This one is funny for people who don’t care but can be quite frustrating for those who carry the jealousy gene.
So I was randomly scurrying through Reddit, and spotted this guy, who posted a screenshot of the Points Challenge competition chart at DraftKings. The top listed individual had a staggering 68,163,515 points to his or her name. It’s quite impressive considering I did a story recently where a guy won $55k on slots and proceeded to lose it all back to the casino in a single session.
By the way, with 5 points for every $1 dollar spent; this person has technically sunk in $13.7 million dollars at DraftKings.
Now this is one mighty whale of a gambler.
Have a look:
The only upside I see here is the cash back. Which isn’t a whole lot. But, like one Redditor replied in the thread, even if it was 99.5%, it still comes down to $68,000 in loss.
Secondly, with a maximum bet size of $10,000 per bet at DraftKings, it would still have taken plenty of sweet time for him or her to have reached this score. In fact, according to math, that would come out to 1370 bets in total worth $10K each. A huge amount of risk and money kicked away as if it was a tumbleweed.
It would be interesting to find out how much his person has won so far. I would imagine much less than he’s spent. I don’t think DraftKings would share such information. Anyways, just a thought.
But this is not a new story in the world of high-stakes gambling. Look at the Chinese or the Indian billionaires. I’m sure a good bunch of them flush away millions of dollars a night, whenever they hit the Vegas casinos.
Other “normal” day-to-day gamblers with their $100 stakes would never be able to get pass the number 1 to get their $250 in cash back. LOL.
Wealthy Americans spend an average of $25,000 per year on gambling
This is just the average. I mean there are over 22 million millionaires in the US, who can actually afford to spend big bucks at these casinos and sportsbooks. But, even if you’d take the “individual Americans” (not house-holds) who are making , $100K a year, which the last time I read stood at 18% of the population, it still comes out to 61.2 million affluent adults (18% of 340 million).
So, you’re looking at least 83.2 million adult Americans who have tons of spare money, every month to spend on gambling.
Megan Leonhardt from Money.com wrote a piece that details how much on average, the rich and the famous spend on Gambling every year.
Over a quarter of the wealthiest Americans spent over $25,000 on gambling over the past year – roughly half of the estimated $55,775 average household income in the U.S. in 2015, according to the Census ACS survey. An additional 15% of these ultra wealthy elites – those with fortunes of at least $25 million – spent at least $10,000, according to a new report from research firm Spectrum Group.
Let’s take a hypothetical example. Say 50% of the Americans who made over $100k, blew at least $5,000 (way low of a number, but ok let’s go with it) every year on betting. That would still come to a massive $150 Billion Dollars (the gambling industry also quotes this number, particularly for sports betting volume) every year, drained away to these casinos (both the physical and legal + offshore betting sites).
And the majority of gamblers lose. I mean this is what it is all about; losing.
One can only imagine the sheer amount of profits, both the legal and the illegal offshore setups are raking in every day.
So, the guy drawing up his huge points flex at DraftKings shouldn’t actually surprise anyone.
These numbers are life-changing for normies like you and I, but for people coming from such insane orbits, it’s just another day at the park.
I guess, there’s no reason to be so jel. In fact, it should act like a pillar for inspiration. To make it in life.
Let’s all try to do better.
Amen.