Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds!

[bitbollo]

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Network’s Darren Rovell.

It seems that a gambler has loss this massive amount (1.4 million USD) playing a bet with an odds lower than 1.01! (exactly 1.008)

I think there are several lessons here:
- there is not easy bet! even lower odds there is always a risk.
- it's really risky playing an huge amount. This not helps gambler because the risk is much much higher then rewards!
- gambling is not easy at all! it's really hard achieve a profit even for easy games!

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

[Oshosondy]

I have lost 1.01 odd before, I have lost 1.05 odd more than ones before, I have lost 1.02 several times that let me know that going for lower odds is stupidity, it will only encourage you to increase the money you use to stake and losses is still possible. It is a means of getting addicted too.

I have won 1.25 to 2 odds before very well, if I take higher odd with lower amount of money and lose, it is better than going for lower odds with high amount of money.

[tireless2012]

Hello, dear friends,

It is possible that the gambler made a large number of bets at very low odds, such as 1.008, which would have resulted in a large loss. The odds of 1.008 indicate that the chance of winning the bet is very low and the potential payout is also very small. In order to win 1.4 million USD, the gambler would have had to place a large number of bets and hope that they all win. However, the chances of winning that many bets at such low odds are extremely low, which is why it is likely that the gambler ended up losing a large amount of money.

Another possibility is that the gambler may have been using a betting system or strategy that was not based on sound mathematical principles, and that ultimately led to the large loss. It's also possible that the gambler may have had a problem with gambling addiction, which led them to make impulsive and irrational decisions when placing bets.

Regardless of the reason, losing such a large amount of money can be a very difficult experience. It is important for anyone who is struggling with gambling addiction to seek help and support, whether through counseling or support groups.

In general, it's important to remember that gambling is a form of entertainment, and that it's important to set a budget and stick to it, and also to be aware of the odds and the risks involved in any bet.

Good luck for everybody.

[BenCodie]

Hello, dear friends,

It is possible that the gambler made a large number of bets at very low odds, such as 1.008, which would have resulted in a large loss. The odds of 1.008 indicate that the chance of winning the bet is very low and the potential payout is also very small. In order to win 1.4 million USD, the gambler would have had to place a large number of bets and hope that they all win. However, the chances of winning that many bets at such low odds are extremely low, which is why it is likely that the gambler ended up losing a large amount of money.

Another possibility is that the gambler may have been using a betting system or strategy that was not based on sound mathematical principles, and that ultimately led to the large loss. It's also possible that the gambler may have had a problem with gambling addiction, which led them to make impulsive and irrational decisions when placing bets.

Regardless of the reason, losing such a large amount of money can be a very difficult experience. It is important for anyone who is struggling with gambling addiction to seek help and support, whether through counseling or support groups.

In general, it's important to remember that gambling is a form of entertainment, and that it's important to set a budget and stick to it, and also to be aware of the odds and the risks involved in any bet.

Good luck for everybody.

The topic is about a singular bet on an NFL game. Your answer is barely relevant, other than the emotional spiel at the end. The bold part is also incorrect. These odds indicate that the chance of losing the bet is very low, therefor the potential payout is very small.

[rammy2k2]

thats why its called gambling, dosent matter the amount he bet ...

[bittraffic]

He risks his $1.4M to win $11,200 if his team won.  
Normally we bet on the crowd's favorite, only this time the fav loses, and the Jaguar which he must have underestimated won the game.

Regardless of the reason, losing such a large amount of money can be a very difficult experience. It is important for anyone who is struggling with gambling addiction to seek help and support, whether through counseling or support groups.

They kept the name anonymous though. More than likely the guy is rich yet stupid.
A person with so much money like this gambler is likely to have more friends to talk with. This is the kind of loss that will make the gambler chase winnings which means he will gamble more and risk more.

[nakamura12]

Before I heard about this news. What I do when I bet is I don't really care much about the odds as it is what makes like a multiplier when you bet huge money in low odds then you won't get the amount you bet if you won or the same amount you bet and when betting on higher odds then you will get x2 the amount or more. That's how I see about the odds and you guys are free to correct me but that's how I see about the odds thing. I also think that even though it is low odds doesn't mean you will surely win the bet.

[Piesel]

I have lost 1.01 odd before, I have lost 1.05 odd more than ones before, I have lost 1.02 several times that let me know that going for lower odds is stupidity, it will only encourage you to increase the money you use to stake and losses is still possible. It is a means of getting addicted too.

I have won 1.25 to 2 odds before very well, if I take higher odd with lower amount of money and lose, it is better than going for lower odds with high amount of money.

What we should know is that, lower odds is not guaranteed for winning and many gamblers have lost a lot of money believing and picking lower odds.

Some time casino uses low odds to navigate gamblers' minds to pick them thinking there are sure odds, not knowing that one can lose them the easily same way one can lose with higher odds even up to 3.00 odds cab give winning the same way as 1.05 odds.

[dothebeats]

Damn, that must have been gut-wrenching. The lowest odds I think that is still worth the bet is 1.3, and anything past that is just 'dangerous' territory or simply not worth it to bet at all. What more a 1.008 chance? Imagine just trying to collect $11k+ dollars for a bet, only to lose $1.4 million instead. Dude thought that it was an easy 11 grand to sweep, just goes to show that there is no such thing as easy money in sports betting.

I personally would have just used a few thousands and bet live and get more or less the same result. Props to the Chargers for making that epic comeback, must have been sweet collecting the tears of the fans and the bets of the gamblers

[swogerino]

Bad news is that he lost more than 1 million dollars but I know a lot of people who have lost such bets with low odds especially in Tennis but in any sport betting this happens.If it were a sure thing that bet of 1.01 which is 0.01% increase in every bet you make,in 100 bets 10% profit and the 10% profit of 1 million dollars is 100.000 dollars,if those bets were sure bets people would be making easy money the easy way,they just needed to have patience and that is why no one in sport betting never recommends going for the lower odds because devastating results like this one can happen.

[Nrcewker]

- there is not easy bet! even lower odds there is always a risk.
- it's really risky playing an huge amount. This not helps gambler because the risk is much much higher then rewards!
- gambling is not easy at all! it's really hard achieve a profit even for easy games!

I have experienced this myself. I often do sportsbetting and sometimes it feels like some matches are one sided, so in order to yield maximum profits from it, I often place large amount of bets. But once for this type of bet, I lost huge amount of money and still I regret from it. So from next time onwards, I always calculates the risk and place appropriate bets on necessary events. Yes Gambling is not easy, and I admit that but still it can be achieved fluently if we can manage the risk involved in it.

[Mr. Magkaisa]

The unlucky gambler would’ve only made a net profit of $11,200 – .8 percent of the total wage – if the Chargers won. It’s unknown who originally placed the bet.

OMG! this 1.4M$ in our country, it's too big, and you are one of the richest people here if you have that amoount of money, it's like you've won the lottery if I compare it.

The shocking and crazy thing is that for only 11,200$ in winnings, you will sacrifice 1.4M$ in exchange for that winning. I'm also a gambler but I'm not stupid enough to do that, maybe the bettor who made it is so rich that it's just for Him it a bit of coins only. And even if I'm a rich person I still won't do that as a gambler.

[iv4n]

He risks his $1.4M to win $11,200 if his team won.  
...

He was probably thinking "easy $11k"! Well, most of us who gamble for a long time have similar fails, but this guy's bet was crazy high! I can't imagine his double disappointment, he lost a lot of money and his team lost the game.

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Network’s Darren Rovell.

...

He made a bet at 27-0... and the Chargers lost a game in the end! It's a nice example about one of our discussions here on the forum, is it better to make a crazy high bet on very low odds, or to try the opposite, placing a low bet on some very high low? Risk & possible gains... a $100 on Jaguars to win at that moment was probably very high!

[Yatsan]

Problem is we tend to forget the meaning of a "gamble". No matter how huge our chance is, if luck would play on both ends, anticipated outcomes or tables may still be turned. Playing safely would help players to avoid such things. But to somehow see the player's end, I guess such thing is not new to him; it seems that he's used to such situations of betting huge amount. So we may assume he also won big time before. It would be more unfortunate if he bet all that he has and turned into a huge loss. Think of how huge jackpot became a huge learned lesson. So to those who are planning to do the same thing, please know your limits as a player. Always use an amount you can afford to lose because anything could happen even the impossible, in gambling industry.

[Hispo]

...
what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

My opinion is that I hope that person is a multi-millionaire and does not end up killing themselves because of this.
I have never gone through anything similar to this, the closer would be having a bad luck at dices and losing almost twice in a row.
As usual, a good gambler is supposed to put at stake money that they are willing to lose to his luck, no matter the small chances of losing, one is supposed to remember it is never 0%.

[Solosanz]

If there's a user think losing a bet on 1.01 odds is impossible, it's better for you to try it yourself in dice game, just bet $1 and choose 1.01 odds, keep betting as long as you can.

I've experienced this before and fortunately I'm not betting with very huge amount, it's just crazy I lose after 20-30 bets while the total winning I got doesn't even reach half from the initial deposit. Betting on 99x odds with small amount and betting on 1.01 odds with huge amount, both of them are have same result, it's lose.

[Coin_trader]

Betting more than 500$ on a single bet no matter what the odds are already nerve-racking to me so with this amount, betting it on multiple smaller bet with a little bit higher odds is more efficient than all-in on a single even with low odds since the bookmaker will not be going to offer it if that option is not possible to lose. Imagine the pain this guy suffers since he obviously not that super-rich because he is still taking caution on his bet for choosing that kind of low odds compared to other whale players like Drake that pick almost fair odds for that same amount of money. A waste of money for a very small return. Not worthy the risk.

[ryzaadit]

The most fuck-up about "Sportbetting" is this ~XD

Losing 1,4$ M in Table Games still can be understandable but with 1.01 odds especially in sport-bet. I'm not gonna to sleep for over a years ~XD I don't know it's true or not, If this is a true from regular user not a stunt program by casino.

Feels bad for him.

[BitcoinBarrel]

People win 1 in 100 bets all the time and don't think anything of it.

So losing a 1 in 100 is all of a sudden a big deal?

[Eureka_07]

<snip>

Personally I don't think it's a bad decision. I had this similar strategy before (of course with extremely lower amount than what has been mentioned in the OP). This strat worked for me. I barely lose any round from those bets.
I would say that this time, he got very unlucky. Above all, this is gambling regardless of how little the odds of losing, you can still lose. I hope that bettor was aware of the risk.