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.
There argument is pure wrong assumption. They are faze with what people display online thinking that when you have huge money you can make huge money but that's not the case. Gambling requires you to make small risk and make big gains but in their explanations, they want you to make high risk and make big gains. If you bet on one game with huge amount of money you have a likelihood of winning the game than when it's many games but what they don't say is you can still lose one game and lose everything.
I don't care the amount of money I'm going to have but if I have riches, I will not gamble all my money to casino with that mentality, it work for some people but it's not good for long term. Risking high to make money is not a good strategy, the day you loss is the day you will come back to nothing and that is the beginning of your nemesis, you might not even have another money to gamble the next day. Keep to small risk high reward if you don't want to go broke.
The surety that you are a rich gambler will make you huge money with your gamble is not what am projecting in the post. All am emphasizing on is that with the bigger the money the rich has to gamble that the poor can not afford risking it makes the rich not to risk packing many odds that will lower his profit making chance.
The volume of money you will call huge money is another gamblers risk tolerance to begin with. We each know our risk tolerance and they are not uniform.
I do not agree with this simple because the math does not separate the rich from the poor. The odds are same for both and even if the rich people can afford to put in a large capital in the bet, they are exposed to the odds.
You do not agree cause you are not looking at the risk ratio factor of it from either sides. The rich is faced with the risk of that specific single odd they picked to bet on, the poor has to face multiple odds risk from the multi games he picked to accumulate large odds that can make him nice profit using the size of his little stake.