Is gambling a weird way of weath redistribution? - page 2.

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Quote from: The Hidebehinder on June 18, 2024, 05:49:25 AM

Yesterday I was sorting my winnings tickets I put while watching the game, had quite a nice sum and while standing in line to cash them I thought about how money is moving around, got the idea it's pretty close to a wealth redistribution.

Might be a stupid theory but hear me out on this, we have the gamblers that bet on 1 million, half of them lose, half of them win, the casinos get their 5% share, from this share they pay wages and rent and other costs, cutting the part where the casino gets the money it's that basically gamblers pay the wages of the whole staff manning those, and they also shuffle money between them.
Assuming rich people have more to lose and their share of the losses is bigger, taking into account they support with this money a ton of jobs, 70 000 in Europe alone, is this a form of wealth redistribution?

This is a true interpretation. Gambling still exist because the government earns a lot from it. They tax heavy both on gamblers profit as well as house profit and for the government its a way to redistribute wealth. The most people that gamble are rich or the ones who have money to spare. The few poor people that lose everything on gambling are exceptions. Normally poor and the lower middle class never gamble. The government taxes gambling profit a lot and redistributes it to the population (on ideal condition).
The other beneficiary is the gambling operator which can't be claimed to be redistribution as they are always winning.

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Quote from: Tungbulu on September 16, 2024, 10:15:57 AM

Gamblers should always remember that the odds are always stacked against the gamblers no matter how much the gamblers win, and one needs to have a very solid financial plan when approaching gambling in order to avoid excessive losses leading to financial instability, especially for those with families to support, without a well thought through approach, gambling can have terrible consequences on them, affecting not just them but also their families who is literally looking up to them.

Individuals gambling that have family to feed shouldn't be gambling excessively and always have plans for when they don't win but loses. There should be different ways they can supply money to their family so the family doesn't starve if they depended on him to feed. Family should have both parents helping out and not depending on only the husband as they'll make him to be stressed to always provide. The husband is meant to be the provider but the wife can help him sometimes and the family will be in unity not minding if the husband can't provide for the time as he's having shortage of money. No man should be gambling as the only way to provide for his family.

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Quote from: OgNasty on September 16, 2024, 09:47:44 AM

Gambling as wealth distribution is one way to look at it. However, I’m not sure the money being made in casinos is always coming from wealthy individuals. I think the better way to look at it is to consider gambling as a tax on people who are bad at math. Ironically, in places like the US, taxes from gambling are used to fund teachers and help students become better at math.

As long as the money coming into the gambling market is not from wealthy individuals, we can't say that gambling is a way of wealth distribution, because as a matter of fact not only the rich gamble, recent research show's that casino's are fund most in poor environment, meaning that the poor or average gamble more than the rich, so there is no balance is that statement that gambling could be a way of wealth redistribution.

Most time cryptocurrency gambling even have lesser rules for small gambler's than the rich gamblers, because at a point, their will want to follow anti money laundering laws from the government, this is very important and only applicable to rich gamblers who will want to make a large deposits at once.

But for an average guy, all he deposits is just a few hundreds of dollars and not even at frequently level he sometimes gives time and most gamble more from his winnings.

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Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

Quote from: tvplus006 on September 16, 2024, 04:57:24 AM

Quote from: Mr. Magkaisa on August 15, 2024, 06:48:47 AM

...So, the one who really benefits the most is the casino owner, not the gamblers who enter gambling platforms, whether online or in physical casinos.
Housed edge always win at they never lose ever in the end.

Those who enter the casino for the sole purpose of having fun also win. And although winning in this case is not the main goal, it comes to those who especially do not expect it as a second bonus.

That’s exactly how it goes. The ones expecting to win are usually the ones who lose, while those just having fun often end up winning. But even if you do win, if you can’t control your gambling habits, all that money will just go right back to the casino. In the end, it’s the casino that always benefits.

If we want to keep our winnings, we’ve got to learn to control ourselves—especially when it comes to greed.

The casino always win and no matter how hard we try to male profits from gambling, it ends up in losses. This is why when gambling, you don't let greed take over you but stop the game at the righy time to avoid more losses.

One thing that I have come to understand is that when you gamble for fun, it makes you feel free without having any problem of making profit. Before you know it, that is when your luck will come to play. But if you are thinking of making profits, you will get disappointed because it will be the opposite.

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Quote from: LDL on September 16, 2024, 10:30:08 AM

Quote from: The Hidebehinder on June 18, 2024, 05:49:25 AM

Yesterday I was sorting my winnings tickets I put while watching the game, had quite a nice sum and while standing in line to cash them I thought about how money is moving around, got the idea it's pretty close to a wealth redistribution.

Might be a stupid theory but hear me out on this, we have the gamblers that bet on 1 million, half of them lose, half of them win, the casinos get their 5% share, from this share they pay wages and rent and other costs, cutting the part where the casino gets the money it's that basically gamblers pay the wages of the whole staff manning those, and they also shuffle money between them.
Assuming rich people have more to lose and their share of the losses is bigger, taking into account they support with this money a ton of jobs, 70 000 in Europe alone, is this a form of wealth redistribution?

Maybe or from some point of view your comments are correct but I can't agree with you about my decision. The amount of loss that rich people pay for gambling may be much higher than that of the poor, but sometimes rich people get Hughes amount from gambling. But these are in some way or another loss from all other gamblers. Perhaps in this sense we can call gambling a method of wealth redistribution. But in all other respects gambling should not always be accepted as a method of redistribution.

Everyone is gambling according to their risk index just like rich people, they gamble according to how they can afford to lose so even though winning comes it's not something that will make them say they stake higher or lesser and of course the poor also stake according to what they can afford so if there winnings come it will come according to how they staked as well than just trying to imitate those who are staking with very higher amount. I think there is no competition in gambling rather we can say everyone has their lucky days to attract winning and when it comes it always looks like dream and so magical to the gambler.

Talking about wealth distribution, it depends because not everyone would be that lucky to hit jackpot, but anyone who is lucky then we can say it's one only if that person actually established themselves very well without having to go waste them back to same place they made it from.

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Quote from: Awaklara on September 16, 2024, 07:11:11 AM

I like your thinking better. We can't think of gambling as a way to redistribute wealth. There is no compulsion for rich gamblers to bet big. There is also no compulsion for poor gamblers to follow bets with their abilities or even beyond their abilities. Rich gamblers are free to bet for the winnings they get. Poor gamblers are also not forced to follow bets. The casino's chances of winning are greater than the gamblers'. And that will be a profit for the company. Not to be shared with anyone except a small portion of employees who help operate the casino. The big wins shared with some gamblers are a small portion of the profits obtained from the total bets entered.

Whether we think of it that way or not, we can't deny the fact that gambling is actually a way of wealth redistribution. It's true that most money goes to the casino house but every now and then some gamblers win big and the money they get from the casino is not coming from the owner's pocket but it's the same money they have earned from other gamblers.

Let's use an example to understand this better. let's suppose I have a bankroll of $1,000, I start gambling, and lose it all to the house. You start gambling on the same casino the next day with $100 and manage to win $1100 as a total. So, the $1,000 that you got on top of your own bankroll is the money the casino essentially got from me and they gave it to you. So that is basically how this redistribution works.

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Quote from: The Hidebehinder on June 18, 2024, 05:49:25 AM

Yesterday I was sorting my winnings tickets I put while watching the game, had quite a nice sum and while standing in line to cash them I thought about how money is moving around, got the idea it's pretty close to a wealth redistribution.

Might be a stupid theory but hear me out on this, we have the gamblers that bet on 1 million, half of them lose, half of them win, the casinos get their 5% share, from this share they pay wages and rent and other costs, cutting the part where the casino gets the money it's that basically gamblers pay the wages of the whole staff manning those, and they also shuffle money between them.
Assuming rich people have more to lose and their share of the losses is bigger, taking into account they support with this money a ton of jobs, 70 000 in Europe alone, is this a form of wealth redistribution?

Maybe or from some point of view your comments are correct but I can't agree with you about my decision. The amount of loss that rich people pay for gambling may be much higher than that of the poor, but sometimes rich people get Hughes amount from gambling. But these are in some way or another loss from all other gamblers. Perhaps in this sense we can call gambling a method of wealth redistribution. But in all other respects gambling should not always be accepted as a method of redistribution.

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Quote from: AliMan on September 16, 2024, 09:21:26 AM

We couldn't control that state of the person during the gambling moments specially when there's an influence of alcohol and other substances that's unavoidable. However, that depend on the person who has the best discipline with respect to wealth distribution. Some players do win, but for most who played without any goals with their finances; I guess that wouldn't be a smart mindset. Gambling habits wouldn't give you a good future particular to those people with families to feed.

That’s true. Alcohol has the ability to impair a person’s judgement, leading to poor decision making, particularly in gambling, so gambling and alcohol could in fact be the worst combination ever as gamblers needs to keep a leveled head when making gambling decisions. If a person is to engage in gambling activities, it’s important to always remember to maintain self discipline and responsibility at all time as this will help make better financial decisions.

Gamblers should always remember that the odds are always stacked against the gamblers no matter how much the gamblers win, and one needs to have a very solid financial plan when approaching gambling in order to avoid excessive losses leading to financial instability, especially for those with families to support, without a well thought through approach, gambling can have terrible consequences on them, affecting not just them but also their families who is literally looking up to them.

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Gambling as wealth distribution is one way to look at it. However, I’m not sure the money being made in casinos is always coming from wealthy individuals. I think the better way to look at it is to consider gambling as a tax on people who are bad at math. Ironically, in places like the US, taxes from gambling are used to fund teachers and help students become better at math.

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Quote from: Solosanz on September 16, 2024, 08:06:18 AM

Nope, I don't think it's fill the "wealth redistribution" definition because gambling only make casino and few/some people rich, while the definition of wealth redistribution is from few people to many people.

Unfortunately I can't find the correct phrase about this situation, wealth transfer isn't correct too because it's for one generation transfer it's wealth for the next generation.

I will prefer to go for the wealth distribution instead of using the world wealth transfer since the casino will use some of that money to pay their staff for rent and also pay tax, and those taxes will also be redistributed to other areas of which ever country that they are paid to into their welfare system, and from their people will receive salary and they will also spend it on daily expenses, which the money will not only end there; it will keep on going so it's more or less of wealth distribution.

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Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

That’s exactly how it goes. The ones expecting to win are usually the ones who lose, while those just having fun often end up winning. But even if you do win, if you can’t control your gambling habits, all that money will just go right back to the casino. In the end, it’s the casino that always benefits.

If we want to keep our winnings, we’ve got to learn to control ourselves—especially when it comes to greed.

I don't quite agree with this your opinion on winning. People that win money from gambling are people that are good at making predictions and I'm making reference to sport gambling. They do make loss on their predictions but their overall winning preceed their loss and that makes them good gamblers because of their skills. Your expectancy on gambling has nothing to do with your believe or what you have on your mind but when your prediction coincide with the event outcome.

People that losses probably aren't good in making calls and sometimes, gambling is not about making guess. You can make a good guess which anyone could make and make money buy something unexpected can happen and will change everything about your prediction. You can expect Manchester City to win a game and one of their key player could bag a red card, no matter how good the team is they might lose that match to their opponent.

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Quote from: Tungbulu on September 16, 2024, 09:09:40 AM

Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

That’s exactly how it goes. The ones expecting to win are usually the ones who lose, while those just having fun often end up winning. But even if you do win, if you can’t control your gambling habits, all that money will just go right back to the casino. In the end, it’s the casino that always benefits.

If we want to keep our winnings, we’ve got to learn to control ourselves—especially when it comes to greed.

You’re absolutely right, greed happens to be one of every gamblers worst nightmare. Sometimes the reason why some gamblers never go home with anything isn’t really because they don’t usually win, when greed gets involved, no matter how much money a gambler wins, he’ll never be satisfied, especially when he’s on a winning streak, he might even see it as an opportunity to win back all the money he’s been losing to gambling thereby leading to lose and win chasing, and at the end of the session they end up giving back everything they’ve won to the casino and this is an endless loop that many gamblers get caught up in without evening knowing or realizing it. Gamblers should try as much as possible to set greed and other emotions aside when gambling so as to avoid making impulsive decisions which often leads to losses.

We couldn't control that state of the person during the gambling moments specially when there's an influence of alcohol and other substances that's unavoidable. However, that depend on the person who has the best discipline with respect to wealth distribution. Some players do win, but for most who played without any goals with their finances; I guess that wouldn't be a smart mindset. Gambling habits wouldn't give you a good future particular to those people with families to feed.

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Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

That’s exactly how it goes. The ones expecting to win are usually the ones who lose, while those just having fun often end up winning. But even if you do win, if you can’t control your gambling habits, all that money will just go right back to the casino. In the end, it’s the casino that always benefits.

If we want to keep our winnings, we’ve got to learn to control ourselves—especially when it comes to greed.

You’re absolutely right, greed happens to be one of every gamblers worst nightmare. Sometimes the reason why some gamblers never go home with anything isn’t really because they don’t usually win, when greed gets involved, no matter how much money a gambler wins, he’ll never be satisfied, especially when he’s on a winning streak, he might even see it as an opportunity to win back all the money he’s been losing to gambling thereby leading to lose and win chasing, and at the end of the session they end up giving back everything they’ve won to the casino and this is an endless loop that many gamblers get caught up in without evening knowing or realizing it. Gamblers should try as much as possible to set greed and other emotions aside when gambling so as to avoid making impulsive decisions which often leads to losses.

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Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

That’s exactly how it goes. The ones expecting to win are usually the ones who lose, while those just having fun often end up winning.

I can relate on this, whenever I just bet for fun without any analysis with my bets on books I have more wins than losses. But when I do it with analysis and some research, the exact opposite happens to me.

Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

But even if you do win, if you can’t control your gambling habits, all that money will just go right back to the casino. In the end, it’s the casino that always benefits.

This is why the house always wins.

Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

If we want to keep our winnings, we’ve got to learn to control ourselves—especially when it comes to greed.

I agree and when it's about the wealth distribution, others losses are our wins and our losses are others wins/profits.

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Quote from: Yamifoud on September 16, 2024, 07:28:34 AM

Quote from: tvplus006 on September 16, 2024, 04:57:24 AM

Quote from: Mr. Magkaisa on August 15, 2024, 06:48:47 AM

...So, the one who really benefits the most is the casino owner, not the gamblers who enter gambling platforms, whether online or in physical casinos.
Housed edge always win at they never lose ever in the end.

Those who enter the casino for the sole purpose of having fun also win. And although winning in this case is not the main goal, it comes to those who especially do not expect it as a second bonus.

That’s exactly how it goes. The ones expecting to win are usually the ones who lose, while those just having fun often end up winning. But even if you do win, if you can’t control your gambling habits, all that money will just go right back to the casino. In the end, it’s the casino that always benefits.

If we want to keep our winnings, we’ve got to learn to control ourselves—especially when it comes to greed.

The house will always win and we know for sure about that. Maybe some people will say that gambling is a way of wealth redistribution because the winner will always be change from time to time.
But if we take a look closer, most people lose their money in gambling and even some people win, that will not be a wealth redistribution because luck will take a role importantly. But the casino will always take the big win from the lose gamblers so we can only control and limits our gambling habits to prevents the big lose.
If we can remember how to prevents the big lose, we will not have the bad experience and can have fun inside gambling. While we gambling, we will not lose control because we know that gambling is not a way to make money.

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Nope, I don't think it's fill the "wealth redistribution" definition because gambling only make casino and few/some people rich, while the definition of wealth redistribution is from few people to many people.

Unfortunately I can't find the correct phrase about this situation, wealth transfer isn't correct too because it's for one generation transfer it's wealth for the next generation.

Quote from: https://en.wikipedia.org/wiki/Redistribution_of_income_and_wealth

Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law.[1] The term typically refers to redistribution on an economy-wide basis rather than between selected individuals.

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Quote from: tvplus006 on September 16, 2024, 04:57:24 AM

Quote from: Mr. Magkaisa on August 15, 2024, 06:48:47 AM

...So, the one who really benefits the most is the casino owner, not the gamblers who enter gambling platforms, whether online or in physical casinos.
Housed edge always win at they never lose ever in the end.

Those who enter the casino for the sole purpose of having fun also win. And although winning in this case is not the main goal, it comes to those who especially do not expect it as a second bonus.

That’s exactly how it goes. The ones expecting to win are usually the ones who lose, while those just having fun often end up winning. But even if you do win, if you can’t control your gambling habits, all that money will just go right back to the casino. In the end, it’s the casino that always benefits.

If we want to keep our winnings, we’ve got to learn to control ourselves—especially when it comes to greed.

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Quote from: Docnaster on September 16, 2024, 06:32:51 AM

Quote from: Blowon on September 16, 2024, 06:19:22 AM

Quote from: The Hidebehinder on June 18, 2024, 05:49:25 AM

Yesterday I was sorting my winnings tickets I put while watching the game, had quite a nice sum and while standing in line to cash them I thought about how money is moving around, got the idea it's pretty close to a wealth redistribution.

Might be a stupid theory but hear me out on this, we have the gamblers that bet on 1 million, half of them lose, half of them win, the casinos get their 5% share, from this share they pay wages and rent and other costs, cutting the part where the casino gets the money it's that basically gamblers pay the wages of the whole staff manning those, and they also shuffle money between them.
Assuming rich people have more to lose and their share of the losses is bigger, taking into account they support with this money a ton of jobs, 70 000 in Europe alone, is this a form of wealth redistribution?

I wouldn't want to tag your theory as stupid because you were there's nothing stupid about having a deep thought of a particular subject matter and personally coming up with a submission at the end. That being said, I disagree with your theory to an extent and I'll explain why.

Before a gambling company is established, the owners are very much aware that it's more likely to have higher number of losers than winners and in the days or weeks that winners exceed losers, there's an already provided fund to pay out to the winners. When the rich gambles and loses a huge sum, he's not redistributing it to the poor rather the profits from his loss goes straight to the purse of the gambling company. Wether he loses his money or not, it doesn't have any direct effect on the poor gamblers that share the same gambling platform with him.

So gambling in my own opinion shouldn't be considered as a way of wealth redistribution.

I like your thinking better. We can't think of gambling as a way to redistribute wealth. There is no compulsion for rich gamblers to bet big. There is also no compulsion for poor gamblers to follow bets with their abilities or even beyond their abilities. Rich gamblers are free to bet for the winnings they get. Poor gamblers are also not forced to follow bets. The casino's chances of winning are greater than the gamblers'. And that will be a profit for the company. Not to be shared with anyone except a small portion of employees who help operate the casino. The big wins shared with some gamblers are a small portion of the profits obtained from the total bets entered.

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Quote from: Blowon on September 16, 2024, 06:19:22 AM

Quote from: The Hidebehinder on June 18, 2024, 05:49:25 AM

Yesterday I was sorting my winnings tickets I put while watching the game, had quite a nice sum and while standing in line to cash them I thought about how money is moving around, got the idea it's pretty close to a wealth redistribution.

Might be a stupid theory but hear me out on this, we have the gamblers that bet on 1 million, half of them lose, half of them win, the casinos get their 5% share, from this share they pay wages and rent and other costs, cutting the part where the casino gets the money it's that basically gamblers pay the wages of the whole staff manning those, and they also shuffle money between them.
Assuming rich people have more to lose and their share of the losses is bigger, taking into account they support with this money a ton of jobs, 70 000 in Europe alone, is this a form of wealth redistribution?

I wouldn't want to tag your theory as stupid because you were there's nothing stupid about having a deep thought of a particular subject matter and personally coming up with a submission at the end. That being said, I disagree with your theory to an extent and I'll explain why.

Before a gambling company is established, the owners are very much aware that it's more likely to have higher number of losers than winners and in the days or weeks that winners exceed losers, there's an already provided fund to pay out to the winners. When the rich gambles and loses a huge sum, he's not redistributing it to the poor rather the profits from his loss goes straight to the purse of the gambling company. Wether he loses his money or not, it doesn't have any direct effect on the poor gamblers that share the same gambling platform with him.

So gambling in my own opinion shouldn't be considered as a way of wealth redistribution.

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Quote from: mirakal on September 16, 2024, 06:07:26 AM

Quote from: tvplus006 on September 16, 2024, 04:57:24 AM

Quote from: Mr. Magkaisa on August 15, 2024, 06:48:47 AM

...So, the one who really benefits the most is the casino owner, not the gamblers who enter gambling platforms, whether online or in physical casinos.
Housed edge always win at they never lose ever in the end.

Those who enter the casino for the sole purpose of having fun also win. And although winning in this case is not the main goal, it comes to those who especially do not expect it as a second bonus.

Yes, they could be winning at some point but knowing the fact that they have used a good amount of capital first before they’ll enjoy the game, then that goes to show that casino owners will always be the winners regardless if the gamblers end up at win or at loss. But if asked is this is some kind of wealth redistribution, I guess it’s not although taxation is there wherein the casino owner is getting a percentage from every win.

Correct. Having fun or not doesn't matter, the business owners are the ones in profit here.

Although, let's also consider the risk they took before they started that business. It's not that easy to do it and create a team that will manage everything and then there's the money included which should be a large amount. Most gambling sites have investors too and finding those people who will risk their money for your business is not an easy task.
There will be doubts and urging them to invest will be difficult as it's a business that doesn't really have a product. It's inclined on how many people will play the game and gamble their money.

Topic: Is gambling a weird way of weath redistribution? - page 2. (Read 1530 times)