Why the rich win gambling more than the poor. - page 23.

letteredhub

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Quote from: nullama on December 09, 2023, 07:35:20 PM

Quote from: uneng on December 06, 2023, 08:33:32 PM

~snip~
Although poors and riches play in different ways, it doesn't give any advantages to the riches on long run. It's like saying someone who place huge bets with 1.01x multiplier on win and 94% winning chance is in a better position than people betting with a low bankroll, 2x multiplier and 48%-49% winning chance. One huge bet lost by the rich gambler already put him in a much worse situation than the poor gambler who is gambling with pennies. Riches lose much more money than poor gamblers, because they have more money to afford to lose on long run.

I think what we can say is that money lost by poor gamblers will be missed later for basic needs, while for rich gamblers it won't make any considerable difference at all. It's probably just change money...

At the end of the day the odds are usually the same, independent of how much you gamble.

And I think most rich people are not that interested in gambling anyway, because they are rich already.

That's one of the biggest things in gambling, the selling of the idea of becoming rich.

You're definite in the right mate. Many of us gambling right now are gamble due to our financial standard are low and poor it is to our expectation. Normally a rich/wealthy man waking up in the morning first thing that occupies his mind after his family is his business Investment and how to galvanized ideas to move it forward achieving growth in the business environment so he hardly or not all have time to sit and be gambling. Now the poor wants to be rich, don't have the Capital to invest in projects that can earn him wealth in long/short term so he buys the idea of gambling to be able to get the money luckily. And it's a locked end, if you are in you are in, no way out, only about a 5% makes it out of gambling successfully.

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Quote from: nullama on December 09, 2023, 07:35:20 PM

Quote from: uneng on December 06, 2023, 08:33:32 PM

~snip~
Although poors and riches play in different ways, it doesn't give any advantages to the riches on long run. It's like saying someone who place huge bets with 1.01x multiplier on win and 94% winning chance is in a better position than people betting with a low bankroll, 2x multiplier and 48%-49% winning chance. One huge bet lost by the rich gambler already put him in a much worse situation than the poor gambler who is gambling with pennies. Riches lose much more money than poor gamblers, because they have more money to afford to lose on long run.

I think what we can say is that money lost by poor gamblers will be missed later for basic needs, while for rich gamblers it won't make any considerable difference at all. It's probably just change money...

At the end of the day the odds are usually the same, independent of how much you gamble.

And I think most rich people are not that interested in gambling anyway, because they are rich already.

That's one of the biggest things in gambling, the selling of the idea of becoming rich.

Thats one thing, being rich makes them feel free and they don't have any financial pressure. This lets them enjoy gambling, which means selecting odds or wagering in Dice or some casino games. They take it fun and does it as a part of their entertainment. With the common people they spend the money kept aside for something important. This itself a pressure, because losing the fund could lead him into trouble. To overcome the pressure and to gamble free isn't an easy thing and the same leads to loss than win.

nullama

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Quote from: uneng on December 06, 2023, 08:33:32 PM

~snip~
Although poors and riches play in different ways, it doesn't give any advantages to the riches on long run. It's like saying someone who place huge bets with 1.01x multiplier on win and 94% winning chance is in a better position than people betting with a low bankroll, 2x multiplier and 48%-49% winning chance. One huge bet lost by the rich gambler already put him in a much worse situation than the poor gambler who is gambling with pennies. Riches lose much more money than poor gamblers, because they have more money to afford to lose on long run.

I think what we can say is that money lost by poor gamblers will be missed later for basic needs, while for rich gamblers it won't make any considerable difference at all. It's probably just change money...

At the end of the day the odds are usually the same, independent of how much you gamble.

And I think most rich people are not that interested in gambling anyway, because they are rich already.

That's one of the biggest things in gambling, the selling of the idea of becoming rich.

Silberman

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Quote from: uneng on December 06, 2023, 08:33:32 PM

Quote from: Obim34 on December 06, 2023, 02:36:41 AM

There is a clear difference between the way the Rich stake on their own games and the way those who do not have enough stake games. You can see the rich go with fewer games and stake with huge money why the poor or average person carrys more game then stake with very low money so as to win big.
For example as of today's match the rich can just go with accumulating 2 odds alone then stake $100 on the bet which will eventually give him a 100% profit. But in the case of an average person you see him carry about 20 to 30 games and stake with as low as 3$ to $5 to get a potential win of $100 which most times end up in loss while sometimes favors them. The rich has less to worry, as his games are few and certain to play as predicted, even if it cuts he still has more than enough to do better next time

Although poors and riches play in different ways, it doesn't give any advantages to the riches on long run. It's like saying someone who place huge bets with 1.01x multiplier on win and 94% winning chance is in a better position than people betting with a low bankroll, 2x multiplier and 48%-49% winning chance. One huge bet lost by the rich gambler already put him in a much worse situation than the poor gambler who is gambling with pennies. Riches lose much more money than poor gamblers, because they have more money to afford to lose on long run.

I think what we can say is that money lost by poor gamblers will be missed later for basic needs, while for rich gamblers it won't make any considerable difference at all. It's probably just change money...

It is true the rich lose at the same rate than every other gambler, but for those that do not understand very well the math behind the games, it may seem as if the rich do earn more money than the rest, as a small win for them is many times bigger than the biggest win regular gamblers can get, still it is important to not make that mistake, as if someone does then they may get the brilliant idea of betting more what they can afford to lose to improve their results, and instead their losses will become way higher than what they can reasonably manage.

uneng

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Quote from: Obim34 on December 06, 2023, 02:36:41 AM

There is a clear difference between the way the Rich stake on their own games and the way those who do not have enough stake games. You can see the rich go with fewer games and stake with huge money why the poor or average person carrys more game then stake with very low money so as to win big.
For example as of today's match the rich can just go with accumulating 2 odds alone then stake $100 on the bet which will eventually give him a 100% profit. But in the case of an average person you see him carry about 20 to 30 games and stake with as low as 3$ to $5 to get a potential win of $100 which most times end up in loss while sometimes favors them. The rich has less to worry, as his games are few and certain to play as predicted, even if it cuts he still has more than enough to do better next time

Although poors and riches play in different ways, it doesn't give any advantages to the riches on long run. It's like saying someone who place huge bets with 1.01x multiplier on win and 94% winning chance is in a better position than people betting with a low bankroll, 2x multiplier and 48%-49% winning chance. One huge bet lost by the rich gambler already put him in a much worse situation than the poor gambler who is gambling with pennies. Riches lose much more money than poor gamblers, because they have more money to afford to lose on long run.

I think what we can say is that money lost by poor gamblers will be missed later for basic needs, while for rich gamblers it won't make any considerable difference at all. It's probably just change money...

nullama

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Quote from: Lorence.xD on December 06, 2023, 02:12:25 AM

~snip~
If you are gambling having a lot of money is really advantageous on your side, as you can place many bets which can increase the probability of winning, while the poor could only afford to bet one at a time which lowers the probability of winning. I agree that money can't make the person better at gambling, but it could differ both on their money as one option to make. Rich people have the money in short, they can go back to gambling anytime they want, so casinos would give them bonuses and discounts for being loyal customers to their casino, plus they could also build connections with their fellow gamblers which is one of their advantages. You can't tell if a person is rich or poor in gambling, but you can assume that a person that you can always see in the casino a rich as they can gamble anytime.

It doesn't really matter if you have many bets. The odds are the same for rich and poor.

If you have 1 unit of money invested in N bets, the chances of winning are the same.

And if you think that betting simultaneously in more bets is a better move, it is not generally speaking.

Betting on N number of bets with a cost of 1 unit of money, usually give you a price lower than N units of money.

Obim34

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There is a clear difference between the way the Rich stake on their own games and the way those who do not have enough stake games. You can see the rich go with fewer games and stake with huge money why the poor or average person carrys more game then stake with very low money so as to win big.
For example as of today's match the rich can just go with accumulating 2 odds alone then stake $100 on the bet which will eventually give him a 100% profit. But in the case of an average person you see him carry about 20 to 30 games and stake with as low as 3$ to $5 to get a potential win of $100 which most times end up in loss while sometimes favors them. The rich has less to worry, as his games are few and certain to play as predicted, even if it cuts he still has more than enough to do better next time

Lorence.xD

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Quote from: Silberman on December 06, 2023, 12:42:51 AM

Quote from: goxcraft on December 04, 2023, 02:13:40 PM

Quote from: Samlucky O on December 03, 2023, 02:00:48 PM

I think the rich always play smart, by playing there games with huge amount of money with less odd why the poor play with less money with higher odd. If gambling was to play with lesser odd with higher money I think they would have been making alot of money. Note: the higher the odd the riskier the game.

Don't forget, with higher odds, you can get higher profits. But you are right here. The richer have advantage in term of gambling. As they have many choices. They can play different games to test out their luck. They get many opportunities to win big. But those with small capital doesn't.

As we know money opens many doors, and while having a lot of money does not really make a person a better gambler and does not change the odds of winning on any of the games, at the same time this gives the rich much better opportunities to obtain all kind of bonuses that your regular gambler will never obtain, and without a doubt this can increase the perception that those that bet more money are able to win more often than the rest of the gamblers out there.

If you are gambling having a lot of money is really advantageous on your side, as you can place many bets which can increase the probability of winning, while the poor could only afford to bet one at a time which lowers the probability of winning. I agree that money can't make the person better at gambling, but it could differ both on their money as one option to make. Rich people have the money in short, they can go back to gambling anytime they want, so casinos would give them bonuses and discounts for being loyal customers to their casino, plus they could also build connections with their fellow gamblers which is one of their advantages. You can't tell if a person is rich or poor in gambling, but you can assume that a person that you can always see in the casino a rich as they can gamble anytime.

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Quote from: adultcrypto on November 24, 2023, 10:51:56 AM

Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

I will begin by noting that the capitalist system has always favoured the rich or simply put, the rich become richer why the poor continue to languish in poverty. Gambling favours the rich more than the poor because the rich have this mentality to reduce the risk they take. Let me use sports betting as an analogy. A rich man will make few selections and then place a high stake thereby reducing the risk and increasing the chance of winning whereas a poor man who hopes to break out from the chains of poverty will select more games and stake a lesser amount thereby increasing the risk and reducing the chance of winning. This analogy justifies the reason the rich win more than the poor.

On the issue of desperation, both the rich and poor are desperate since they both desire to win this, that desperate isn't peculiar to the poor alone. The only difference as noted above is that the rich shoulder lesser risk than the poor and that is what creates the gap between the rich and the poor in the gambling purlieu.

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Quote from: adultcrypto on November 24, 2023, 10:51:56 AM

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

Rich people gamble for enjoyment rather than only to earn enormous profits from their bets, while the poor gamble only in hopes of making a huge profit that will change their life forever. Rich people can lose a game and still not care, but the poor will be furious if they lose. Rich people don't gamble all the time, but the poor always manage to bet on a game every day in the hopes of winning. The rich people who do gamble, however, don't wager on many games; instead, they bet on a few that will guarantee them a good time.

Did you also know that the wealthiest people are the ones who always have luck when it comes to winning at gambling? The reason I say this is because the wealthy will never wager on more than four games and will only wager 10 to 20k because they are certain they will win. In contrast, the poor will wager on more than 20 games and will only wager 100 or 200 naira because they hope to win millions of naira. This is the best thing that is happening to the poor people because even when they lose, they will continue to have faith that they will eventually win the game.

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Quote from: adultcrypto on November 24, 2023, 10:51:56 AM

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor. By poor, I mean those who do not have enough to meet all their needs. I don't know the reason for this. Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision? I really want to know the reason for this pattern I have observed.

Both the rich and the poor wins gambling, but the rich win bigger money than the poor will ever win. Sometimes the amount that the poor man will want to win is the bet is the amount that the rich man will use to place his bet. Also the rich man has the tendency of placing bets multiple times a day while the poor man can only go once or twice. But one thing is certain both do win gamble. Also the rich loseses more money in gambling than the poor.

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Quote from: goxcraft on December 04, 2023, 02:13:40 PM

Quote from: Samlucky O on December 03, 2023, 02:00:48 PM

I think the rich always play smart, by playing there games with huge amount of money with less odd why the poor play with less money with higher odd. If gambling was to play with lesser odd with higher money I think they would have been making alot of money. Note: the higher the odd the riskier the game.

Don't forget, with higher odds, you can get higher profits. But you are right here. The richer have advantage in term of gambling. As they have many choices. They can play different games to test out their luck. They get many opportunities to win big. But those with small capital doesn't.

As we know money opens many doors, and while having a lot of money does not really make a person a better gambler and does not change the odds of winning on any of the games, at the same time this gives the rich much better opportunities to obtain all kind of bonuses that your regular gambler will never obtain, and without a doubt this can increase the perception that those that bet more money are able to win more often than the rest of the gamblers out there.

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Quote from: goxcraft on December 04, 2023, 01:55:49 PM

Poor people doesn't have much choices but the rich does. It's their advantage. If i could have bet 100 bets the odds of winnings is very close. But if I don't the odds of winning, jackpot is very slim. That's the difference.

I think differently, that poor and rich gamblers only differ in the level of the number of bets placed on gambling, but regarding winning is not certain for rich gamblers even if they lose they will lose more money. The solution is that poor gamblers must have the right type of gambling with high odds to win the bet, for example in sports betting then they can choose the top team to place a bet because the chance of that team winning the bet is very high.

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Quote from: Samlucky O on December 03, 2023, 02:00:48 PM

I think the rich always play smart, by playing there games with huge amount of money with less odd why the poor play with less money with higher odd. If gambling was to play with lesser odd with higher money I think they would have been making alot of money. Note: the higher the odd the riskier the game.

Don't forget, with higher odds, you can get higher profits. But you are right here. The richer have advantage in term of gambling. As they have many choices. They can play different games to test out their luck. They get many opportunities to win big. But those with small capital doesn't.

goxcraft

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Poor people doesn't have much choices but the rich does. It's their advantage. If i could have bet 100 bets the odds of winnings is very close. But if I don't the odds of winning, jackpot is very slim. That's the difference.

nullama

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Quote from: OgNasty on December 04, 2023, 05:16:58 AM

Gambling is a form of entertainment that you have to pay to play. It isn’t a crazy thought that people who have more money are then able to pay more for entertainment. I imagine rich people have more subscriptions to paid services, pay more for their vehicles, etc. This would also lead you to believe this leaves more time for poor people to enjoy the best things life has to offer, which are free.

On the other hand gambling can be seen as a hope to get rich.

Therefore, rich people most probably won't be bothered by that.

Although it is true that many see it as entertainment, and for them you are absolutely right.

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Quote from: adultcrypto on November 24, 2023, 10:51:56 AM

I have observed that the rich, I mean those who are financially comfortable, win more in gambling than the poor.

How do you observe it?
I don't really understand it, do you mean the chance to win in gambling or it is about the number of the prize possible to win?
If you mean about the number of the prize, surely the rich man can win bigger prizes because they are capable to gamble with higher funds.

Quote from: adultcrypto on November 24, 2023, 10:51:56 AM

Could it be that the rich understand financial management more? Or could it be that the rich are less desperate to win which make them make better gambling decision?

It makes sense if the rich people may have a better understanding in financial management. They can't be rich people if they have poor financial management. But if it is related to knowledge about gambling, it has nothing to do with the financial status of someone. Rich man or poor man has the same chance to have a better gambling decision. Someone can have a better decision if he has good knowledge in gambling, has good mentality, and experienced enough.

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Quote from: OgNasty on December 04, 2023, 05:16:58 AM

Gambling is a form of entertainment that you have to pay to play. It isn’t a crazy thought that people who have more money are then able to pay more for entertainment. I imagine rich people have more subscriptions to paid services, pay more for their vehicles, etc. This would also lead you to believe this leaves more time for poor people to enjoy the best things life has to offer, which are free.

Regardless of the truth you say about the relation between money/liquidity availability and gambling. We should also take a look at countries where the majority of people is not supposed to have much money to spare. Specially countries in Latin America, Africa and Asia, even though there are people in need in those places that does not stop gambling and lotteries to be important industries in those communities.
The explanation then cannot be the direct relation between liquidity and gambling sessions/time gambling, but rather other things. If I had to guess I would point out to some cultural influences gambling has on those countries or the need for money, which can push people to wager money they are not supposed to.

If gambling only depended on the money available, we would not see so many play houses and small casinos in those regions I mentioned.

OgNasty

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Gambling is a form of entertainment that you have to pay to play. It isn’t a crazy thought that people who have more money are then able to pay more for entertainment. I imagine rich people have more subscriptions to paid services, pay more for their vehicles, etc. This would also lead you to believe this leaves more time for poor people to enjoy the best things life has to offer, which are free.

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Quote from: goxcraft on December 03, 2023, 12:20:40 PM

Quote from: Dewi Aries on December 02, 2023, 03:00:50 AM

There is also a point, rich people tend to have more capital to gamble so they don't hesitate to bet without thinking about the defeat that will be obtained, because they have a lot of capital so they are more free to bet on gambling, the defeat they get may not be a big problem for them because they are confident in the capital they have that much.
And for the poor they tend to gamble to multiply money hoping to get a win in order to help their daily basic needs, but they tend to be more careful, do not want to lose the money they bet on gambling because the anxiety with the money allows them to borrow money to gamble again because they are still "curious". and this is his fault, they can make their own lives because of their stupid actions.

Another fact is that because they have more capital they get more chances where the poor's doesn't. They have limited capital to bet. They can't even effort to play 20 games a day where rich are playing 100 even more games a day. It won't even matter if he looses 100 more. That's the key difference. If I had more rocks, I would have more chances to hit the target. Exactly this philosophy.

That isnt necessary like that. Rich person can also play only few games, but place huge amounts. Similar to poor person, he can loose all of them at once. I think your example with rocks is slightly incorrect, because instead of throwing small stones, rich will throw bowlder. Mathematically it will be correct that the more bets you make, the more chance to win you have. But it is impossible to insert "luck" into formula. Rich can make 100 bets and lose, poor can make 1 and win. In the end rich lost his deposit, poor ends with profit. Your philosophy fails.

Topic: Why the rich win gambling more than the poor. - page 23. (Read 3724 times)