Topic: Rich or poor gambler, who should risk more? - page 7. (Read 9660 times)

100 * 100 will be $10000, but, you are right. Usually the rich won't lose anything, and the poor would lose a lot because he has fewer funds and sees gambling as an opportunity to change the situation in their life.

You need to accept and be ready about the risk that you'll going to take if you are playing for money, it's something that gamblers needs to work and deal with, as the chance of losing is always behind and if you are not ready on it you might lose more than what you expect, both rich and poor needs that limitation as both can risk everything while in the influence of greed and frustrations.


It's your own definitions and how you deal with your gambling activities, either you are rich that wise enough to control your finances or poor which hoping to have that big bang and get lucky to double or more your initial capital, all depends from how you set up your gambling and how you work with your failures and success.

The risk of each individual gambler directly depends on what part of their savings he enters the casino account. If a poor gambler's savings are $1000, and a rich gambler is $1000000, their risks when entering the casino account $10 and $100 will be commensurate. Of course, the risks may change due to strategy, risk management during the gambling session, but it will affect insignificantly, because they both risk 1% of their savings.

So that will depend on what is our reason for playing gambling. If you playing gambling for making money, you can use big money as your bet in one game but you will have a big risks to lose all of your money. You know that winning in gambling is not easy whether you use big or small money to bet so you must realizes about the risks. That is why when you playing gambling, you must have limitation to know your risks and prevents the risks becomes bigger.

For me, it is better I gamble with a small money in a limit time to prevents the risks of losing the money becomes bigger. I don't want to see the big lose so that is why I always limit myself when playing gambling. That will be the same for the rich or poor people who playing gambling because the more money they use to playing gambling, the bigger risks of losing the money they will get from gambling. So you must limits your money if you don't want to get a bigger lose because that means you attract the bigger risks of losing the money comes to you.

Totally valid! For one it can be nothing, and for another - everything, but it will be money spent anyway.

However, gamblers have many types of mistakes in their approach due to which they face losses. Both classes of gamblers make mistakes, not the difference between the rich and the poor, if they are not experienced in gambling, they will surely lose. But I think rich people don't suffer much loss to succeed, but they can easily re-accumulate their lost money by gambling again later. But when a poor person loses, it takes a long time to re-accumulate that person's money because he has to work hard and then participate in gambling. In that case, it takes time for the poor to achieve financial success, but the rich can achieve success very easily because of their money.

When a rich person and a poor person both have an account on a gambling site, but that gambling site does not verify who has the amount of money, but everyone is equal and can gamble there with as much money as they want. The only thing a rich person can do is to gamble because he has a lot of money, but the idea that a rich person's gambling strategy will always be better than a poor person's is wrong. There are many poor gamblers who gamble according to plan and according to plan they get a lot of success from gambling but the opposite happens with rich people. We see that despite having a lot of money, they lose all their wealth by gambling with the wrong strategy. So those who are good at not considering the rich and the poor, but decision-making ability, withdrawal of excessive greed and gambling skills, will be more likely to achieve success in gambling.

that's right, there is no clear certainty who will take greater risks in this case. rich or poor people can take big risks if they have the wrong perspective, because when they apply the wrong perspective then it is likely that they can fall into deeper gambling and ignore the risk side that is actually clear that will happen. and indeed no one knows clearly with the perspective of each individual so these two classes can experience it themselves.

besides that even though rich people have more money does not mean they can be calm in gambling or betting, because in my opinion when they have enough money and the other side has the wrong perspective then it is likely that they will continue to bet without caring that they have lost a lot of money that they bet on gambling.

I do not completely understand your point of view. Trading view, as you mentioned, gather data from exchanges through APIs and show us the live coins price data. However with the information available on trading view, with all those lagging indicators and sites like Bloomberg, i do not think the gamblers can find much help from them other than finding the things (the lagging data) in a centralized places.

in theory would be a good idea to expose yourself only to assymetrical opportunities of risk/reward and avoid those that carry a high risk but a small reward
does it make any sense?

I'm not sure if there are many like that in gambling or if it is a good idea to always bet on the underdog hoping for the high reward.

I am not sure, if I understood you correctly. Were you saying that the odds to win are higher, when you gamble with a big amount of money, but do it in a smaller number of games? For example, bet 150$ just in 1 or 2 games? And doing so could lead to winning, but not so many xxx, that the percentage of possible win will be lower then in case of numerous games with smaller bets?

I believe that gambling winnings and rewards accumulations comes from the amount the gambler put in to wager with, so if you say that those who gamble with small amount of money can win big, you may have not entirely cover's the whole nitigrety of gambling and risk involvement, let say if I am staking a bet with 0.00001 bitcoin, and I want to win 0.01 bitcoin in total rewards, it then means that I will have to accumulate alot of gains so that the rewards can increase from the odds accumulated, but we should not forget that, the more games you accumulate, this s also increases your chances of losing the bet, because the higher the number of game's you accumulate the higher your risk level, so for sure if you think you can make huge amount of money from gambling with a small amount of fund's you have to rethink the risk you will face.
For me, it is better I gamble with just a big amount of money but on a single game and with low odds that increases my chances of winning the bet, although that is not also a guarantee to win either since gambling is filled with unexpected outcomes, so for me I gamble with at least a good amount of money if I intended to win something tangible, but if I am just gambling for fun, I don't mind using a small amount of money for my bet.

This statement is on point and I've iterated such many times on the forum, particularly on topics like this where people are so particular about the people believing that only the poor will always suffer the consequences. The "rich also cry" because they have their limits as well. It all depends on the financial state of the gambler whether rich or poor, this will definitely be used to measure the risk such a gambler would take that will not be painful or that could be deemed affordable as the case may be. If any gambelr lets it loose and risks beyond their own threshold, I don't see how on earth that gambler would not be pained whether he is rich or poor.

I also agree because it could be summarised into an individual's risk affinity. This is not a respecter of what you are worth, but your ability to take the risk could make you commit more than necessary to the risky activity and this could define who you really are in risk-taking and could be caused by greed, aggression and other emotional factors.

Both the rich and poor are also susceptible to this regardless of their status.

If viewed from finances, of course rich people can take bigger risks with the money they have tends to be more and of course that makes them free to bet without hesitation, for those who are poor, of course they have limitations in gambling financially when their money runs out, they will most likely stop whether they like it or not, but for someone who does not know themselves with their poor condition and has lost in gambling but is already addicted, they can take risks such as borrowing money, stealing or others.

apart from that, it is indeed not easy to say who can take bigger risks and who should take bigger risks. the risks that will occur depend on each individual, if they can limit their thinking, maybe they will not dare to take risks, I myself am a person who does not dare to take risks when it comes to gambling because there is no certainty that I can win, this is a consideration that I always think about when I am going to take risks. and in my opinion it is also not advisable to take risks, especially if we only hope that gambling is not a good thing to do.

Yeah, I think that's the whole point. Rich and poor can end up in the same situation after a single bet.

They will face the exact same probabilities, maybe the poor person gambled $1 and the rich gambled $1M, but the roulette ended up in 00, so both of them lost their bet.

That means they could both end up broke in the exact amount of time.

Anyone can take a risk if they want. But based on the available funds of the rich people poor rich people can take more fund risk than the poor. But based on the percentage of available funds it is not easy to say who can risk more and who should risk more. My conception is that no one should take a risk which they can't afford if they loss.

Gamblers are not just making this mistake because they possess a wrong gambling perspective. The problem happen with both classes of gamblers. Even the rich make similar mistakes, which differentiates gambling success from monetary possession.

You are absolutely right, only the rich has a higher chance of benefitting from their risks, a poor gambler can't afford to lose multiple times and still have enough to stake, a rich gambler can chase losses till  he or she gets it back with a little chance of getting some Profits, this isn't adviced though, chasing your losses sometimes might not have an happy ending... gambling is for the rich and the poor but more fun and enjoyable for the Rich

And for that reason there is so much poverty in the world because poor people focus on looking for quick and Easy money, and things do not work like that a rich person does not play because he is in need, and most poor players play because they need to get out of their situation, then this means that while they are more focused on doing things to get rich, the same System will deny it , Because of the same desperation and that makes them commit and comment more Mistakes , like betting to get back the money that was lost and brings many Consequences.

I have a few years practiced in my gambling experience limiting the bankroll and I'll be honest sometimes my desires are stronger and in a fit of excitement, I deposit casino money that at first did not plan to use for this.

Therefore, I believe that the risk is in no way related to the financial state of the gambler. The risk of each individual gambler depends only on himself.