Why does the rich gamble.

[Jody.Drummer]

In my opinion, anyone can gamble everyone has their own reasons, but for the most part, those who gamble share the same goal to make a profit. This includes the wealthy as well, even though some do it purely for entertainment though that’s a small minority compared to those who gamble for profit. Wealthy people may gamble more casually, because when they lose, they still have enough money left to get by, but for the poor, it’s not like that or perhaps this also depends on each person’s mindset.

[Shineup]

In as much we view gambling as for fun , the truth is that even the rich that you see that they gamble for fun don’t be surprised they also want to make money from gambling, if not why will they be consistent in gambling, I know one rich man , he has so much investment, but he gamble everytime and once he loses, his so hurt , because his a high staker and his target are always maximum amount the gambling site can offer , his was opportune to win 50m , when SportyBet maximum was 50m, after they increased their maxi , he began to increase his stake no matter how small or large his games is , he will stake with big amount , he began to chase more win , those rich people have problems, they own banks and need more money to sort somethings , the only difference is that their problems are not like the poor once , and the poor gamblers many show so much eager to win and so much pains when lose, but the rich can’t act that way, this is just my view .

Being rich doesn't mean that rich people are no longer looking for other possible means that they can even get more, there can be various reasons why a rich man can gamble, it could be for profit making as the major aim because they want more money and another thing is also that rich people can do lots of things for fun or entertainment including gambling, there is nothing wrong for rich man gambling it is their and decisions and money I don't see any reason asking why a rich man gamble, anyone can do whatever they like provided they are taken responsibilities for their actions.

[CryptoYar]

Gambling is extravagant purchase wealthy can make, just as they purchase luxury watch or vacation. It is rush for them, not money. Gambling is considered Desperation Exit for those who cannot afford it, and this can be risky business. Gambling for survival creates psychological burden and turns you into poor player since you make choices out of fear, other than probability.

Actual tragedy is that gambling is Regressive Tax on poor. 2-3% that do make money are not lucky, they are typically disciplined professionals that treat it like cold hard business and bankroll management. If someone is unable to sleep because of bet, then he/she has already lost game before it has even begun. You have to develop your wealth based upon compounding assets that you control, and not random spin that house exults over, and eventually controls, in long run.

[Bitcoin.com97]

In as much we view gambling as for fun , the truth is that even the rich that you see that they gamble for fun don’t be surprised they also want to make money from gambling, if not why will they be consistent in gambling, I know one rich man , he has so much investment, but he gamble everytime and once he loses, his so hurt , because his a high staker and his target are always maximum amount the gambling site can offer , his was opportune to win 50m , when SportyBet maximum was 50m, after they increased their maxi , he began to increase his stake no matter how small or large his games is , he will stake with big amount , he began to chase more win , those rich people have problems, they own banks and need more money to sort somethings , the only difference is that their problems are not like the poor once , and the poor gamblers many show so much eager to win and so much pains when lose, but the rich can’t act that way, this is just my view .

Being rich doesn't mean that rich people are no longer looking for other possible means that they can even get more, there can be various reasons why a rich man can gamble, it could be for profit making as the major aim because they want more money and another thing is also that rich people can do lots of things for fun or entertainment including gambling, there is nothing wrong for rich man gambling it is their and decisions and money I don't see any reason asking why a rich man gamble, anyone can do whatever they like provided they are taken responsibilities for their actions.

Exactly, having the mindset that the rich only gamble for fun is very wrong , just that they don’t get stuck with their loses unlike the poor gamblers, even when they waste a lot of money it really don’t get to them that much, because they have multiple streams of income , but the truth is that they still need money , they also want profit from whatever they invested their  money into , so saying that the rich only gamble for fun is what I can’t believe to be honest .

[iv4n]

What is your take on this?

If you have $10 for fun, how would you spend it?

I guess you already have in mind what you can do with $10 in your neighbourhood... For sure, you can't decide to visit some exotic destination, check out some clubs or casinos, maybe rent a boat, and have fun with friends. In some places, you can't even buy yourself a decent meal with that amount...

What if you have $100? $1k? $10k? Some people can afford a lot more for fun. So the question is not why some people decide to spend their money on gambling... the question is what you have in mind when you want to have fun, and how much money you can spend for that fun.

Good luck to all people who wish to get rich by gambling... that luck really hits someone here & there, but most of us know how rarely that happens. 

[Altryist]

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?

If rich people don’t gamble for the money, then what do they gamble for? I think it’s very individual. Some people simply want to experience the emotions that come with placing a bet, while others still want to make even more money, despite already being wealthy enough.

But in reality, I think there are far more poor gamblers than rich ones, because many of them come to gambling mainly to try to win money. For a wealthy person, money is not as important since they already live in comfort, so they probably gamble much less often. And when they do, it is mostly for the excitement rather than for the winnings.

[Olatundespo]

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 agree with this statement that there are some rich people who do not gamble to make money. But many rich people gamble to make money and also for entertainment. If you say that all rich people gamble for entertainment, that is not correct. You insist that rich people gamble for pleasure, which is not at all correct. As the needs of the rich are high, the pressure to earn more money is also high.

Not all poor people who gamble only gamble to earn money, yes, there may be a higher number of gamblers among them who gamble to earn money. If they lose a small amount, it has a negative impact on their daily lives.The main difference between rich gamblers and poor gamblers is the impact because even if rich gamblers lose money day after day it does not affect their financial capacity much but in the poor the impact happens very quickly.

Rich gamblers due to their high financial tolerance do not experience much financial impact even if they become addicted but poor gamblers, due to their low financial tolerance easily become addicted and this directly affects their financial and family lives.

[DrBeer]

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?

The fact is that the rich CAN AFFORD to spend money, and that’s why they gamble for FUN.
The poor always assume that if they get lucky, they’ll solve all their problems “in one fell swoop.”
The former behave logically; they know how to manage their money and assess the situation realistically and pragmatically.
The latter’s behavior is a grave mistake.

[Porfirii]

As Hispo said several pages back, we cannot generalise and put all the rich in the same basket. And I also agree with Don Pedro Dinero, there are rich people who can casually gamble for fun with amounts they can afford to lose, and other new riches who may actually lose their recently acquired fortune (easy come, easy go).

In between, answering to the OP's question, and talking about betting platforms now, I think that there are also people who get especial deals, not just the VIP memberships but the very rich may have special bonuses that make it more tempting to play

[HustleZ]

[…]

As you said, the rich mostly gamble for fun and dopamine bursts more than they do for the money. And if the fun involves a chance of multiplying the money then whats a better thing for them. But still being rich doesn’t mean you will be profitable in gambling because i’ve listened dozens of stories anout people losing all their wealth due to gambling so for the rich gambling must remain just “fun” and not something extra than that as if it comes to ego or greed then the rich wont remain rich.

[Free Market Capitalist]

I agree with this statement that there are some rich people who do not gamble to make money. But many rich people gamble to make money and also for entertainment. If you say that all rich people gamble for entertainment, that is not correct. You insist that rich people gamble for pleasure, which is not at all correct. As the needs of the rich are high, the pressure to earn more money is also high.

The mistake in OP's argument—and in most of the responses—is lumping all wealthy people into the same category. If it's someone who started from the bottom and made his own fortune, you'll find they bet very little. If it's the “spoiled children”—those born into wealth—you'll see quite a few more.

Not all poor people who gamble only gamble to earn money, yes, there may be a higher number of gamblers among them who gamble to earn money.

That's right, it's a sociologically studied phenomenon. In wealthy neighborhoods, people gamble less—the wealthier the neighborhood, the less gambling there is—while poor neighborhoods are full of betting shops and lottery outlets. Basically, many poor people would like to improve their financial situation, and since they don't see any other options, they turn to gambling, which is usually a mistake because it tends to make things worse.

[LastKiss]

~snip~

What is your take on this?

Just like you said gambling is not their main source of income, so they can afford to spend that much money on it. Meanwhile poor gambler who know they have nothing often can’t really afford the money they gamble that's why they still hope they can become richer through gambling. But that doesn’t mean rich people are immune to become broke because of gambling, immune to greed, addiction, etc. They simply tend to have the mindset that gambling is just for fun, so cases of rich people becoming addicted to gambling are not as common compared to poorer people

[KiaKia]

A rich person who isn't used to gambling when they are young or are still studying will never see gambling as a way of having fun after they get rich, we get used to things not out of nowhere, they must have been gambling before.

There are some rich people who hate gambling, when it comes to having fun they would rather go on golf club and do the actions themselves, there are many rich people like this.

Any rich people who like to gamble are doing it for fun and mind you, they are not new to gambling, it's been a long time coming for them already.

[bakasabo]

With such a question imo OP incorrectly divide people into categories, trying to say that only one type of society is able or allowed to gamble, when if others gamble it raises questions and amazement. Every single gambler has his own reason to gamble when he starts his gambling session. There are not two similar people with two similar situations that they started to gamble, place same bets and have same goals for this session of gambling. There will no correct or incorrect question for OP question. Because today rich person can gamble for fun, next day he will gamble to earn and the other day he will be greedy and plan to win jackpot.

[Accardo]

As you said, the rich mostly gamble for fun and dopamine bursts more than they do for the money. And if the fun involves a chance of multiplying the money then whats a better thing for them. But still being rich doesn’t mean you will be profitable in gambling because i’ve listened dozens of stories anout people losing all their wealth due to gambling so for the rich gambling must remain just “fun” and not something extra than that as if it comes to ego or greed then the rich wont remain rich.

Status makes no difference in behavioral attitudes, those with money are still men and women who have similar feelings as with every other human. Have you seen a rich person who refused to shout at the direction of pain in his body. Gambling does to both the rich and poor the same thing, based on how they follow the games. If a rich person is reckless they'll most definitely go bankrupt losing all of their wealth to gambling. On the other flip, when a rich player controls how they play games, they'll end up to gain similar outcome of what a low roller gets for being responsible. The difference will then be the margins of wagered and lost money. You know the rich could see a certain amount as small, while the poor would look at it as a very big amount of money, were they to have lost such an amount.

[tech30338]

A rich person who isn't used to gambling when they are young or are still studying will never see gambling as a way of having fun after they get rich, we get used to things not out of nowhere, they must have been gambling before.

There are some rich people who hate gambling, when it comes to having fun they would rather go on golf club and do the actions themselves, there are many rich people like this.

Any rich people who like to gamble are doing it for fun and mind you, they are not new to gambling, it's been a long time coming for them already.

I know some rich people do gamble when they are trying to close a deal, they bring the person who are they trying to sell or be a apartment into casino to talks things there, but they never gamble just because they want to, they use gamble to their advantage, or when they want something , if they wont get anything in return i know they wont do it.
Yes they do hate gamble if they are not going to benefit on it, that is why saying rich does gamble is half bake, because they do gamble, but with something or there is a goal.

[rachael9385]

In my opinion, anyone can gamble everyone has their own reasons, but for the most part, those who gamble share the same goal to make a profit. This includes the wealthy as well, even though some do it purely for entertainment though that’s a small minority compared to those who gamble for profit. Wealthy people may gamble more casually, because when they lose, they still have enough money left to get by, but for the poor, it’s not like that or perhaps this also depends on each person’s mindset.

Everyone gambles for the same reason but the mindset is actually different for a poor and rich gambler. Gambling to make profit is entirely different from trying to use gambling as source of income and that's something that a lot of poor gamblers do but those that are rich know that this is something that isn't really possible to achieve.

[SPIDERMAN008]

Rich people betting online maybe to test their luck. They do not want to earn money there but they do not want to lose either. Basically, no one wants to lose by betting. No matter how rich they are, everyone wants to make a profit in all kinds of investments, bets or trading. They go to casino houses and gamble offline with large amounts, where they get various types of entertainment along with gambling. The main purpose of gambling for them is to get entertainment. And they enjoy it very well. Because unlike the poor, they do not have to face any financial problems if they lose money. They do not have any obligation to win and even extreme levels of addiction are not observed among them.

[Finestream]

In my opinion, anyone can gamble everyone has their own reasons, but for the most part, those who gamble share the same goal to make a profit. This includes the wealthy as well, even though some do it purely for entertainment though that’s a small minority compared to those who gamble for profit. Wealthy people may gamble more casually, because when they lose, they still have enough money left to get by, but for the poor, it’s not like that or perhaps this also depends on each person’s mindset.

Everyone gambles for the same reason but the mindset is actually different for a poor and rich gambler. Gambling to make profit is entirely different from trying to use gambling as source of income and that's something that a lot of poor gamblers do but those that are rich know that this is something that isn't really possible to achieve.

Whether they gamble to make profits or to satisfy their personal reasons, but one thing I am sure about rich gamblers, they don't see gambling as a financial strategy but a way to buy intense emotion and entertainment. Though they still gamble and somehow make money but its rare to see rich gamblers having that financial necessity to win money.

Most of them only gamble for their performance and status, a way to display their wealth and power by flexing large amount of money to the casino.

[Hardyrobust]

In my opinion, anyone can gamble everyone has their own reasons, but for the most part, those who gamble share the same goal to make a profit. This includes the wealthy as well, even though some do it purely for entertainment though that’s a small minority compared to those who gamble for profit. Wealthy people may gamble more casually, because when they lose, they still have enough money left to get by, but for the poor, it’s not like that or perhaps this also depends on each person’s mindset.

Everyone gambles for the same reason but the mindset is actually different for a poor and rich gambler. Gambling to make profit is entirely different from trying to use gambling as source of income and that's something that a lot of poor gamblers do but those that are rich know that this is something that isn't really possible to achieve.

Whether they gamble to make profits or to satisfy their personal reasons, but one thing I am sure about rich gamblers, they don't see gambling as a financial strategy but a way to buy intense emotion and entertainment. Though they still gamble and somehow make money but its rare to see rich gamblers having that financial necessity to win money.

Most of them only gamble for their performance and status, a way to display their wealth and power by flexing large amount of money to the casino.

The truth is that some of the rich folks that do gamble are doing so just to make profit which is also the same why the poor folks do gamble. The fact that someone is rich doesn't mean they don't need more money, they want more and they are not satisfied with the one they have . The only thing is that the way the rich may approach gambling will be quite different from the way the poor folks do. The rich may gamble with what they can afford to lose but the poor may gamble with more than what they can't afford to lose.