Topic: $5 lost by a poor gambler is worth to him than $1K lost by a rich gambler - page 9. (Read 1539 times)

I think many members in this forum have already told over and over again about "gambling what you afford to lose" and it will depend on whether the gambler will follow this or not.
We can keep on saying that but it cannot be forced on anyone because it's our money and many gamblers will just say, "What do you care? It's my money." or something like that. When emotion strikes, even a poor gambler will find means to keep on gambling and this is where it gets wrong.
Now, could we really tell them to stop? It's going to be difficult when a gambler is in a state of mind where his decision-making is clouded by frustration about not winning anything. IMO, it's better to be direct to them and tell them winning against the house is impossible.

I don't see gambling to make profit as a thing  you will categorically channeled or classified to a particular set of people. Gambling to make profit is for everyone both the poor and the rich just that when a rich man lose in gambling he doesn't take it that serious because he has more and we see his lose as fun. But in other words when the poor loses he become agresive because it might even be their last money that was risked to make profit and when it is lost they are mostly affected that is why it looks like the poor are the ones that only gamble for profits.

When you sum up the multiple of times the supposed poor man playes with $5 per week and know that most of them don't even earn up to $100 per  month but will use above 20% of thier money on small bets but will do them too often, you will know that $5 is a big deal.

Life is in classes and just like drake placed $300k for Canada to win Argentina in the Copa America and lost and earlier before then  had also place a placed a bet of $675,000 on a boxing match and won $1.2million each of those outcome might not shake him that much considering that up to $250 Million and have multiple of ways to regain back his lost money. Either you're poor or rich, you've got to learn how to manage your gambling approach and don't because you're gambling with $5 per bet and assume it's too small and that it's not necessary to do an inventory of the amount that's going into your gambling account or that because you have a lot of money in your account you can gamble s reckless as you want without being cautious of the accumulative effect it will have on you with time.

TLDR

Don't use the phrase "the rich and the poor" for comparison, as it's easy to conclude that the poor are always wrong. I mean, if you are poor, why would you gamble in the first place? Regardless of the amount, it's still going to hurt you because you are "poor." I think the proper phrase to use is "gamble what we can afford to lose." Regardless of our financial status, as long as we can afford to lose what we are gambling, we should have the same feeling whether we are rich or poor.

if both players are in the mood to lose, then the amount is not so important. The only point is how hard it was to earn this money, if for player (1) the amount of 5 dollars significantly impacts his monthly budget, then it may not be worth spending it on gambling. For player 2 for which 1 thousand dollars is not significant, the loss will be felt only over a long distance, at the moment when player 1 will feel it instantly. Comfort of life is an interesting indicator.

We have always been advocating that we should only gamble what we can afford to lose. But still we can't control what is in the mind of gamblers, and even if they know this proverb, still majority of us forgot about it and then we lost our control and gamble more money that in the end, we will regret that big decision. As for the title, yeah, it could be a comparison for a poor gambler who risk their $5 because obviously they wanted it to grow. As compare to a rich person which is not bothered to lost $1k and then comeback the next day to continue and perhaps lose another big money but they are not affected mentality and financially.

But in the end, it's the very definition of gambling, rich or poor, we are trapped by gambling already. And we wanted to test our luck and go into that unknown. Some of us might end up winning, but unfortunately, gambling is more about luck and so if we don't have lady luck on our side, we will all lose in the end.

In simple terms, it's all about limits. And at some point the gap turns rather wide exponentially to the point that what you'd say OP is actually reality. It's why most addicts (and most people under debt) are poor because of that small margin that they have in terms of money they can actually spend to gamble (or for anything enjoyable really in general).

And let's be real, in the levels of rich person people getting bankrupt, there'd probably be thousands of others before they even become one. Pretty sure that already tells who chases for more profit. The poor ones ofc!

Men generally are prone to sex. So if you have money, you may meet a girl that you like and feel like having sex with her even several times. Some men are decent but most men are not. Even the people that are not rich men see opportunities like this. People that are not rich can be into drug but not expensive ones. Also people that are not rich still can be addicted to alcohol. I just do not like to differentiate between rich and poor people about addictions. Addiction is about personality.

Most rich people have other addictions such as drugs, alcohol and sex. So even when they get involved in gambling, they are not very focused on gambling, because they are focused on drugs, alcohol and sex. For example, a rich person can bet $10,000 and lose. After losing, he will go out with his friends to have fun at a club where they will drink alcohol and have sex and will not remember the $10,000 loss they had at the casino. Whereas if it were the case of a poor person who bet $100 and lost, he would be having a mental breakdown, because poor people have few options for entertainment due to their limited budget. So they spend more time thinking about their financial problems.


Something I have seen over the years is that when a person is poor and suffers a lot, but one day becomes rich and then becomes poor, that person continues to live even with the hard living conditions. But when there is a case of a person who has always been rich and one day becomes poor, that person cannot handle the suffering and most of the time easily enters the world of crime and gets arrested or commits suicide. By this I mean that the rich who gambles to the point of going bankrupt will suffer much more than the poor who gambles and loses everything they had.


everything we can do Is give advice on gambling responsibly

These seven pieces of advice will help you to make sure your gambling doesn’t start to have a negative impact on your life.

Because he needs money... $5 can't buy much, he knows that, so he risks missing one sandwich for the chance to double that amount and have two sandwiches, or he looks for a chance to win more, but we all know that a higher multiplier it carries a lot more risk with it.

It's a little different with rich people, they invest much more because $5 is nothing to them, it doesn't provide any excitement, so they gamble with much more money. But all the same, if one of them overdoes gambling and stakes more than he should, he will feel that loss for sure.

It doesn't matter if someone is poorer or richer, what games they like, and their gambling styles. What is important for everyone is not to overgamble, and not to take risks with money that they cannot lose. I know that people like to judge, but if gambling is not causing you any kind of problems then have fun & enjoy gambling with money you can afford to spend on fun, you can even win something, but definitely there will be bad days...

Bitcoin trading, like gambling, comes with a rest and is not suitable for individuals without enough stable income or source of income.
It's crucial to emphasize that both activities should not be relied upon for income but approached with caution and a focus on enjoyment rather than profit.

Even how much your money is, small or big if you don't manage it properly and don't know what you are doing, it will lose.

Nobody wants to lose money in gambling, whether they are rich or poor. Some people in developing nations earn less than $10 monthly, so $1 will be a big money for them to lose in a bet. The rich can afford lose more than that since they earn more. Both high-income and low-income earners should learn to gamble on their financial capacity. There is no competition in gambling, so let everyone gamble with only what they can afford to lose.

I agree with you. The nature of gamblers is not determined by how much they are worth. An average gambler might be gambling just for fun, while a rich bettor's focus might be solely on profit-making. There are also some poor gamblers whose main intention is to use gambling to come out of poverty.

Wether rich or poor, a loss is a loss and a win is also a win. The only difference is that one has enough to risk why the other has little to risk. A poor gambler would not want to use all his funds and loss them to gamble because he might not have a source to replace the money. So when he gamble, he minimize his risk so much not to loss too much. A rich gambler on the other hand might not take this risk too serious as though he would be able to cover up for it. The truth is that when you chase after profits, you make bad decisions that would eventually lead to losses. But if you have a means of replacing the lost funds, you might not feel it that much compared to someone who doesn't.

What I do not like about the explanation of how the poor and the rich people see gambling is that the average people are not mentioned. The average people still have categories and are numerous in population. Poor person may gamble because he wants to win huge amount, but there are many of them that does not think of gambling for necessity. Some rich people are also like that by gambling because they want to make money from gambling. Some are taught lesson when they gamble with huge amount and lost it all.

Gambling isn't for profit, instead it's for entertainment. If you not feel happy or fun doing that, gambling isn't for you, as simple as that.

Of course the rich and the poor had different "threshold", that's why we need to calculate the money not only in amount, but in percentage too. That's why money management exist.

It's like saying someone must avoid gambling, travelling, going to cinemas etc because it's wasting money. I wonder how can someone be happy with such very strict life when they can afford that.

You are right about the need for an investor to have a source of income before choosing either to trade or to invest but however, you can't compare a gambler to a trader or an investor even though the gambler has a source of income, the chances of always incurring more losses is higher than that of a trader or an investor.

We have discussed it so many times why a gambler shouldn't rely so much on gambling as a source of income because there are a lot of uncertainty that surrounds gambling so if you are lucky to win it's good and if you don't win you bear it.


Gambling addiction is a mental and psychological stress so every gambler should try as much as possible not to get into addiction.


You've already said it all, the poor is the more inquisitive of winning than the rich because the poor can't bear a loss easily like a rich gambler would because the poor gambler will depend on winning to sort out his financial needs while the rich don't worry so much about a loss because he has a lot of money to attend to his other needs.

Don't include Drake as those who gambles for fun because the outrageous amount he uses to gamble for this so called gambling for fun is uncalled for. Every amount a poor gambler spent on gambling is very important to him because he may find it difficult to replace any amount he loses that is even one of the reasons I don't think gambling is even for the poor because this is literally a game of probability and not certainty so how would they survive in the system, knowing too well that they have a higher chance of losing even when he doesn't have enough money for himself so it traumatized some poor gambler due to the emotions they go through when they don't win.


Any gambler at all be it the rich or the poor should not allow themselves to get into addiction because even the rich can lose everything if he becomes addicted because he would spend most of his time gambling than doing other productive things that will guarantee profits for him so he can lose a lot while trying to win huge amounts as well because it will be obvious he will continue staking with huge amount to also win huge in return.

Just like in the case of Drake you made mention of, he plays gambling occasionally and not all the time so if he was to be an addicted gambler what would have been his fate since he loses in most cases. Imagine betting a single event with as much as $300k then if he stakes like 5 events just imagine the loss he will incur in just a day


Even if you have source of income it doesn't mean you should be so devoted to gambling, it should be played occasionally.

However, just like we do advise gamblers to gamble for fun so anyone who wants to go too deep into gambling in order to make profits it's at their own detriment after all they gamble with their money so they gonna bear the brunt alone. We can only give advice but can't force anybody to harken to the advice.

The rich will spend what they think is best for them to spend in gambling; the poor will also spend what they think they can afford, but whatever the amount appears to be, it does not just go unnoticed in their mode when lost to the game. A wealthy person values his $1m just as the poor value his $1; it's as simple as that.
 
Since their level of earnings is not the same, the same is also applicable to how they can spend it. The rich also feel very hot when they lose some money to gambling, and to add to that, both the rich and the poor all go for the profit; if it's not for the profit, they will not be wagering the amount they wager on a single game. 

Money is precious; it doesn’t matter how much you lose. If it’s your hard-earned money, then definitely you will feel bad. Gambling is all about luck; hence, we need to make ourselves aware that if we gamble, then there is a high possibility of getting into losses. Hence, we need to take the risk accordingly and bet with the amount that we can afford to lose. Now regarding poor and rich, if the gambler is rich, then I don’t think he does gambling in a serious tone. According to me, a poor person gambles when there is a necessity of money, and on the other hand, a rich person gambles for the purpose of recreation.

Like we kept discussing on other boards that Bitcoin trading or investment is not a convenient sector for an individual who does not have a source of income to invest their funds on otherwise, when they are in need of money, their Bitcoin assets becomes the only hope for them and the will be push to sell without undermining if profited or lost.

This is equivalent in gambling, we have as much discussed about gambling not being a good approach to rely on for source of income but a place to bet and gaming for funs but prettily potential to be profited if lucky to win more than the values of your stakes or even losts.

We have heard several stories of how gamblers has been financially and mentally affected at the course of addiction and loosing more than being afford simply because they are primarily aiming to make profits.

So I am trying to pick some statics to understand between the poor and the rich who gambles more for profit.
There in, I am convinced that the poor takes the lead because if we are to gamble with with is affordable to loose, the poor may actually not find the least stake of their $5 affordable to loose but yet they risks it on gambling. What for? Of course it is aimed to profit in returns and when they looses it, they goes frustrated and timely empty handed looking other means of raising as little to come back and keep trying again if they could win. Their major concern is to win and profit and never find fun as they play.

As for the riches tending to gambling for profits, even if they looses $1K + such as we have Drake has been, he actually don't feel so disappointed of the lost why? Because he has more and could afford so even while gambling for profits, they are not much financially or emotionally affected as the poor who can not afford the least lost on gambling.

Agreeably, some rich addicted gamblers do go bankrupts too but it takes processes to be drained they could loss but feels some fun expressions because they have more and could afford the lost at the moments but the poor start to feel drained at their first lost meaning gambling for profit is not a game for the poor else or even the inability to pull out when they are financially being affected.
In all, gambling without sustainabilities of income as you stick to gamble is not just a good place for anyone who is after making profit.

So since we can not make personal decisions for our fellow gamblers who had lost their prides in chasing the profits on gambling, let keep advocating for carefulness even while compromising the concept of gambling as a game of fun and not to be enriched.