Study Shows That Almost All Gamblers Are Throwing Away Money

They may not admit it, but most people lose money through gambling — and heavy gamblers lose the most, according to a new analysis by the Wall Street Journal.

The Journal drew these conclusions from a study of several databases and interviews with experts.

In one study, 4,222 online gamblers in Europe were observed playing casino-style games likes slots, roulette, and video poker from 2005 through 2007, and 89% lost money. In the small set of winners, few won more than $150.

Of the top 10% of bettors (those who placed the highest number of total wagers) researchers found that 95% lost, reports the Wall Street Journal. In this group, big losers outnumbered big winners by a shocking 128 to 1.

In another study of 18,000 loyalty card holders at U.S. casinos, only 13.5% ended up winning money.

In short, while gambling may be a fun hobby for some people, it is certainly not a reliable way to make money for almost anyone.

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