Discover the surprising perspectives of the wealthy on gambling, where high stakes meet high rewards. Explore how the rich view gambling as both a thrilling pastime and a strategic investment.
What Do Rich People Say About Gambling?
Gambling is a popular pastime for people across all income levels.
However, what do wealthy individuals – those with net worths in the millions or billions – have to say about betting money on games of chance? Here’s a look at quotes and perspectives on gambling from some of the richest people in the world.
Warren Buffett Advises Against Gambling
Warren Buffett, the legendary investor and one of the wealthiest people on Earth with a net worth over $100 billion, has made it clear he does not approve of gambling:
“I’m against legalized gambling 100%. Wherever it’s been legalized there are negative side effects. People are going to gamble anyway. Making it legal just enhances the rewards of the wrong behavior. It’s a lousy idea.”
Buffett views gambling as foolishly taking huge risks against the odds and not a wise investment strategy. This reflects his overall conservative investing philosophy of only making bets when the probabilities are strongly in his favor.
Charlie Munger, Buffett’s longtime business partner, shares the same disdain for gambling, saying:
“I think that every time the government steps in to forbid something that’s inherently pleasurable it spreads underground and control of it is lost.”
But while critical, Buffett doesn’t look down on individuals who gamble for entertainment in moderation:
“If you want to go to the racetrack and bet on horses, I don’t look down on that because I get pleasure out of my painting hand doing silly things. So I don’t want to look down on other people if that’s the way they want to enjoy themselves.”
Though Buffett himself avoids casinos and lotteries altogether, seeing them as foolish risks.
Bill Gates Doesn’t Gamble
Bill Gates built his $129 billion net worth through technology, not gambling. And in interviews the Microsoft founder and philanthropist indicates he steers clear of betting money:
“I’m not a big gambler. I don’t want to help fund the [gambling] business, so I don’t put money in it.”
While not an ardent moral opponent like Buffett, Gates sees gambling as an unwise use of money better spent elsewhere.
Elon Musk Gambles On Business, Not Games
Elon Musk doesn’t explicitly condemn gambling. But the bold entrepreneur who founded Tesla, SpaceX and other companies also doesn’t speak of placing bets at casinos.
Musk takes big risks with his business ventures, but based on probabilities and his skill. As a calculated risk taker focused on advancing technology, Musk gambles on his vision rather than games of chance.
Jeff Bezos Invests In Sure Things
Jeff Bezos built his vast Amazon fortune by making smart business plays, not random bets. The billionaire avoids gambles unless the odds are heavily in his favor. He invests in calculated winners, not games where the house always has an edge.
This reflects Bezos’ highly analytical thinking. He wants the highest probability bets with leverage, not pure chance.
Mark Cuban Advises Smart Gambling
Billionaire investor Mark Cuban doesn’t condemn gambling outright as long as it’s done sensibly:
“If you’ve got enough money, why not? If you’ve got the excess cash, if you manage it appropriately, why not put money at risk? I mean, it’s entertainment.”
But he strongly advises never betting more than you can afford to lose:
“Don’t gamble unless you can handle the losses. If you can’t take the downside, emotionally and financially, don’t do it.”
Cuban sees gambling for the entertainment value, not as a winning strategy. And always within limits you can afford.
George Soros Sees Gambling and Investing as Distinct
Legendary billionaire hedge fund manager George Soros won big famously betting against the British pound in 1992. But he is adamant there is a key difference between that and gambling:
“There is a great difference between betting on the odds and predicting the outcome. In betting on the odds, the outcome does not depend on you. In predicting the outcome, your judgment can help make it happen.”
Soros makes calculated predictions – not random gambles – where he believes his assessment of probabilities and market movements gives him an edge.
What Leaders Say About Gambling Wisely
Here are some perspectives on gambling sensibly from top business leaders:
“Set aside a specific amount of money for gambling and play within your means. Never gamble with money you need for the necessities of life.” – Richard Branson
“Don’t gamble with money you can’t afford to lose. Be disciplined, keep perspective, see it as entertainment.” – Jack Welch
“Gambling can be fun entertainment, but it’s designed to take your money. Bet small amounts for fun, not your future.” – Oprah Winfrey
“If you choose to gamble, go in with eyes open knowing the odds are stacked against you.” – Howard Schultz
So while most ultra-wealthy don’t outright prohibit gambling, they overwhelmingly advise exercising extreme caution. Have affordable limits.
View it as entertainment, not a money maker. And invest rather than gamble whenever possible to build wealth.
Key Takeaways on Wealthy Views of Gambling
Here are some key themes from what the richest people say about placing bets:
- They strongly caution against gambling significant amounts of money
- Some view gambling as an unwise use of money better invested elsewhere
- Gambling for entertainment in extreme moderation is OK to some
- If you do gamble, only bet what you can comfortably afford to lose
- Focus more energy on increasing skills and making calculated investments
- Don’t expect to build wealth through games of chance with negative expected returns
So while the wealthy acknowledge gambling can be done responsibly for fun, they see it as distinct from strategic investing.
Their billions come from making positive expected value wagers based on diligent analysis – not simply hoping for luck.
Conclusion
But tens of millions do enjoy gambling in moderation without financial harm. As long as affordable limits are set and losses accepted instead of chased, gambling can offer harmless entertainment rather than financial ruin.
Gambling Problem Help
While gambling is meant to be enjoyable, it can become a serious issue for some individuals. If you’re experiencing difficulties related to gambling, seek help from:
- National Council on Problem Gambling or call 1800-6-668-668
- All Addiction 6-RECOVER: 6-7326837 or visit the National Addictions Management Service
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Hao Cheng Cheng is a renowned authority in the online gambling industry, with over a decade of hands-on experience. Holding a Master's in Cryptographic Engineering from Singapore Institute of Technology, he spent years working at Marina Bay Sands, igniting his passion for the intricacies of casino operations and regulations.
For the past 11 years, Hao has dedicated himself to becoming a leading voice in Singapore's online gambling space. His incisive analysis and meticulous research have earned recognition from the Singapore Casino Association, where he serves as an advisory board member.
In addition to his work on BetCasinoSG, John has also contributed articles to the Gambling Insider, The Washington Post, and Business Insider.
Explore Hao's expertise through his professional portfolio (haoche.ng) and connect with him on LinkedIn for the latest industry commentary from this respected thought leader.
