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

[Z_MBFM]

If he has an opportunity to make 10 such bets per day, he can get 10% profit per day. I don`t think that you can get such profit with such risk anywhere. It is possible that he make some bets for a year and we just don`t know about it. In such situation he easily can lose several bets. I looked odds today - it is not a problem to get 10 bets. A problem is to get $1mln. But if we increase our bet every day for 10%(yesterday win) after the month of betting we increase our deposit 17 times.
PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.

Yeah right, it's easy to make such returns in the stock market on daily basis if done right.
This also raises the suspicion of money laundering as to why would anybody take such a huge risk just to win a small amount.
But anyway, I hope people are aware of this fact that even with 1.01 odds, we can lose all what we have.

I hope so. Money laundering is possible when there is just one such a bet. If it is standard bet and increases - i don`t think that someone will cares about it.
As i said, i want to test it with some small some several months later. It would be interesting experience as for me. I`ll try to calculate everything, but i need to prepare and to free more time.

Money laundering through casino sites is very easy and happens all the time. Due to which countries that are not yet economically strong still ban crypto and crypto casinos. For example my country Bangladesh is still very weak economically so bitcoin or cryptocurrency is still illegal in my country. Because if cryptocurrencies and crypto-casinos are legalized in a weak country, then a lot of money can be laundered from that country and the country can become economically weaker due to which the governments of those countries fear them. 1.01 Odd is almost 100% sure bet but yet unfortunately some of them have to lose at times

[o48o]

I would like to see data you are basing this on, because data i have seen seems to indicate that what you are saying isn't true.

Richness isn't everyone's goal as many smart people are pursuing other meaningful life goals. Meanwhile many rich people even inherit their wealth so they didn't "become" rich, but my data wasn't even pointing to that.

Still, in op's case, gambler wasn't smart however rich he/she was if the goal was to win with smallest possible odds.

I get it that being rich doesn't necessarily mean being smart and there are cases that support your claim.
However there is also a correlation between intelligence and wealth, particularly among self made people.
For example, Mark Zuckerberg and Bill Gates are people with high IQ who have made it big.
Obviously this doesn't apply to everyone but here are some links that discusses the link between intelligence and wealth which in turn helps in making better financial decisions and accumulating wealth.

Links :
https://www.psychologytoday.com/intl/articles/201207/brainiacs-and-billionaires
https://www.psychologytoday.com/intl/blog/fulfillment-at-any-age/201710/why-the-emotionally-intelligent-may-earn-more-money

Like i already said, intelligence (what ever form of intelligence we are talking about in here) is just one way to get rich. There are several other traits that work as well, like the fact that psychopathic people are effective leaders in terms of growth, as they often are charismatic and can be ruthless and effective if needed. So can narcissists when it comes to controlling people for their advantages.

I am not saying, that every rich people is a psychopath or narcissist. I am just pointing out that there are other ways. Like hard working people, focused, enthusiasts, people who know a lot about their specific field, motivated, lucky (even gamblers) and well connected people. Or just someone who knows right people (And many more traits that i could keep on listing).

They all might utilize their traits, and depending on their "luck", personal history and several issues around them. And assuming they are even pursuing to be rich. They might end up being rich, or poor. Just like intelligent people.

[Odusko]

Money laundering through casino sites is very easy and happens all the time. Due to which countries that are not yet economically strong still ban crypto and crypto casinos. For example my country Bangladesh is still very weak economically so bitcoin or cryptocurrency is still illegal in my country. Because if cryptocurrencies and crypto-casinos are legalized in a weak country, then a lot of money can be laundered from that country and the country can become economically weaker due to which the governments of those countries fear them. 1.01 Odd is almost 100% sure bet but yet unfortunately some of them have to lose at times

When we discussed this topic of the potentiality of cryptocurrency being lebel to be used for money laundering in weak economic states, we should at the same time not forget also to mentioned the fact that fiat money is the most used to carry out money laundering also because before you own crypto, you must first have to own fiat and then convert it to cryptocurrency, is not as if those that luander money just go straight to using cryptocurrency to carry out the act, this issues of money laundering relationship was the cryptocurrency have been greatly miscomcepted and we need to clarify a lot of things around this discussion.

Also crypto casino and money laundering have been grossly misconcepted since cryptocurrency casinos have mechanism in place that combat money laundering such as mandatory wagering and kyc on amount that is higher than they trece hold so for sure it is important to know that money laundering can't easily pass through the crypto casinos as you think it could, and for that we need to be clear on what we make out of assumptions of, since majority of those statements are not practically proven.

Countries that ban cryptocurrencies and crypto casinos or any form of casinos does that because of their lack of ability to regulate the industry such as cryptocurrency and casino and for that they can outrightly just ban such activities and labeling anything that relates to those factors as money laundering or even terrorism financing.

[Fivestar4everMVP]

If he has an opportunity to make 10 such bets per day, he can get 10% profit per day. I don`t think that you can get such profit with such risk anywhere. It is possible that he make some bets for a year and we just don`t know about it. In such situation he easily can lose several bets. I looked odds today - it is not a problem to get 10 bets. A problem is to get $1mln. But if we increase our bet every day for 10%(yesterday win) after the month of betting we increase our deposit 17 times.
PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.

Yeah right, it's easy to make such returns in the stock market on daily basis if done right.
This also raises the suspicion of money laundering as to why would anybody take such a huge risk just to win a small amount.
But anyway, I hope people are aware of this fact that even with 1.01 odds, we can lose all what we have.

I hope so. Money laundering is possible when there is just one such a bet. If it is standard bet and increases - i don`t think that someone will cares about it.
As i said, i want to test it with some small some several months later. It would be interesting experience as for me. I`ll try to calculate everything, but i need to prepare and to free more time.

Money laundering through casino sites is very easy and happens all the time. Due to which countries that are not yet economically strong still ban crypto and crypto casinos. For example my country Bangladesh is still very weak economically so bitcoin or cryptocurrency is still illegal in my country. Because if cryptocurrencies and crypto-casinos are legalized in a weak country, then a lot of money can be laundered from that country and the country can become economically weaker due to which the governments of those countries fear them. 1.01 Odd is almost 100% sure bet but yet unfortunately some of them have to lose at times

Isn't it ironic that the supposed countries that are economically weak shun and ban great innovations which if they properly implement it into their system, such can become another great source of income for the country as a whole, for example, here in Nigeria, crypto is banned as well, but this has not stopped the citizens from carrying out transactions with crypto, now, imagine how much the country will be making in crypto tax if they had legalized crypto and charge people a small percentage as tax for every crypto transaction carried out on a centralized platforms.
So, that's just about it, but to add as well, banning crypto or gambling casinos does not stop money launders from laundering money if they want to, like I usually do always say or mention, crime have been in existed far before the introduction of bitcoin and crypto in general, same with gambling casinos, it is practically unreasonable to assume that the existence of crypto or casinos is what aid money laundering, I personally do not think so.

[AmoreJaz]

I would like to see data you are basing this on, because data i have seen seems to indicate that what you are saying isn't true.

Richness isn't everyone's goal as many smart people are pursuing other meaningful life goals. Meanwhile many rich people even inherit their wealth so they didn't "become" rich, but my data wasn't even pointing to that.

Still, in op's case, gambler wasn't smart however rich he/she was if the goal was to win with smallest possible odds.

I get it that being rich doesn't necessarily mean being smart and there are cases that support your claim.
However there is also a correlation between intelligence and wealth, particularly among self made people.
For example, Mark Zuckerberg and Bill Gates are people with high IQ who have made it big.
Obviously this doesn't apply to everyone but here are some links that discusses the link between intelligence and wealth which in turn helps in making better financial decisions and accumulating wealth.

Links :
https://www.psychologytoday.com/intl/articles/201207/brainiacs-and-billionaires
https://www.psychologytoday.com/intl/blog/fulfillment-at-any-age/201710/why-the-emotionally-intelligent-may-earn-more-money

At the end of the day, let us remember that having wealth or not, depends on the individual himself. Some people are just contented for what they have. They feel they already fulfilled their lives and they don't more money to be satisfied with their living. So with a lot of money or not, it is on you how you live your life to the fullest.

[nelson4lov]

I wanted to chip in something here. The $1.4M bet to win $12K is often very likely but you'll only see people with a huge amount of fund playing this kind of bet. Someone once told me that overly rich people don't need plenty odds to be profitable in gambling. With just a small odd, they can stake extremely high and get some good returns. The problem with this strategy is that you need to win between 10 to 150 times to get the same capital back. In the case of this gambler, he needed to wina bet with 1.01 odds 116 times to get back his initial bankroll.

And you didn't mention, or forgot to mention "with exactly the same amount of money, same odds, same risk, same everything", and that brings up several questions, and some of such questions are..
- 1. Does this gambler in question still have up to $1.4 million dollars to continue making this type of bets?
- 2. Let's assume he has it, do you really think its possible for someone to bet and and consecutively win on 1.01 odds for 116 times without losing any of the bets in-between?

If you ask me the number one question, I might have to choose to be on the positive side and say yes, maybe the gambler still have much more of that $1.4 million dollars, but if you ask me the second question, I did tell you that it's totally impossible to bet 116 times and win all the 116 times without losing any of the bet in between, regardless of how small the odds is.

Aha, it's my bad actually. I'm assumed the amount implicitly when I made that reply. However, I want to say that winning those 0.01 odd game that amount of times is  not impossible. Rather, It is quite possible. The only problem is that it would take a very long grind to make it possible via carefully curated bet selections. Those are the kind of odds that given 100 instances, 95 will almost certainly follow through. I'm not the best gambler in the game but really profilc gamblers can do it.