Why does the rich gamble.

[Mr_Brilliant$]

First of all, gambling is not a place to get richer… I think that mindset is wrong from the onset.. Once someone starts depending on gambling as a way to make money or solve financial problems, then they’re not serious..  And secondly, someone does not have to be rich before they can enjoy gambling or play for fun…
Even average people can gamble responsibly just for entertainment, as long as they know their limits and only use money they can afford to lose..  The real difference is mindset.. Rich people usually don’t attach survival to gambling, while many poor people enter it hoping to change their life overnight, and that is what mostly differentiate both of them..

[Odusko]

It is not possible that all rich people are gambling for fun just like the way you generalized them to gamble for fun. I guess a lot of rich people are also gambling to increase their wealth that's why they also lose huge amount of money. If it's entertainment alone, they might only gamble with small amount of money, but since some of them are also gambling to increase their wealth that's why they gamble with a lot of money. Rich people doesn't depend on one source of income or investment, they spread out their money into different places, and I believe for some rich people, gamble is also part of the things they hope on to get money.

I don't believe either, because the rich naturally have what give th fun and does not need something like gambling to give the fun, they have a life that is less of stress so for that, gambling or relaxation and fun is not included in their ruitin, for them time is money and never to b wasted likewise money to them is always an asset and looking or way to double the money instead wasting it chasing just fun. They gamble with expectations to win more money as gain from their activities in gambling or they avoid it totally I I
If they are losing money from gambling.

[terrific]

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

Very rare to see gamblers who became rich with gambling but we know that there are.
From the professional gambling scene, to jackpot winners and the casual gamblers.
I don't think that most of them are boasting how they have become rich in gambling. They know about taxes, relatives chasing them and asking for some giveaway.
That's why if there are some gamblers who became rich in gambling, I'm sure that most of them are kept quiet.
And when they have become rich, they also do the work of the rich people as they also invest into long term assets.

[alegotardo]

There are rich people who play gamble, and I think the idea is not to get richer with gambling. I believe the rich people gamble more for fun since gambling is not their main source of income, and each time a rich man looses money to gambling there will be no sleepless moment because he can afford to loose such big amount of money. But unlike the rich people, the poor people gamble not for fun, but with the feeling to make money from gambling, and each time such poor gambler looses money, he or she faces sleepless moment, and they gamble more often striving to record wins.

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

What is your take on this?

I do not think that its about money!
In fact, There are many people with financial problems who believe find the solution of their problem in gambling, but I think the percentage of people with financial problems who gamble is very small.

Than... many people who gamble do not have financial problems before they start gambling... many have an comfortable life, right? So why do they gamble!?

I think it because they are facing other problems... family issues or lack of friends, problems at work..... some emotional suffering, so they find on gambling a way to escape of this, just like there are people who become addicted to alcohol or cigarettes, and gambling becomes an addiction and an escape route from this problems.

Rich people also have problems and I think they gamble to escape something or to fill a void... and it is not money!

[AmoreJaz]

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

Very rare to see gamblers who became rich with gambling but we know that there are.
From the professional gambling scene, to jackpot winners and the casual gamblers.
I don't think that most of them are boasting how they have become rich in gambling. They know about taxes, relatives chasing them and asking for some giveaway.
That's why if there are some gamblers who became rich in gambling, I'm sure that most of them are kept quiet.
And when they have become rich, they also do the work of the rich people as they also invest into long term assets.

Most of the rich who gamble are just here for entertainment and not because they are chasing money. And those who got rich owed to gambling won't really disclose the real amount because as you've mentioned, the government will be after them for the taxes. Let us put it this way, those people have their own reasons why they gamble. We can't really generalize on this one.

[yahoo62278]

There are rich people who play gamble, and I think the idea is not to get richer with gambling. I believe the rich people gamble more for fun since gambling is not their main source of income, and each time a rich man looses money to gambling there will be no sleepless moment because he can afford to loose such big amount of money. But unlike the rich people, the poor people gamble not for fun, but with the feeling to make money from gambling, and each time such poor gambler looses money, he or she faces sleepless moment, and they gamble more often striving to record wins.

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

What is your take on this?

They gamble for the thrill. They want that dopamine high would be my guess, winning is just the icing on the cake long as they get the high. Those that boast are usually the ones that go broke at some point.

[nelson4lov]

Very rare to see gamblers who became rich with gambling but we know that there are.
From the professional gambling scene, to jackpot winners and the casual gamblers.
I don't think that most of them are boasting how they have become rich in gambling. They know about taxes, relatives chasing them and asking for some giveaway.
That's why if there are some gamblers who became rich in gambling, I'm sure that most of them are kept quiet.
And when they have become rich, they also do the work of the rich people as they also invest into long term assets.

If it was so easy to be rich off gambling, we will have several more millionaires or billionaires today than we have at the moment. Whether we like it or not, gambling is a zero sum game and at such, only the top 1-2% ever get rich off gambling. I think anybody who manages to do that will obviously be an expert of risk management and bet sizing. Not forgetting critical analysis skills.

[Eternad]

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

What is your take on this?

Gambling is an expensive form of entertainment because you will need to risk money on this game just to play it. It should be used only by people that doesn’t have financial difficulties because it has high chance of resulting to lose more than gain due to house edge.

But hear me out, not all rich playing for fun same with poor people. Some rich intended to win more that’s why they are gambling and there’s a lot of proven case that rich got bankrupted on gambling due to addiction.

No one will be addicted to gambling no matter how rich they are if they didn’t intend to earn more.

[Cantsay]

Most of the rich who gamble are just here for entertainment and not because they are chasing money.

Most of the rich understand the principles of money, so they wouldn't even bother to go down the gambling route as a means of getting rich or amassing more wealth. While the few who don't really understand it might still want to go and see if they can get something out of it, as soon as some of them realise the reality of gambling, they back off, while the few unlucky ones get trapped in it.

[Churchillvv]

You asked a question, answered it yourself, you didn’t give us a discussion in my opinion nor room for discussion because you disputed your points already.

Perhaps rich gamble to get richer too but more like fun because they are not afraid to loss the staked amount, but let’s come back to a specific rich person that gambles, Drake for example is rich, wealthy but still gambles to get more money even though he losses but in my opinion gamblers gamble to make profit but the rich makes a difference by getting richer either having fun.

[mirakal]

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

Very rare to see gamblers who became rich with gambling but we know that there are.
From the professional gambling scene, to jackpot winners and the casual gamblers.
I don't think that most of them are boasting how they have become rich in gambling. They know about taxes, relatives chasing them and asking for some giveaway.
That's why if there are some gamblers who became rich in gambling, I'm sure that most of them are kept quiet.
And when they have become rich, they also do the work of the rich people as they also invest into long term assets.

I don't think these rich gamblers have become rich through gambling alone, but it could also be possible that what they won from gambling, they utilized it to start their investments and grow their flow of income, and that's how they become real rich. But still, gambling may attribute it, but it's never the main reason.

Now, why does rich gamble? First, they have the money, second most rich are actually gambling, and lastly, they find new opportunities to create new wealth and get richer from dealing with other rich gamblers as well. They don't just gamble, they are also building relationships exclusively for rich men.

[Rgram]

There are rich people who play gamble, and I think the idea is not to get richer with gambling. I believe the rich people gamble more for fun since gambling is not their main source of income, and each time a rich man looses money to gambling there will be no sleepless moment because he can afford to loose such big amount of money. But unlike the rich people, the poor people gamble not for fun, but with the feeling to make money from gambling, and each time such poor gambler looses money, he or she faces sleepless moment, and they gamble more often striving to record wins.

What is your take on this?

Surely there could only be a couple of reasons why people do gamble. One of that being for fun while the other is because they just want to make some extra cash. While the formal might come at almost zero cost because you wouldn’t mind or think too much of the money that is being lost with fun being your main objective here, when it’s about making some extra cash, you’re most likely not going to have a lot of fun or be okay to pathways with your money when it’s lost.

That’s usually the case with those that are t financially stable and see gambling for a means to an end. It turns out, it might end you and you don’t get the opportunity to build wealth off it.

[Makus]

A lot of rich people gamble either due to gambling addiction or they are just trying to entertain themselves. While it's possible that they gamble to make profit rich people don't think of gambling as a source of income, losing money isn't really a problem because they are rich, this makes them careless about how much they are losing. For people that are struggling financially or poor this is actually different because these type of gamblers are the ones that gamble constantly either to make profit or find a way to get a source of income.

[bhadz]

The rich gamble for fun just like you said which explains why they do not pursue losses. For the poor people, they take gambling as a means of survival and the only option that could give them financial liberty. That mindset is what drives them to keep betting even after consecutive losses, with the hope that the win would come.

It is not a secret anymore that many poor people have chosen the path to gamble just to survive. We know that from the very start and they can't bear their losses specially if it has become massive. The reason why they gamble is for them to earn and that's true, the same goes for the rich people that they are also for the profit. Having fun is just a second reasoning of theirs but they can take and bear the losses because they will recover it through other means of their sources like in salaries or businesses that they have. They are less stressed than the poor when they lose.

[terrific]

Very rare to see gamblers who became rich with gambling but we know that there are.
From the professional gambling scene, to jackpot winners and the casual gamblers.
I don't think that most of them are boasting how they have become rich in gambling. They know about taxes, relatives chasing them and asking for some giveaway.
That's why if there are some gamblers who became rich in gambling, I'm sure that most of them are kept quiet.
And when they have become rich, they also do the work of the rich people as they also invest into long term assets.

Most of the rich who gamble are just here for entertainment and not because they are chasing money. And those who got rich owed to gambling won't really disclose the real amount because as you've mentioned, the government will be after them for the taxes. Let us put it this way, those people have their own reasons why they gamble. We can't really generalize on this one.

Yes, everyone has their own reasons why they disclose and why they don't especially if it comes from gambling.
It differs per country how much taxation is going to be deducted in it.

If it was so easy to be rich off gambling, we will have several more millionaires or billionaires today than we have at the moment. Whether we like it or not, gambling is a zero sum game and at such, only the top 1-2% ever get rich off gambling. I think anybody who manages to do that will obviously be an expert of risk management and bet sizing. Not forgetting critical analysis skills.

I agree, it's hard to get rich with gambling.
And those who have realized that too early didn't bothered themselves to aim for that goal. They have moved forward and just did to gamble for fun and enjoy at least every satoshi they can gamble with.

I don't think these rich gamblers have become rich through gambling alone, but it could also be possible that what they won from gambling, they utilized it to start their investments and grow their flow of income, and that's how they become real rich. But still, gambling may attribute it, but it's never the main reason.

Now, why does rich gamble? First, they have the money, second most rich are actually gambling, and lastly, they find new opportunities to create new wealth and get richer from dealing with other rich gamblers as well. They don't just gamble, they are also building relationships exclusively for rich men.

Possibly that many of the gamblers who became rich in gambling don't want to gamble anymore because it might take back what they've won.
So, for their own sake they'll start to invest it and be wise with how they'll grow that money.
We probably heard the same stories of how rags to riches stories from gambling and how some of them went back to their former lives and how the few maintain themselves still being rich.

[Crypto_Timothy]

The concept of gambling by design is something to entertain you and then by chance if you are lucky you win some prize after participating. The rich and the poor lose about the same amount of money each time they gamble with of course the rich loosing more only because he has more to looe.

The concept is still all the same, pretty much why you are advised to ensure you can lose that money and be fine before betting otherwise you Will regret it.

[Accardo]

What do you think of Lebron James on a six hours flight heading to play a basketball competition in another state, gambling with his team mates? They do that to kill boredom, he could lose out on 50k on that trip alone, but he'd be happy they made fun out of what would have been a dry, and slow moment in the Jet. Gambling serves multi purposes. Why the rich gamble all depends on what they wish to achieve with the mental reward that goes with playing games.

[icebar]

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

What is your take on this?

The rich do not have to depend on gambling money because they have the advantage of multipurpose income. That is why they do not get greedy on gambling money even if they lose. It is also true that when the rich gamble, they bet according to their ability where the bet amount is not small, that is why if they lose, they also try to recover that loss. I have seen some rich gamblers, and it is seen that they do not regret it as much as the poor do when they lose, but they try to recover the money they lost. Some lose more to recover that loss. There are many rich gamblers who have lost their wealth due to greed or in an attempt to recover. It is also true that the chasing of the rich is somewhat less compared to the poor.

[_act_]

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling. The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

What is your take on this?

Any rich people that see gambling as a means of making money will only later become broke, we have seen this happened several times, but to people that make life fortune from gambling. As for the rich people that make money from somewhere else which are not gambling, they only gamble for fun and having in mind what gambling is. So they are conscious to be disciplined and avoid using more money to gamble in a way it will not become fun for them anymore.

[m2017]

There are rich people who play gamble, and I think the idea is not to get richer with gambling.

There is no such thing as too much money. Even for the rich.

I believe the rich people gamble more for fun since gambling is not their main source of income, and each time a rich man looses money to gambling there will be no sleepless moment because he can afford to loose such big amount of money.

Rich people are people too. They're just as susceptible to gambling, enjoying the process and winning.

Do you think the rich don't react to losses? You're wrong. It's just as unpleasant for them, although significant losses don't have such a significant impact on their current lifestyle.

But unlike the rich people, the poor people gamble not for fun, but with the feeling to make money from gambling, and each time such poor gambler looses money, he or she faces sleepless moment, and they gamble more often striving to record wins.

Rich people, poor people - they're all people. The only difference is the size of their wallets, but otherwise, everything is the same, which means the goals of gambling are the same.

Out of 100% of gamblers, I think about 2- 3 % should boast of getting rich from gambling.

Where did you get this figure (2-3%)? This figure is close to the percentage of gamblers who win. But don't confuse "getting rich" with "winning". These 2-3% of lucky people will start gambling again and will likely lose all (or part) of their previous winnings. Ultimately, the percentage of those who get rich (and manage to refrain from betting again) and stop gambling will undoubtedly be lower than 2-3% (the percentage can't be high). I don't know the exact figure, but I'd guess it's less than 1%, and I expect something like 0.1% or so.

The rich focus more on investment, because that is where their main wealth come from, and only see gambling as a fun, and not their main stream of income.

It doesn't matter what the source of income of gamblers (rich and poor) is, because the essence of gambling is the connection between entertainment (fun) and money (earnings), and no matter how much we would like to separate these 2 invariable components, it is impossible.