Quote from: pawel7777 on January 14, 2023, 01:12:04 PM

Quote from: Betwrong on January 14, 2023, 08:44:12 AM

Indeed, it's a different thing for different people. For me personally it's around the amount of money I can earn in one day. Yes, it is still painful, losing the money you were working for for the whole day, but it's acceptable, it's not the end of the world, you know.

But that's about the money I can afford to lose without bad consequences. Talking about the money that I can easily afford to lose, than it's about a quarter of what I make per day, and that's what I would bet on the single die roll, you are asking in the OP.

That's a sensible approach that can work for you but is not universal. Obviously, for someone with a low income and a tight budget, who struggles to pay the bills (aka half of the UK right now after massive electricity rates hikes lol), a daily pay (or even just 25% of it) is probably too much.

Personally, for the sake of regular gambling, I'd define the "amount I can afford to lose" as excess (or leftover) money at the end of the month, after paying all bills and usual living expenses and also after making a regular contributions to saving/investment accounts.

But that definition and my risk tolerance would change for things like say investment opportunities with lower risk and positive expected returns. In such case I'd be potentially willing to risk any amount that won't cause a massive disruption to my life.

What happens is that when you think you have extra money that you can lose, it's not really like that, because few people in the world have that ability to spare money, that is, most people have tight budgets for their expenses, that is to say, if they have to pay bills, taxes, some rents, other rents, it is very difficult to leave a money totally willing to lose, because they know that a salary for most people is never enough, unlike players who are Considered whales, these things can translate into expenses that don't affect them, it's just like buying sweets for us means playing in a casino.