Study: Heavy Gamblers Far More Likely to Lose Money
(NEW YORK) -- A new study showed that the likelihood of winning money by gambling is not as low as one might expect, though those who gamble most heavily were noticeably more likely to lose.
Generally, gamblers win money on approximately 30 percent of the days they played, says the Wall Street Journal. However, over the two-year period in which the study analyzed data, only 11 percent of players ended up making a profit. Not to mention, those gamblers who did come out ahead tended to make fewer than $150 in profit.
Even more pronounced were the figures among "heavy gamblers." The Journal found that of the top 10 percent of bettors -- those who placed the most wagers over the two-year span -- 95 percent lost money. Heavy gamblers were 128 times more likely to lose $5,000 or more than they were to win big.
The study looked at over 4,000 internet gamblers who bet on casino-style games on at least four different days between 2005 and 2007.
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