Rich, average or poor. Who loses more?

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Quote from: darkangel11 on January 22, 2024, 02:22:31 PM

It's obvious that rich people will wager more and lose more. The question doesn't make much sense because there's only one good answer here and it's so simple that it makes the whole thread laughable.
You cannot lose money if you don't have it. How can a poor player lose more than a rich one if his maximum equals what the rich guy spends on a single meal? You could adjust the results by providing proof for things like the poor outnumbering the rich and so on, but it would have to be a 100 to 1 for this to make a change in the math. Rich simply spend more on everything, food, clothes, gambling, cars, homes, and so on.

Rich people will wager more and lose more. This claim is not always accurate.While there are some rich people who are careful with their money and avoid gambling, it is not always the case.You cannot lose money if you don't have it. Gambling can be a particularly tempting activity for people who are struggling financially. They may see gambling as a way to escape their problems or make some quick money.

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Quote from: Aanuoluwatofunmi on January 22, 2024, 05:14:32 PM

By the virtue of what each category of gamblers are holding, I will like to say this that the rich knowing that they have enough money to gamble with, they will also want to spend more on gambling and thereby using high amount of money to gamble>>

I'm not tryna dispute that fact but it's kinda like absurd to think an average person can't gamble with high stakes... Do you actually think it's about how much you've got?.. there are sets of die-hard gamblers that can stake as much as what a rich person wouldn't wanna try...

Quote

[...] while they don't mind if they loose because they know having the money to gamble with the next time wouldn't be a problem, the average and poor gamblers will be very careful of how they spend their money, they know what it takes them before getting the one they had.

is this what you think?? Do you really think making money is that easy? For everyone that lives in affluence, there's always a price to be paid..... No matter how rich anyone would be, they can't spend unnecessarily unless they wanna get broke soon... Infact, that's on of the principle of making wealth. CHANGE THAT IDEOLOGY.

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Aanuoluwatofunmi

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By the virtue of what each category of gamblers are holding, I will like to say this that the rich knowing that they have enough money to gamble with, they will also want to spend more on gambling and thereby using high amount of money to gamble while they don't mind if they loose because they know having the money to gamble with the next time wouldn't be a problem, the average and poor gamblers will be very careful of how they spend their money, they know what it takes them before getting the one they had.

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Quote from: Oshosondy on December 30, 2023, 07:01:45 AM

I do not like thread that are long already. I prefer threads that is not more than 1 page long. I went through a long thread this time, some people are quoting me on the thread about who loses more to gambling and I read some replies only to find out that most people are saying rich people are likely to make money than poor people in gambling.

This is the thread
Why the rich win gambling more than the poor.

Is this not contradictory? I am not rich and I gamble and lose more. The same story by many rich people. People said you can not win the house. If more people are registered on a casino or a bookie site, the owner of the site will be happy. Because they know they will have more workers and be able to pay them as they will earn more. If you deposit huge amount, the more the happiness because the house would win at last. This is not about rich or poor. And this only shows more that the rich are likely to lose more.

So why are people contacting themselves. They will say the house would win because of house edge. Now they are also saying the rich would win than the poor. Is it not the others way around that the more the rich spend on gambling, the more the money the rich will eventually lose.

The people with the least money available to spend can often be most susceptible to the gambling trap for many reasons, but everyone is vulnerable to becoming addicted. Those who have the least money are usually desperately seeking out "easy" sources and shortcuts, but can fail to understand the maths that is set up against them. The richer your family is, the more likely you are to reach higher levels of education, which can help defend against many traps that gamblers fall in. There is also a stronger incentive to chase losses and add to them, because if you've lost your last $10 it stings a lot more than when you have a few million left in the bank, and your mind can get distorted, thinking the casino "owes" you a win.

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It's true that the house always holds a mathematical advantage, built into the rules and probabilities of each game. While luck can occasionally swing in a player's favor, relying on it as a consistent strategy for beating the house is a recipe for disappointment.

Individuals might play for longer durations and experience more wins purely due to playing more hands, it's crucial to remember that their losses are likely proportionately larger as well. In terms of net profit, the house edge still reigns supreme, regardless of the player's bankroll.

The unfortunate truth is that many assumptions about gambling, especially those fueled by myths and wishful thinking, often lead to detrimental behaviors. Chasing losses, believing in winning streaks, or clinging to superstitions can cloud judgment and exacerbate financial losses.

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It's obvious that rich people will wager more and lose more. The question doesn't make much sense because there's only one good answer here and it's so simple that it makes the whole thread laughable.
You cannot lose money if you don't have it. How can a poor player lose more than a rich one if his maximum equals what the rich guy spends on a single meal? You could adjust the results by providing proof for things like the poor outnumbering the rich and so on, but it would have to be a 100 to 1 for this to make a change in the math. Rich simply spend more on everything, food, clothes, gambling, cars, homes, and so on.

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Quote from: kojektea on January 22, 2024, 01:51:39 PM

Let's just assume the wealth of the rich has $1M while the poor have $10k
The rich only lose $10k and the poor lose $1000, nominally the rich will lose a lot of money, right, but physically the poor suffer much more, if we talk about the average loss of money between the rich and the poor of course the rich will have more

a person with $10K in today's economy doesn't sound like a poor man. a $100 for gambling capital is more than likely.

the rich have richness, and an income flow without much work while the poor have less amount of money lost but it could mean they lost an amount that is meant to pay the bills. this is why it's just too pitiful to think a poor man still gambles when they don't have much. and it's always the poor man who resorts to committing crime to acquire some cash.

kojektea

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Let's just assume the wealth of the rich has $1M while the poor have $10k
The rich only lose $10k and the poor lose $1000, nominally the rich will lose a lot of money, right, but physically the poor suffer much more, if we talk about the average loss of money between the rich and the poor of course the rich will have more

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Quote from: arimamib on January 21, 2024, 06:59:33 PM

It's a common knowledge that people from different economic backgrounds may approach gambling differently, and the motivations can vary based on financial circumstances. For those the lower-income people, the aspiration to uplift their lives through gambling might stem from a desire for financial improvement or the hope for a substantial win. The potential for addiction becomes a concern, because those people may try to recover previous losses that leads to a cycle of financial strain.

Wealthier people might view gambling as a form of entertainment rather than a means to accumulate more wealth. Using disposable income for gambling can make the experience more risk-free for them. But people with ample resources can also face issues related to excessive gambling or addiction. Either way, they need to have awareness about responsible gambling practices and the potential risks associated with different financial approaches to gambling. Regardless of their economic status, fostering a balanced and informed mindset when engaging in gambling activities is essential to prevent negative consequences.

The gambling community who had good background will have the huge opportunity to recover their loss.But the gamblers with margin betting skills and budget will play the gambling will make the money.But only the luck will allow him to make more money compared to the random betting in the gambling site.The gamblers who play the gambling with it’s strategy and huge money as the back up will able to make the huge profits from the same gambling site.The winning bets will be made you the top.

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Quote from: AmoreJaz on January 21, 2024, 07:59:29 PM

Edith

So to get your point clear, you saying that the poor have higher chances of losing than the rich everage guy?

I use to have that same thoughts also when I was responding to this question earlier, because being poor, the gambler is at higher pressure to win at all cost and we know what that kind of mindset leads to all promatiitc gambling behaviour at some point in time, and also, when we talk about pressure I also believe that the poor gambler is also more at risk of phasing such pressure at some point in time so for that i will agree with you on the experience pf poor gambler to that of rich guy.

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Quote from: Weawant on January 21, 2024, 07:01:01 PM

Quote from: Westinhome on January 21, 2024, 06:35:55 PM

The middle class or poor people mostly want to uplift their own life to the next level by the mean of the gambling,but the rich people doesn’t need to get more rich using their gambling games.The reason by which the prior will use their 50-100 percentage of their income to the gambling,but the former will do the gambling with their free money to the gambling site.The rich people will do the gambling more risk free by this way of gambling with the free money.The poor or middle class people use their important money to the gambling site,later they get addicted to gambling site to get away their previous loss in the gambling site.

Actually the poor and the average usually gamble more often than the rich but whenever the Rich gamble, their stake is usually so high that it can cover for all that the average or poor has been using to gamble all along because they usually have very high or heavy stake which the poor or average cannot afford to gamble with at once..

This high stake by the rich Also reflects in their loses aswell because when they lose, they lose all they they dis stake at once just like the poor or average the difference has always been with that winnings because a single win by the por could be much more than that which the poor or average has won over a period of time. They all lose money to gambling well enough and if you want to check by an average proximate , you will find out that they spend almost the same except that the rich does it once in awhile but the poor and average is often.

let us put it this way, the rich and the poor have their own ways of betting. but the poor, i believe, has bigger losses as they have other financial commitments that they can't attend to. whereas, for rich gamblers, even if they spend a lot, they still can live in a luxury lifestyle.
the stakes are great for poor gamblers, because once they busted their bankroll, they have nowhere to go to. unless, they will loan money just to continue their gambling, and that i guess, is a very risky and dangerous path to take.

so in this scenario, poor gamblers have a lot to risk as compared to rich gamblers. just consider the case that if the poor one lost all his money, how he will gonna eat or pay for the rent or pay his monthly bills? whereas, the rich ones, they don't have to worry those things, because those are already taken care of as they have back up source of money to cater their gambling needs.

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Quote from: legendbtc on January 21, 2024, 07:22:46 PM

Quote from: boltz on January 21, 2024, 06:19:05 PM

Quote from: HelliumZ on December 30, 2023, 07:59:12 AM

There is no standard to measure which class of gamblers loses more or profits more among rich, middle class, and poor gamblers. However, once the middle class and lower class lose in gambling, their mentality changes a lot because they don't have the courage to gamble again after losing a huge amount of money. But the elites do not become mentally broken even if they lose repeatedly in gambling but they do not hesitate to bet again to get profit even if they lose more than once. That's why the rich are more likely to profit from betting than the middle and lower classes.

I must agree with this. First of all , all the classes are losing money while they gamble but I think the middle class and poor class are the most affected ones because basically they gamble more than 50% of the monthly income and I know this for a fact after a study in Romania where they showed that most of the gambling addicts here tend to bet more than 50% of the income which is crazy and sad on the same time.

On the other half ...a rich guy who will gamble , I doubt he will remain poor over night but dramas can appear on rich families as well because of gambling problems so overall , no one is really safe while gambling but we do it anyway.

Of course, the rich will be the ones who lose more money. Because the amount of money they bet will be larger than many poor people. For example, if a rich person bets $1,000, it will be a small amount of money for them, but for a poor person, it could be several months of their salary. Poor people will not dare to take that large amount of money to gamble unless they are addicted.
But consider the percentage of money the rich and poor have. The amount of money poor people spend on gambling is not inferior to rich people. Maybe they even spend heavily on gambling with all their savings. Because most poor people come to gambling to make money and earn extra income (I also see gambling as a place to earn extra income). Rich people may just consider gambling as entertainment. They only use a small amount of money compared to them for gambling.

Exactly, they the one that most exposed into gambling by having enough funds to continue unlike the poor and the average ones, but let's not forget that gambling losses still affect the most are the poor and the average, rich might lose a lot of money but that money can be recovered by their high paying income or business, where the both poor and average doesn't have enough spare money so some would get to loan hoping to win huge amounts. Rich people might consider gambling as investment and entertainment which the both as well trying to do, but they differ in their financial status. In short, one afford to risk the money they have and the other both doesn't afford to lose that amount which worsen their situation.

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Quote from: boltz on January 21, 2024, 06:19:05 PM

Quote from: HelliumZ on December 30, 2023, 07:59:12 AM

There is no standard to measure which class of gamblers loses more or profits more among rich, middle class, and poor gamblers. However, once the middle class and lower class lose in gambling, their mentality changes a lot because they don't have the courage to gamble again after losing a huge amount of money. But the elites do not become mentally broken even if they lose repeatedly in gambling but they do not hesitate to bet again to get profit even if they lose more than once. That's why the rich are more likely to profit from betting than the middle and lower classes.

I must agree with this. First of all , all the classes are losing money while they gamble but I think the middle class and poor class are the most affected ones because basically they gamble more than 50% of the monthly income and I know this for a fact after a study in Romania where they showed that most of the gambling addicts here tend to bet more than 50% of the income which is crazy and sad on the same time.

On the other half ...a rich guy who will gamble , I doubt he will remain poor over night but dramas can appear on rich families as well because of gambling problems so overall , no one is really safe while gambling but we do it anyway.

Of course, the rich will be the ones who lose more money. Because the amount of money they bet will be larger than many poor people. For example, if a rich person bets $1,000, it will be a small amount of money for them, but for a poor person, it could be several months of their salary. Poor people will not dare to take that large amount of money to gamble unless they are addicted.
But consider the percentage of money the rich and poor have. The amount of money poor people spend on gambling is not inferior to rich people. Maybe they even spend heavily on gambling with all their savings. Because most poor people come to gambling to make money and earn extra income (I also see gambling as a place to earn extra income). Rich people may just consider gambling as entertainment. They only use a small amount of money compared to them for gambling.

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Quote from: Westinhome on January 21, 2024, 06:35:55 PM

The middle class or poor people mostly want to uplift their own life to the next level by the mean of the gambling,but the rich people doesn’t need to get more rich using their gambling games.The reason by which the prior will use their 50-100 percentage of their income to the gambling,but the former will do the gambling with their free money to the gambling site.The rich people will do the gambling more risk free by this way of gambling with the free money.The poor or middle class people use their important money to the gambling site,later they get addicted to gambling site to get away their previous loss in the gambling site.

Actually the poor and the average usually gamble more often than the rich but whenever the Rich gamble, their stake is usually so high that it can cover for all that the average or poor has been using to gamble all along because they usually have very high or heavy stake which the poor or average cannot afford to gamble with at once..

This high stake by the rich Also reflects in their loses aswell because when they lose, they lose all they they dis stake at once just like the poor or average the difference has always been with that winnings because a single win by the por could be much more than that which the poor or average has won over a period of time. They all lose money to gambling well enough and if you want to check by an average proximate , you will find out that they spend almost the same except that the rich does it once in awhile but the poor and average is often.

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Quote from: Westinhome on January 21, 2024, 06:35:55 PM

Quote from: erep on January 21, 2024, 06:30:05 PM

~

The middle class or poor people mostly want to uplift their own life to the next level by the mean of the gambling,but the rich people doesn’t need to get more rich using their gambling games.The reason by which the prior will use their 50-100 percentage of their income to the gambling,but the former will do the gambling with their free money to the gambling site.The rich people will do the gambling more risk free by this way of gambling with the free money.The poor or middle class people use their important money to the gambling site,later they get addicted to gambling site to get away their previous loss in the gambling site.

It's a common knowledge that people from different economic backgrounds may approach gambling differently, and the motivations can vary based on financial circumstances. For those the lower-income people, the aspiration to uplift their lives through gambling might stem from a desire for financial improvement or the hope for a substantial win. The potential for addiction becomes a concern, because those people may try to recover previous losses that leads to a cycle of financial strain.

Wealthier people might view gambling as a form of entertainment rather than a means to accumulate more wealth. Using disposable income for gambling can make the experience more risk-free for them. But people with ample resources can also face issues related to excessive gambling or addiction. Either way, they need to have awareness about responsible gambling practices and the potential risks associated with different financial approaches to gambling. Regardless of their economic status, fostering a balanced and informed mindset when engaging in gambling activities is essential to prevent negative consequences.

Wiwo

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I have hard the saying that the rich also cry, many times before and for sure I am not surprised as to why that is, because gambling Is of no respecter of a person or group and for sure in thos case, both the poor average and the rich will all have their own peculiar experience with gambling, and that is what it is, and I most situations, alot depends on the individual, because for whatever reasons, we have to experience our own individual thing at some point in time and that should be properly understood and worked on.

Because expecting that gambling loses have a particular set of class of people that it affects most is most likely not going to work as many will expect it to be and for sure we have rely on a number of things before we talk of it influence on us as per our class or statues in the society.

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Quote from: Westinhome on January 21, 2024, 06:35:55 PM

Quote from: erep on January 21, 2024, 06:30:05 PM

If you calculate based on percentages then the middle class and poor class will be superior to the rich class because they allocate 50% of their income to gambling, but the calculation is wrong on a comparative scale, say the middle class and poor class allocate $20 of total salary income of $40 and that amount is 50% of income but is that a high amount, but the rich class allocates 5-10% of income with $2k every month.

The middle class or poor people mostly want to uplift their own life to the next level by the mean of the gambling,but the rich people doesn’t need to get more rich using their gambling games.The reason by which the prior will use their 50-100 percentage of their income to the gambling,but the former will do the gambling with their free money to the gambling site.The rich people will do the gambling more risk free by this way of gambling with the free money.The poor or middle class people use their important money to the gambling site,later they get addicted to gambling site to get away their previous loss in the gambling site.

Trying to uplift as we should say but we do know that this isnt something that sensible that you would really be gonna doing yourself on such manner on which gambling is never been that a viable
option for you to take. You cant really just that make yourself that be able to resolved out that kind of problem when it comes to finances on trying out to make gambling as your source of income
on which we do know that it cant really be just that possible on doing so because gambling could really make things even more worst considering that risks is high when you do gamble
in terms of losing.Being poor or rich , doesnt matter because winning is something that would really be that in connected on how well you do make yourself in doing gambling
and of course on how lucky you are.

Westinhome

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Quote from: erep on January 21, 2024, 06:30:05 PM

If you calculate based on percentages then the middle class and poor class will be superior to the rich class because they allocate 50% of their income to gambling, but the calculation is wrong on a comparative scale, say the middle class and poor class allocate $20 of total salary income of $40 and that amount is 50% of income but is that a high amount, but the rich class allocates 5-10% of income with $2k every month.

The middle class or poor people mostly want to uplift their own life to the next level by the mean of the gambling,but the rich people doesn’t need to get more rich using their gambling games.The reason by which the prior will use their 50-100 percentage of their income to the gambling,but the former will do the gambling with their free money to the gambling site.The rich people will do the gambling more risk free by this way of gambling with the free money.The poor or middle class people use their important money to the gambling site,later they get addicted to gambling site to get away their previous loss in the gambling site.

erep

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Quote from: boltz on January 21, 2024, 06:19:05 PM

I must agree with this. First of all , all the classes are losing money while they gamble but I think the middle class and poor class are the most affected ones because basically they gamble more than 50% of the monthly income and I know this for a fact after a study in Romania where they showed that most of the gambling addicts here tend to bet more than 50% of the income which is crazy and sad on the same time.

On the other half ...a rich guy who will gamble , I doubt he will remain poor over night but dramas can appear on rich families as well because of gambling problems so overall , no one is really safe while gambling but we do it anyway.

If you calculate based on percentages then the middle class and poor class will be superior to the rich class because they allocate 50% of their income to gambling, but the calculation is wrong on a comparative scale, say the middle class and poor class allocate $20 of total salary income of $40 and that amount is 50% of income but is that a high amount, but the rich class allocates 5-10% of income with $2k every month.

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Quote from: HelliumZ on December 30, 2023, 07:59:12 AM

There is no standard to measure which class of gamblers loses more or profits more among rich, middle class, and poor gamblers. However, once the middle class and lower class lose in gambling, their mentality changes a lot because they don't have the courage to gamble again after losing a huge amount of money. But the elites do not become mentally broken even if they lose repeatedly in gambling but they do not hesitate to bet again to get profit even if they lose more than once. That's why the rich are more likely to profit from betting than the middle and lower classes.

I must agree with this. First of all , all the classes are losing money while they gamble but I think the middle class and poor class are the most affected ones because basically they gamble more than 50% of the monthly income and I know this for a fact after a study in Romania where they showed that most of the gambling addicts here tend to bet more than 50% of the income which is crazy and sad on the same time.

On the other half ...a rich guy who will gamble , I doubt he will remain poor over night but dramas can appear on rich families as well because of gambling problems so overall , no one is really safe while gambling but we do it anyway.

Topic: Rich, average or poor. Who loses more? (Read 976 times)