Topic: Gambling/betting shops vs Investment banks - Do you believe this guy's opinion? - page 7. (Read 1153 times)

I may not be very familiar with the Nigerian state and how their lifestyle is, but why are gambling houses and betting shops only found in poor neighborhoods,
while in richer neighborhoods it is dominated by investment banks, equity companies and some management companies.

Shouldn't it coexist, or are gambling houses just sucking money on poor neighborhoods with the promise that gambling will double their money holdings quickly.

But either way, whether it's gambling and bank investment, it's an option and the two I think will be different.
Investing in a bank will provide security on Fiat assets and with less risk, but in gambling it will be riskier but also with great returns.

I will strongly agree with this statement for the simple reason that I have suffered a lot from gambling and like me I am sure most people here in the forum who discuss in this section know what it means to feel that way.Most of the time I have been thinking,why gamble when the money is better in my wallet rather than in the casino wallet yet I have not keep my promise to not gamble and fallen prey to addiction quite sometimes lately,the bad thing is that despite knowing that I will lose I still have opted to gamble while if I kept the money in my wallet I would have more money than I have now and this is what I need to change,the mentality,for the moment I have the mentality of a loser and want to change it to a winning mentality.I know this is not easy at all yet I will try the hardest to stop gambling definitely.

I don't fully agree with his example and the relation of his example to the idea he wanted to convey.  After all he is already biased in his statement.  There are lots of mistakes in his comparison and examples especially when he said that gambling establishments and gambling shops are located in poor neighborhoods,  the Las Vegas Casino is one good example to prove his example is wrong.  The same goes for banks and other financial firm. 

I believe that guy wanted to sound cool but I think he failed miserably because not all poor people have a mindset that being wealthy depends on luck.  One more worth noting is that not all investments will make a person saturated with money but smart investment is.  There are lots of investors who lost huge amount of money and had their status degraded because of bad investments.

Everyone has a different experience. Where I live, casinos are open in areas where rich people move. We attract many tourists with our casinos, for example, many tourists from Saudi Arabia, Dubai and other countries come in our country to play in casinos. Poor people usually gamble online. Banks and asset management companies are found in rich neighbourhoods and also in some normal places. So it's incorrect to follow only Erigga's advice because each country's culture and mentality differ. Wealth is not about mentality either. Becoming rich is very easy compared to keeping yourself financially rich. Becoming rich requires luck but keeping of wealth requires knowledge and expertise.

He is partially right that wealth comes from investments, but he is missing one point, many people don't have enough money for any kind of investment. The poor don't think only that wealth comes from luck, we know the reality around, but with some pocket money we don't have many choices, so when some poor guy makes a bet to win something more he relies on luck to make some profit, and he knows that.

It's easy to make money with a lot of money, poor guys risk their all-ins to win x10,x100,x1000, or even more... rich guys risk 10-20% to make 5-10% profit, and if you do that with millions we talk about huge money.

So basically it's great if you have money to invest in various things, but many people don't have enough money to live so how can they think about investing in anything? Poverty is a deep hole, and it's hard to find a way out...

Maybe it makes sense in the reality of your country, but here where I live we have banks side by side with lotteries on the streets in the same neighborhoods. Banks aren't interested only in rich customers, but also target the poor ones. What differs are the banking services the poor consume from the services the rich customers consume.

While the poors go to the bank just to cashout all their earnings and to take loans, the rich customers go there to make and manage their investments, with the support from bank's advisors. Banks profit from every sides and want most customers are possible, doesn't matter how much money they hold, because even if a customer doesn't have a single penny, the bank can still milk money from him by encouraging him to borrow money and create a huge interest debt with the bank.

Regards betting shops, they are also everywhere and there are betting shops for every financial classes. There are the cheap ones for the poors are pubs and popular shops, and there are the sophisticated casinos directed to the wealthy public of a society.

In the end, if a rich guy has the wrong mindset, he can also end bankrupted like a poor guy who never left misery. The mindset is the most important factor here, despite having banks and betting houses around your living place.

Everyone is free to say whatever thing he likes because it will surely be his own opinion towards whatever thing he said, but i personally go against the state that he made in saying gambling i meant for the poor, even the rich gambles, while banking investments are not that profitable as well because people make investment and still make losses, but the intentions for gambling is something quit different from making an investment.

You know Erigga has the habit of using proverbs that means something different from what he’s trying to say - I believe he used gambling house and bank here as an example but there’s a possibility that it’s not entirely true. But to majority of us in Nigeria, we would be able to understand what he means when we compare the numbers of gambling shops we have in our poor neighborhoods to banks there and also the number of betting shops vs banks in rich neighborhoods.

For me, he is stating his opinion based on his observation it may be a fact in some countries and may not be in some countries, here in our country, there are more betting stations or lottery stations in poor countries because there are many bettors and those who want to take a chance.

And the reason why they are while investment banks, equity firms, and asset management firms are only found in rich neighborhoods is because they have the money to invest and the poor only have a few dollars and a lot of hope and pray to hit the jackpot.

Will you place an investment office in a poor neighborhood who are your customers there? Business entities place their business in a place where they are likely to get more customers and clients.

There is a street that I know called bank road. It is called bank road because almost all the banks in the town are there, although they can have beaches elsewhere also in the same town. You will see betting agent shops there in bank road. You will see betting sites sign boards there also, and also betting agents are there and also in the nearby streets and almost everywhere.

In Nigeria, betting agents are everywhere in the Southern part which are not like some parts in Northern parts which are full of Muslims. Even I saw betting agent shops in Fulani (Muslims) states in North but not as common as in the South.

What he said is true but the part that you asked of about what you said is wrong. There are rich men that are even gambling online.

I do not believe this. The rich and t really he poor are involved in gambling. Talk about Las Vegas and even right now with a smartphone you have access to online gambling. And even the rich visit online gambling website as well. You just have to be their friend to know this. And also when the reach go to gamble at a physical store, they do it more for networking purposes, close deals and all. Usually their intent is social motivated and not financially motivated.

In Nigeria and other countries that this is described, bet shops are in places that are crowded with high population density. The rich mostly live in gated communities and it is less crowded. Physical bet shops are literally in situated in places where they have customers and their aim is to make profit. Investment banks and other banks for security and business reasons cannot be in these places. It would be madness.

I am not sure about the Nigerian locations but there are popular places such as Vegas where people come from all over the world irrespective of whether they're rich or poor so every kind of person is into gambling. But I get his point, people who become rich tend to know their priorities which is true, and people who don't know it spend on things they don't really need.

Betting shops or bank locations based on a lot of things not just the neighborhood so it doesn't mean if there is a bank near your house you will become an investor nor if there is a shop near your house you will become a gambler as long as you know what you need to do.

So guys, I found the below shot In one of my friend's story on WhatsApp, it is a shot of a popular Nigerian musician known as "Erigga - I believe that my Nigerian brothers here will know him well.

He was actually talking about the importance of investing to make money, but in emphasizing this, he talked about gambling houses and betting shops; only being found in Poor neighborhoods, while investment banks, equity firms, asset management firms are only found in rich neighborhoods.

While I tend to agree with what he said about making money generally, i am still trying to find any reason to believe that the emphasis he used is true, that is, I do not believe his opinion about gambling house verses investment banks to be true.

What do you guys think about this?