambling with spare cash or money that is not meant for something important.

The real issue is not even about being rich or poor, it is more of discipline. If someone start to using money meant for essential needs, that is an issue then.

And those people taking loans to gamble are just making very bad decisions. That is not risk taking at all, it is lack of control.

[Julien_Olynpic]

Can the rich easily forget about losing money? I don't think so. It all depends on how a person got rich. If they simply inherited money or are the child of wealthy parents, they won't value their money and likely won't be skilled enough to manage it. If, however, a person has become wealthy through their own efforts, they will know the value of their money. Furthermore, the rich can place large bets. These bets can be so large that a bankroll can quickly disappear. And it will be difficult for a rich person to "move to another city."

[bitbollo]

I never met a "rich person" that was gambling "like a fool" or running out after losing a bet/loan from a bank (!)

For sure, rich cares of money MORE of people that doesn't have.
This is why they really have a fear to lose it and this is why they rarely gamble. Even with bitcoin... in the early time there was a reason for gambling with it (and even whales was using to gamble). Nowadays is completely different....

About taking a loan for gambling --> no in any case, even with or without money
If people in your country take loans for gambling, yes this is a HUGE problem .... I don't think that banks will not seek them ....

[viljy]

Gambling has always been common among all segments of the population, not just the rich. With the expansion of online gambling, on the contrary, there are many more poor gamblers. As for people who take out loans for the purpose of gambling, this is due to either an extreme degree of desperation or limited intelligence.

Moreover, in both cases, near-criminal behavior is the norm (non-repayment of the loan is either allowed due to circumstances or intentionally planned). In today's world, it is quite difficult to hide from creditors. But apparently there are still countries where time passes a few hundred years slower, if this is feasible. It's hard to believe (although maybe the loans are very small).

[Text]

I don’t think gambling is only for rich people but I agree that money changes how people deal with it. For the rich, losses may not hurt as much so they can take bigger risks without thinking twice but for ordinary people especially those who borrow money just to gamble, the consequences can be very serious.

[m2017]

The rich can easily forget the loss of money so they are ready to gamble at any time.

It's just that the rich have a higher loss limit.

If you take out a loan and lose money on gambling, how will you repay the loan?

A subsequent casino win will allow to pay off all previous loans and live richly and happily with the remaining money.

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

So it turns out that banks are sponsoring the gambling industry?

"Is gambling only for the rich People?" - If we take into account that the chances of losing in gambling are higher, then only rich people can afford to lose (because they have more financial resources than the poor).

[Bitcoin.com97]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

Gambling is not for the rich alone, it’s for everyone, it’s not written anywhere that it’s only for the rich , Many people usually take loan to gamble  which is very wrong , but majority are addicted gamblers, who don’t think about the disadvantages that comes with it,, because taking loan to gamble is very risky, especially when gambling is just a game of luck , winning is never certain, the rich are just high stakers and their loses don’t usually get to them that much like the way other people will feel especially people who don’t much money ,  when they lose , they usually get back to their feet quickly because to some it’s just the entertainment and money spent on it is not something that can keep them down for long , gambling is for everyone not just for a particular set of people .

[Ruttoshi]

Gambling is for all both the rich and the poor since gambling is part of human nature. You are to gamble according to the leftover of your income after taking care of your monthly basic needs and expenses. If you're a rich man or poor man, anyone that gamble beyond the amount of money that he can afford to lose will be affected directly or indirectly.

What matters the most is discipline and self control. If you gamble in a responsible way as a poor man, you wouldn't take a loan to gamble neither, will you feel like gambling when you don't have extra money assigned to gambling. This is the essence of setting up a gambling budget for your gambling activities. Gambling is fun and cheap to afford.

[Samlucky O]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

a gambler that dont have a source to pay back is not even supposed to take loan to gamble, knowing the payback will be a problem. because of this reason is why they said you should gamble with what you can afford to lose. when you gamble with what you cant afford to lose then you are taking unnecessary risk.  

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

does fleeing to another city solve the problem of loan? as far as the person is within the country, he can not escape loan. failure to pay loan will only tarnish your reputation in the country. your name will be submitted to the credit bureau. and this will deprive you of loan anywhere in the country and it may still deprive you of going to another country if you dont pay. its only an ignorant fool that will think that he can go scortt free after taken loan when their database is online and with all financial institution.

[Dave1]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

What you do mean? everyone can gamble and play. You are talking about the obvious, wealthy people has tons of money to begin with, that's why they can gamble anytime and not taking any loans.

I guess what you describe are gamblers that might be addicted to it. That's why they are taking loans to fuel their gambling activity. Because if you are still in the right frame of mind, then I doubt that you will go to that extremes. Because gambling is all about it and if you have to take it and didn't win then it's going to cost a lot of problems in your life. So we don't advise taking private loans to gamble, simple as that.

[Kelward]

Gambling is for everybody whether you're rich, middle-class or poor if you gamble responsibly then it's for you but if you're an irresponsible gambler it doesn't matter your financial standing you will be addicted and will go bankrupt. We all should gamble with amount that we can afford to loose, no matter your financial capabilities if you are gambling with money that you are supposed to use for important things it will affect negatively. Although a rich person can afford to loose more money in gambling than a poor person because he has more than enough while a poor person can only afford to loose a very small amount, as long as it's what they can afford to loose gambling is for both of them.

[cocadalcan]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

Gamblers who gamble with debt include compulsive gamblers. Gamblers who are in the early stages of gambling or have not yet lost much money from gambling will not try to gamble with debt. Gamblers who lose regularly at gambling can lead themselves to dangerous levels. Most of them know that they may lose on the next bet, but they also think that they may win on the next bet and recover some of their lost funds.
In the final stages of gambling addiction they become irresponsible towards their families and end up in debt. Be responsible to prevent gambling addiction.

[Bd officer]

Actually it happens in my area too, many people borrow money for gambling but cannot pay money due to which they flee the area. My question is why do they take loans for gambling? You use money from your income that you can lose.
But I think gambling is not only for rich people, because I am not rich people but I gamble and forget the lost money easily.

[danherbias07]

That's what you think.

Many of the rich people are afraid of getting poor, so they don't just waste money on something that will not be important to them. Gambling can be one of them. In order to maintain the status of being rich, they need to be wise about spending money. So, no, gambling ain't for the rich.
It's actually the other way around. It's for the poor. It gives hope to a poor person that he might double his money or win the jackpot. That's why many poor people take loans and borrow money from friends or family to satisfy their gambling problem.

[fruktik]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

I took out a loan for gambling. How did it end? I lost everything. I ended up owing the bank a large sum. It took me over five years to pay it back.

I don't quite understand how moving to another city can prevent me from paying off the loan. The bank will find the debtor anywhere in the country anyway. There's no escape. So, this is complete nonsense.

[Italian Panic]

If you want to gamble without any real stakes and don’t care whether you win or lose, then it’s only for the rich. But if winning or losing makes a real difference to you, then you are not rich and you need to be very careful about what you do. For example, I would never go and gamble thousands of dollars in Las Vegas or Atlantic City if I were poor; if I were rich, though, I might well treat myself to an evening in the company of a lovely lady.

[nimogsm]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

There's absolutely no logic to their actions. What's certain is that banks are clearly making a good profit on interest in your area. And if this is happening en masse, then the problem is also widespread.It's hard to believe that such players will be able to break free from the debt loop and live a normal life; this already closely resembles an addiction and a lack of desire to take control of their lives.

[swogerino]

The rich can easily forget the loss of money so they are ready to gamble at any time. If you take out a loan and lose money on gambling, how will you repay the loan?

Many people in my country take loans from banks to gamble and when they fail to repay they flee the area and move to another city.

People used to do that in my country a lot and they use to change banks in early years like in 2000-s because each bank knew only their clients and the loans they had taken. Soon after though this was not possible as banks made a common system through the help of central bank so each bank could see each customer loans also on other banks. They knew even if you got away to another city and they could always chase you, nothing more they can do, they call it a Npl - non performing loan when you got the loan without collateral and cannot pay. As gambling is not only for the rich base on the story here.

[TedMosby]

Rich people are indeed the group of people that gamble more often.
They spend more money, BUT people with lower income are the ones most affected because they spend unwisely.
They spend a larger proportion of their income on gambling [1].
The top 1% of gamblers deposit, on average, 58% of their income [2].

Source:
[1] https://pmc.ncbi.nlm.nih.gov/articles/PMC8643406
[2] https://focusgn.com/oxford-study-finds-biggest-gamblers-bet-58-of-income