Topic: Rich, average or poor. Who loses more? - page 7. (Read 1027 times)

Okay, let us say that rich people gamble more and possibly lose more but it doesn't matter to them, it is just a small amount of their net worth or income that makes them not to regret. But these poor people have no intention other than to win. And the more they chase winnings every day the more possible that they even lose more than those rich people who gamble casually.

But for me, it doesn't matter who loses more, the most important is that we don't regret whatever it happens. To mathematical calculation that supports the claim as it matters to the gambler itself.

When you are rich then you could care less specially on spending and specially on the things that you've been doing. You wont really be that tending to make yourself that counting into the money that you've been losing since you know that you could easily patch it up or able to recover from it easily.Unlike into those poor people who do gamble on which they are really that wrecking themselves further more as they do engage with gambling. There are really people who are really just that doesnt care about on the things that they've been dealing even if they are already compromising their
finances as long they could be able to feed up their leisure then they would really be doing it right away without a doubt. This is why people do mess up with these kind of decisions.

The rich are rich because they understand math and they are very good at risk management. The poor are usually poor because they are dumb. Let's say, a rich guy goes to Vegas, loses a million USD... But guess what his net worth is over $100 million... What's a million for him? just 1%. The poor guy is a little bit more than the minimum wage and every month he is losing all the disposable income to gambling. On paper, Till the day this guy dies, he will never lose as much money as the rich guy lost in a day...

Life is all about risk management. If you are dirt poor, you should fix this before you start gambling.

I think the game here is not about how much a certain individual can spend.

Comparing "rich person" vs "poor person", obviously the rich person spends more money in gambling.
However, in real life, it's not a 1 versus 1 game, it's about volume. You can have millions of poor gambling even with small amounts but on a consistent manner, they will surely beat the amount of money rich people are spending through gambling.

The best example which I mentioned is the lottery, and I like to use our very own PCSO to get some figures to discuss upon.

https://www.pna.gov.ph/index.php/articles/1202360


That's billions there, and I'm sure 80% or 90% of that revenue came from the poor sector.

What OP tried to prove or find out in this topic? Everything has been proved years ago with mathematic rules and theories. Math works the same for rich, average or poor. You cant trick win:lose ration and random. If rich, average and poor make 100 bets, their results would be the same, with slightly difference due to random effect. This is illogical to make huge discussion here. I can make 1 bet, win it and have 100% win ration. While rich will make 100 bets, lose 50 and have 50% win ration. That wont mean that rich lose more.

Unless the person is rich and doesn't think about how much money they use to gamble, they will probably get their winnings after gambling for a while. But we know that playing gambling for a long time can trigger a person to lose a lot of money because he can also lose control of himself so he might increase the amount of his bet. He will think that by increasing the amount of his bet and he can win, his winnings can cover the amount of his losses. But he didn't think about the defeat that could come anytime and would take more of his money. Regarding who will experience more losses between rich, middle, and poor people, it depends on how much money they use, how long they spend, and how they gamble, meaning whether they increase their bets or remain with the same amount. It's the same bet as before. And many other things need to be known to determine who will experience more defeats among the three types of people.

But their losses are also higher than their wins, usually rich people bet with high stakes so that when they win they will easily win big but if they lose maybe it will be a big loss, but even then in the view of poor people everything seems big, after all rich people just entertaining themselves with the game, that's why I often see rich people gambling, not really pushing hard to achieve the desired win, they just gamble to have fun.

I think rich people have a good mindset in managing their emotions when gambling so they are more relaxed than poor people because for them gambling is not just for making money but also just for entertainment so when they win big they will consider it as a bonus, at least they know when they should stop gambling and when they should gamble, which poor people never do, they don't manage their emotions and time when gambling.

Exactly, your point is very correct. It sometimes really have nothing to do with the status of people in most cases because be it a poor or a wealthy man both persons are pron to suffering some losses and are also prone to series of winning equally so winning or loosing can't be really stereotyped to a particular class of people in the society.

Both classes have equal privilege at the casino but have different advantage which lays within their staking strength but then it's very possible some 'poor' accumulate staking strength over a period of time especially when they are in much anticipation about a particular game they have got some level of accuracy with nevertheless it still doesn't guarantee they will win but the high stake only gives them better edge, some the poor even suffer multiple losses because since they have small bankroll the tend to engage in multiple stake at same time to increase their chances but sometimes ends up even loosing while the rich does fee picks most times.

You are very correct, gambling doesn't favour a specific class of people,  it works for people the same way and not being partial. The poor people because of they manage their money on how they play gambling which if they lose they can decide to pause till they get money to play again, while the rich because of how buoyant they are they can decide to play gamble back to back which they can end up becoming luck to win.

 But I can tell you the more win the rich people gain from gambling may not be compare to the number of lose that occurs. Gambling is a game of luck for everyone, wish everyone experience win and lose based on how lucky they are, the rich people take more risk in playing gambling.

Your point is not unreasonable. Because we know that people who spend more time in gambling they will have the provability to loss in gambling more. But we cannot be sure that a rich or poor person spends more time in gambling. We know that if a rich person wants he can withdraw profits from there by betting more in a short period of time, but for a small amount of money, a poor gambler spends more time in gambling. In that case the gambling amount of rich person will increase and if so then there is a comparatively poor gambler to lose more. I often see that a poor gambler loses more than a rich one. Although his amount of money is less than that of a rich person, his gambling losses are proportionally higher.

If we only look at one side of the situation then obviously I think most people will have the same assumption as you said about rich people winning more from gambling than poor people, people only focus on the financial situation and the difference in the allocation of the amount of budget to spend, but they don't look at the actual concept of gambling which always depends on luck and means that rich or poor if it is difficult for them to be in a lucky situation then obviously defeat will occur and even in a row because obviously luck is always difficult to predict.

Why do rich people win more? Obviously the reason is because they can do more experiments which means luck has the potential to get closer but if we look at the losses then it's the same thing they will also lose a large amount if indeed most of the experiments they do end with defeat, and the difference is clear that rich people have a lot of money to do a lot of experiments while poor people can't do that much because of the limited money they have.

Both the rich and the poor win and lose from gambling, but I will follow what some people say about rich people winning more in gambling than poor people, and I have my reason for saying that. I know both rich and poor people spend money on gambling, but if you notice the way some rich people gamble, then you will notice they have higher chances of winning because of the pattern that the rich people use. Rich people can decide to gamble on a single bet, and they will place a large amount of money on the bet, so they have a high chance of winning back because the risk is always low since the odds will be kind of low. But when the poor are gambling, they do decide to place a bet on a multi-bet, they will accumulate lots of odds and place a bet with just a small amount of money, which will be kind of difficult to win. That’s why it’s always difficult for poor people to win bets.

When someone who has 100 million dollars lose 1 million dollars in a gambling session, he only loses 1% of his total net worth. When someone who is poor, with perhaps let's say a little less over than $1000 in his person loses 100 bucks, he loses 10% of his total money. From this alone you can discern that those who are poor couldn't fare with the rich people in gambling even if they wanted to. If they lose a million dollars today it's fine, they have multiples of it in their bank account, but when you lose 100 dollars in a single gambling session, you're already in deep deep trouble my boy.

Just cause you lose more money than the poor guy doesn't necessarily mean you lose more in a sense. It's all about the bearing of the money that you lost, rich people gamble millions cause they can, poor people gamble their money away cause they feel like they have to. There's a massive difference in reality as well as in perspectives between the two of you.

In gambling wins and losses are sometimes based on luck. from a logical point of view I suggest that the poor lose more and the rich win more. This is because someone can become rich by multiple win  and also someone can also become poor by multiple losses.

Another important fact to note is that the rich make higher stakes than the poor therefore making their wins more profitable than the poor.

Many people believe the rich win more than the poor in gambling. This is because they see them as people who have more money to spend than the poor, who are just squeezing out that money to gamble, but the truth is that the poor spend, the rich spend, who will win, and the winning is based on what tactic the person who is gambling uses to gamble.
 
Sometimes most people who are rich don't even gamble up to the way the poor people gamble, and they win because they gamble more. The poor gamble up to the extent that they so much believe they can win to change their lives. Why do the rich gamble to win and add to their wealth? Theoretically speaking, I see the poor as people who gamble more and win more.

They don't know that they talk. They think that if you play with dice with a martingale strategy with 20 BTC, your chances to win are almost guaranteed because you have enough money to handle losses but that's far from the truth. Casino has a guaranteed advantage and house edge is that advantage. 0.5%, 1% or higher doesn't matter. In short, you can't beat the house, you can't change mathematics. Instead, you should try to stick with pure luck because only luck can beat it, that's why newbies often win when they start gambling but lose over time when they play with strategies.
Rich or poor are both equal in this case. Only one difference that exists between them is that if rich bets low amounts of money, will experience long sessions while poor is more likely to leave the casino first if he is not lucky.

Actually the rich tend to win more than the poor because they have better risk management which allows them to keep their bankroll incheck such that they loose less often than they win because they know how much they are putting at stake so that makes them reduce their risk to the bearest minimum so as to increase their chances of winning.

The house always have that house edge privilege and that's not in doubts as they are most at advantage more often than the gamblers. The poor usually have the mentality of wanting to milk the house all at one by this they tend to increase their risk by making multiple picks such that the odds become too high and their chances of winning reduces but with the rich they make only very few picks and with high stakes, they will be making good amount bof money already but the poor needs to accumulate so much odds to be able to get such amount the rich will get at once and this variations results from their varring staking power.

Gambling is one engagement that doesn't segregate people according to their financial status and that's why it's absolutely possible for everyone irrespective of their financial strength to gamble in different gambling platforms. But that being said, I think it's good we tell ourselves the truth about gambling and how it works. To some people, they gamble to make money as well as earn a living out of it while to some they gamble for fun and doesn't do it on regularly basis.

The people who gamble to make a living out of it are always regular with their gambling engagement and majority of them are poor people. So if you ask me, I think the poor loses more followed by the average before the rich

Just imagine a poor person who tried to gamble for just a few rounds and lost it all, the thing is they don't have any funds to keep continuing and would probably stop playing. That is still a loss, but if we look for the average and rich people who can bet bigger and retry for more rounds could have a chance to regain their losses plus have a profit, but the downside is gambling relies on luck, so it would be hard to recover and win even for many rounds. It really depends on the situation but if the case talks about winning, average and rich people have a higher chance of winning than poor, but they also have a higher rate of losses cause in the process of winning, there would be a lot of losses. Plus poor might be not afford to lose the money that they have betted, which just shows that gambling could worsen their financial state.

I do not understand what's contradictory about the house being in control and that the rich win more than the poor. They all rely on the fact that the house has some percent available for every gambler. In some cases, the low rollers still have a bonus if they get to a specific amount that qualifies them to gain a bonus. The difference is that the high rollers get there faster than the low rollers. Physical casinos offer comp points to everybody, both high and low rollers. It's not a matter of the money but how fast the rich gets to a level, due to the amount of money they wager. The same applies to the results or outcome of their stake. High rollers win more money than low rollers. In the same way, they lose more money than the low rollers. The house edge only regulates the amount dispensed to gamblers, for the longevity and profitability of the casino. The odds are the same, but the individual gambler needs to get his predictions right to win big. Despite the bonuses the rich gain from gambling, if he's not good it's of no use.

The low roller can win with his small amount and go home happy. While the high rollers end up losing out huge amount of money. Having lots of money has no guarantee of winning in the casino. It's more of the ability to be smart in making good predictions. High rollers who are smart gamblers tend to win bigger amounts, due to the knowledge they've attained from gambling. And understand how to manage their money, not to run out due to the house edge. Most times House Edge favors the high rollers because they'll still be on funds to reach the time of their reward. Some low rollers wouldn't have the funds to continue gambling, and when they come again to gamble, the reward system may have been changed. A house edge that rewards 2% of the person's $200 may not get to a low roller who stopped gambling at $50, especially for the physical casinos. Don't know if the online casinos have the house edge designed per account. Such that whenever he gets to the specific amount as programmed in the computer, the player would win.