Quote from: Don Pedro Dinero on January 01, 2024, 02:49:23 PM

No, the example you give is incorrect because a rich man does not make $1 bets.

In general the rich tend to bet less than the poor, and that is a fact that can be seen in the fact that where there are more bookies is in the poorer neighbourhoods of the cities and where more lotteries are sold as well. But when the rich bet, they bet in relation to their wealth, and they will not bet $1. They will bet $100 or $1,000 or whatever depending on their wealth.

The example still works!
Even if they bet $100 and hit 1000x, they might still continue to gamble depending on their wealth. Sometimes it depends on whether they are greedy or not. But, Most rich gamblers continue betting even after a big win while most poor people take a break after a big win. Wealthy gamblers do not fear losing too much because of their wealth but most poor gamblers try to stop after a certain period.

It's a debatable statement. You may say that poor gamblers continue to gamble too after a big win. Well, yeah. It depends! Also, some wealthy gamblers stop gambling after a big win. Wink