I was having a conversation about gambling with two young men and one of them said gambling is not for the poor people, that it has the proclivity to favour rich people much than with the poor, and the examples he gave made me to come close to endorsing his interpretation.
His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions, but the poor staking with $100 to win $2 million has to pick multiple legs to accumulate odds to get such potential win. It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.
His argument is that the rich people gambling do not have to pack a lot of odds as in parlay bet to accumulate a high odd size that will give a satisfying potential win. The rich has the money to risk huge amount to a single game for instance 2 odds staked with $1 million to win $2 millions, but the poor staking with $100 to win $2 million has to pick multiple legs to accumulate odds to get such potential win. It hence decreases the gambling winning chance whilst the rich gambler chance remains increased.
Yes... in part
I agree with you that who have a lot of money can risk much more amount on a single bets (which are less risky) to obtain very satisfactory returns without have multiply their odds dozens of times... very quite different from those who depend of several small bets to turn $50 into a thousands of dollars.
But analyze with me... is the house edge not same for everyone? Regardles of the size the bankroll, luck is the sam... so, the difference is only the emotional pressure that changes. While rich can lose 10 bets of $10,000 and be fine, the poor cant lose a single one of $100 and will already be "in poverty".
The rich will lose money on the same proportion as they could win... the greater the risk so the greater the loss. This does not mean they will win "more" than the poor if we consider the economic capacity of both because the poor winning $10k is the same as the rich winning $10kk.