Rich or poor gambler, who should risk more? - page 40.

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Quote from: nara1892 on April 09, 2024, 06:23:22 AM

Everyone has their own point of view on the value of money, such as the viewpoint of the rich and the poor on money which for the rich may be the amount of $100 is meaningless but for the poor it is very valuable, but if we talk about gambling then obviously this has nothing to do with rich or poor because it all depends on each person's point of view on the value of money which means that rich or poor they have to take a level of risk that suits their financial situation, or it means putting a budget amount that they can afford to be responsible for if they lose in the end, so of course there is no idea who should take a bigger risk between the rich or the poor, because after all it is best to take the risk that suits your ability.

I agree with this. We cannot just compare the level of risk that both take because there are rich people who are also protective of their money, they don't like spending too much and so they get richer in the process. And there are rich people who don't like gambling because it's a waste of money and time especially those who are focused on their businesses.
The poor on the other hand may also have the same idea. Those who work hard trying to be rich won't be urged to gamble that easily because their focus is to accumulate more money through hard work and not the rushed way where the risk is too high.

I guess it depends on the habits of each individual and not their status in life. A poor could gamble just because he wants to while the rich can too because he has more access to money. I think I can only say that the rich can gamble more composed because of their deep pockets while the poor will be stressed out easily with just a 1-10 losing streak because they badly need to win a round to keep on playing.

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Quote from: nullama on April 09, 2024, 02:57:10 AM

Quote from: adpinbr on April 08, 2024, 03:51:46 PM

All risk is risk, it’s just depend on the amount you are putting in because of your level of standard well because rich people usually put big amounts to the standard and if they lose, it will also affect them because they know the amount they have put in poor people in gambling. Also have a room on putting the amount of money they can to the standard if they also lose it to affect them such as how it will affect the rich man, if you are rich or poor, doesn’t make you to have less consign on knowing the risk, and if you are rich, that doesn’t make you too risk more because you wouldn’t put small amounts like the poor, you will stack a high standard of cash so everyone should be careful and do the writing in gambling to avoid story that touches the heart

Life is full of risks, but the key is to differentiate between risk and reward.

For example, many people cross the street every day because the risk of dying is low and the reward of getting where you want is high.

In casinos the perceived reward sometimes might be higher than reality, and the perceived risk might be seen as way lower than what it really is.

That's part of the casinos business, to make it look better than what it is.

- or in another example, a running race, in order for you to win and get the trophy and be called the champion, you must first defeat or outrun your opponents who will also be running in the field.

and it's not easy to do that because you have to run faster than them and to do that you have to go through training... this is the risk you have to face.

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Quote from: Queentoshi on February 07, 2024, 02:35:11 AM

Gambling an activity for fun also has the chance to turn someone's fortune. Calculated risk when taken in gambling can be the way to big wins from gambling. Who do you think should take more risk in gambling?

this question is tricky because we are talking about gambling so i believe both are risking.

Quote

The rich gambler or the gambler who is not yet rich. If a rich gambler takes risks in gambling, they are risking losing money and becoming poor from gambling, or getting richer, when a gambler who is not yet rich gambles, they can also get poorer or richer, so the gambler who should take the risk should be the gambler who can handle the dangers of the risk like losing too. When a rich gambler loses from taking a risk, there is a better chance of them being in a position to manage with the losses, than someone struggling financially who a big loss will really affect.

i am not rich gambler but in the chatroom and even in some gambling groups that i was in? we are all
risking and losing together so i think we have both same faith.

Quote

So, I am confused after asking myself this question and answering it, does this mean a poor gambler should continue to play it safe in gambling? With no risk, how can a poor gambler change their fortune in gambling?

it is the attitude mate, poor or rich? depending on how you wanna deal in gambling.

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Quote from: kotajikikox on April 09, 2024, 08:45:00 PM

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Quote from: nara1892 on April 09, 2024, 06:23:22 AM

~snip~

In gambling, of course, each person has a different way of taking risks when placing bets and this does not affect rich or poor because every gambler who is very confident in the bets they play will of course bet whatever money they have, but for them who can control themselves in betting will of course bet with an amount they can afford if they lose on the bet they play and if we bet with all the money we have of course this will make it difficult for us to meet our needs if Indeed, the bet we place cannot be won, so it would be better for us to bet an amount that we can afford to lose if we lose the bet.

actually what I see mate is that poorer is the most affected here? because rich can lose this and that amount but the poorer? once they lose a certain amount ? that means either one meal will be out of the table .
the sad truth of gambling life that the poorer will keep being a loser while the rich will become winner.

But basically it all depends on how much they use, when small gambler uses most of his money to bet then it means he is taking big risk.
Likewise, when rich gamblers risk large amounts of money that are actually equivalent to half their wealth or more then it is also big risk taking too.
Rich gamblers who bet very large amounts does not mean they can still remain in the same condition because there are quite lot of rich gamblers who have experienced ruin or bankruptcy because of gambling.

Moreover, in gambling, I personally think that the real success or winners are not those of us gamblers who can get it but those who build gambling business.
Rich and poor gamblers will only continue to spend money, but gambling site owners always make money, and risks will always be present in gambling so we must be able to minimize them.

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Quote from: Queentoshi on February 07, 2024, 02:35:11 AM

Gambling an activity for fun also has the chance to turn someone's fortune. Calculated risk when taken in gambling can be the way to big wins from gambling. Who do you think should take more risk in gambling? The rich gambler or the gambler who is not yet rich. If a rich gambler takes risks in gambling, they are risking losing money and becoming poor from gambling, or getting richer, when a gambler who is not yet rich gambles, they can also get poorer or richer, so the gambler who should take the risk should be the gambler who can handle the dangers of the risk like losing too. When a rich gambler loses from taking a risk, there is a better chance of them being in a position to manage with the losses, than someone struggling financially who a big loss will really affect. So, I am confused after asking myself this question and answering it, does this mean a poor gambler should continue to play it safe in gambling? With no risk, how can a poor gambler change their fortune in gambling?

Studies reveal that people with a poor socioeconomic status are at high risk to develop gambling related issues. People with low socioeconomic status may undergo tremendous financial outcomes from gambling because they gamble with a large part of their income.

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Quote from: nara1892 on April 09, 2024, 06:23:22 AM

Everyone has their own point of view on the value of money, such as the viewpoint of the rich and the poor on money which for the rich may be the amount of $100 is meaningless but for the poor it is very valuable, but if we talk about gambling then obviously this has nothing to do with rich or poor because it all depends on each person's point of view on the value of money which means that rich or poor they have to take a level of risk that suits their financial situation, or it means putting a budget amount that they can afford to be responsible for if they lose in the end, so of course there is no idea who should take a bigger risk between the rich or the poor, because after all it is best to take the risk that suits your ability.

In gambling, of course, each person has a different way of taking risks when placing bets and this does not affect rich or poor because every gambler who is very confident in the bets they play will of course bet whatever money they have, but for them who can control themselves in betting will of course bet with an amount they can afford if they lose on the bet they play and if we bet with all the money we have of course this will make it difficult for us to meet our needs if Indeed, the bet we place cannot be won, so it would be better for us to bet an amount that we can afford to lose if we lose the bet.

This means that it is about the issue of whether they are rich or poor are responsible gamblers or not, because this is what will determine their fate at the end of the journey, the adverse effects in gambling will never see about how rich you are or how poor you are, it always depends on how you treat the gambling activity itself. Like you said, if they are able to control themselves or in the sense that they are responsible then they will only bet the amount that they can afford regardless of whether they are rich or poor.

So that means it's not about being rich or poor but about being responsible or not, if for example they are not responsible gamblers then obviously they will bet according to their desires without considering any risk management aspects which is where this mindset and approach will lead them to a much worse situation, but if on the other hand if they are typical responsible gamblers then I'm sure the main thing in mind is precautionary by preferring to bet small amounts that will not cause significant problems to their finances.

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Quote from: alegotardo on April 09, 2024, 09:35:05 PM

Quote from: Queentoshi on February 07, 2024, 02:35:11 AM

Gambling an activity for fun also has the chance to turn someone's fortune. Calculated risk when taken in gambling can be the way to big wins from gambling. Who do you think should take more risk in gambling? The rich gambler or the gambler who is not yet rich. If a rich gambler takes risks in gambling, they are risking losing money and becoming poor from gambling, or getting richer, when a gambler who is not yet rich gambles, they can also get poorer or richer, so the gambler who should take the risk should be the gambler who can handle the dangers of the risk like losing too. When a rich gambler loses from taking a risk, there is a better chance of them being in a position to manage with the losses, than someone struggling financially who a big loss will really affect. So, I am confused after asking myself this question and answering it, does this mean a poor gambler should continue to play it safe in gambling? With no risk, how can a poor gambler change their fortune in gambling?

We must always keep in mind that the definition of "a lot and little money" are quite different between rich and poor.
So, I prefer to use the amount referring to 1 monthly salary rather than a fixed amount in dollars.

I believe that the poor player should always risk less, because if he loses 1 month of salary he will most likely not have a financial reserve to compensate for this loss and consequently he will have to ask for a loan or stop paying a bill to continue "living" in the next month.

However, for the rich player, he could certainly lose up to 3 months of his salary on gambling and would still be comfortable with an emergency fund or giving up some "unnecessary luxuries" for the next few months.

In other words, the problem is not how much they can risk earning due to their income, but rather what they will give up if they lose these amounts.

you are right!
those who study risk management will start to think about these values in percentage terms instead of absolutes
as we said, 1 million of dollars is a lot for a lot of people but will not impact someone like Elon Musk or Bill Gates so much.
it's all relative.

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Quote from: Queentoshi on February 07, 2024, 02:35:11 AM

Gambling an activity for fun also has the chance to turn someone's fortune. Calculated risk when taken in gambling can be the way to big wins from gambling. Who do you think should take more risk in gambling? The rich gambler or the gambler who is not yet rich. If a rich gambler takes risks in gambling, they are risking losing money and becoming poor from gambling, or getting richer, when a gambler who is not yet rich gambles, they can also get poorer or richer, so the gambler who should take the risk should be the gambler who can handle the dangers of the risk like losing too. When a rich gambler loses from taking a risk, there is a better chance of them being in a position to manage with the losses, than someone struggling financially who a big loss will really affect. So, I am confused after asking myself this question and answering it, does this mean a poor gambler should continue to play it safe in gambling? With no risk, how can a poor gambler change their fortune in gambling?

We must always keep in mind that the definition of "a lot and little money" are quite different between rich and poor.
So, I prefer to use the amount referring to 1 monthly salary rather than a fixed amount in dollars.

I believe that the poor player should always risk less, because if he loses 1 month of salary he will most likely not have a financial reserve to compensate for this loss and consequently he will have to ask for a loan or stop paying a bill to continue "living" in the next month.

However, for the rich player, he could certainly lose up to 3 months of his salary on gambling and would still be comfortable with an emergency fund or giving up some "unnecessary luxuries" for the next few months.

In other words, the problem is not how much they can risk earning due to their income, but rather what they will give up if they lose these amounts.

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Quote from: kotajikikox on April 09, 2024, 08:45:00 PM

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Quote from: nara1892 on April 09, 2024, 06:23:22 AM

Everyone has their own point of view on the value of money, such as the viewpoint of the rich and the poor on money which for the rich may be the amount of $100 is meaningless but for the poor it is very valuable, but if we talk about gambling then obviously this has nothing to do with rich or poor because it all depends on each person's point of view on the value of money which means that rich or poor they have to take a level of risk that suits their financial situation, or it means putting a budget amount that they can afford to be responsible for if they lose in the end, so of course there is no idea who should take a bigger risk between the rich or the poor, because after all it is best to take the risk that suits your ability.

In gambling, of course, each person has a different way of taking risks when placing bets and this does not affect rich or poor because every gambler who is very confident in the bets they play will of course bet whatever money they have, but for them who can control themselves in betting will of course bet with an amount they can afford if they lose on the bet they play and if we bet with all the money we have of course this will make it difficult for us to meet our needs if Indeed, the bet we place cannot be won, so it would be better for us to bet an amount that we can afford to lose if we lose the bet.

actually what I see mate is that poorer is the most affected here? because rich can lose this and that amount but the poorer? once they lose a certain amount ? that means either one meal will be out of the table .
the sad truth of gambling life that the poorer will keep being a loser while the rich will become winner.

Being poor and gambling is just not a good combination. I've seen rags to riches stories where someone from a poor family wins a lottery game and entirely change their lives, but I'm not even sure I'd believe it. It wouldn't make sense if you have barely enough to put food on the table and then risk going hungry for a whimsical chance of winning by chance. The problem I'm seeing here is that it's more prevalent in poor people because of desperation. Easy money seems natural for rich people as they know what it's like not to go hungry and have more than enough, hence, gambling isn't the same all or nothing for them. This can't be said for poor people.

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Quote from: nara1892 on April 09, 2024, 06:23:22 AM

Everyone has their own point of view on the value of money, such as the viewpoint of the rich and the poor on money which for the rich may be the amount of $100 is meaningless but for the poor it is very valuable, but if we talk about gambling then obviously this has nothing to do with rich or poor because it all depends on each person's point of view on the value of money which means that rich or poor they have to take a level of risk that suits their financial situation, or it means putting a budget amount that they can afford to be responsible for if they lose in the end, so of course there is no idea who should take a bigger risk between the rich or the poor, because after all it is best to take the risk that suits your ability.

In gambling, of course, each person has a different way of taking risks when placing bets and this does not affect rich or poor because every gambler who is very confident in the bets they play will of course bet whatever money they have, but for them who can control themselves in betting will of course bet with an amount they can afford if they lose on the bet they play and if we bet with all the money we have of course this will make it difficult for us to meet our needs if Indeed, the bet we place cannot be won, so it would be better for us to bet an amount that we can afford to lose if we lose the bet.

actually what I see mate is that poorer is the most affected here? because rich can lose this and that amount but the poorer? once they lose a certain amount ? that means either one meal will be out of the table .
the sad truth of gambling life that the poorer will keep being a loser while the rich will become winner.

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A poor man can change their status in gambling by having and taking part in only calculated risk.
Nothing is guaranteed in gambling, that I know but the trusty is that, with a well analyzed strategy, one could strive in the industry. Personally, I think the rich have more chances of staying rich in gambling at the detriment of the poor.
Let me explain the above, it take a loss to cover a win just like in the cases with trading, where money generated for profits are gotten from the losses of others which simply means that, for one to win, another must loss which is also same case with gambling and for one to stay profitable in gambling, they should master gambling only what they can afford to lose as well learning risk managers and abounding bigger odds.

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Quote from: Queentoshi on February 07, 2024, 02:35:11 AM

Gambling an activity for fun also has the chance to turn someone's fortune. Calculated risk when taken in gambling can be the way to big wins from gambling. Who do you think should take more risk in gambling? The rich gambler or the gambler who is not yet rich. If a rich gambler takes risks in gambling, they are risking losing money and becoming poor from gambling, or getting richer, when a gambler who is not yet rich gambles, they can also get poorer or richer, so the gambler who should take the risk should be the gambler who can handle the dangers of the risk like losing too. When a rich gambler loses from taking a risk, there is a better chance of them being in a position to manage with the losses, than someone struggling financially who a big loss will really affect. So, I am confused after asking myself this question and answering it, does this mean a poor gambler should continue to play it safe in gambling? With no risk, how can a poor gambler change their fortune in gambling?

Gambling is mainly based on luck. Anyone can get lucky in this lucky contest. Both the rich and the poor participate in gambling and there is no distinction between the rich and the poor, anyone who is lucky can win in gambling. But in my opinion, a certain budget of income should always be used for gambling and never above the fixed budget of I should be used on gambling platforms. But gambling should never be seen as a means of earning, gambling should always be taken as entertainment. Because most of the people have put themselves in harm's way by adopting this gambling platform as a means of earning. Many poor people have ruined themselves by the temptation to make more money for the sake of getting rich, and there are many rich people who have participated in gambling for the sake of getting more and they too have ruined themselves in the end. So this gambling game should never be taken as a means of earning money, always gambling should be taken as entertainment.

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Quote from: STT on April 08, 2024, 12:57:52 PM

The poor gambler is always risking more because the only way to answer this question is in percentage terms. Its really about income more then capital, some people are capital rich but short on income at times and not so often the other way round is that true.

The poor gambler must count their steps more carefully and consider the risk better to not over step a bet that leaves them walking home. The rich bettor has a driver and car waiting for them outside anyway comparatively, you have less to worry about if richer and thats the real luxury of that situation.

The biggest bonus about being the poor gambler is any casino offer is a bigger deal to increase your available bets with the small amount you may have also more leeway with the bonus given you have time to work out the best way to win and repeat that win for a chance to cash out with more then you came.

Every loss is bigger but also every win is bigger when you are poorer, to me the game is greater for the poorer gambler. In a funny way we should be envious of the man who can double his net worth in a night because he came to the table with so little its a bigger deal all round for them.

there's also the fact that for a rich gambler to have a big win will be something to celebrate but not so huge compared to the poor one, even if it's a bigger total amount, for some a big win will be life changing, and is much easier to change your life coming from zero to six digits than from 8 to 9.

this is that idea that marginal gains from more money are decreasing.

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Quote from: 348Judah on April 09, 2024, 11:21:44 AM

No one deserves to risk more and the other to risk less, we all have equal chances of making wining when we are gambling and have the same risk involved to either win or lose, winning or losing is not by the virtue of how influential we appear or not, we only have such privilege to influence the rate of amount used for staking with the level of money we have, same applies to those that doesn't have much, but they can have the privilege of winning big, we cannot just be one-sided on this, everyone has equal opportunity for winning or losing.

Yes that's right, whoever it is and no matter if they are rich or poor they must take a level of risk that they are able to take responsibility for whatever it is and the point is that they must put a budget amount that will not be a problem and not feel objections or emotions if it turns out that the money is lost due to defeat. Exactly, we all or all gamblers have the same chances of winning and they also have the same chances of losing but maybe the difference is in terms of the amount.

The background of a person's financial situation will never be able to determine the victory or the point even though they are rich or poor but it cannot be used as a benchmark to get or just increase the chances of winning, because still in the end the name of victory in gambling can never be known when it comes, this is what makes sometimes we lose even though we really hope for victory or sometimes we also win by itself accidentally.

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No one deserves to risk more and the other to risk less, we all have equal chances of making wining when we are gambling and have the same risk involved to either win or lose, winning or losing is not by the virtue of how influential we appear or not, we only have such privilege to influence the rate of amount used for staking with the level of money we have, same applies to those that doesn't have much, but they can have the privilege of winning big, we cannot just be one-sided on this, everyone has equal opportunity for winning or losing.

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Quote from: Queentoshi on February 07, 2024, 02:35:11 AM

Gambling an activity for fun also has the chance to turn someone's fortune. Calculated risk when taken in gambling can be the way to big wins from gambling. Who do you think should take more risk in gambling? The rich gambler or the gambler who is not yet rich. If a rich gambler takes risks in gambling, they are risking losing money and becoming poor from gambling, or getting richer, when a gambler who is not yet rich gambles, they can also get poorer or richer, so the gambler who should take the risk should be the gambler who can handle the dangers of the risk like losing too. When a rich gambler loses from taking a risk, there is a better chance of them being in a position to manage with the losses, than someone struggling financially who a big loss will really affect. So, I am confused after asking myself this question and answering it, does this mean a poor gambler should continue to play it safe in gambling? With no risk, how can a poor gambler change their fortune in gambling?

Gambling, indeed, has its allure with the potential for big wins, and you’re right to consider who’s best positioned to take risks. It’s all about balancing the thrill with financial safety. Ideally, anyone engaging in gambling should only risk what they can afford to lose, rich or poor. This ensures that the activity remains a source of fun without leading to financial distress.
For those not rich, it’s not about avoiding risk altogether but about smart, small risks that won’t jeopardize their financial well being.
Changing one’s fortune through gambling is a long shot for anyone; it’s more reliable to view gambling as a form of entertainment rather than a financial strategy. Remember, the house always has the edge, so play wisely and for fun.

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Quote from: nara1892 on April 09, 2024, 06:23:22 AM

Everyone has their own point of view on the value of money, such as the viewpoint of the rich and the poor on money which for the rich may be the amount of $100 is meaningless but for the poor it is very valuable, but if we talk about gambling then obviously this has nothing to do with rich or poor because it all depends on each person's point of view on the value of money which means that rich or poor they have to take a level of risk that suits their financial situation, or it means putting a budget amount that they can afford to be responsible for if they lose in the end, so of course there is no idea who should take a bigger risk between the rich or the poor, because after all it is best to take the risk that suits your ability.

Yes, that's right and if they knows how to used the money, they will not waste it for playing gambling, especially for poor people because they will choose to fills their needs first than to playing gambling. The use of the money will needs to be wise so they can fills all of their needs and they don't have to playing gambling if they don't have free money. But many people especially poor people see gambling as a way to make money because they see some people can wins from gambling. If they can allocated their money for all their needs, they will not have a difficulty to fills their needs. When they wants to playing gambling, they will have money that they already allocated so they will not disturb the money for the other needs. So they will playing gambling and will trying to enjoy the gambling games.

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Quote from: adpinbr on April 08, 2024, 03:51:46 PM

All risk is risk, it’s just depend on the amount you are putting in because of your level of standard well because rich people usually put big amounts to the standard and if they lose, it will also affect them because they know the amount they have put in poor people in gambling. Also have a room on putting the amount of money they can to the standard if they also lose it to affect them such as how it will affect the rich man, if you are rich or poor, doesn’t make you to have less consign on knowing the risk, and if you are rich, that doesn’t make you too risk more because you wouldn’t put small amounts like the poor, you will stack a high standard of cash so everyone should be careful and do the writing in gambling to avoid story that touches the heart

The gambling casino doesn't choose anyone; we know that, now, who loses more in gambling? Of course, the rich, who have a lot of money compared to the poor gamblers. But they both experience gambling losses.

Also, luck is the same for the poor and the rich. If the poor gambler suddenly gets lucky, it turns out that with the small amount they have, they can bring home more winnings than the rich gambler. And vice versa, sometimes with the rich gambler.

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Everyone has their own point of view on the value of money, such as the viewpoint of the rich and the poor on money which for the rich may be the amount of $100 is meaningless but for the poor it is very valuable, but if we talk about gambling then obviously this has nothing to do with rich or poor because it all depends on each person's point of view on the value of money which means that rich or poor they have to take a level of risk that suits their financial situation, or it means putting a budget amount that they can afford to be responsible for if they lose in the end, so of course there is no idea who should take a bigger risk between the rich or the poor, because after all it is best to take the risk that suits your ability.

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Quote from: adpinbr on April 08, 2024, 03:51:46 PM

All risk is risk, it’s just depend on the amount you are putting in because of your level of standard well because rich people usually put big amounts to the standard and if they lose, it will also affect them because they know the amount they have put in poor people in gambling. Also have a room on putting the amount of money they can to the standard if they also lose it to affect them such as how it will affect the rich man, if you are rich or poor, doesn’t make you to have less consign on knowing the risk, and if you are rich, that doesn’t make you too risk more because you wouldn’t put small amounts like the poor, you will stack a high standard of cash so everyone should be careful and do the writing in gambling to avoid story that touches the heart

Life is full of risks, but the key is to differentiate between risk and reward.

For example, many people cross the street every day because the risk of dying is low and the reward of getting where you want is high.

In casinos the perceived reward sometimes might be higher than reality, and the perceived risk might be seen as way lower than what it really is.

That's part of the casinos business, to make it look better than what it is.

Topic: Rich or poor gambler, who should risk more? - page 40. (Read 9656 times)