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

[Dunamisx]

Regardless of the odds given a matured gambler should know that gambling involves taking risk and shouldn't have gamble with the amount he cannot afford to loose, sometimes the higher the odds the higher the risk and this makes some abstain from going for such games but there's a little hance on winning big on their kind of games which most gamblers fear to bet, in this case even if the odd is 0.88 it does not warrant having such a huge amount on betting on it, bettings and matchs are unpredictable, overconfidence kills quick in gambling.

[AmoreJaz]

Regardless of the odds given a matured gambler should know that gambling involves taking risk and shouldn't have gamble with the amount he cannot afford to loose, sometimes the higher the odds the higher the risk and this makes some abstain from going for such games but there's a little hance on winning big on their kind of games which most gamblers fear to bet, in this case even if the odd is 0.88 it does not warrant having such a huge amount on betting on it, bettings and matchs are unpredictable, overconfidence kills quick in gambling.

actually it is 1.008, so he should have gained only 0.008 from his $1.4M. maybe, he was very sure of himself about the bet because of the very low odds. usually, the very low odds suggests high possibility of happening. well, this is sports, sometimes upsets happen.
this situation is bad if he just loaned the money and he is expecting to get the winnings. that's a very expensive lesson though.

[seoincorporation]

Damn, that's some really bad luck, i think we all have lost with those low odds, but now one of us has lost a bet up to $1.4 million in a bet like those odds.

I don't think it is worth the risk of losing such amount of money. I mean, he could take $10k and bet on x2 trying to win that amount without putting 1.4M on the game. In the end, this was one of those non-cheap lessons and we should learn something about it.

[Fatunad]

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

Going all in is never been recommendable even on 1.01 odds because we do really have that upset which could happen on any game and this is why its never been that recommendable for you to have that all in
type of bet because you would really be fucked up if things turns out to be opposite on what you had anticipated.This is why gamblers should really be that careful when it comes to this manner.
There's no such thing about 100% win rate even how good the team or player you are betting on.Always presume out that upsets could really happen along the way
and this would really be a costly lesson learned for you.

[Fortify]

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?

It just goes to show how greed can affect even the richest people out there, it was a hugely wasteful way to lose so much money especially with such a tiny return expected. I too have lost several 1.02 and 1.03 type bets with small amounts of them, the book makers are perfectly capable of misjudging even the lowest payout bets as well. I often find that 1.5 bets are probably the sweet spot where they still have a bit of volatility but if you pick enough of them you might be able to grind a profit upwards. It's hard to have sympathy for someone who is willing to throw down that much money gambling, as they're already in such a privileged position that they don't need to engage in such activity and could do something useful like invest in a company instead.

[pawel7777]

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'm guessing it wasn't his first "high stake at high probability" bet and that it paid off on previous occasions to the point of creating the impression of an almost guaranteed win or "free money". I know, I've been there once and learned my lesson. I didn't go broke but lost more than I was willing to and put me in a bad mood for a few days.

High odds - low payout bets are the worst type. The chance of winning in the area of 99% is so good that even a person with high-risk aversion might be tempted to take it. But then you have to bet much more than usual to get any meaningful payout. And then you win a few times and can't believe how easy it was, so you keep doing it until you get badly burnt.

That's why you need to be able to properly assess the risk-to-reward ratio and put emotions aside.

[darkangel11]

Damn, that's some really bad luck, i think we all have lost with those low odds, but now one of us has lost a bet up to $1.4 million in a bet like those odds.

I don't think it is worth the risk of losing such amount of money. I mean, he could take $10k and bet on x2 trying to win that amount without putting 1.4M on the game. In the end, this was one of those non-cheap lessons and we should learn something about it.

That's really unlucky but what strikes me is that he was willing to bet so much money to get such a small profit, like people who martingale having a huge bankroll but betting with pennies so that they can be ready for 20 consecutive losses. In the end after a lot of games and enormous risk they come out with $50 in profit or something like that, but in the meantime they had to put 50k at risk every round... This just doesn't make sense!

If he desperately needed 10k there were so many things he could've done to get it.
10k is just 1% of a million and almost anything you can think of can give you 1% profit. Renting out an apartment gives at least 5% a year, US bonds pay 3%, savings accounts usually 2-5%, not to mention bitcoin that produced 10% profit compared to December.

[DoublerHunter]

Damn, that's some really bad luck, i think we all have lost with those low odds, but now one of us has lost a bet up to $1.4 million in a bet like those odds.

I don't think it is worth the risk of losing such amount of money. I mean, he could take $10k and bet on x2 trying to win that amount without putting 1.4M on the game. In the end, this was one of those non-cheap lessons and we should learn something about it.

^ Probably this was what I thought, he bet with a martingale strategy which is when each loses, he doubles the bet. We know that this strategy needs a huge amount to survive but I don't know how the money managing the loss has reached that amount. In the first place, that is a huge amount that we are sure we cannot afford to lose, probably a big loss for him, and full of regret now.
However, the lesson here is to set a desired amount that you bet, so that you can manage yourself when to stop and you don't have huge losses. Because every time you will chase your loss, the chances of winning will become slim.

[abel1337]

Gambling always has a risk no matter what odds are. This gambler just became famous just because he lose on an odds that is unexpected to get a loss as a result. We are doing bets so comebacks like this can happen all the time and big upsets like this are what bettors waiting for since this can surely boost their adrenaline given that the game the put their money on became more interesting. There are gamblers who are fond of doing big bets on one sided match given that the chance of winning is high and doing it consistently can produce a reasonable amount of profit long term, I guess our subject are doing the strategy like this.

[dunfida]

Gambling always has a risk no matter what odds are. This gambler just became famous just because he lose on an odds that is unexpected to get a loss as a result. We are doing bets so comebacks like this can happen all the time and big upsets like this are what bettors waiting for since this can surely boost their adrenaline given that the game the put their money on became more interesting. There are gamblers who are fond of doing big bets on one sided match given that the chance of winning is high and doing it consistently can produce a reasonable amount of profit long term, I guess our subject are doing the strategy like this.

Not really that worth for something that you do earn and risking that $1.4M on such particular bet for you to earn some thousands of bucks is never a worthy shot to be done.
It is really that painful for you to lose such bet on which you do believe that it is a one sided match but turns out to be opposite.

Unless if you are a billionaire then such bet wont really be that much of a concern but if not then it would be a total devastating thing for you as a gambler.
Never ever think that there's a sure bet or 100% winning rate which is really that impossible.

[qwertyup23]

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.

I definitely agree with your statement. There is this hope that people think about the return of profit in lower odds. The tendency is that they would most likely stake more money as the odds get lower, thereby increasing their risks further from losing on the end.

At the end of the day, gambling is something that cannot guarantee any absolute result. It is a double-edged sword where a person may win/loss at any given moment. No matter what the odds may be, there will always be that chance of them losing. But in the spirit of being careful, the gambler has the power to at least lessen/reduce the risks of losing at the end of the gambling cycle.

[2double0]

I was a player at primedice and I have seen this happening many times with different gamblers who made huge bets of over 100 btc (in btc then, whose value today is in millions per each bet) and lost on odds between 1.01 and 1.05.

IMO, it's ridiculous how a gambler, who has got that much money, loses it in seconds due to the 'all-in' mentality they keep when it comes to betting on high odds. They might have nothing but money rolling on their minds and they keep betting after losing that big of a bet once or even twice. The same applies to this gambler that OP has mentioned. Going big on the best teams too can sometimes make us lose our everything if the underdogs have a slight chance to make a comeback, which is why we are always told to 'gamble responsibly'.

[Jemzx00]

~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?

The most important lesson that everyone should learn is that not because your odd of winning is too low doesn't mean that it will always guarantee a win, and this does not only apply to gambling but to everything. 

I've personally experienced it myself on various games like slots and dice games where I bet all my bankroll on 1.10 - 1.005 odds where I sometimes end up losing all my funds. I've been doing these tricks to try to see if I'll be able to get some easy bucks before the end of each of my gambling sessions however instead of earning some, I'd end up losing everything. Anyone can avoid it is on their own volition whether we play these kinds of odd as the rewards isn't really worth it even with it being low risk as you may lose anytime.

[famososMuertos]

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/
...//...::
what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

One wonders, perhaps he had an error...(!?)

Man, I have read some comments, such as "how stupid", "how are you going to make that bet...", "the risk of x$, it was not worth that return y$"... etc.

Would you buy this:
Louis Vuitton LV x Nike Men's 7.5 Virgil Abloh Air2 Damier Force7,9Damier Azur7

Oh! and curious Free Shipping. With which company do they send me shoes of that price (hahaha)

In those shoes is the answer to that bet:

My point, so, Let's say that for your spending budget, $100 shoes would be fine, that is, if you lose them in a suitcase or they are stolen, no problem, surely that does not hit your budget.

Now! in the case of the person who buys Louis Vuitton LV x Nike, they are stolen, surely you will not only him be able to buy others, I say capable and it comes with a monthly insurance of several dollars.

So, equivalence is welcome here, I've seen bets of $600,000 for @1.01, there they are, there are several Twitter accounts with crazy alerts for the common mortal. I mean, they're not that weird.

Now, it must be clarified that in this case it was @1,008. Whatever, the issue then is that if you are surprised by that bet it is that you think that surely nobody will buy a pair of $276,923 sneakers and that the correct thing is $100 because if you lose them it is only $100.

So, to the point, the mistake here is that the guy makes a $1.4M bet and can only buy $100 sneakers, but if he's a guy who can buy $276,923 sneakers, surely it's just a blow to his ego or he just has a red amount of - $1.4M.

Now, the bookmakers accept these bets because they get a great benefit but only win 0.8% of the time, in this case for example.

So, you have a 99.2% chance of winning, and add that you have additional information, it's a live bet, oh sure, bet $100 if it's okay, $276,923 is an error.

My ...:
The issue here is not losing, since 99.2% is not negligible, (yes, yes, yes, you have to understand the mirage) the issue is that the same bet does not offer a quick return in time in case of losing and that in itself It is itself what makes it very bad in the long run.

If we reduce the numbers we can say that for each risk of $1400, $11.2 is earned (benefit). Now, having a 99.2% probability of winning, it would take him 125 times to reach the breakeven. In other words, it is a Fk bitch-bet, unless you have $1,400 left over for @1,008 at 125 times, come on! it's like buying a pair of shoes for + $200,000.

 
^{corollary:The issue of whether he is an addict as mentioned, or whatever, it is another story, do not mix feelings here.}

[pawel7777]

...
I've personally experienced it myself on various games like slots and dice games where I bet all my bankroll on 1.10 - 1.005 odds where I sometimes end up losing all my funds...

Well, at least you've lost your own money. I vaguely remember a guy from this forum gambling away investors' money that he raised for his venture. He was then repaying that for a long time.

Again, a 99% chance of winning can be very deceptive and can cause people to make stupid decisions.

[harizen]

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?

This is what I'm saying before, it's more painful to lose a decent amount of betting in considered low odds (or safe odds to others) compare to risking money in underdog or high odds since upsets do happen. Imagine the amount that a bettor should stake just to feel the profit on these low odds where even though the chances of winning are really high, we can't disregard the fact that losing might still happen.

No way I will risk a huge amount even if the chances of winning are 99% for 1.01 odds.

My limit of tolerance in terms of choosing low odds is around @1.5 fixed. Can't risk lower than that.

[stomachgrowls]

...
I've personally experienced it myself on various games like slots and dice games where I bet all my bankroll on 1.10 - 1.005 odds where I sometimes end up losing all my funds...

Well, at least you've lost your own money. I vaguely remember a guy from this forum gambling away investors' money that he raised for his venture. He was then repaying that for a long time.

Again, a 99% chance of winning can be very deceptive and can cause people to make stupid decisions.

Stupid indeed which its never been ideal on going all in even if you do have that 99% chance of winning.Somehow we are really just humans believing that it is really that close to impossible for us to lose and this is why we

do really make ourselves that confident and ending up on making huge mistakes if ever the result or roll outcome would really be a loss.It is really giving off that kind of regret that you wont really be forgetting for the rest

of your life.This is one of the risk when dealing up with those so-called sure bets where those things arent 100% assured win which we know that it cant be possible
in gambling field.

[RILWAN]

I think the gamvler that lsot such huge amount may have made all that money from gambling so this lose may not have too much impact of his finance.

We have high wagerers who can risk such an amount cumulatively, and the odds that lead to their loses notwithstanding, gambling habkt

may go overboard for some gambler who may not mind the amount they have wagered most especially if theirare trying to reciver previously loses.

1.4 million of dollars is quite huge a lose for an ordinary gambler unless a whale!

[khaled0111]

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

I experienced this multiple times before, specifically on Crash games. Every time I go all in with the lowest odd in an attempt to recover some of my previous losses, I lose! It's hard to believe that you can be so unlucky but it is what it is and fortunately the crash games I play are provably fair so I could verify I haven't been cheated.
It's not a mistake, it's bad luck which you can't avoid. However, a good or a smart gambler would never gamble what he can't afford to lose.

[goinmerry]

I can't believe there are really bettors who are brave enough to put and risk that kind of huge amount thinking 1.01 odds is a sure win.

And the winning amount if the bettor won it? $14,000. Not worth risking a crazy $1,400,000 for that amount of winning.

It's hard to move on from that experience knowing 1.01 odds is almost a sure win. To also feel the profits betting on such low odds, a mandatory and necessary high stake is needed and that's where it becomes riskier.