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

[maydna]

No one told him to place big bets, and it was his own fault that cost him huge amounts of money. That was a valuable lesson for him and us because we shouldn't use too much money to gamble because it's not worth it if we experience losses like him.

I'm lucky I never had a similar experience because if it had happened to me, I would have gone mad and probably never wanted to live again. That's why we really have to learn to control ourselves, so we don't have experiences like that.

[Fivestar4everMVP]

what your opinion about this gambling issue?

This is not a gambling issue, but a gambling loss rather, and like every other loss, I feel indifferent, though the amount involved is huge to us, but I guess we should not judge based on that because we do not know how wealthy the gambler that lost that amount is, he could be a Billionaire, and if he is, then that $1.4 million could just look like $1,400 for him..

did you had experience similar experience? how a good gambler should avoid such mistakes?

Before we consider this loss a mistake, we must(like I said above) know how wealthy gambler is first, that amount is definitely huge to us here because we've probably never seen that kind of money before, but the question now is, does the gambler consider that as a huge loss?

For us who are not that rich, the only way to avoid such an incident is to only gamble with an amount we can comfortably loss, that is how to have peace of mind in gambling even amid loses, once, I've experienced what it feels like to lose an amount of money that I wasn't prepared to lose, and the experience was not funny at all, so we should all watch it.

[o48o]

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

That's just way too irresponsible gambling for my taste. Risking capital of 1.4 million for high possibility reward of $11200 shouldn't be worth anyone's time. Changes for losing that are pretty too darn high for a 1.4 million bucks if you ask me.

Even if you make a 1.4 million per month from what ever job you have, it would be risking one month's salary. And it just gives me another question. Why would anyone making million per month risk anything for maybe winning $11200. How much that gambler really needs that money?

[Strongkored]

That's gambling, sometimes you win, sometimes you lose, whatever the odds are, it's not a guarantee that the outcome will be in accordance with the odds we choose, but I'm sure he uses funds that he can afford to lose, and he's not a small player, so he's used to using large funds in one bet and he must have won bigger than the defeat he experienced.

[LoyceMobile]

If you bet often enough, losing becomes inevitable.
Low odd games are incredibly profitable for the casino: you wager a lot so their house edge gets you.

[virasisog]

Gambling will always have its risk despite the low odds or regardless of the betting amount. There will only be two results either you win or you lose so we shouldn't disregard the possibility of losing as it will always be a part of gambling. I think the only thing that we can do about it is just to be well-prepared for the possibilities and be willing to deal with the risks because, to be honest, even when we are betting with lower odds, we can't always expect good winnings.

[acroman08]

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?

the "big deal" here is the amount of money that was lost in 1 bet. we can also argue that there are a lot of gamblers who have lost more than 1.4 million in one bet, but that does not make this loss less surprising or less of a "big deal".

anyway, I wonder what that guy feels after losing that much money on a bet that has 1.008 odds.

[piebeyb]

that's a lot of money and he bets with low odds but can lose completely, that's the risk in gambling, I think he already understands the risks without us having to explain them here, besides everyone has learned that low odds don't always win but they can lost at full risk, honestly if i was him i wouldn't bet that much for low odds

[bitbollo]

thanks all for your comments...

I think just that such amount if invested correctly can yield a good sum... for example you can buy a well-established business (at least here in my country - Italy).

playing "big" money in gambling I don't think it's ever a stroke of genius regardless of how "big" the wallet is.
people should gamble for passion, fun, spending nice time... even if someone who has so much money to make such a bet winning 8000 USD, what would he have done with it?

[FatFork]

When you gamble, it's important to remember that gambling involves risk, and it's possible to lose money even when the odds are in your favor. A good gambler should always set a budget for themselves, avoid chasing losses by continuing to gamble after losing a large sum of money, and if you're not prepared to lose money, then gambling isn't something you should do.

It's also important to be aware of the fact that gambling can have serious consequences, not just financially, but also on one's mental and emotional well-being. Personally, I would find it difficult to manage such a loss, and I would never consider risking such a large sum on gambling. If I had $1 million to gamble with, I would probably invest most of it in some sort of business venture. Gambling can be fun, but only if you have money to spare.

[Blawpaw]

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?

I guess that this player went through the point of self awaereness and just thought this would be a sure bet with such a low odd. There's nothing sure when it comes to betting and putting yourself at risk like this is never a good bet. I hope he has learned his lesson withthis one.

[hopenotlate]

Someone beated him to it: two days ago a Bustabit player lost almost 192BTC, worth $4 millions, on Bustabit betting on a 1.1x bet    

A user named "rainydayyfunds" lost 223.97 bitcoins in total today.

Bet: https://www.bustabit.com/bet/1272263935

Definitely one of the craziest bets I've seen in a while.

[pixie85]

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

That has to be one of the unluckiest and dumbest moves of all time though.

They won 31-30 so with just 1 point and the guy bet 1.4 million to win just 11 thousand which is pretty stupid to begin with. He could've simply bought bitcoin and he'd be up 10% in a much safer way. If instead of gambling people used their heads a bit. Bank savings accounts give you 3% a year and you don't risk anything so he'd have 40 thousand in 12 months, but he wanted 11 now and gets nothing. Serves him well.

[Zwei]

an easy $11k turned into a massive $1.4 mil lose, ouch!

[Jody.Drummer]

It ended pretty close in the LAC vs JAX match

By instantly placing $1.4 million on a single spin, the risk is one loss and one failure, of course. This is not a good way to cancel the bet. If there are more than 1 bet options, then with a capital of $ 1.4 million, you can get a percentage of the bet. I am not surprised how this gambler is too sure because he thinks the chance of winning is high, so he thinks he is supporting the probability of a strong team. I think the win came pretty quickly as it was clear that he was rooting for LAC, unfortunately the comeback came in the second half which was unavoidable.

[Don Pedro Dinero]

Without more data, we can only speculate, but for starters, he had 1.4 million USD to bet, so maybe the guy has billions in assets and he gambles millions like I gamble 20 cents on a slot machine. For us it's spectacular, but for him it may be routine, monotonous.

[CryptoHeadlineNews]

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

This is a huge loss, and I feel for whoever may have played this and lost, because based on this, there are two lessons I have been able to learn from it, and they are;
First, Nothing is impossible when it comes to gambling, because for that game to have had 1.008 odds meant there was at least an 80 to 90% chance of winning, but the story changed. Secondly, Always try to gamble with the amount of money you can always afford to lose every time, because who knows if that amount played by the gambler was his company's money "$1.4million" and because of greed he wanted to gamble to gain an extra $11k for himself and end of losing it all? That means he will be forced to serve the rest of his life in jail.

So in summary, it's better to risk your money on high odds and lose than risk it on very small odds and still lose. It can be very painful

[Fivestar4everMVP]

an easy $11k turned into a massive $1.4 mil lose, ouch!

I guess the saying "easy come, easy" was never a sham, this is how easy it is to make money in betting, but then also that is how easy to lose the same money or even much more if one does not know how to control themselve.

If that guy betted all he had in hopes that there is no way that team which lost was going to lose that game, then, i can only imagine what he or she must be feeling like right now, this same thing happened to me last year during Qatar 2022 world cup, where i betted everything i had believing there's no way Saudi Arabia was going to beat Argentina, but it happened, Saudi beat Argentina and that was how i lost all my money, that experience thought me a very bitter lesson i should never trust too much in a team to the extent of betting everything i have on them.

[rahmad2nd]

~snip~

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?

I connected with one of the threads which posted the strategy of betting against the public. in that thread, Op included several links to articles that explained various strategies and one of them was the strategy of betting on the underdog. Referring to the title of your thread, a gambler who lost 1.4 million USD at very low odds bet. and I guess, the person is really unlucky.

I will only add to the points you convey. in sports betting, the stronger team will not always win every game. thus, one must weigh carefully every bet he would make. especially in this case, the man bet an absolutely fantastic amount for me.

To be honest I have no information regarding this type of betting. but based on football odds, it should be on paper with the odds provided by the dealer. at the very least, the man would win the gamble. because after all, the team he chose was a very superior team. despite the fact, he lost the money he bet. The point I want to convey, in any type of betting in sports, everything has a risk and remember, anything can happen while the game is still running. therefore, at least there are various betting options instead of choosing very low odds and not forgetting to first analyze the teams that are competing. because of this, is the most important part in every bet. and if the match is not feasible, it is better to choose another option or not to bet on the other team.

[klidex]

No one told him to place big bets, and it was his own fault that cost him huge amounts of money. That was a valuable lesson for him and us because we shouldn't use too much money to gamble because it's not worth it if we experience losses like him.

I'm lucky I never had a similar experience because if it had happened to me, I would have gone mad and probably never wanted to live again. That's why we really have to learn to control ourselves, so we don't have experiences like that.

Nobody told him to place a big bet?
How can you give a response like that. If you play gambling, does someone tell you to gamble?
I think all of that is because he has the confidence and determination to bet a large amount so that if he wins he can make even bigger profits.
It's the same as you gamble because of your own drive and desire to play or bet with the aim of producing a win and profit.
So don't blame what he has done. If it's not true, we can give good advice and we will use this incident to become an experience for us in the future.