Topic: Why the rich win gambling more than the poor. - page 3. (Read 3329 times)

Well, judging by the OP, why do the rich win more? The rich don't really have any special luck to win more compared to the poor gamblers, but the slime difference in that case is that rich gamblers always have the money to gamble continuously, and they can also stake a huge amount, which if they win, is going to give them a huge profit. But for most of the poor gamblers, they don't gamble all the time because of how small their pocket size is, and even when they are gambling, they play with a smaller amount than that of the rich. 

You have already specified that the rich people can stake a huge amount more than the poor gamblers, but their losses are usually huge too, so the poor gambler will only lose the small amount they have staked. 

Rich gamblers can also lose all their money as well as poor gamblers since they put a lot more on the line than poor gamblers. If a poor gambler can afford to put on the line $1, a rich gambler can put on the line $1000, or even more. In my opinion, it is wrong to compare which of them is more risky, because each of them has its own risk management depending on the financial situation. Besides, experience and luck have nothing to do with financial status. There are irresponsible gamblers among both poor and rich people.

If it is very true that the peons who are Poor when they take risks and play go all or Nothing , it is very true that the majority Always lose and some are so bad that they have to resort to non-advisable strategies such as Lending money, asking for credits to who can pay for their basic needs, then in this order of ideas we are People who have to Adapt to this type of things , that is why the poor sometimes have that audacity to do things, and those who Unfortunately Lose Everything and Continue Playing run the risk. Increased risk of quickly falling into addiction.

People who lack proper knowledge of gambling are the ones that is supposed to make such mistake of spending all their money in gambling before they can realize their self but it's bad to see experienced gamblers making such mistake.
Poor people gambling with the little amount they can afford to lose and sometimes they end doing this similar mistake of staking all the money they had which will take a lot of time before they can get it back but the rich people usually have more source of income and they can usually gamble often because they have more money and even if they lose the one they had they can quickly get it back on like the poor.

I think it's because of the way they gamble, the richer have less to worry about and they gamble based on what they know, they pick few games and stake high on it, that's how they gamble, less risk and high stake, but the poor can't afford that strategy or wait for so long trying to multiple their money si instead they would put all their problems in one long slip that has a 1000 odds and woudl most likely not play out and stake small and at times to even out their chance of winning they would have multiple tickets and stake so much little amounts on all of them.

I can recall a man on my street that usually is seen with so many bets slips and all of them are so long, he woudl pick up draws in one slip and wins in another slip and over 2.5 in another, and that's how he woudl give each selection one slip  till he has so many slips on his hands and worse of all I've never heard of him winning before.

Very correct bud, when it comes to gambling wins, most people pay much more attention to big amounts in winnings, than they do for small amounts in wins, and this is why most gamblers also do not flaunt their small wins, but are very aggressive in sharing their big winnings online for all to see and congratulate them.

This same thing is possibly what is happening with the rich and the poor in gambling, take for instance, the poor man and the rich man can both play exactly the same game with the same odds, lets just use sports betting for example, that is, both the poor gambler and the rich gambler are going to bet on the same match, with exactly the same odd, which means, they both have the chances of winning the same amount of money if only both of them can bet the same amount as well, but then, the rich man put $5000 in the game to win $150,000, while the poor gambler can't afford that much, but he only put $5 (because this is the much he can afford) in the game to win $150.

In the end when this game wins, and they both share the winning online, you will discover that the rich man's winning will be much more celebrated than the poor man winnings, because to people out there, amount of money put into the bet usually doest not matter, what matters is the amount of money that is won.

Exactly, this is what we should note that even if for example we see rich people getting a very large win which of course the amount of victory is much greater than the poor but of course as you said that we also cannot just focus on one point, meaning that we must look at other possibilities that can never actually be separated in gambling which is the risk of losing, while it is a fact that everyone will definitely experience defeat in their gambling activities regardless of whether they are rich or poor.

And obviously the meaning is as you said which is a fact that if a rich gambler loses then obviously the amount of their loss must also be large and it is a much greater amount of defeat than the defeat experienced by the poor, and obviously the conclusion is that rich and poor gamblers certainly have the same chances and possibilities in terms of winning and losing, but maybe the difference is only in terms of the amount of victory and the amount of defeat, on the other hand I understand that if the rich are lucky then the amount of victory must be greater than the poor, but the point is that anyone can lose regardless of whether they are rich or poor.

actually what I do observed is that we are just paying attention to those rich gamblers
because they are winning big amount but not giving attention to how much they are
 losing first before the win.
while the poor people is just betting small and not  getting attention because of the smaller amount.

Time in society is measured in money and when we have money, time is also in the list of goods of the rich, as many people have seen, the level of reserves and luggage of the rich is too huge, they can resist the gravitational pull of the gambling black hole, but in general, it's only a small resistance, if they don't escape in time, the gravitational pull will be stronger and similar to the poor, engulfed by gambling into dark corners. Winning is more present but does not show the essence that the rich have completely controlled the gambling black hole, this black hole is only gradually expanding.

I agree in what you have said @Dr.Bitcoin_Strange, those people that think that only poor men gamble for profit are wrong, it is not written anywhere and has not been proven by anybody that chasing of profit in gambling is mostly practiced by poor people. It depends absolutely on the gambler and their mindset, some poor gamblers can only risk small amount from their earning and they do so just to catch fun and get lucky the same time but they are not persistent even when they lose that small money. Other rich gamblers also emulate that behavior.

I totally agree with you with reasons that most individuals am aware of their gambling addiction are not rich or very wealthy individuals, even most of my rich acquaintance who are becoming addicted to gambling are all complaining that they lose more than they earn from gambling and are seriously looking for ways of quitting their gambling addictions.

 I think addicted people who get wealthy through it is by chance or luck and the individual might even end up losing a good percentage of the huge money he won back to gambling. Well it's better for one to have other sources of income as a gambler than to depend on gambling as a source of livelihood atleast you won't be forced to steal or commit crime to gamble like most poor people do.

Yeah, so basically rich people have more buffer money to play around with gambling, but eventually all their money will be sucked up into the gambling black hole.

That's just how the whole system is designed.

Of course you can have a bit of fun while doing so, and having a tiny chance of making money, but if you gamble all your money, you will most probably end up poor, or worse.

Well, I feel that anyone that develop gambling addiction habit and doesn't change, may not even become too wealthy unless by chance. It's possible that some rich people actually started gambling after they have started earning huge from other source, all of a sudden, someone just advised them to start gambling for fun which they took the advice and started gambling till date.

I don’t think the rich do win when gambling more often than poor people do. When rich people do win, they probably win more money than poor people do but that’s because they bet with higher stakes.

What they won’t tell you is that they lose more money than poor people do, because they are betting with higher stakes.

I don’t think rich people win more often than poor people do at all.

Rich people lose more money gambling than poor gamblers, but they have the ability to accept the loss so they don't see the loss as serious. But when a poor gambler loses gambling now they cannot accept it with a smile because they are very weak financially. And their purpose of gambling is to earn and strengthen themselves financially. But rich people gamble for fun and they don't care about their losses so they don't become deeply addicted to gambling. they only get entertainment. this is why we feel that poor gamblers lose in gambling more.

Well that's true, but some of these of these rich men you are talking about even grew this habit maybe from when they were still struggling because not every person that has money can just venture into gambling just for the sake of actually increasing their funds. I know of many business owners myself who just like to rollover some of their money for fun I guess for a little odd of maybe 2.00 or 3.00 to just get that joy of actually winning and enjoying the game but although sometimes losses do come but for them they can manage it.

It's not every rich gambler who is a celebrity, a super star, or even a media influencer. Some of them are just investors, big business owners, and employees in a big company that pays a lot, so there is really no quick way for them to make back the money they have lost. It's not every rich man who knows how to sponsor a casino to make quick bucks. As I highlighted above, some of them are still passing through hard times to make the money, but when they get into gambling, they want to multiply their money, which they may or may not get lucky with, so they will keep trying luck until they win a huge amount. I know a few gamblers who like to bet $100 on a sports game, and they say they sometimes get a huge win before a week runs out. 

The reason why rich people win more money than the poor is because the rich people do not pack games rather they just look for few game like 2-3 that will give them like 3-4 odds and then they will heavy stake it to win times 3 or 4 of their input while poor people will always go and pack games like 10-15 games so that they can get a big odds to play with their small money and we know that the chance of booming when you pack games is very low compare to someone who play 2-3 games. Morever, rich people play with the mindset of doubling their money while poor people play without any plan or target them just want to play to win big with the small money they are using.

The thing is that the famous people can turn a loss into a win because they can get marketing deals, they can basically sell their faces to get money.

They will make quick bucks by sponsoring a casino, it doesn't matter if they lose a million gambling, they will get paid more because they will bring more people to play in those casinos, therefore the casinos will end up winning way more money than the amount they pay the celebrity.

No matter the financial status of a gambler, the majority of gamblers are gambling for profit. Even some rich people are gambling for profit and not for fun; after they lose, they will continue to chase losses just like other poor gamblers would. There was a topic created just about a week ago. The OP talked about a wealthy man who lost all his life fortune in three days. Also, just yesterday, I came across a new topic that talked about Drake, who lost $500k in gambling.The rich gamblers have the opportunity to win a huge amount because they also staked a huge amount, while the poor gamblers only staked the little amount they could afford, and therefore you can't compare the winnings that can be archived from those different amounts staked.