Topic: Rich or poor gambler, who should risk more? - page 44. (Read 9656 times)

If you say gambling is all about risk, then meaning the risk is equivalent to both the rich and poor, only difference between them both is the rich has enough cash flow to keep up his consistent gambling unlike the poor who is limited financially and wouldn't want to risk it all. These has identified the rich as having the upper hand towards risking more than what the poor man can afford to stake, and if the poor man trys to exceed his capacity, that begins his financial doom.

I would not agree with you on this, don't get me wrong on this one, being poor should not limit anyone on gambling as long it is not considered and seen as a source of income, the choice is yours, many has gotten huge raise financially through gambling but prioritizing gambling as the mantle to escaping poverty can lead to severe consequences and hardship.

You are right. Whether an amount is large or not depends on the income of the gambler. The measurement for what a gambler can afford to lose is dependent on the income of the gambler. What gambler "A" will use for gambling might be seen as small compared to gambler "B" even if it is the same amount. To gambler "B" it might be seen as gambling above his means since such amount might be above 50% of his income. I think whether rich or poor, the risk is the same. Gambling is a game of risk and so every gambler have a risk to shoulder. Ordinary, a rich man is expected to bear more risk but this is not always the case.

The poor have flooded the gambling scene and since they hope to make money from gambling they are always trapped in the fantasy of making millions and escaping from poverty. This selfish mentality account for the reason poor people are know for taking uncalculated risk. Imagine a poor man having $20 and then gambling with $15. This is always the case with most poor gamblers and this is not a responsible way to gamble.

But from the application that occurs sometimes we also see a lot of poor people even risking all the money they have even though it is relatively low when compared to those who are rich but still it is still very large for those who are poor because it risks all their money quite boldly.
In fact, there are not a few poor people who do that so when talking about the actual risk it is actually greater for those who are poor than rich.

Because for the rich those who do lose money in a slightly larger amount they must know that they still have a remainder that cannot be calculated when losing a large amount in gambling but it will be different if it is a poor person so in this case it is actually important to look from another aspect not only depending on the amount of bets shown but in terms of risk management that is owned.

Yes i agree with you, poor people shouldn’t involve in gambling what so ever instead they can channel that energy to something productive and reliable. Gambling can’t save anyone, if you are thinking of making it out of poverty through gambling there’s only minimal chance of success in gambling. For those poor people that play the lottery - they are crippled with false information for which they have been programmed with. In short - the ‘hope’ or ‘believe’ in something. A broken clock is correct twice a day. Out of millions one of these people win the lottery. With the more affluent class - they never hope or believe anything - they find what works, they get an education on that subject, pay their dues, and lear to ‘create’ opportunities and ‘out-create’ what you might call problems although they do not ‘see’ problems, maybe ‘situations’ at worse but almost always opportunities in any scenario. Even when it looks impossible to others.
  Some wealthy people place a disproportionate value on wealth, probably because it is what distinguishes them and gives them social status. Gambling is more exciting to them than it is to people with a more balanced view of the value of wealth. Poor people, who place a great value on wealth, in their case not so disproportionate, also are more inclined to gamble. The best thing about playing is winning. The second best thing about playing is losing. There are people who like the rush of uncertainty. They live for the action. Gambling is their entertainment. They are willing to spend money on their passion. As for me, I only bet on sure things and try to keep the gambling out of it.

One important fact about gambling is that, as they pay other gambler who won their bets, they get more from others who are losing to the gamble, be it sport betting or casinos. Irrespective of the amount that I have heard an individual won in gamble, the casino or gambling site just keeps expanding their business by creating more physical shops that their site could be easily accessed by both rich and poor to draw in more gamblers.

You are right as poor people can invest a lower amount the chance of winning is low and obviously the winning will be low as usual. But as the rich people can invest more the chance of winning is also more and at the same time the loss amount also be more than a poor people.

that's true, not even just the high rollers, I think everyone needs to do that, because it will help them avoid huge losses that could occur if they don't have set limits on the gambling they do. Even though someone has a lot of money, they won't mind the possibility of losing at gambling, but in my opinion it should be like that, if the gambling that is done ends in defeat then we have to be able to accept the fact, don't think about it because it won't change the situation for the better. well, most likely it will only bring disaster. As you said, mental health will be affected if we cannot limit the gambling we do, because there are big risks that cannot be avoided when the gambling we do is excessive.
even though they have a lot of money and make large bets and then lose a large amount of money in gambling, there is definitely a possibility that there will be anxiety which leads to depression as you said, because I think everyone's emotions can change at any time. Of course, it's impossible for everything to be fine, there is a possibility that when they lose they will also feel annoyed or disappointed even though they have lots of spare money.

Risk probably depends on a person's behavior, we can understand that poor people have more reasons and more meaning to participate because gambling is the builder of dreams and what they lack, a poor person whose basic need is still money while a rich person has no desire for that, sometimes gambling for them is nothing more than a way to reduce their assets. Luck is inversely proportional to time in gambling, whether poor or rich, just gamble more, luck almost does not appear, this paradox is so obvious but many people are still fooled.

Funny enough, gambling don't give quick result. One adventure that can take away all you have in a life time is gambling. Sadly, most people don't know about this. We are always lured into believing that we can get rich through gambling but this is not the case for majority of the gamblers. Even some lucky gamblers who had a significant win, out of nowhere lost everything and now they are back to where they started. Gambling can be likened to the saying about the devil that the devil will give you something from left hand and then retrieve it from the right hand. In a way, this is how gambling operates. Gambling will give you winning sometimes at your first attempt to make you believe that you can have a good life if you continue to gamble but unfortunately, as you keep gambling you lose everything.

To me, this is not surprising because gambling is a business idea of someone and not a charity organization. The bookies wants to always win and the are winning. This is obvious owing to the single reason that they are still in business and expanding. With the number of gamblers, if gambling gives quick money most bookies would have folded because they won't have money to settle all gamblers.

Gambling is closely associated with risk. If a gambler wants to make a profit from gambling, he must take risks. Those who cannot take risks cannot win at gambling. And only those who can take risks are those who have sufficient amount of money i.e. rich people have more opportunities. Although gambling is associated with luck, those with a lot of money can risk the bet repeatedly. A gambler can get lucky by taking repeated risks, but those who are poor cannot take chances. But the OP asked the question about who should risk more in gambling. In that case it is certainly easier for the rich to take risks but those who are poor should also do so if they want to take risks within their limitation. Gambling without risk is never possible to win. Every bet is risky. So a gambler should take risks as much as possible according to their ability.

the poor gambling definitely risk more if rich gambles, with their high income they could pay off their debt if they got entangled in one but i've seen many rich people that gamble that got good financial management and prevents them from exactly getting entangled into debt but each to their own anyway.
the poor people are definitely at risk of being trapped into poverty forever if they gamble recklessly anyway so many people are escaping their problem by gambling not knowing it might add to their burden thats why gambling addiction is something that needs to be solved even better if you can find therapist to treat you to escape that addiction.
poor people have the big risk of losing all their money that basically they need to use to survive because addition.

Though there are still some poor person around that gambling has been fair to them, meaning sometime gambling is there only source of income, and you don't see them begging for money, because in as much as they experience loss, majority of their bet status is a win, and I mean good figures I don't know how they do it, but luck has been on their side and they gamble responsibly. Such person when they go into a gambling, they have a specific amount to be spent for that one time gambling session, they are discipline. But being discipline doesn't guarantee that you become lucky when gambling, it's just a way to save you from spending too much.

Quick result and easy to learn. Well, anyone can gamble as long as you have the money to use for betting. But only few can be fortunate to win. Poor people who gamble usually wants an easy money. Thus even there's no guarantee to win since it's quite risky, they still prefer it rather than investing. Moreover, although the poor is lacking of money and struggling to survive, there are still people who prioritize gambling over buying their essential needs. It's because of the thought that they can double their money in snap.

Anyway, regardless of you're rich or poor, the risk is equal since you're going to spend your money. It's just that, even the rich lose, they still have other resources to gain money as if it's nothing, while poor don't have such.

High rollers must limit their gambling habit for their mental health, not just about money. Sure, people have lots of money, and one could say it's limitless, but it's worthless if the person doesn't enjoy the funds. Risk or not, our psychology must be safeguarded with lots of caution. Gamblers who gamble for money, rich or poor, must be careful not to get carried away by this behavior. Nothing finishes generational health like health issues or sickness. Mental health is way better than money. I think the risk should change from making more money to better stable health. As a member said, any gambler who is able to avoid problem gamblers should be tagged a successful gambler. The risk of chasing money is not crucial anymore.

A rich player will risk it all just to lose more than he's made later. That's a waste of risk. Then he'll face anxiety and depression in the future if he's lost too many and gets indebted. Most rich players got broke and owe a whopping amount of money in debt. Hence, they can only sustain them for a few more years until they'll have no spare cash as backup. What makes up rich is being able to sustain wealth, not losing it all the time. A company, not an individual, that continuously loses money will definitely go bankrupt. Not all rich men are richer than most companies that went bankrupt. Hence, losing money consistently regardless of how we've got we'd go broke in no distance. Money is meant to be managed.

Yes that's right, it's a pretty complicated issue and actually I think the question of who should bet with high risk between rich or poor gamblers I think is a strange question in gambling, because after all these are two different financial situations that each of them have between the rich and the poor and obviously the simple thing is like you said that the rich have an advantage in terms of their financial strength over the poor which is directly going to differentiate them in terms of looking at and valuing money which to the rich might be $100 is nothing but to the poor it's an amount that might be able to support them for a few weeks.

So the bottom line is that no matter who you are and how good or bad your financial situation is, if you are involved in gambling then you are advised to risk an amount that you can be responsible for such as a small amount regardless of whether you are rich or poor, and if you have good money management then I am sure you will be able to manage and balance everything well.

It really depends on the casino you are talking about. There are many land based casinos where only rich gamblers will attend to, because the minimum bets accepted are already too expensive for an average gambler. These are wealthy casinos built and destined to provide services to the richest gamblers, so the environment is luxurious and heavily protected, employees well trained, food and drinks offered are of top quality.

Meanwhile, I guess the poor gamblers are the ones who prefer online casinos. Everyone nowadays has a smartphone and internet connection is available everywhere. Furthermore, these online apps accept minimum deposits from 1$ on or so, directly from and to the account of the individual. I've already seen many humble youngs who work for cheap wages gambling on such apps during their free time with very low sums of money, expecting to grow it into something considerable, maybe to purchase a good they were looking for since a long time, or to proportionate something for their girlfriends.

Proportionally to the total income of each of them, these poor gamblers are risking much more than the rich ones, and that is a big issue in my opinion, because it will prejudice the thriving potential of these individuals on long run, if they aren't lucky enough to hit some nice winnings. For the rich ones, on the other hand, it won't make difference at all, since they have abundant sources of income to replenish the amounts spent with gambling each new month.

that's why I'd rather think in % terms than in absolutes
for a rich person 100 usd may be less than 0.00001% of their total wealth where for a poor person maybe this is like 25% of the disposable income they have each month or even less. or even their whole world if you think about different countries with different currencies.

The advantage of rich people, in my opinion, is that they have a lot of spare money. So when they gamble and the gambling they do loses, they won't mind it because they still have spare money. In my opinion, rich or not, but if we do gamble then we should be able to accept defeat which will definitely happen and not worry about the defeat that occurs, because if we think about it hard it won't change the situation, the money lost in gambling won't change. will come back even if we think hard about the defeat.
and with poor people, they gamble, of course they really hope to win, because the winnings they get can help their finances or their needs, but with the fact that defeat is likely to occur, they are not prepared for this, so when they lose it is possible makes them annoyed or becomes an additional burden on their minds, which really doesn't have to happen. but what is clear is that poor or rich people still have to be able to limit their gambling and be able to manage their finances well, and don't expect to be able to get money for sure from gambling.

Most times, the reason we fine poor person more in a casino hall is because, the rich are mostly based on online gambling with their mobile phones or PC but the poor, not having free access to this things would want to make use of public casinos. It's true if they have spent those money on a cheap altcoin usually meme that give a x5 or 10 it would be been a good start for them rather than playing gamble and looking irresponsible, they both are based on probability, but the reason gambling is more preferred is because of the quick result it gives.

Because it's a complex problem.

We can agree the rich have advantages and the poor don't have any advantages when they're young. But we can know how good they manage their money when they already 40-50 years old regardless they get paid minimum or high amount salary.

The poor mindset don't know how to manage money, either they're uneducated or it's their own belief who adopt YOLO lifestyle.