Topic: Why the rich win gambling more than the poor. - page 8. (Read 3652 times)

As you have said, the only difference is the amount staked. I believe even that some poor ones understand money management and also limit how they gamble, this believe or comparison is weird. It doesn't really matter both group loss and wins, same chance available, same game gambled.

Let's leave social class out of gambling, both rich and poor loss based on there level. Mehnn the the level of detestment poor people face keep increasing, no fact, record or proof to show, one will just conclude the poor loss more.

Gambling is a fair game with probability, anyone can win and individual variation is present irrespective of the class. So concluding is wrong.

Are there any statistics that can be used as evidence that the rich can win more than the poor? If not, then I will stick to my own rational belief that if we talk about opportunities then rich or poor have the same chances whether it is in terms of winning or losing, I'm not saying about the amount they will win because there is clearly a difference in budget allocation here where the rich may put the amount of $1000 in one bet while the poor only put $100 which means that if the two people are lucky then there will clearly be a difference in the amount of victory between the rich and the poor.

But that's not the point, the size of the budget at stake is in no way a guarantee of winning which means the rich can lose and the poor can also lose, so I think the issue of who will end the session with a win more often depends on how often they get lucky.

Yeah, fair enough, you can compare what the rich and the poor have outside of the gambling allocated money.

There is clearly a difference there.

But also, the rich person already is rich, by definition, so there is less incentive to play at casinos.

In this case, it can be easily said that both are taking the maximum risk of money from their respective positions and both are satisfied with their position by taking the maximum risk of money. If one person has a total of ten dollars and the other person has a total of one dollar, these two people will gamble based on their money. I have a dollar I used 10 cents to gamble and using 10 cents I gained 10 cents but my total wealth is 1.1 dollars. On the other hand, the one whose total wealth is 10 dollars used one dollar for gambling and by using one dollar he gained another dollar, but his total wealth increased to 11 times. In this case, two people are satisfied from their respective positions. So you have to try to match these things depending on your total amount of money.

The risk level of the rich and the poor is not the same and also in gambling those that have alot of money to play around with have higher chances of winning because winning always comes in between the line of the risk taking.


But when you talk about the number of loses that are encur between both you still have the same way higher loses by rich since they take more chances in Staking.

Mate you guys are right, the poor people are working harder everyday just to make sure they gets what they want while the rich are the most smartest people I have known so far because they work in a smarter ways and they also think outside the box. Now let's think about this, if a rich gambler predicts a game of 2 odds in total, they put millions on in, (lets say for example) they wager $5M on the game so that they can be able to win at least $10M, but for the poor gamblers, they don't have much money so when they want to bet they make sure to predict more than ten games with bigger odds, so they wager from $50 downward, and out of 10 games 1 might cut the while games. But the rich gamblers are smart enough to know that they accumulate more games the more privilege for the game to cut.
The rich don't care about anything that has risk because they know that the more they risk they make more, the rich believes that without any risk there is no rewards, so they risk their money on things they know that they might be privileged of cashing out even if to get back their main capital. It's only a rich business man that will risk his money on something that he hasn't seen because he believes that he started from crash, and anyone who started from crash have seen a lot of things and they also know how to manage their risk when they lose.
Yes exactly, being poor is a very difficult thing because you won be able to communicate in som placeses that is well organized. Just as some night club are, if you are not well dressed and looking sharp you won't be able to enter inside because the bouncers outside will bounce you out. Money is almost everything in the world we live in today. Even if I haven't seen any, I believe that there are some casinos that won't allow someone who's broke to enter inside because the broke gambler won't gamble enough money.

I completely agree with you, the Rich are more advantaged when it comes to winning in gambling, and it's all for the reasons you have mentioned, and I also believe this is why it is often said that the rich keep getting richer while the poor keep getting poorer, if we are to analyze this statement, we will discover that the poor doesn't get poorer because they are lazy, in fact, some poor people even work way harder than the rich people, but unfortunately, their hardwork pay them so little because they don't have money and also do not know to make their money work for them.

The rich have the money and are open to any form or challenge, opportunities, but the poor man will see opportunities and let it slip away because he has not the financial means to take advantage of that opportunity.
In gambling, opportunity sometimes show up, which the rich already having the financial means, take advantage of it to increase their networth, meanwhile the poor may come across same opportunity, manage to bet only $5 dollar, and at the end of the day, win maybe $50 and that money will be spent on nothing else than food.

This is why being a poor person is one of the most difficult thing in the world we live in today, because even in gambling, the poor seem to lose more often than the rich, why? Because what the rich win in one game, the poor might have to bet a thousand times or more, to win in total - such amount, this is if he or she is even lucky.

It's true and honest, I really don't see any difference in the possibilities that rich people and poor people have, all I believe is that if a rich person succeeds in winning, that victory will definitely be greater than that of a poor person, but isn't that right? gambling is always about “probabilities”? Obviously, this means that rich or poor have the same possibility regardless of the number of wins they get.

Let's discuss logically that rich people have a better financial situation than poor people, let's just say that the budget amount that rich people bet is quite large, but will the size of the budget affect the results of gambling? Or does the large amount at stake guarantee that the rich will always win? NO, none of that is true. However, in gambling, if you are involved and put money in gambling, you will have two possibilities at the end of the session, either winning or losing, regardless of whether you are rich or poor.

Gambling is dangerous even for wealthier people. Gambling is exhilarating, and it's easy to lose track of your losses. Yes, you can lose even with a lot of money. Still, irresponsible gambling can ruin your life. Smart rich guys do it. Like sports, they set limitations and depart. That won't change since the house always wins. You know, they want to make money, not give it away. Don't gamble to get rich. Having a lot of money and wasting it on fun is acceptable. Be honest about your feelings. Remove it if it's driving you crazy. Be not dumb. You must know yourself and follow through in everything you do, not just gambling

The thing is that a rich person can only gamble more money, but the odds are the same.

Since the expected amount is negative, the rich person will simply lose more money than the normal person.

If a rich person was able to generate more money than what they gamble, then by definition the normal person would also win more than what they gambled.

Think of it as a multiplier. If the person loses money gambling, the rich betting more will lose more.

gambling, its a game, right? The key is knowing when to hold and fold, not simply the cards or dice. Winning players know this. From a few dollars to a few billion, they have the discipline and smarts to handle their money. Wealthy people dabble with big numbers. Risk and return are understood. Even they sometimes lose sight of the big picture in the enthusiasm. Gambling is fun, not a business plan. If you are lucky and win big, dont be fooled. You always play against the odds, and those minor "wins" are only to keep you playing. Create a budget, adhere to it, and view gambling as a hobby rather than a strategy to get rich. Not only your pocketbook, but also your sanity. Trust me, I know how to win.

Rich people have enough financial backup so that if they lose a lot of money in a gambling game, they can gamble twice as much again, so that they lose twice the amount they lost in the previous gambling game. Money can profit. Although there are such facilities in the case of the rich, but in the case of the poor, they do not have such facilities because the poor do not have financial solvency, that is why they are poor. When the poor gamble, they will have a certain amount of money to gamble with, and when they lose, they will not have the money to gamble later. In that case, even if there is a chance, they will not be able to gamble later and they will not be able to recover their previous losses. This difference in money is what makes the difference between rich and poor gamblers.

Even if rich gamblers have much money to spends in gambling, they must be careful and not breaks their limits because gambling can makes someone playing gambling without stops. If they can't stops themselves in gambling, they can loses much money without they realizes, no matter what gambling games they played. Gambling can tempts people to keeps playing gambling games because people will see many games that they can play so that's why people must take care of themselves and not breaks their rules. Maybe rich gamblers knows how to treat gambling so they just playing gambling moderately and will not trying to playing gambling too long because they knows that gambling can makes them spends much money. But rich gamblers knows that the chance for them to wins in gambling will not too big although when they wins, they can wins much money. They can use gambling for fun and not for makes money because they already have many source of incomes as their business.

I'm not sure how you would pick up such anecdotal evidence, as the richest high rollers would often be found gambling behind closed doors and in private casinos where the average person will not have access. Besides that they are susceptible to the same odds as everyone else and are not going to be beating the basic mathematical odds that define win percentage. They are more likely to be higher educated though, which means they might avoid certain games that they know have a much lower chance of winning, or if they play blackjack for example & they're more likely to know to stop on 16 or 17 in order to have the best chance of beating the dealer.

But it's not a wise way to spend the money. I am not rich so I cannot understand that but for me, most rich people don't just spend away their money and that is why they can keep their position as a rich one. One good example starts with purchasing bulk things which if we think long term is way cheaper than buying retail.
Now when it comes to gambling, I don't think they just gamble for the reason of fun and entertainment only, they also want to win as much as possible so that they can keep the money and maybe more.
The best part of having more riches, the chances of getting that win are higher because of your almost unending balance. Most gamblers who losses is because they lack the budget so they cannot go back and chase them after they depleted their balance.

Like you called it, the rich they have good money to spear and they won’t even feel anything losing money and rich people hardly bet on sport they usually prefer casino games like poker and dice and they gamble mostly when they are with there fellow rich folks, and in the process discussions of expansions will be going ongoing is just like they are risking money to get more money. The rich is smart enough not to depend on gambling because they know what is at risk. The same time most of them in there cycle are making good money the same time from when ever they gamble.  When you talk about people playing for entertainment then that will be the rich they don’t really care about winning.

Logic is like this, rich people will bet large amounts and the bets are made not only on one option, they create their own chances of winning and when successful they get big wins.
In contrast to people with limited finances who will only bet small amounts and increase their winnings by looking for or creating large odds, they will often lose because the betting option, the bigger the odd, the more impossible it is to win.
This difference will always exist and that is the reason why rich people always win big, but on the other hand, what most people can't think about is that when rich people lose, they also experience losses that perhaps cannot be imagined.
Most gamblers only think and have perspective about big wins, they don't try to see the dark side where rich people also take big risks and losses.

As small gamblers we will never be able to follow or try to imitate what rich people do when gambling, it would be much better to forget about big win and put more effort into studying to increase opportunities and minimize losses.

Yes of course the rich may not consider gambling base on your understanding as entertainment but in rich man mind whenever it losses in gambling it always feel bitter, so why is that when rich people losses gambling they frown and they will not be comfortable any longer, people think that is rich gamble with huge amount of money and when they lose their gamble they lost much money, so it was not they expected..nobody desperately wants to lose what he has, I want us to understand such.

Whoever has less money can protect himself unless he has no self-control, making him lose his sense of self-control. Many people, especially people who don't have a lot of money, have created problems for themselves by borrowing money from other people to gamble. When he lost all his money at gambling, he was confused about how to return all the money he borrowed. This can also happen to people who have a lot of money because they can also lose control of themselves when gambling. That is why everyone, rich gamblers and poor gamblers, must really control themselves while gambling and not spend too much money gambling. These are those who can use gambling as entertainment and will never gamble excessively because they know it will cause serious problems for them.