This makes gamble a game of luck to the poor and a game of strategy to the rich.
Ex:
RICH ($10,000 * 1.10 odds) = $11,000
POOR ($5 * 1000 odds) = $5,000
With this you can see that the chances of the Rich winning is very high up to 90% while the Poor only have 10% chance of winning which now is based on luck!
This makes me think about the saying that goes by "THE RICH IS GETTING RICHER WHILE THE POOR IS GETTING POORER"
The get rich quick mentality is killing the poor.
In gambling, whether rich or poor, gamblers are at the highest risk of losing money in most cases.
As you said, a rich person can afford to bet a lot at once and even if he bets a low percentage, his profit is much higher.
For example, you said_
For a rich person (10,000×1.2x)= $11,000
That is, he will win $1000 in the bet. And you see that his probability is 90%, that is, if he bets 100 times, he will win 90 times.
So if he wins $1000 in a bet, he will win 90 times = 1000×90=$90,000.
The remaining ten bets will be lost, that is, his loss (loss) will be (10,000×10)=$100,000
In this case, profit<loss, that is, the rich person will also lose.
Again, what you said about the poor,
If he bets $5 and wins 1000 times, that is, (5×1000x)= $5000, in this case, the bettor will make $4995.
But what you said is that in this case, the probability of winning in 100 bets is only ten. In that case, he can win in ten bets (4995×10)=$49950
If he loses in the remaining 90 bets, his total loss will be (5×90)=$450
Then, in 100 bets of poor people,, loss<profit
In this case, it is seen that even though poor people gamble with less money, they have a higher chance of winning or making money in the end. But in reality, this does not happen because when a poor person loses money in two or three bets, he cannot control himself anymore, and like the rich, he also gambles with a much larger amount of money.
So whether a person is rich or poor, in most cases, if they gamble, both lose their money.