Most 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.

Eighty-nine percent of gamblers lost money in a study of 4,222 anonymous users of a one online gambling network in Europe that includes casino-style games of chance like roulette, blackjack, and slots. In the small set of winners, few won more than $150.

Among the heaviest gamblers, 95% lost money, reports the Wall Street Journal. In this group, big losers outnumbered big winners by 128 to 1.

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

The odds of winning were better when it came to games of skill like poker, but still most gamblers lost 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.