If you’ve ever gambled at a casino, I can almost guarantee that you must have dreamed of that moment when you hit a win big enough to change your life enough to boost you to an altogether different tax bracket. But here’s the thing: what do the rich do when they try their luck at slots or table games? Let’s take a closer look at exactly what rich high-rollers spend at casinos and why.
Why Do Wealthy People Even Gamble?
Why Do Wealthy People Even Gamble?This is a question that I often try to understand. Wealthy people can obviously afford to spend what I would consider a small fortune at casinos, and they don’t need to win. The truth is that rich individuals mainly play at casinos as a form of entertainment. They enjoy the thrill and excitement that comes with gambling.
Now, suppose you have a surplus of funds. In that case, betting on small amounts will not bring much excitement. This is why wealthy gamblers bet more than the average gambler to get a big enough rush of adrenaline that comes with a substantial win.
How Much Money Do the Rich Actually Spend at Casinos?
So, what exactly do they spend? Wealthy or high-income gamblers spend substantial amounts at both land-based and online casinos. According to a recent ACS census study, affluent gamblers bet between $10000 to $25000 on gambling alone per year. To put that in perspective, that is around half of the average income in the US.
High rollers usually make large initial deposits to access premium casino features, including luxury suites and private jets. At online casinos, larger first deposits can put them on the fast track to becoming VIPs, where players get access to account managers and exclusive promotions.
The average high-income gambler commonly bets between $100 and $500 per hand on table games like blackjack and roulette, with some “whales” betting upwards of $1,000 per hand. On slot machines, they are more likely to place bets that range from $25 to $100 per spin.
What Kind of Games Do the Wealthy Bet On at Online Casinos?
What Kind of Games Do the Wealthy Bet On at Online Casinos?Any movie about gambling usually depicts wealthy players winning big at some sort of table game or poker, and strangely enough, this gimmick is true. High-income gamblers often spend their money on classic table games like roulette, blackjack, baccarat, and poker. The main reason for this is that these games come with great VIP perks, like private gaming rooms and luxury accommodations. Another plus point is that table games often come with lower house edges and offer better chances of winning when betting large amounts. Also, since these games have more varied betting limits, large bets on these games can lead to substantially larger payouts.
Blackjack and Roulette are the top choices. Not only are these games super easy to understand, but they also give players the chance to make high-stakes bets, which boost the risk and excitement levels.
Slots are usually a no-go when it comes to players with bigger budgets. These kinds of games usually have lower maximum bet limits and higher house edges, meaning that their potential payout is much smaller than that of table games. They also lack any element of strategy. Their results are completely random, whereas table games offer players some degree of strategy and control over their bets and their outcomes.
What Payment Methods Are Best for High Rollers?
What Payment Methods Are Best for High Rollers?We’ve established that wealthy gamblers tend to make much higher than usual deposits. However, not all payment methods offer the ability and convenience that high rollers require. Let’s look at some of the best options for high-income gamblers.
Bank transfers are an old-school, reliable method that allows substantial funds to be transferred directly between accounts safely. However, this method does take a bit longer to process, usually between 1 to 3 business days, which is slow compared to newer instantaneous methods.
Casino credit is another method used by high-income VIP players. High rollers are offered a line of credit to borrow money directly from the casino, which means they don’t have to go through the hassle of making frequent cash deposits.
For online casino players, cryptocurrency is the way to go if you plan on betting large amounts of funds. Not only are crypto transactions instant, but they also accommodate high-value transactions with zero extra charges and anonymity.
Casinos that accept Apple Pay are a great choice for online mobile gambling, especially for players in large mobile iGaming markets like New Zealand, the UK, and the US. This method allows users to make large deposits from their devices without sharing sensitive banking data.
E-wallets, like PayPal, Neteller, and Skrill, are another great option. Deposits and withdrawals using e-wallets are generally processed much faster than traditional methods and usually only take a few hours.
Conclusion
Hopefully, by now, it’s clear that gambling should always be thought of as a fun activity, instead of a way to earn money. Even the average wealthy gamblers have budget limits and conditions by which they abide to avoid gambling irresponsibly. Without proper discipline and awareness, it can easily become a harmful and addictive behaviour. So, always remember to gamble responsibly.
