Topic: Why the rich win gambling more than the poor. - page 27. (Read 3724 times)

This comparison is not always true because the target for both will be different. The rich can place a bet of $10k to target $15k which the poor will not see $15 winning from a $10 bet as anything. Indeed $5k profits is satisfying where as $5 profit will be seen as a waste of time. Hence the power will want to add more games to raise the profit to like $50 and by doing this, they will end up losing everything.

I still feel the OP is right that the rich win more in gambling, the reason is many.

I would not say that rich people have less greed. With great money comes great desire. They spend a lot, and always wants more and more expensive things or wish to make investment. I would say that they are also in need of money. Compared to poor, they have simply their prime necessity things solved. Also when people gets rich, some of them gets really greedy. They always bargain, ask for discount or buy less expensive things than people would their amount of money would buy.

But I agree that you say that gambling is equal for everyone. Rich dont win more than pore, but they suppose to play more (due to affordable budget), which creates a false vision that they win more.

Yes, rich people have relatively less greed for money which is not seen in poor people. Rich people can manage their money even if they lose but it is more difficult for a poor to collect money. Moreover, normally we see that in gambling poor are the most greedy. They are unable to control this excessive greed, they lose their money. On the other hand, it is not the case that the rich don't lose money either. The rich also lose at gambling but their rates are necessarily lower than those who are the poor. But in gambling there is no difference between rich and poor who can win. Those who can't make proper use of greed or other things related to gambling will face loss even after gambling for a long time.

The sheer diference in their bankrolls and the higher bets, if you want to go deeper you can even argue that most betting strategies, even since the first ones from the 1700s work better (actually with a fee exceptions like card counting they just work 'less badly') with a bigger bankroll

Once I was questioned, if I were rich, what would I do, and then I said that I would visit Las Vegas. It is counterintuitive, because someone could think that people go to Vegas to make money, but not, they go there to spend money. That said, I don't agree that rich people don't gamble: it's true that they don't gamble so much speaking in percentage terms, and it is much harder for them to go all-in (it is easy, instead, for those who have very little money), but it is an entertainment like any other.

That's why they're rich because they know how to grow and handle money. Gambling is not a good source of income. These rich people might be risking big amounts but it's actually small in terms of their assets. Most poor people have less understanding of how the financial system and gambling works. Actually, poor people aren't supposed to gamble regularly. Gambling is also about a deeper pocket which is why the house usually wins but the rich also have the funds and for that reason, they can sustain losses until luck changes sides.

Losing is normal as we don't have the luck all the time. So we better not insist and keep on betting. In the end, it is always better to stay within our limits and be responsible adults.

A rich gambler can bet with the maximum or minimum bet so he can gamble longer than the average gambler and if he wins, he can also win more than the average gambler. That is why most gamblers still often experience defeat and lose all their money in gambling but that does not make them stop their gambling activities. They will keep coming back to the casino to gamble and hope that this time, they can win a lot so that they can recover their previous losses and also earn a lot of money. But a rich gambler who has been gambling for a longer time can get big wins and when he wins, he will probably rest longer than most gamblers, especially if the winnings are very large. Yes, it is not surprising that rich gamblers get richer if they win, while ordinary gamblers only lose more money.

You are right in what you say because rich gamblers can win much bigger than most gamblers. They can gamble longer and may be able to win more than most gamblers. I remember there was a rich gambler who placed a bet with big money and when he won, the amount of money became 2x-3x the amount of money he used to place the bet. Indeed, most gamblers can also increase their betting money by winning 2x-3x. But the amount of winnings he gets will be smaller than that of rich gamblers.

That is why the average gambler should not place bets that are more than he can afford because it will make him careful with his money. He can also bet with a minimum bet so that his money will stay supplied so he can also gamble a little longer than usual. And don't follow what rich gamblers do because most gamblers have little money.

It's because rich can play longer. Their budget is decent enough to keep playing and that's their chance to somehow win after having losses. In addition, they also see it as their time for leisure since money is not a problem. While poor only have a limited bankroll. Imagine having a small amount that could be use to buy food, yet they opted to use it in gambling just because they're hopeful to increase their money. So we can say the difference of bankroll between rich and poor is one of the reason why.

It's not right te rich people win more then poor people. You you can say that the rich people earn more then poor people beacose they have experience and enough money to play big gambling. On the other hand people don't have enough capital for gambling they have limited amount of money and they don't gamble large amount of money. That's the reason rich gambling large amount of money and profit high and poor gambler gamble low amount of money and profit low.

Simple logic, the poor don't have the money to keep going for a long period of gambling unlike rich people that might've a vast amount of money in their pockets that they don't mind spending in gambling also when a poor person plays, they don't have that much money to wager so when they get a big win, it's not exactly a big win because they did wager a lot of money but unlike rich people, they get bigger returns from their wins and I am not sure about the last one but poor people have more tendency to gamble again after a big win because they're feeling lucky.

It is a fact that in wealthier districts there are fewer bookmakers and lottery sales. In other words, the rich gamble less. That's partly because of what you say about them already being rich but also precisely because they are rich they know that gambling is not a good way to make money. That's why the OP's statements are not accurate, although he is somewhat right that the rich when they win they get more money than a poor person, obviously because they bet larger amounts, but the frequency of winning in EV-games is the same for rich and poor.

Agree with you that rich people have strong financial skills so they can gamble longer and get the chance to win, even though they don't care about the risks, they just keep gambling and wait for luck to come.
But need to always remember that rich people spend a lot of money and they also lose lot for every win they get and never try it once if don't have lot of money and can't accept losing.
Every win there is series of losses but rich people don't care because they are happy, they are happy in gambling and those of us who see it just see the wins without seeing the risks and how many losses they have suffered.

Yes, it is absolutely true that they do not gamble to enrich themselves and thinking that rich people get everything from gambling will only make someone have an inappropriate approach and thinking.
Rich people have various ways of making money from doing business or work, that why they are willing to lose money just for the pleasure of winning.

Really? I didn't know that. But my take on this is that, rich people has enough money to gamble and so they if they can find their luck at a later rounds, they still have money to gamble. So, that means they place bet way more than the poor people and of course they win more. Poor people may run out of money in a few hours after they login or enter a physical casino if they can't be lucky at the early rounds. Rich people can do it all day long.
If you put both the poor and the rich person with $100 to start betting, I'm pretty sure the most luckiest will multiply the capital regardless if who's more capable of financial management and who's most desperate to win.

Yes, it's true that rich people tend to use gambling just to have fun, they risk large amounts so the winnings are also large. but actually what they are looking for is not big profits but just fun entertainment, they already have their own business to make a lot of money and they only use part of it small of the money they use to gamble, so it doesn't mean that rich people win large bets, but rather that rich people bet large amounts, which they think is just the small amount of money they spend.

Poor people think that gambling can change their miserable fate so they gamble in the hope of winning big if they can win like that they can live like rich people, the more poor people expect big wins what happens is not victory but continuous defeat and they will The more they live in poverty because most of their money is used to gamble with the aim of changing their fate, they should realize that the more they hope for gambling, it will be in vain.

Yeah, at the end of the day rich and poor both lose at gambling.

And I would argue that rich people usually won't gamble. Because the whole point of gambling is to buy the hope of becoming rich.

If you are rich already, then gambling would be a waste of your valuable time.

Rich people can afford to gamble so they have chances of making more bets so they have the probability of winning more too but is such bullshit logic though cause money making skills, in general, has no effect in the results of a bet so thinking that rich people only make money in gambling shows such a delusional mindset of you.

I see that there is a factor of circumstance that is the difference in perspective between the rich and the poor in terms of gambling, as you said that the money allocated by the rich to gambling is probably only a small part of all the assets they have and whatever the results they will not care, basically the rich only come to seek entertainment, why? because obviously the fact that they already have a lot of money and already know how to make money, that's what makes them finally able to be at a financially sufficient point.

For the poor then the above is the opposite, as I said that the factor of circumstances that make them feel encouraged to get something tantalizing very easily, on the other hand the poor do not know that it is not as easy as they think, they have problems and errors in thinking, the logic is that gambling is just a place for fun and a little test of luck at certain times. So if you make gambling a place to make money then obviously it is very wrong, and that's why many people have lost a lot, none other than that as a warning to them that gambling is not a place to make money, instead of making money but what happens is losing a lot of money, I think this alone is enough to conclude the core of the problem.

I doubt that gambling can become a source of income for the poor, as well as for the rich. The rich simply don’t worry so much about losing because they have more wealth, but success in gambling does not depend on the player’s wealth, but on his knowledge and skills. You can treat this as entertainment, but the result will be appropriate, in order to hope for some positive result in gambling, you need a systematic approach, in compliance with risk management.

The rich has more chances to win big, but at the same time has more to lose than the poor, who has almost no capital. So I don't think that the gambling system benefits the rich. It only let's him play for a longer time and make some big wins, but in the long term no one has enough money (see martingale). So better not believe that if you're rich you are half way of making income from gambling.

I share so much in your view my friend and I can remember I made mention of this not later than 2 days ago. There is no much distinction between the rich and the poor in gambling other than the size of their betting and that is obviously because the rich can afford to bet with more money and thereby gain more money as well, while the poor can't afford that. The casino rules and play are neutral and are the same for both the rich and the poor, it's the same game, the same platform and the same house.

It's the poor who need to bet rightly and manage their accounts portfolio accordingly. Casinos can't fake it for the rich and do otherwise for the poor, never, they will be just to the two, and you would know this especially if you are working with a provably fair system. It is now left to how good, smart and calculative the gamblers are, there's nothing partial at all among any class here if both are allowed to play on the same platform.