Topic: Why the rich win gambling more than the poor. - page 12. (Read 3724 times)

Interestingly the casino doesn't get to know if you are rich or poor once you place your bet you are like every other gambler to the so they don't get to give any preference that would in a way help your winnings or reduce your losses it's just a level ground for everyone without preference for class to come have fun and get the most off the opportunity except for the fact that some persons would want to leverage on the fact that some of the casinos give huge bonuses when stakes are high so they will want to utilize that and appear like a different class of gamblers but sadly the casino isn't aware of your class so you still don't get a preference away from that which the porr gambler happens to get.

The only advantage the rich gambler has got is higher profit since their stake is higher but checking it by percentage they are actually equal and no one seem to be earning higher especially If they both staked on the same game with the same odd at the same time.

The big risks usually do not excel in gambling in fact quite the opposite I would say,it is a sure way to go to misery and total failure in every aspect of your life.You know if someone is addicted with whores he spend some money and that is it,the same with alcohol they spend some money and that is it but when it comes to gambling the more money you spend the more the risk increases of a huge failure,I know a lot of persons who have lost everything in gambling.There a very few persons who have won a huge jackpot by going bold and taking risks yet these very same persons have lost it all after they have won such huge jackpots,you can just google about it and at least 10 or more persons will come up that won a huge jackpot and lost it after in different ways,that is why taking risks never excel in gambling in the long run.

Risk plays an important factor in gambling. Those who can usually take big risks can excel in gambling. A rich person can take big risks if he wants to but a poor person cannot. Poor gamblers find it difficult to take risks as money is limited. Due to which rich gamblers have increased chances of winning. Although their rates are not low, their scope is high. But it is also true that if luck never favors then even a rich person won't win no matter how many times they try and on the other hand even a poor gambler can hit the jackpot. Poor may win more then rich in terms of winnings. Although there are no statistics, those who have more money have no problem taking risks in gambling.

Its true that wealthier people have advantages. Because they can afford to endure losing streaks, not because the games are rigged. Its about management, not secret luck for the rich.

Money's actual power in gambling, according to a wealthy person, is in the mind games. Losses hurt less if you have deep pockets. It may even boost your confidence. While smart, that doesnt make you invincible. Regardless of your income, those games are designed to benefit the casino. Truthfully, those who claim money makes you luckier are delusional. But a poor person gambling for food? Thats a more tragic, complicated issue.

i agree with what you said that everyone has the same chance at the casino regardless of how big their bankroll is. there is no guarantee that someone who has a 1000 usd bankroll can win more than someone who only has 10 usd in their bankroll, because both have the same chance of winning. it's possible that gamblers with smaller bankrolls win more often than those with larger bankrolls, since each person's luck can be different.

I don't see a specific reason why gamblers get to win. The class one belong is not convincingly a good factor for the winning opportunity in gambling. Everyone losses and some can't control themselves. I understand that some responsible rich players knows the essence of gambling for fun and not seeing it as a means of winning big. But it's also possibly known to us that rich people are quick to take loans, because they have access to it. A good number of rich people ranging from musicians to business owners are known for their involvement in loans for their gambling activities. Which attitude, is not right for anybody.

When gambling as a rich person they wager lots of money regularly, and the figures is enough to reduce drastically their wealth to smaller amount. Gambling doesn't increase wealth, it only reduces the money. Rich players are exposed to gambling risks as much as the low income earners. The low income players have better chances of stopping when their money is exhausted. But the rich people hardly get their money exhausted and when it happens they'll have lots of places or people to get loan, till they earn a fresh money to replace them. Hence the rich earn more and lose more as such. Anybody can win big, regardless of their financial class.

Whether or not the amount of money spent on gambling is large depends on each individual's financial condition, and perhaps for those who are not financially well off, the largest amount they spend on gambling may be the smallest amount ever spent by those who are financially well off. financial.

Those gamblers who are very rich indeed make a lot of profit from the gambling they do, but you need to remember that this is proportional to the losses they experience. Because in gambling, the house is always favored, where the possibility of losing is always greater than winning, so even if they have a lot of capital to continue gambling, of course this is not a guarantee that someone can make a lot of profit from the gambling they do. Gambling is full of uncertainty, and that is the reality.

And for those who don't have enough money to gamble, or gamble with limited capital, they really have big hopes for the gambling activities they do, they bet everything on the bets they place or the gambling they guarantee, with the hope that they will get a big win that can change his life instantly. but that was just wishful thinking, in the end the money they had ran out without any left, while they were still in difficulty and poverty.

In my opinion you are deluded. If a poor gambler losing his few dollars has to stop, the rich can again replenish the deposit and continue to play. Is that his advantage? If you think so, then remember that in the long run, the casino has an advantage over the player, which means that the probability that he will not be able to get his money back is much higher than the probability that he wins. That's why everyone has the same chance of winning at the casino, regardless of your bankroll.

Even though I understand the theory that the size of the gambler's bankroll or their pockets could have no influence on the rate of wins and losses. I still believe those who are rich still could have more chances to win money than those who are poor that lack the economical resources to gamble as much as their rich gambling companions in the casino.
It could be a false perception I have and others have as you mention, though.

The poor, because of their budget could gamble once, lose their few bucks and them have to move on from gambling for several weeks before having some liquidity to continue to partake on it, on the other hand, someone with much money could try again to recover during the same gambling session, sometimes they do, something they don't and end up with more losses, that is true. But at least they have more chances than the poor to go for "revenge" and get their money.
Chasing losses most of the times do not end up well, but there are exceptions, I have personally read some expetions here in this section of the forum of users who double down in order to chase losses and (fortunately for them) it worked, though, they were aware of what they did was not advisable and asked others not to do the same.

Actually it all comes back to their mindset because every gambler, whether they are poor or rich, they just have different mindsets and different ways of managing their finances, usually poor people try their luck with all their money, they just want to win the jackpot and win big, no matter how they use it. They will risk all their money or savings in order to win big at gambling, whereas rich gamblers usually play quite quickly, betting with money that they are ready to lose, of course with big bets, if they win it is their luck, but if they lose they will not continue.

Gambling should be something fun and I know most rich people play with their money just for fun, because they know to get rich not from gambling but from business or working hard, only poor people who have that mindset consider gambling as a place to be. to try their luck and become rich, whereas rich people don't get rich because they gamble, so they gamble to have fun with their money that is ready to be lost, so they don't care if they lose money as long as it's fun for them, it's the same as paying for something or something. It's a fun hobby, so don't care about that.

Haha. That's more like it.

I don't know where Igor got the information that rich gamblers win more than poor ones. I think this statistic is not true. In my opinion, with proper risk management risks of different gamblers are quite commensurate regardless of the size of their bankroll, and therefore commensurate and winnings. In addition, as already mentioned above in this area plays a huge role in luck, not the size of the bankroll.

Yeah, I think that explains the whole thing.

If you see someone betting $10 and then getting out with $4 you just know they lost the money.

But if you just see someone getting out of the casino with $400k, you assume they won that money, but in reality they most probably started with a million...

There are several reasons why rich gamblers may appear to win more. First, they have a lot of money. With more money to wager, they have the privilege to place larger bets, increasing their potential winnings. Another thing is that rich gamblers often have a higher tolerance for risks and can afford to lose more money without significant consequences. With that, it allows them to take or bet bigger stakes and potentially win more money. With them not worrying about any financial consequences, they can exhibit more confidence and less anxiety, which can be a factor when betting since it requires mental health and emotions. This can impact their decision-making and performance. Financial stress and desperation can impair judgment and increase the chance of poor decisions.

Still, gambling is based on chance, and even if you are wealthy enough to gamble, you can still experience some losses. Gambling is addictive and can ruin one's financial life, regardless of whether they are rich or poor.

In my own concept the rich and the poor have different gambling aim.The rich people gamble for fun which gives them the chance of winning while the poor people gamble to make profit but due to their financial status it deprives them from winning,is not like the poor don't win a game at times they win out of luck but in this scenario the rich win more often than the poor due to their sufficient bankroll to make more trials.A rich man/woman always feel comfortable when gambling.A rich person always have sufficient bankroll to gamble while a poor person has limited bankroll to gamble.

The perception that the rich win more at gambling than the poor can stem from several factors:

1. Higher Spending Capacity: Wealthier individuals may have more disposable income to spend on gambling, allowing them to place larger bets and potentially win larger payouts.

2. Access to Resources: Wealthier individuals may have access to resources such as financial advisors, gambling experts, or sophisticated strategies that can increase their chances of winning.

3. Affordability of Losses: Losing money in gambling can have a more significant financial impact on poorer individuals compared to wealthier ones. The wealthy may be able to absorb losses more easily without significant consequences.

4. Participation in High-Stakes Games: Richer individuals may have access to exclusive high-stakes gambling opportunities that offer better odds or larger payouts.

However, it's important to note that gambling outcomes are ultimately determined by chance, and winning is not solely dependent on wealth. Many factors, including luck, skill, and random chance, play a role in determining gambling outcomes. Additionally, gambling can be addictive and lead to financial losses regardless of a person's wealth status. Responsible gambling practices, such as setting limits on spending and seeking help if needed, are crucial for all individuals, regardless of their financial situation.

The thing is that most wealthy people won't have too much cash to play with.

Most of their money would be invested, otherwise they wouldn't be rich.

The idea that a rich person just has a lot of money laying in a bank account is far from reality.

The reality is that it boils down to financial buoyancy and the discipline to take risk.
While the poor person may just be trying to get by, and gamble once or occasionally, the rich who is considered so because they have more funds can opt for several games and strategies and when the poor person seeks a possible explanation why the rich is successful, they get told things or shown strategies that they may soon forget to try out because the funds is as limited as their chances.

This might look very obvious But not in every circumstance , one of the reasons why the rich win gambling more than the poor is that they make use of any opportunity they see while the poor waits for the opportunity . This same thing aplies in crypto where the poor man see “dip” And the rich man see it as a buying opportunity .the rich do not often gamble wirh greedy mind because they have the money , they selects Games with Lesser odds And with Good potential To win And then play it with huge amount of money while the poor select So many games with High odds with enough risk potentials And  stake with small money just To win big , the difference is clear the rich win more than the poor because they take lesser risk than the poor.

You only need to understand RTP to know why there might be some truth in that. Let's look at paid streamers as an example.... and look at how slots work.

Most paid streamers play with casino money, so they have loads of money to play with. So they will start playing a slot and play until they hit the RTP.... where other "poor" people will play until their money runs out.

Some physical slots in brick n mortar casinos pay more frequently when you use "Max" bets. (Most poor people play the minimum bets)

It is normal for rich people to bet more than other people because they have more money too. Other people can't follow suit because of limited capital so people have to adapt it to their finances. People who want to gamble should know their limits when gambling so that they don't lose too much. Meanwhile, if rich people lose a lot, that's okay because they have a lot of money.

As long as people can use gambling as entertainment, they will not be fooled by promises of big wins that are often made by casinos or influencers who invite people to join in gambling. Yes, we must always remind people to gamble responsibly, not use too much money to gamble, and always set limits when gambling. That is to keep them from losing a lot of money and also to prevent them from getting addicted to gambling. Apart from that, they can also prevent disruption to their family's finances.

Many of us have promoted healthy gambling, where we always recommend only gambling with the money we can afford. And if there are still people who use more money, that is their responsibility when gambling. We can only suggest things that are useful for them and the rest is up to them.