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

[drwoo]

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 wonder whether there is some easy conclusion to be drawn that the player was addicted. We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

That's a crazy story either way and as you already put it, there is no such thing as a 100% safe bet ever unless you are hedging somehow. But this one ended with way more than a punch in the face...

[Haunebu]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

[Pierre 2]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

I completely agree. If he wasn't greedy he wouldn't risk his money for such low odd even. I think he thought its good odd to try, and gambled his million dollars away just to make it bigger. And result is a loss. I think he definitely got angry and sad after all. Its a lesson for us. There is nothing called "low odd". Risk is something very hard to measure in sports betting. Its always like give or take. So you should be cautious betting/gambling.

[piebeyb]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

If he is a rich man, of course losing with this much money is certainly not a big problem for him, I also think he seems to have calculated his defeat even though he thinks it is impossible because he only wants to take advantage of low odds to be able to win quite a bit of money with capital big, but the fact is he lost and I think he has calculated his loss

[Crypt0Gore]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care about winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

If you can consider rich people to be greedy how the heck did they end up becoming rich? I do not believe that rich people are greedy because they know how to put their money at work, they are the most patience in the whole world, they invest and easily expect results after several years later, poor people can't do this, to me the poor are the most greedy because they can't let go, they find it hard to invest money, they find it hard to take risks.

[AicecreaME]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

I agree with this. Despite being a gambler that has a huge money at his disposal, at the end of the day, if he lost a huge amount, it's still a loss and definitely it will still sting no matter how many money he has left. Although maybe if he has so much to the point that he doesn't care at all, it will be okay. However, collective losses will sum up to a huge loss too if you will compute it. Hence, it's much better to gamble responsibly and with caution to avoid losing especially if it involves a big amount.

Risking a huge amount just for the sake of betting without really assessing the situation will just result to possible losses. Miscalculation can also put you into a great risk. Gamblers must still place bets and play with strategy in mind, prepared for any outcome - better or worst.

[xSkylarx]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care about winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

If you can consider rich people to be greedy how the heck did they end up becoming rich? I do not believe that rich people are greedy because they know how to put their money at work, they are the most patience in the whole world, they invest and easily expect results after several years later, poor people can't do this, to me the poor are the most greedy because they can't let go, they find it hard to invest money, they find it hard to take risks.

There are still rich people that are greedy but at the same time smart, greedy in the way that they can still earn huge money, but with the poor, they can't be greedy because they don't have enough money to chase things, but if you say they will borrow money, that is another term as they are addicted to it. Back to the topic, it is impossible for someone who doesn't get affected by the loss, even if you are rich, because you take good care of your money, which is why you get rich. That is still a huge amount, if we are saying thousands, unless he is a spoiled brat.

[Fredomago]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

I agree with this. Despite being a gambler that has a huge money at his disposal, at the end of the day, if he lost a huge amount, it's still a loss and definitely it will still sting no matter how many money he has left. Although maybe if he has so much to the point that he doesn't care at all, it will be okay. However, collective losses will sum up to a huge loss too if you will compute it. Hence, it's much better to gamble responsibly and with caution to avoid losing especially if it involves a big amount.

Risking a huge amount just for the sake of betting without really assessing the situation will just result to possible losses. Miscalculation can also put you into a great risk. Gamblers must still place bets and play with strategy in mind, prepared for any outcome - better or worst.

I'm more into a good confidence with the gambler who bet that huge amount, thinking that it was an easy money to take after placing his bet with a 99% winning chance, more in a live betting in which the chances of losing is really far from reality, but look what happened, even how confident you are with the kind of betting that you take, something still can happen during the game, nothing can avoid bad luck and that's what this gambler experienced, a very bad luck that resulted him to lose that huge amount of money.

[delfastTions]

We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

Observed so many people in this thread thinking that this gambler might not have cared much about this loss because he could have been a whale, but I completely disagree since it's still a lot of money for them too at the end of the day.

Rich people are usually more greedy when compared to poor people. Whether this gambler was a whale or not, this loss most probably affected him/her in a big way.

I agree with this. Despite being a gambler that has a huge money at his disposal, at the end of the day, if he lost a huge amount, it's still a loss and definitely it will still sting no matter how many money he has left. Although maybe if he has so much to the point that he doesn't care at all, it will be okay. However, collective losses will sum up to a huge loss too if you will compute it. Hence, it's much better to gamble responsibly and with caution to avoid losing especially if it involves a big amount.

Risking a huge amount just for the sake of betting without really assessing the situation will just result to possible losses. Miscalculation can also put you into a great risk. Gamblers must still place bets and play with strategy in mind, prepared for any outcome - better or worst.

I'm more into a good confidence with the gambler who bet that huge amount, thinking that it was an easy money to take after placing his bet with a 99% winning chance, more in a live betting in which the chances of losing is really far from reality, but look what happened, even how confident you are with the kind of betting that you take, something still can happen during the game, nothing can avoid bad luck and that's what this gambler experienced, a very bad luck that resulted him to lose that huge amount of money.

However, the probability of 99% I think is somehow confirmed.  But if this is a game with a provable fairness algorithm or just a bet on some kind of game where unequal teams play, then no one can be sure that these 99% really take place.  This is generally some kind of completely unproductive, empty conversation.  Who can guarantee that this is not 95%, for example?  And then already making such large bets, amounting to millions of dollars, is a very risky task.  A person who does this clearly can afford to lose that kind of money, probably a millionaire with tens of millions of dollars in his property.  But in any case, it's all kind of stupid.

[rhomelmabini]

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

Maybe it's a penny for the bettor or he/she is a problem gambler too before or after this bet even with huge probability of winning. We never know if he is at losing streak then decide to go all in with the huge amount in his bankroll thinking he could be at breakeven or incur a small loss, but it doesn't happened.

Never had I ever to experience such huge amount of loss but if something like the scenario I gave, I did. I think good gambler can still make the same mistake here but a wise gambler would think that there's still tomorrow to bet for.

[Haunebu]

If you can consider rich people to be greedy how the heck did they end up becoming rich? I do not believe that rich people are greedy because they know how to put their money at work, they are the most patience in the whole world, they invest and easily expect results after several years later, poor people can't do this, to me the poor are the most greedy because they can't let go, they find it hard to invest money, they find it hard to take risks.

Lol. What the heck are you going on about? Greed is the primary reason why so many rich people stay rich. They usually aren't satisfied no matter how much money they have which is why they keep getting richer and richer.

Also, all rich people aren't patient. Elon Musk is a great example in this case. Do your research!

[babygun]

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

Maybe it's a penny for the bettor or he/she is a problem gambler too before or after this bet even with huge probability of winning. We never know if he is at losing streak then decide to go all in with the huge amount in his bankroll thinking he could be at breakeven or incur a small loss, but it doesn't happened.

Never had I ever to experience such huge amount of loss but if something like the scenario I gave, I did. I think good gambler can still make the same mistake here but a wise gambler would think that there's still tomorrow to bet for.

I think the main problem is that you need to have discipline and there will always be moments where you start to tilt. You know it is stupid to do, but sometimes you just have a bad streak and you want to win it back and than you do crazy stuff.

[Volgastallion]

I dont have to read the whole thread to realized we have all the same thinking here no?

Minimum odds or put ever in the favorite one its the best way to a disaster and no making any profit in gambling in the long term.

The only way to make profit in gambling its with high odds and a master in timing the bets.

[Fivestar4everMVP]

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

Maybe it's a penny for the bettor or he/she is a problem gambler too before or after this bet even with huge probability of winning. We never know if he is at losing streak then decide to go all in with the huge amount in his bankroll thinking he could be at breakeven or incur a small loss, but it doesn't happened.

Never had I ever to experience such huge amount of loss but if something like the scenario I gave, I did. I think good gambler can still make the same mistake here but a wise gambler would think that there's still tomorrow to bet for.

I think the main problem is that you need to have discipline and there will always be moments where you start to tilt. You know it is stupid to do, but sometimes you just have a bad streak and you want to win it back and than you do crazy stuff.

Well, you do have a point, no matter how discipline we train ourselves to be, as far as gambling is concerned, there will always be times when the hunger to go wild will set in, and it will take another extra amount of discipline and self control to control our decisions at that moment, this is something every gambler must experience from time to time, but how to overcome this easily is to always gamble with only money we are comfortable losing, low odd does not guarantee winning, so never go all in on low odds with hopes of a sure win, always gamble responsibly.

[KupaCrypto]

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.

That's really a big risk and a very sad one you lost it, but that don't mean you should stop gambling, keep on trying but this time not with your whole money, just an amount that won't really hurt you when lost ,
I rather take a multiplier of 3 odds and loose it than take a multiplier of 1.1 odds tho, I juts love taking risks in gamble and have been winning most times

[Agbe]

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

Maybe it's a penny for the bettor or he/she is a problem gambler too before or after this bet even with huge probability of winning. We never know if he is at losing streak then decide to go all in with the huge amount in his bankroll thinking he could be at breakeven or incur a small loss, but it doesn't happened.

Never had I ever to experience such huge amount of loss but if something like the scenario I gave, I did. I think good gambler can still make the same mistake here but a wise gambler would think that there's still tomorrow to bet for.

I don't think there is any perfection in the gambling field. Those who are professional also loss some days. Though some times they wins every days even at that they are not perfect just that their luck shine those days. Gambling is just a lucky game which favour some guys some days and make others to loss massively some days. When your days reach to shine you smile and when your week is bad you murmured.

[Synchronice]

What makes me curious is that the score in first half was 27-0. Usually, in similar situation, every casino blocks bet option on live event on team that wins but instead significantly increases odd on the team that loses. That's what I have seen myself. It looks a little bit strange for me that they even left 1.01 odd on that team instead of blocking the bet option on them.
By the way, everyone ignores that 0.1% chance of win doesn't mean that 99.9% chance of lose won't happen. It's either 100% that's guaranteed or 99.9% always has a chance to shine. The risk this man took in this match looks logical for me, I would do the same but to be honest, he will have better chances and profits if he choose trading with 10% leverage and bets on 0.01% price increase that will definitely happen in a second and then immediately closes the account.

[rahmad2nd]

I wonder whether there is some easy conclusion to be drawn that the player was addicted. We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

That's a crazy story either way and as you already put it, there is no such thing as a 100% safe bet ever unless you are hedging somehow. But this one ended with way more than a punch in the face...

I have some friends who are quite rich, they can bet with high rollers, even with low odds. in theory, with odds @1.01 provided by the dealer. the team that is seeded almost 99% has an absolute victory. so do not be surprised if there is a gambler betting a very large amount. The problem is, we don't know the background of the man described in this thread. maybe, this man is a big fan of one of the teams that will compete. So, I'm not too sure that in this case it's addiction related.

For us, or maybe for some people. to bet with the amount of 1.4 million USD with low odds is something really crazy. because of the way we think, that the results obtained are not worth the money at stake. however, every gambler has a different perspective. but back again as I said, this man is willing to bet with very big money, because in theory, the team that is chosen as the bet has almost 99% victory. if we look at it in terms of capital issued, maybe it's not worth it. but because the win ratio is very high. this man believes, that he will win his bet. after all, $ 11k is not a small amount. moreover, he can get it in a matter of hours. the point is, this guy is totally unlucky and because he lost his gamble.

[Fivestar4everMVP]

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.

That's really a big risk and a very sad one you lost it, but that don't mean you should stop gambling, keep on trying but this time not with your whole money, just an amount that won't really hurt you when lost ,
I rather take a multiplier of 3 odds and loose it than take a multiplier of 1.1 odds tho, I juts love taking risks in gamble and have been winning most times

How about when you are so sure that the game with 1.1 odd wil win over the one with 3.0 odd?
One thing I believe is that risk are of two types, foolish risk and wise risk, wise risk is knowing which bet will bring in the win and going for it even if the odd is low, I think it's better to win consistently and on regular basis than win big once after a while of having lost lots of money chasing the high odds.
This is just my thought though, I believe we are all entitled to our opinions.

[paxmao]

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 wonder whether there is some easy conclusion to be drawn that the player was addicted. We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million. 

That's a crazy story either way and as you already put it, there is no such thing as a 100% safe bet ever unless you are hedging somehow. But this one ended with way more than a punch in the face...

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will loose that amount and will not even blink.