Topic: Rich, average or poor. Who loses more? - page 7. (Read 976 times)
In fact, it requires clear statistics to provide a comparison of results. But, from what I can explain is, when rich people gamble, they have a larger limit of money to gamble. Simply put, poor people can only gamble up to 10 bets, while rich people can gamble up to 100 bets. out of 100 bets, a rich person might gamble a bet of more than $10, while a poor person might bet a maximum of $5. From this comparison, when rich people win, they will win bigger than poor people, especially if they get the jackpot. so maybe they have the same losses between rich and poor, just different wins such as having rich people win more.
I don't know for real but I assume the rich should lose more than the other groups for the simple fact that the rich have more money to play and they should be the ones losing more but also winning more so it looks pretty self explanatory based on this question.
I know that can be other situations where the average or the poor can lose more because of their perseverance to keep playing hoping in a win but these are extremely isolated cases compared to the rich persons.
I know that can be other situations where the average or the poor can lose more because of their perseverance to keep playing hoping in a win but these are extremely isolated cases compared to the rich persons.
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.
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.
~snip~
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 theirfinances 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.
Gambling is different for the poor. Risky bets with larger stakes than they can afford. Ironically, high-risk gaming can be more fun. Not just the money, but the adrenaline high. Humans crave excitement and challenge. Thus, while the rich bet for enjoyment, the poor seek a more intense experience. The bet has more than monetary worth in this intricate dynamic.
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.
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.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.
Life is all about risk management. If you are dirt poor, you should fix this before you start gambling.
We don't have a data to conclude which of the 3 loses more.
However, I am confident with my guess that it's the "poor", and that is due to the reason that they are the more desperate to win big money. Let's use a simple question with an obvious answer, who gambles more in a lottery? Of course the answer is the "poor".
So the answer to your question is "POOR".
I have to agree on this because poor people usually spend the money they don't have and they borrow a lot of money just to gamble, that's why they lose more and you can easily compute that based on your asset compare to what you've loss. Rich people will always have the money to support their addiction, and that is because of their resources that makes them more liquid though of course when it comes to rich people we're talking about millions of money, its just that they have buffer to cover for that losses. However, I am confident with my guess that it's the "poor", and that is due to the reason that they are the more desperate to win big money. Let's use a simple question with an obvious answer, who gambles more in a lottery? Of course the answer is the "poor".
So the answer to your question is "POOR".
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
Quote
The agency surpassed its annual sales target of PHP 46.1 billion by 125 percent.
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.
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.
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. 
Another important fact to note is that the rich make higher stakes than the poor therefore making their wins more profitable than the poor.
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.
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.
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.Another important fact to note is that the rich make higher stakes than the poor therefore making their wins more profitable than the poor.
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.
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.
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.
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.
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. 
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.
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.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.
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.
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.
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. 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.
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. 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.
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.
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.
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.
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.
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.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.
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.
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.
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