Why the rich win gambling more than the poor. - page 32.

Subbir

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Quote from: Mr.suevie on November 24, 2023, 11:45:09 PM

I don't know you came about checking the ratio of your supposed stats but I do also feel some how when their is an increase in the bank roll of the gambler the risk involved is alot lesser per say the number of game accumulated will be reduced and the risk also will not be too much.

Poor people mostly lose because poor people are afraid to take the second risk and they don't have money to take a second risk or invest. There can be many other reasons such as those who are a little poorer mostly withdraw funds or withdraw portions of the profit and those who are rich keep the portion of the profit. As a result, the success rate of the rich is much higher than that of the poor.

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Based on the question from the topic, why do the rich win gambling more than the poor? I'll say most time it's because of greed, when it comes to sport betting, where I do reside I have seen some person trying to use less than a dollar stake to win more than a thousand dollar. You can just imaging the difference between the two, and for such to happen they'll have to bet on more games in just one slip, they'll make like 20-40 games inside one slip. So tell me how such they'll not loss their bets, when you gamble less in a single slip, you have a high probability of wining than in a slip with more games. So most times what the rich do is, to pick not more than 5 games or less, and use a very huge stake to bet on them, due to the high stake you see that the winning bonus added to the game odds will also be huge. However it's not like the poor don't win some of those multiple games in one bet slip, but trying to use a very small Stake to win big has high probability of loss.

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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.

I don't know you came about checking the ratio of your supposed stats but I do also feel some how when their is an increase in the bank roll of the gambler the risk involved is alot lesser per say the number of game accumulated will be reduced and the risk also will not be too much.

Another thing is that people with low income or bank role tend to face all their problems in gambling forgetting that gambling is not something that offers steady income rather it's an activity some persons uses to drop the steam off.

I won't say poor gamblers but income low but instead people with low Budget in gambling tend to play more parley selection so as to get something tangible when the whole amount of games is selected while something latter is the case with high income gamblers. They tend to play a single game with lots of cash on it to reach a certain target for the return while the other will rather select alot of games and put small case .

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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.

I do not know what do you mean by this, if you mean that the rich seem to earn more money than the poor in terms of the absolute amount of fiat they win, this makes sense, after all the rich have more money to spare and as such it is natural that since the average size of their bets is higher that they also seem to earn more out of their bets, however if by this you mean that the rich win more often than those that you consider poor, then this does not really makes sense since the odds are the same for everyone.

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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.

Please provide some data, as your observation does not conclusively support the assertion that this is genuinely happening. There's a crucial factor to consider here, and regardless of how we evaluate it, a significant number of poor people engage in gambling compared to the wealthy. Therefore, if we have, for instance, 10% of the wealthy population gambling while 90% of the poor are involved, it will consistently result in the poor losing more due to the sheer volume of gamblers from that demographic.

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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.

Have you really observed it? or is that just an assumption, because you have to be in those two environments to be able to say that rich people win more often than poor people because you can see firsthand that that's true or at least do research on what you say.
I don't know for sure that rich people win more often than poor people, but if it's true, maybe it's not because rich people are smarter at managing finances, but more because of their ability to continue gambling compared to the poor, because for the poor they will have limited funds, and when they loss all the money in gambling, it takes time to return to playing, whereas the rich with unlimited funds will always be able to play so they seem to win more often.
However, I'm not really sure that the rich will win more often because it seems like that's just an assumption unless there is research to corroborate the data.

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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.

The difference is in their financial status which is what determines the bankroll of the rich and the poor. With a big amount of bankroll the rich are at every minutes ready to take risk's that the poor won't agree to venture due to his small amount of bankroll.

The poor gambler for him to have a bug potential amount of winning he has to accumulate his bet with many games to increase the odds using small amount of money to bet. While the rich don't have to take that much risk, they minimize the risk of their bet by accumulating less games (smaller odds) and increasing the amount of money they are to bet with reflecting an increase in their potential win which also lessens the risk involved.

More so, in having large amount of bankroll you can play as many times as you wish which increases your tendency to win whereas the poor Don have they much bankroll to keep them gambling that much as their bankroll does finishes far behind that of the rich.

Another thing, the rich has the money to buy fixed games, odds joining a VIP gambling group/club but the poor doesn't have such privileges this makes his chances of winning outside luck very limited.

nullama

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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.

First, I'm not sure that is actually true, as it's all just math behind it all.

But, there are different odds at different games. Some are really bad for the gambler.

So, based on that, I could guess that rich people care more about not losing money, so they pay more attention to the odds. That way, they only play games with better odds, while poor people would just play anything, leading to worse outcomes because of the worse odds.

That's just my educated guess though, but I think it might make some sense.

wallet4bitcoin

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It is not that the rich wins more than the poor but the rich gambling with a whole lot more than the poor does and if they were to flip one gamble of $100k then it will be $200k, they just won $100k and its obvious, everybody hears that someone just won $100k.

Just one question, what is the ratio of the investment to the win? It's simply a 1:1 ratio but because we are more focused on the figures, we will say its $100k, same thing goes for a poor man who gambles with $20 and flips it, his win is also $20 and 1:1 ratio.

Bottom line, always consider the ratio and not the amount of money won.

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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.

It's not general it's still on a case-to-case basis because I've seen rich people losing a lot of money because of poor mismanagement of their bankroll, the reason that many rich gamblers are successful in gambling is that they can keep up they have a huge bankroll they can exploit and they can take the risks and you can do that if you are not limited with your bankroll.

I have experienced this in many of my sessions I have limited bankroll so I was betting a small amount and although I have more winnings than losses it will not amount to success because of my small bankroll, butt hat doesn't mean that if you have a huge bankroll you can easily win you have to exploit and you have to take risks and you have to be patient, rich gamblers have no limitation because they have the money, compared to poor people who will think twice betting huge and employing methods that can bring them success.

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Rich people never think of the winning, they just have fun and if it is a win they enjoy or else just leave it. With a poor gambler or with a person with limited fund he gambles for money and when it is lost he can't accept it. His mind always thinks of the loss and he will be much into recovering what had been lost. For this he sometimes get loans and keeps trying where he losses more and becomes more poor. The reason for rich people to win big, they don't have the winning pressure they just play and win, but the poor plays with fear.

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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.

How did you do the observation that lead you to make such conclusion? I mean where did you do it, how many players you have observed, and how do you know that those players are rich or poor? For me, luck has nothing to do with rich or poor. Both type has the same chance of winning in gambling (about percentage), but if you are talking about winning value, obviously rich people have more money to spend than poor so the amount of winning can be bigger than those poor gamblers. Rich or poor has nothing to do about financial management as well when it comes to gambling, I will not generalize that poor has poor financial management.

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Quote from: Casdinyard on November 24, 2023, 05:28:49 PM

Same goes with this conundrum. It's not like these rich people are able to win more just cause they're rich. They are able to bag more money than the average joe, cause they have more money to put in, and ultimately, especially if they are self-made rich guys, they're able to discipline their spending behaviors and are therefore able to save most of their winnings, unlike the normal guy.

I do not think being a self-made rich guys has something to do with why rich people win more in gambling. It is more on how much the are wagering and how much money they are putting into risk. Rich people are more likely to win a life-changing amount than poor people because rich people can bet way larger than a poor person does. For example, well-known streamers are able to buy bonuses worth $100k while small gambling streamers are just able to buy one thousand to 10 thousand dollars worth of bonus buy. So when the rich people get a massive multiplier, this greatly affects their finances because of the huge wagering amount they bet while poor people can just win hundreds of dollars.

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Quote from: zuzie on November 24, 2023, 05:21:23 PM

Rich people have a lot of money, guaranteed to have a good life, therefore they consider gambling just to entertain themselves or have fun. If you win, just think of it as a bonus and if you lose, you don't need to worry because you still have a lot of money saved. In contrast to poor people, some of them gamble to get extra money, and they only gamble using as little money as possible because they have no savings at all in their wallets, so when they lose they will experience losses and regret.

The rich will gamble for fun and may gamble less often, so they do not loose so much, the poor gambler who sees gambling as a way for money will make mistakes from the pressure on them when they gamble and this mistake will likely be made more frequently because they are trying to make money from gambling and will try to gamble more often in believe that they are increasing their chances to win, but that is not correct always. Some gamblers who control themselves enough to gamble once in a while can surprisingly still be getting more profit than the everyday gambler. Winning in gambling does not concern how long you have been gambling and how regularly you have been gambling.

Dr.Bitcoin_Strange

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From what I have observed so far, what I can say is that most rich people gamble mostly just on small odds, and they stake a huge amount of money, and that amount can multiply their money if they win and also if it's on sports games. If they stake on slot games, it is 100% dependent on luck, so even if they stake a big amount or a small amount on a slot, they will still encounter a big loss, but if they luckily win too, the profit is normally huge, which makes them get more money. Just like I said before, rich people tend to stake huge amounts, which can give them a huge win compared to the poor, who will only stake a small amount.

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Quote from: Agbamoni on November 24, 2023, 05:00:37 PM

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.

This is a very valid observation because it is a fact, but one important factor that comes to play as you mentioned is "financial management". If you have noticed, the "rich" usually stake higher for smaller odds as they are more likely to be won, some can stake on odds as low as 1.6, 1.7, 1.8, without exceeding 3odds while the "poor" would usually aim for bigger odds hoping to get rich from odds which can range from 20odds to sometimes even above 200odds with smaller amount of money, knowing fully well the probability of a large number of games(odds) to be won is slim.
I believe this is the primary reason why the "rich" is more successful at winning gambles than the "poor".

Rich people are financially stable. They can gamble more, and Their experience will be more than that of those with low incomes. One factor I think is very important is that rich people's mentality when gambling is always comfortable and confident. They are willing to lose the money they bet without thinking about anything. So their win rate will be higher.
As for sound financial management, that is also a factor that helps wealthy people win in gambling. They do not gamble unthinkingly when they lose and greedily when they win.

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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.

Firstly, since they are richer they have usually a larger bankroll than poorer players. It's a big advantage over poor people, because it helps them to survive to long losing streaks till good series come back and to overcome mistakes. That's why we call them deep pocket players in the gambling universe. In addition, the large amounts wagered let them winning higher bonuses, cashbacks and even prizes at wagering tournaments.

Casdinyard

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Correlation does not equate causation.

It's just similar to "people who own horses as pets are less likely to die from diseases". Where people would think about some convoluted reason as to why having a horse could be therapeutic and medicating to the point that your immune system literally boosts up when you get a pet horse, when the occam's razor answer is that, people who own horses are just rich enough to afford healthcare.

Same goes with this conundrum. It's not like these rich people are able to win more just cause they're rich. They are able to bag more money than the average joe, cause they have more money to put in, and ultimately, especially if they are self-made rich guys, they're able to discipline their spending behaviors and are therefore able to save most of their winnings, unlike the normal guy.

zuzie

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Rich people have a lot of money, guaranteed to have a good life, therefore they consider gambling just to entertain themselves or have fun. If you win, just think of it as a bonus and if you lose, you don't need to worry because you still have a lot of money saved. In contrast to poor people, some of them gamble to get extra money, and they only gamble using as little money as possible because they have no savings at all in their wallets, so when they lose they will experience losses and regret.

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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.

This is a very valid observation because it is a fact, but one important factor that comes to play as you mentioned is "financial management". If you have noticed, the "rich" usually stake higher for smaller odds as they are more likely to be won, some can stake on odds as low as 1.6, 1.7, 1.8, without exceeding 3odds while the "poor" would usually aim for bigger odds hoping to get rich from odds which can range from 20odds to sometimes even above 200odds with smaller amount of money, knowing fully well the probability of a large number of games(odds) to be won is slim.
I believe this is the primary reason why the "rich" is more successful at winning gambles than the "poor".

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