Why do the rich like games of chance?
The history of gaming parallels that of human civilization. In fact, the earliest evidence of gambling comes from ancient Mesopotamia, where dice were used about 5,000 years ago. This proves that humans – for a long time – enjoyed the thrill that accompanies risk and the euphoria that accompanies winnings. In part, this is also why the rich gamble.
The Psychology of the Rich in Gambling
Although many people worldwide have managed to turn gambling into a lucrative job, some of them earning millions, gambling remains a form of entertainment. Still, many people think they can get rich from gambling overnight.
So what explains the super-rich who make a habit of gambling? The answer starts with the fact that gambling is an exciting activity that releases serotonin in our body (the happiness chemical). There is excitement in betting money in the hope of getting even more, and this goes for rich and poor alike. However, it is also important to keep a few other things in mind.
The adrenaline of gambling
For there to be a thrill, the sum of money wagered needs to be large enough to make you “fear” losing it. In other words, a multimillionaire betting $20,000 on a game of blackjack is equivalent to an average income person betting, say $500. Your brain needs to believe that you have something to lose for the game to give you that adrenaline rush.
The habit of taking risks
The rich probably had to gamble a lot to get where they are now, for example, taking risks on new projects, investing in products often undervalued by most, investing in risky stocks, etc. In this way, taking risks also becomes part of their personality, whether at work or at a casino table.
Social Pressure
Gambling is often associated with a luxurious lifestyle, fast cars, designer clothes, gold watches, champagne, and casinos. This belief has been perpetuated by pop culture references in James Bond movies, the Oceans series and more, and has become engrained in our minds. The rich also like to show off their wealth in casinos, often out of “social pressure”, although there are those who gamble because they actually enjoy the act of gambling.
The dark side
It is important to point out that there is a big difference between gambling for fun and gambling out of compulsion. Many people, both rich and poor, can end up in debt because of gambling. Many aristocrats in the past have seen their fortunes decimated by their unhealthy gambling habits. Moreover, in some cases, gambling becomes an escape valve for problems at work or at home. Wealthy people are not immune to personal and professional problems, and gambling can become an addiction.
If you are not rich, don’t gamble as if you were!
Not everyone can afford to have big losses. It is always better to bet what you can afford than to bet a huge amount that can bankrupt you. Remember that gambling is a game of luck, and while skill can help increase your odds to some extent, you can never be sure of winning the next round. The rich may lose large sums of money because they know they will soon get it back through their work or investments, but this is not the case for all players.
Casino gambling is for everyone! Casino gambling is something enjoyed by the rich and not so rich to the same extent, although probably for different reasons. For people on average incomes, gambling is exciting, but there is also the prospect of winning a big prize; for the rich, gambling is a hobby that gets them excited but winning, while great, is not something that will change the way they live. You can access free games and practice before you bet your money.