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

[Darker45]

I guess the usual generalization is that if the odds is 1.01, it must be a sure win. In percentage, that's 99% chance of winning. With that kind of odds, I won't even bet on money line because the profit would be so low it's not worth it. I'd rather look for better handicap odds.

However, other bettors would take advantage of this sure win match and wager a huge amount. That's how they make up for the very low odds. In reality, however, it's a game you're betting on. And the game has yet to be played. And there's an equal number of players on both teams who all know the game and are able players. Meaning to say, an upset is always possible.  

I really don't think it is a wise idea to risk a huge amount on such very low odds.

[uneng]

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 would add one more lesson:

- after all, sports betting isn't too different from casino's games.

I'm not surprised by these news, because something similar has already happened to me when I lost 3 times in a row with odds of 1.01. The problem is that we think it's impossible to lose with such odds, especially in sequence, so we tend to increase the size of the bet a lot to make the profit worth. In the end we lose a lot of money in a single bet, while we could have used that sum to place lots of different smaller bets, having at least some extra entertainment for longer.

[peter0425]

I remember myself losing like this odd before , as i tried doubling my wins for couple of hours in single bet and boom , I am a loser that chance.

maybe this is a lesson that in gambling  most losses are possible but winning is hard to maintain .

1.4 million is too much to risk in single round , maybe now he had learned it the hard way and may never to happen again , sorry for Him though .

[babygun]

I guess the usual generalization is that if the odds is 1.01, it must be a sure win. In percentage, that's 99% chance of winning. With that kind of odds, I won't even bet on money line because the profit would be so low it's not worth it. I'd rather look for better handicap odds.

However, other bettors would take advantage of this sure win match and wager a huge amount. That's how they make up for the very low odds. In reality, however, it's a game you're betting on. And the game has yet to be played. And there's an equal number of players on both teams who all know the game and are able players. Meaning to say, an upset is always possible.  

I really don't think it is a wise idea to risk a huge amount on such very low odds.

I also learned it the hard way as sometimes you think it is a surebet and thus free money. That is also why I stopped betting on live markets as betting on these low odds will go good 10-20 times, but it only needs to go wrong 1 time and than you will have lost a lot of money!

[bittraffic]

I guess the usual generalization is that if the odds is 1.01, it must be a sure win. In percentage, that's 99% chance of winning. 

In any sport, that's the impression when it comes to moneyline. Even 1.70 is enough of a guarantee that it's more than 50% winning rate so obviously was want to win. The problem is that he overdid it with the odds of 1.01 and with $1.4M risk.

I remember myself losing like this odd before , as i tried doubling my wins for couple of hours in single bet and boom , I am a loser that chance.

maybe this is a lesson that in gambling  most losses are possible but winning is hard to maintain .
1.4 million is too much to risk in single round , maybe now he had learned it the hard way and may never to happen again , sorry for Him though .

We all did it in the past. I won however but was really risky to bet $500 to win $50. I would still be trying to do it but only such an amount. Not more than $500. I will probably be regretting still if I lose.

[Yaunfitda]

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?

Yeah, there are no safe bet even with that odds, there are still a chance for someone or some team to overcome that odds and this is one classic example. The risk is there, but I think this is a season gambler and he knows what his doing. It's that the luck is not on his side or with the Los Angeles bet on him.

And for us just average gamblers, sometimes it's really worth to bet on the underdog, maybe we will win and could it be a windfall for us.

This is gambling though, when you thought that you can go sleep and thinking that when you wake up, you will have a win, then suddenly the wind changes the course of your luck, Ouch!.

[wxa7115]

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?

Since the identity of the gambler is unknown we do not know if this was all their gambling funds or possibly all the funds they had saved over many years.

But one life lesson which can be learned from all of this is to never go all-in regardless of how safe you think the bet may be, because even unlikely events happen form time to time, and if you are as unlucky as this gambler then the consequences of losing are massive and could even change your life, so it is important to set a limit on how much we allow ourselves to gamble on each bet as to avoid to find ourselves facing a scenario like this one.

[Darker45]

I guess the usual generalization is that if the odds is 1.01, it must be a sure win. In percentage, that's 99% chance of winning. 

In any sport, that's the impression when it comes to moneyline. Even 1.70 is enough of a guarantee that it's more than 50% winning rate so obviously was want to win. The problem is that he overdid it with the odds of 1.01 and with $1.4M risk.

No, 1.70 is not low odds. That's just more than 50% chance of winning, but less than 60%. That's almost 50:50. That can't be considered one of those "sure win" type of low odds.

Anyway, to bet bigger amounts on very low odds is one strategy that is actually understandable. I did it. Majority of us certainly did it. After all, how are you going to make money with odds as low as 1.008 if you don't bet big? But I agree with you that the problem really is that he/she overdid it by risking $1.4 million. But it also depends on how rich he/she is. To his/her wealth, it might not really be "overdid."

[Poker Player]

Anyway, to bet bigger amounts on very low odds is one strategy that is actually understandable. I did it. Majority of us certainly did it. After all, how are you going to make money with odds as low as 1.008 if you don't bet big? But I agree with you that the problem really is that he/she overdid it by risking $1.4 million. But it also depends on how rich he/she is. To his/her wealth, it might not really be "overdid."

The few times I bet on something other than poker, I prefer the opposite, to have low odds but that if I win, I get a big prize. The strategy that he used in this case, although safe there is always a risk of loss, and to be able to lose so much to win so little does not call my attention. Besides it is more boring. If you win, it's normal, and if you lose, you'll shit your pants.

[btc78]

this is how greedy gamblers end , after trying to make money from bets ending with one bet with huge amount , a lesson that earned the very hard ways. hope that this gambler is a millionaire that won't end His life just because of this devastating outcome of His action.
I can relate to this but mine is just a peanut and a result of my greediness and i also doing this sometimes because of the thrill and nothing more.

[Haunebu]

Wow. That is one of the worst losses that I have heard of in the gambling world. 1.01 or lower are generally considered sure bets, but there is always that extremely small chance of losing them if luck isn't on your side.

Regardless of whether he is rich or not, he surely regretted and felt mad about losing that kind of money on such a worthless bet. Personally, I would have invested all of that money into BTC when it went down and HODL until it went back up.

That would have fetched him 10% - 20% profit quite easily in the short-term.

[KennyR]

In today's market price the gambler have risked around 67BTC for a mere winning of 0.51BTC, for which he could've chosen the opposite odds. As said gambling gives unexpected outcomes irrespective of the odds. This is one such example that the low odds too fail, even though the winning probability is high. If I'm not wrong, this loss will give him a learning or he'll turn to be a addicted gambler looking to recover the massive loss that happened completely unexpected.

[Plaguedeath]

Gambling is gambling, no matter what the odds is.

This is why I don't want to gamble on very low odds to win low money, it's better for me to gamble on high odds to win high amount money.

Although low odds will increase the chance you will win, but you will wasting time since you need to make many bet in order to make good amount of profit. However I think such unlucky moment is mostly happen on dice or other house game rather than in sport.

[Kakmakr]

You know.... a lot of those gamblers are using this strategy to fund their gambling career. He bet $1.4M to win $11,000 on low odds to use that money to bet on more risky bets with higher odds.

He might have done that 100 or 200 times before with success .... and now it backfired on him with this loss. This is just what gambling are about.... you do not have 100% guaranteed bets that work all the time.

We had several upsets in the Soccer World Cup of 2022.... where the odds was stacked against those losses... but we still took those bets and we won, so it can work for you.. when the tables are turned. 

[Fullcoinese]

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

with lower odds, it should have been a win. but in gambling, we all know that other factors affect the outcome of our bets.
Luck is one thing that makes any gambler successful.
therefore do not put most of our money in one big bet. although with a pretty good chance of winning. I will not bet if the Odds offer is like that. it won't be so profitable when the stakes are small. therefore the person made such a big bet that it made him lose all his money in a stupid bet.

[maydna]

Gambling is gambling, no matter what the odds is.

This is why I don't want to gamble on very low odds to win low money, it's better for me to gamble on high odds to win high amount money.

Although low odds will increase the chance you will win, but you will wasting time since you need to make many bet in order to make good amount of profit. However I think such unlucky moment is mostly happen on dice or other house game rather than in sport.

Right. But there are times when we have to realize the opportunities we have after playing for a while because if we only lose or can only get small wins, it won't matter if we try to bet on high odds. We must be able to moderate the level of our game so that we don't experience large losses. It is also useful for controlling emotions in playing because there are times when our emotions will rise high, and in the end, we can lose control.

Dice games need luck, so you don't need to change your bet to a high one, and it's better to keep playing as usual. Luck will come to us, especially for people who are patient in gambling.

[Little Mouse]

- 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 haven't checked odd yesterday on South African Premier league where at some point the odd was above 30, one of my friends told me. They lost huge wickets and was losing the match for sure. But they won the match. I think the same has happened in that match too. Everyone thought first batting is going to win and placed bets with very low odd. But they lost.
These are some fixing I believe. No cricket expert would have bet for batting 2nd yesterday.

[QueenVera]

This is really a sad story and I don't know what must have prompted him to wager away such amount of money, maybe I guess he overlooked the other players and then the unexpected happened.
I'm so sorry for him but I think this is a wake-up call for all gamblers so we can know that in the business of gambling, nothing is guaranteed and anything can happen at anytime.
I couldn't click on the link but I would also love to know what sort of game he played like that and how much was he expected to make if he at some point won the game.
I hope we all learn from this and try not to bite more than we can chew.

[goldkingcoiner]

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 think we might be blowing the story out of proportion. If he has $ 1.4 million dollars for betting, he definitely has more for himself. I doubt he bet his life's savings (or at least I hope so). For some people 1.4 mill is not worth talking about. In fact it might just like losing half a years in earnings for them. Slightly stings to lose that amount but they will have more.

lower than 1.01 is still something that carries a risk with it. Not as much as other odds but you cannot call it a sure thing. In fact, if he bets regularly, there is no doubt in my mind that it has happened to him before.

[Fivestar4everMVP]

this is how greedy gamblers end , after trying to make money from bets ending with one bet with huge amount , a lesson that earned the very hard ways. hope that this gambler is a millionaire that won't end His life just because of this devastating outcome of His action.
I can relate to this but mine is just a peanut and a result of my greediness and i also doing this sometimes because of the thrill and nothing more.

You are right indeed, and this was the same thing i was think about when i first came across this news yesterday, the gambler in question should better be a multi millionaire or even a billionaire, else, i think it is only by the grace of God that he wont end his life.

But then also, my assumptions is that, for someone to risk such an amount of money to bet on one game, simply means that person must be super wealthy, I am particularly not bothered, except the person comes out to let the public know that he lost everything he had on that bet, then that is when i will become really concerned for him.

But on the other hand, i am happy for the casino that made this money, casinos are indeed rich.