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

[slaman29]

1 million dollars to win 8000 dollars? Either the guy has a lot of money to throw around, or he just wanted to earn fee money (something stupid I would do sometimes, bet 1 million satoshi to win 8000 satoshi on dice to pay for a withdrawal fee.

Totally naive, and inexperienced, but I've also done the same at Bitvest to my loss

[Agbe]

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?

When I see your lessons to learn, I laugh because those things you mentioned there m, it is only those who don't understand gambling have not known or seeing them. For a real gambler those things are part in him. He understands that gambling is not all about winning always, there will be a time that one will also loss. And also real gamblers understand that there is no bet or gambling is small or big. You have to make all equal if not you cry to home. The small gambling can even lead you to a big win.

[klidex]

And if he takes the risk but instead continues to play and uses big money as a bet, it is highly not recommended because there is a loss that can occur at any time, and his defeat finally proves that. People with a lot of money may accept such a large amount, but if it ends up spending all their money on the gambling table, it is the same as taking a risk but not knowing how to deal with big risks.

Rich people dare to place big bets, and they can accept the risk of losing their money at any time. Maybe they're after the winning money they can get by placing that big bet, so it's normal for them.

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

[erep]

If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

we can assume he is a rich man from the amount of betting funds but from the assessment of the odds that he does not accept losing the funds because his predictions are wrong, he increases the betting funds because he has predicted that he has a great chance to win even though the winning amount is very low compared to the betting capital. However, this type of gambler is very rare, even though gamblers are rich they still consider the risks of each bet and are not greedy to get profits with risky bets.

[rahmad2nd]

True, if he is a billionaire, the lost will not affect him financially but it will still affect him mentally due to its insane low odds. No doubt that he regret it much, because he did make a huge bet for small profit but unfortunately he lost it. Hopefully he is a real billionaire who wont be affected financially, I cant imagine how if this 1.4m is all the money he owns. Something really worst must be happened after..

In sports betting, it's not uncommon for us to be presented with low odds that are provided by bookies for highly favored teams. in this case, the man chose to bet at low odds because he believed the team he chose would win the match. unfortunately, in the case of this man's gamble. the opposing team can make a comeback and win the battle. in the end, this man had to give up the money he had gambled.

First of all, what I want to say is that only people who have large finances dare to bet a high enough amount. imagine, 1.4 million is not a small amount of money, especially when converted to my country's currency. secondly, I believe this man often bets high amounts. maybe, if we compare the money that is at stake with the money that is earned it is not worth it. however, if we look at that $11k is not a small amount of money either. based on his high self-confidence, the man made a high bet. unfortunately, bad luck befell him.

[Wiwo]

If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

we can assume he is a rich man from the amount of betting funds but from the assessment of the odds that he does not accept losing the funds because his predictions are wrong, he increases the betting funds because he has predicted that he has a great chance to win even though the winning amount is very low compared to the betting capital. However, this type of gambler is very rare, even though gamblers are rich they still consider the risks of each bet and are not greedy to get profits with risky bets.

I used to have a friend of that love betting on football matches, and in most cases he is constantly on the look out for smaller odds and once he can see the lowest of them all, he will place his bet on that particular games because of the small odds and now stake big amount this kind of gambling habit is popular among.
-big money bag holders, who are scared and lazy to do analyses and instead of calculating and connecting the odds they just choose the small odd thinking it to be a sure odds.
-They are missed informed on how the possibility of a small odds to lose or win is same with bigger odds, not knowingt that gambling is risky and only luck can make you hit the jack pot.
-1.4 millions quite a huge money that only money bag could bet away at a go.

[cryptocoupons]

the casino got lucky

[len01]

In sports betting, it's not uncommon for us to be presented with low odds that are provided by bookies for highly favored teams. in this case, the man chose to bet at low odds because he believed the team he chose would win the match. unfortunately, in the case of this man's gamble. the opposing team can make a comeback and win the battle. in the end, this man had to give up the money he had gambled.

actually it all comes down to luck. but in this case it is an example that we really have to pay attention to in sports betting gambling that odd low is indeed a superior team but not necessarily odd low means it will win. there are lots of cases like this, it's just that some gamblers are more closed in this loss. so not too many people know that many gamblers are fooled by the low odd.
I myself also experienced this case when I was in an esport bet when the odd was low I tried to bet with everything I had and in the end the opposing team made a comeback and lost in the last round. another example is in the world cup soccer match at that time many lost with millions of dollars.

so in conclusion, don't be too hasty to bet on sports betting, because anything can happen there. try to bet a moderate amount and add to the bet if the score is really far behind.

[KupaCrypto]

Multiplying 1.4 million dolls by 1.01 odds the amount you will get is still 1.4million dolls just an addition of a little token which is not worth risking 1.4 million for, that risk is not worth it at all, he lost a whopping 1.4 million,

When I bet on sports I don't take any odd Les than 2 odds because the small odds with 90% certainty are the odds that will make you loose that ticket and it will hurt because you actually thought it's a walk over,
But when you place 2 odds and above certainly you won't trust the outcome by 100%, it will be a 50/50 situation you loose you bear your loss you win you celebrate your win, you won't expect too much from the outcome.

[Fivestar4everMVP]

1 million dollars to win 8000 dollars? Either the guy has a lot of money to throw around, or he just wanted to earn fee money (something stupid I would do sometimes, bet 1 million satoshi to win 8000 satoshi on dice to pay for a withdrawal fee.

Totally naive, and inexperienced, but I've also done the same at Bitvest to my loss

I wouldn't conclude that the guy is inexperienced mate, there is a high chance the guy do have a lot of money to throw around, and from the odds, it is certain that the guy trusted in the game too much which is why he had the confidence to bet such an amount of money, its like discovering opportunity to make some profit on your money, then you throw everything in so that you can make much profit as possible..
Here, the guy bet 1.4 million dollars to make a profit of 11k dollars, if he had won the game as he was so sure of, he would have made 11k dollars easy, that alone is still alot of money to several of us who are pleb gamblers .

[Haunebu]

When I bet on sports I don't take any odd Les than 2 odds because the small odds with 90% certainty are the odds that will make you loose that ticket and it will hurt because you actually thought it's a walk over,
But when you place 2 odds and above certainly you won't trust the outcome by 100%, it will be a 50/50 situation you loose you bear your loss you win you celebrate your win, you won't expect too much from the outcome.

Gamblers like placing bets on lower odds in order to improve their chances of winning. Odds of 2.0 or higher indicate that your chances of winning are on the lower side which is why the rewards are higher too.

Also, it's never exactly 50/50 because you forgot about the casino vig which basically gives them a small edge.

[EarnOnVictor]

1 million dollars to win 8000 dollars? Either the guy has a lot of money to throw around, or he just wanted to earn fee money (something stupid I would do sometimes, bet 1 million satoshi to win 8000 satoshi on dice to pay for a withdrawal fee.

Totally naive, and inexperienced, but I've also done the same at Bitvest to my loss

I wouldn't conclude that the guy is inexperienced mate, there is a high chance the guy do have a lot of money to throw around, and from the odds, it is certain that the guy trusted in the game too much which is why he had the confidence to bet such an amount of money, its like discovering opportunity to make some profit on your money, then you throw everything in so that you can make much profit as possible..
Here, the guy bet 1.4 million dollars to make a profit of 11k dollars, if he had won the game as he was so sure of, he would have made 11k dollars easy, that alone is still alot of money to several of us who are pleb gamblers .

I second you on that, the issue is not about the inexperience of the gambler. Who went for a very low odd of 1.008 must have experience, but was only overbearing and foolish in gambling that much. Such has mistaken 'almost-certainty' for 'certain' thereby believing 100% that he would win. Such might have been working for him, but it can't all the time.

That is why it's better to diversify our portfolio if we want to be successful in gambling and trading. Nothing is 100% sure in gambling, even if the situation is 99.99% sure, the 0.01% uncertainty can still put the person in trouble.

[BobK71]

In sports betting, it's not uncommon for us to be presented with low odds that are provided by bookies for highly favored teams. in this case, the man chose to bet at low odds because he believed the team he chose would win the match. unfortunately, in the case of this man's gamble. the opposing team can make a comeback and win the battle. in the end, this man had to give up the money he had gambled.

actually it all comes down to luck. but in this case it is an example that we really have to pay attention to in sports betting gambling that odd low is indeed a superior team but not necessarily odd low means it will win. there are lots of cases like this, it's just that some gamblers are more closed in this loss. so not too many people know that many gamblers are fooled by the low odd.
I myself also experienced this case when I was in an esport bet when the odd was low I tried to bet with everything I had and in the end the opposing team made a comeback and lost in the last round. another example is in the world cup soccer match at that time many lost with millions of dollars.

so in conclusion, don't be too hasty to bet on sports betting, because anything can happen there. try to bet a moderate amount and add to the bet if the score is really far behind.

When the odds are 1.008 win seems almost certain but any situations that can happen. Big gaps in scorer games don't take long to turn around. Big money can be lost in just a few minutes. But the reality is that you definitely need to diversify your gambling. The same betting odds should never be placed again and again. Moreover, since gambling is not guaranteed, every bet can be a loser. A gambler should accept defeat and gamble.

[Yamifoud]

1 million dollars to win 8000 dollars? Either the guy has a lot of money to throw around, or he just wanted to earn fee money (something stupid I would do sometimes, bet 1 million satoshi to win 8000 satoshi on dice to pay for a withdrawal fee.

Totally naive, and inexperienced, but I've also done the same at Bitvest to my loss

Rich gamblers won't think that badly for sure, but they feel bad for it because it is a huge amount. He tried to make things possible by gambling because if he is also too lucky on that day, he also multiplies his money instantly. Because sometimes it happens that lower odds win and he tried to convince himself to be confident with that losing bet. But for sure he knows the consequences of gambling and I believe this is not the first he lose that amount.

Totally naive or not, things like this will happen. He puts a huge bet which is why he loses huge as well. A true gambler will take a higher risk than others.

[virasog]

This amount of lose is huge and this will really affect the gambler mind unless he has hit a jack pot severely in the past and if that be so 1.4 million dollars lost bet may not mean much to the gambler is question.

But any way it is good we mentioend it here to teach us some lessons never to bet heavily because of odds, gambling is risky you can lose everything.

It will surely affect him, he knew he was putting his money into gamble and in gamble anything can happen, no matter how certain the outcome may look nothing is sure, so he has to deal with the loss , he needs a strong mentality now, because that strong mentality is put to rest in situations like this when you loose a bet with such huge amount of money.

Maybe he has enough money to make him forget about the 1.4million dolls but surely he will still feel it, he shouldn't give up on betting,

Even with the odd of 1.01, there is 1% chance that the match can still turn in favor of different team, and you may lose money in you are betting.
Usually, i would never bet with odds like 1.01 because it's not even worth taking the risk because even if we win this bet, the profit will be way too less. I usually bet on minimum odd of 0.20 and put only small portion of my money in a single bet, so if the bet goes against me i do not lose my all portfolio.

[joeperry]

I actually not surprise with that, though 1.4M is really a lot of money to be lose on a 1.01 odds. I remember when some user bet a 100+ BTC on bustabit and loses so no matter how low the odds is you will definitely lose if luck is not on your side. I actually tried it before (not with big amount) but with my whole bankroll to place bet on a crash game with the automatic withdraw at a multiplier of 1.1 and in just around 3 rounds I lose my whole bankroll.

[maydna]

And if he takes the risk but instead continues to play and uses big money as a bet, it is highly not recommended because there is a loss that can occur at any time, and his defeat finally proves that. People with a lot of money may accept such a large amount, but if it ends up spending all their money on the gambling table, it is the same as taking a risk but not knowing how to deal with big risks.

Rich people dare to place big bets, and they can accept the risk of losing their money at any time. Maybe they're after the winning money they can get by placing that big bet, so it's normal for them.

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

Most gamblers have spare money to bet, but the problem is when they get too engrossed in gambling, they instead use all their spare money to continue gambling, and many of them end up losing that spare money in one or several other gambling games. They use the reserve money to recover their previous losses because they think they can recover from their losses even though it will only increase the number of losses they will receive after they finish gambling. We can never follow the ways of the rich to play gambling because they have a large source of money, and we may only be able to watch and dream if we are rich.

[Jawhead999]

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

If the rich will gamble with huge amount in order to win and make money, I'm sure all of the casinos already bankrupt since their bankroll are empty due to whales. Technically martingale strategy will work, but you need to have unlimited money because you're need to accept huge lose. But it's impossible because even a rich person does have limited money. i think most of high roller lose their money because they're get tricked by gambling tools about martingale strategy calculation.

[bettercrypto]

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

If the rich will gamble with huge amount in order to win and make money, I'm sure all of the casinos already bankrupt since their bankroll are empty due to whales. Technically martingale strategy will work, but you need to have unlimited money because you're need to accept huge lose. But it's impossible because even a rich person does have limited money. i think most of high roller lose their money because they're get tricked by gambling tools about martingale strategy calculation.

The martingale is only really effective for the rich who seem to never run out of money entering a casino platform here in cryptocurrency.

And what you say is true, when the situation is like this in a casino and a whale enters, the owner of the gambling house will definitely get a carrot because the player has more money than the gambler.

[Silberman]

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

If the rich will gamble with huge amount in order to win and make money, I'm sure all of the casinos already bankrupt since their bankroll are empty due to whales. Technically martingale strategy will work, but you need to have unlimited money because you're need to accept huge lose. But it's impossible because even a rich person does have limited money. i think most of high roller lose their money because they're get tricked by gambling tools about martingale strategy calculation.

They are tricking themselves, anyone that makes an effort to make a quick search about whether martingale works or not will find out that it does not in a matter of minutes, so if a whale losses a lot of money by following the martingale strategy they do not have no one else to blame but themselves, after all even if they do not believe what they read they could easily corroborate it is true by using play money, and see how each time given enough time their balance goes to zero.