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

[Sakanwa]

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?

There is actually no easy bet not anywhere and I do feel sorry for the bettor and I hope the money gambled belongs to him alone because it is not advisable to use money you can't afford to lose to gamble and this incidence is a typical example of such incidence and I also do hope that other gamblers learn from this incidence.
I also do agree with the OP that no bet is an easy one and nothing is guaranteed in gambling and just as we can see here that even with very small odd one can still loss massively.

[Fredomago]

I never imagined gambling using a lot of money like him because the risk I would receive would also be big. Indeed, when we win the game, our profits will be greater because we use large capital. But on the other hand, our defeat will also be great and maybe many of us will not be able to accept it. And since that person has lost so much money, we hope he doesn't get frustrated and choose a shortcut to end his life. Maybe he can overcome his grief after losing a lot of money or he may still have a lot of other money.

This is right. The higher the amount you bet, the higher the risk. But the higher the rewards as well if you get lucky. Although you really have to put in your mind to just bet moderately because nothing is ever certain. Despite having a high odds, it isn't guaranteed that you will win so you still have to be cautious in placing a bet. Making haste decisions will certainly cost you so much later on. If you won't be able to control yourself and limit your expenditures in gambling, there's a chance you'll lose an amount you can afford to let go, which could make you regret big time later on.

Grieving from losses is a process not everyone has the same pacing, so one must really take his time to recover fully before playing and betting again. Having a stable emotions and healthy mental headspace will let you think properly and decide properly. If this will be skipped, there would be a high chance that you will incur more and more losses soon after.

That last part of your statement is what bringing gambler to become addicted, if you can't control your emotions the possibilities that you might lead your way to mismanage your finances, keep on losing will push you to keep adding money to your bankroll, chances that you will keep trying to recover all those funds that you lose.

Limitations that can equipt you with good control, it's not a guarantee that if you pick high percentage bets means that it will result to a win, just like how it happened with this gambler, it's a million dollar amount that he stake and lose everything.

[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's definitely a good lesson and should be a constant reminder that even "safe" bets can fail. I'm guessing that someone who can place down such a huge bet so flippantly is not necessarily bothered by losing and probably don't care for any sympathy around here. To me it symbolizes I'd much rather win many small bets with some slightly higher odds and accumulate money over time that way, than try to take a small profit but risk a lot of money. I bet the casino have showered this player with gifts before and after this, but never will it make up for the huge sum that they lost. These kind of high roller prolific gamblers can often get more favorable odds than most of us, another advantage they get over the low rollers.

[rahmad2nd]

I didn't consider about this at first sight with news. But its very likely to happen. Rich guys may have bet on each other having balls doing this for sure. I also feel like noone would do this with proper mind. I don't think drugs involved. I think alcohol was surely involved. Gamblers should never gamble when they are drunk. Its possibly the fastest way to lose all money you got. Gambling absurd amount of money would strike you back with headache next day for sure.

So the question is, how can we conclude that gamblers are involved with alcohol. this assumption is too exaggerated, because after all we never know for sure, and that's a fact. everything is based on assumptions, even speculation. it's clear however, that in the link the OP shared. the guy really put his money on the line with $1.4 million, the guy chose the favorite team, placed his bet, but unfortunately, the non-favorite team made an epic comeback and won the game. and it's a true fact from the link the OP shared.
So in essence, it's not a matter of the man's regrets or all the speculations that we say in this discussion. but more to the message that the OP conveyed, that even though we have a very high probability of winning, there is always a risk of losing. and that is a fact.

[Fatunad]

I didn't consider about this at first sight with news. But its very likely to happen. Rich guys may have bet on each other having balls doing this for sure. I also feel like noone would do this with proper mind. I don't think drugs involved. I think alcohol was surely involved. Gamblers should never gamble when they are drunk. Its possibly the fastest way to lose all money you got. Gambling absurd amount of money would strike you back with headache next day for sure.

So the question is, how can we conclude that gamblers are involved with alcohol. this assumption is too exaggerated, because after all we never know for sure, and that's a fact. everything is based on assumptions, even speculation. it's clear however, that in the link the OP shared. the guy really put his money on the line with $1.4 million, the guy chose the favorite team, placed his bet, but unfortunately, the non-favorite team made an epic comeback and won the game. and it's a true fact from the link the OP shared.
So in essence, it's not a matter of the man's regrets or all the speculations that we say in this discussion. but more to the message that the OP conveyed, that even though we have a very high probability of winning, there is always a risk of losing. and that is a fact.

We should always put up into our minds that upsets could really happen on sports world on which it would really be just right that you should still minding or be aware about the chance of losing.There's no such thing about sure bet even no matter how one sided it would be, its never been that recommendable for you to go all in and betting up millions just because you are really just that being so sure on what would be the outcome.
This would be the primary result or outcome into those people who are really that confident about their bets. 1% chance of winning could really fucked you up hard and this is the thing you should
bare up into your mind but for sure this would really be that a costly lesson learning.

[Dunamisx]

Whenever I remember about OP experience with the casino he used in gambling that amount, i will always say that they were being very lucky as well to have someone playing stake to that extent, the casino will always make out their own incentive base on the amount used in gambling either the gambler is winning or not, another thing is that any amount you would like to gamble with, the casinos were always ok with it.

[Wakate]

Whenever I remember about OP experience with the casino he used in gambling that amount, i will always say that they were being very lucky as well to have someone playing stake to that extent, the casino will always make out their own incentive base on the amount used in gambling either the gambler is winning or not, another thing is that any amount you would like to gamble with, the casinos were always ok with it.

Casinos know how they make there money that is why they are not always bothered about the limit is tempo you are using to make bet. They make money whether you are making winnings or losing. We might not understand or know much about how this is done but all I know is that casinos can not run into loses like that. That is there business and they know how to make revenue from us whether the keep giving or bonus or not, they are always the house edge and there is nothing we can do about that. We ought to gamble and make money but along the line we might end up to be the victim losing huge amount of money.

[ethereumhunter]

I never imagined gambling using a lot of money like him because the risk I would receive would also be big. Indeed, when we win the game, our profits will be greater because we use large capital. But on the other hand, our defeat will also be great and maybe many of us will not be able to accept it. And since that person has lost so much money, we hope he doesn't get frustrated and choose a shortcut to end his life. Maybe he can overcome his grief after losing a lot of money or he may still have a lot of other money.

This is right. The higher the amount you bet, the higher the risk. But the higher the rewards as well if you get lucky. Although you really have to put in your mind to just bet moderately because nothing is ever certain. Despite having a high odds, it isn't guaranteed that you will win so you still have to be cautious in placing a bet. Making haste decisions will certainly cost you so much later on. If you won't be able to control yourself and limit your expenditures in gambling, there's a chance you'll lose an amount you can afford to let go, which could make you regret big time later on.

Grieving from losses is a process not everyone has the same pacing, so one must really take his time to recover fully before playing and betting again. Having a stable emotions and healthy mental headspace will let you think properly and decide properly. If this will be skipped, there would be a high chance that you will incur more and more losses soon after.

And if I had that much money, I wouldn't bet big but just keep playing small for a while and walk out of the casino regardless of the outcome. Nothing is certain in gambling, so we must be aware of it and set limits for ourselves so we don't experience big losses like him. But maybe losing at gambling is a sure thing because we have seen what happens to many people who play gambling, which is what we must avoid.

Most people who lose at gambling will return someday, hoping to recover previous losses. But if they were to tally up the amount they lost, it would be very difficult to recover from that loss because the amount would be huge. There may be people who can recover their previous losses, even the total of all their losses but the number is very small. And when we lose, maybe we should stop gambling for a while to forget the sadness because of that defeat and try to change our mindset just to make gambling as entertainment.

[brooksby]

~snip~

I can imagine how a billionaire just wanted to show off being out with friends or so. They might have been talking trash and one guy just said hey let's have some fun, anyone believing that I am going to bet this amount on that outcome? Sure he never expected to lose it, but the thrill is still there for anyone seeing it and secretly hoping that this unlikely event turns into reality. It is not about the few thousand dollars I think. The guy who bet that amount just wanted to show he has the balls to do it. We don't know what the set up was like, whether they are filthy rich, had been drunk or on drugs and just pushed each other to this absurd bet. If it was a billionaire, I am sure he still slept well. 1.4 million dollars is a lot to Elon Musk, but he can keep his smile burning through 200 billion dollars because the share prices fell, I think he could even afford some fun with friends and lose 1.4 million with a chance of less than one in a hundred.

It's interesting that we presume billionaires can't lose that much money. I can only imagine the exhilaration of the gamble. Who would take such a huge risk? Was it a power play or a risk worth taking?

One wonders what drives such a person. Did they have too much money to spend or were they playing a game? Maybe they wanted to win big! It's logical that such a massive stake fascinates others.

Billionaires have human feelings and desires. Losing $1.4 million dollars affects Elon Musk. I hope the individual who placed the bet could do so without any negative consequences and sleep well, knowing they took a risk few others would. But who in their right mind would risk such an amount on an unlikely event?

With all due respect, but losing 1.4 million doesn't affect Elon Musk. I agree that maybe he wouldn't make such a gamble, like playing for fun, in the first place. But losing 1.4 million is definitely not going to affect him at this stage in his life. This guy is making so much fun of the whole world, gambling with Dogecoin, pumping it with tweets, naming his own dog after some crypto if I remember this correctly, etc. He is a gambler and a hard worker at the same time.

Just look at how Musk is making fun of everything, building flame throwers in order to fight the incoming zombie apocalypse. Or this "burnt hair" perfume. I know he is doing limited editions, but still he is investing resources in terms of money, human resources, production capacities etc.

[Lucasgabd]

Any chance that this was just a fat finger mistake?

The comments on the importance of the total amount related to total wealth are on point
For a billionaire 1 million is just 1% of total wealth and an amount they can totally afford to lose in a bad bet

[xSkylarx]

Whenever I remember about OP experience with the casino he used in gambling that amount, i will always say that they were being very lucky as well to have someone playing stake to that extent, the casino will always make out their own incentive base on the amount used in gambling either the gambler is winning or not, another thing is that any amount you would like to gamble with, the casinos were always ok with it.

Casinos know how they make there money that is why they are not always bothered about the limit is tempo you are using to make bet. They make money whether you are making winnings or losing. We might not understand or know much about how this is done but all I know is that casinos can not run into loses like that. That is there business and they know how to make revenue from us whether the keep giving or bonus or not, they are always the house edge and there is nothing we can do about that. We ought to gamble and make money but along the line we might end up to be the victim losing huge amount of money.

They will get some commission or fee when you withdraw your winnings, which sometimes we don't notice but is already deducted once we hit the withdraw button. So every move they make has a fee, or we just didn't notice that it was already deducted from our money. This is their way to earn profit, as we are not giving them money as a fee on a monthly basis. It is a business that needs profit, so we don't have a choice as we need the platform for fun. Though they still given it back like for bonuses and raffles only if you are lucky to win it.

[bitbollo]

Any chance that this was just a fat finger mistake?

The comments on the importance of the total amount related to total wealth are on point
For a billionaire 1 million is just 1% of total wealth and an amount they can totally afford to lose in a bad bet

no it seems this was not a fat finger but just some one that tried to get an high reward with minimum effort.
that's why the news has been reported "publicly".

please note, for a billionaire 1% is not 1 million but 10 million.
for sure they can afford a loss like this, but I don't think that billionaires like to trash money
of course there are no details if it was a billionaire or just "an average joe".

[Wiwo]

Whenever I remember about OP's experience with the casino he used in gambling that amount, I will always say that they were being very lucky as well to have someone playing stake to that extent, the casino will always make out their own incentive based on the amount used in gambling either the gambler is winning or not, another thing is that any amount you would like to gamble with, the casinos were always ok with it.

Luck is exaggerated since we have higher wagerers in many casinos that can bet away an amount higher than the one lost by the op, no doubt 1.4 million lost is huge a bit even though the casino gained from the bet.
-Casino generates revenue from players' losses but also they're spent a lot of money to run the game and the revenue is shared between the casino and the games provider.
-so the higher the loss the higher the number of revenue expenses during the game session, so as we see that the amount is big so is the amount of time and game machines used which all bounce back to higher expenses to the casino.

[Hamphser]

Any chance that this was just a fat finger mistake?

The comments on the importance of the total amount related to total wealth are on point
For a billionaire 1 million is just 1% of total wealth and an amount they can totally afford to lose in a bad bet

no it seems this was not a fat finger but just some one that tried to get an high reward with minimum effort.
that's why the news has been reported "publicly".

please note, for a billionaire 1% is not 1 million but 10 million.
for sure they can afford a loss like this, but I don't think that billionaires like to trash money
of course there are no details if it was a billionaire or just "an average joe".

Average joe could hardly able to get the total sum of 1+M onpoint on which they could make use of it on their gambling bets which means that this guy might be a multi-millionaire but who really knows,right?

Or some people been saying that it might be also a pooled funds which could really be that possible too but we cant really that make conclusions without basis but spending a million is never been that small.
Its true that even a billionaire wont really be tending to waste up even a million.Earning money nowadays isnt that easy so it is really just that people cant really just resist nor avoid not to have reactions
like this. One sided games is really that could be seen on some betting lines but it wont really give out assurance no matter what.

[Dunamisx]

I never imagined gambling using a lot of money like him because the risk I would receive would also be big. Indeed, when we win the game, our profits will be greater because we use large capital. But on the other hand, our defeat will also be great and maybe many of us will not be able to accept it. And since that person has lost so much money, we hope he doesn't get frustrated and choose a shortcut to end his life. Maybe he can overcome his grief after losing a lot of money or he may still have a lot of other money.

This is right. The higher the amount you bet, the higher the risk. But the higher the rewards as well if you get lucky. Although you really have to put in your mind to just bet moderately because nothing is ever certain. Despite having a high odds, it isn't guaranteed that you will win so you still have to be cautious in placing a bet. Making haste decisions will certainly cost you so much later on. If you won't be able to control yourself and limit your expenditures in gambling, there's a chance you'll lose an amount you can afford to let go, which could make you regret big time later on.

Grieving from losses is a process not everyone has the same pacing, so one must really take his time to recover fully before playing and betting again. Having a stable emotions and healthy mental headspace will let you think properly and decide properly. If this will be skipped, there would be a high chance that you will incur more and more losses soon after.

Someone like OP allowed the betting to get over him because of the way they presented to him the games odd, there are times whereby we needed to be careful in some of our dealing, they may look nice and attractive but it may end to total destruction, we must not be too greedy or have overconfidence in gambling to the extent of using any money within our capacity to gambling not minding the consequences but will be sad to have the negative outcome from our actions taken if we loose at the end, if you're not capable of gambling, it's better not to do so than taking others money to gamble, or gambling with too huge amount of money we cannot afford to loose.

[passwordnow]

Average joe could hardly able to get the total sum of 1+M onpoint on which they could make use of it on their gambling bets which means that this guy might be a multi-millionaire but who really knows,right?

It's possible that some average joe could bet with this much and it just came from his winnings as well. When someone confidently thinks that he'll win with such odds, he can gamble with all the remaining funds that he has.
But that confidence also made him lose as this is gambling, even the tiniest percentage like a zero point something on the odds still means a chance of losing or winning.

[Silberman]

Average joe could hardly able to get the total sum of 1+M onpoint on which they could make use of it on their gambling bets which means that this guy might be a multi-millionaire but who really knows,right?

It's possible that some average joe could bet with this much and it just came from his winnings as well. When someone confidently thinks that he'll win with such odds, he can gamble with all the remaining funds that he has.
But that confidence also made him lose as this is gambling, even the tiniest percentage like a zero point something on the odds still means a chance of losing or winning.

And this shows that no matter how unlikely an event could be if you keep taking your chances then sooner or later you will find yourself facing that unlikely event, this is similar to what we see with those using martingale, depending on their funds and initial bet they may need to lose dozens of times in a row to lose all their capital and they may think this is impossible, but if you roll the dice millions of times then at some point you will lose that many times in a row.

[Fivestar4everMVP]

Average joe could hardly able to get the total sum of 1+M onpoint on which they could make use of it on their gambling bets which means that this guy might be a multi-millionaire but who really knows,right?

It's possible that some average joe could bet with this much and it just came from his winnings as well. When someone confidently thinks that he'll win with such odds, he can gamble with all the remaining funds that he has.
But that confidence also made him lose as this is gambling, even the tiniest percentage like a zero point something on the odds still means a chance of losing or winning.

Exactly the point bro, but really, not very many persons understand that no matter how small the odds is or are, the chances of winning and losing will always be 50 50 for each sides, many gamblers will never understand this until they are forced to understand the hard way.
I personally never really understood how dangerous it was to be over confident in a game and bet all you have, until I lost about $3000 in a bet, that money was all I had at the time, because of this loss, my business collapsed, I spent several days in the hospital trying to recover from the shock, after I came out from that experience, I knew better that all that glitters are not actually gold.
As long as gambling/betting is concerned, there is no 100 percent sure bet any where.

[CryptoHeadlineNews]

Average joe could hardly able to get the total sum of 1+M onpoint on which they could make use of it on their gambling bets which means that this guy might be a multi-millionaire but who really knows,right?

It's possible that some average joe could bet with this much and it just came from his winnings as well. When someone confidently thinks that he'll win with such odds, he can gamble with all the remaining funds that he has.
But that confidence also made him lose as this is gambling, even the tiniest percentage like a zero point something on the odds still means a chance of losing or winning.

Exactly the point bro, but really, not very many persons understand that no matter how small the odds is or are, the chances of winning and losing will always be 50 50 for each sides, many gamblers will never understand this until they are forced to understand the hard way.
I personally never really understood how dangerous it was to be over confident in a game and bet all you have, until I lost about $3000 in a bet, that money was all I had at the time, because of this loss, my business collapsed, I spent several days in the hospital trying to recover from the shock, after I came out from that experience, I knew better that all that glitters are not actually gold.
As long as gambling/betting is concerned, there is no 100 percent sure bet any where.

It's quite very sad you had to go through all this just because of a loss of $3000 in a bet, because with this now, I just wonder what this gambler who lost $1.4million must have gone through after discovering he/she lost the bet which he/she thought was to be a 100% sure winning. Because who knows if he/she is still in a coma yet to recover from the shock? Because one thing I have learned from this thread is that no matter how odd seems to be very sure, please always try to bet an amount you can always afford to lose so that if in case it doesn't go as planned, it doesn't hurt you that much.

[Fivestar4everMVP]

Average joe could hardly able to get the total sum of 1+M onpoint on which they could make use of it on their gambling bets which means that this guy might be a multi-millionaire but who really knows,right?

It's possible that some average joe could bet with this much and it just came from his winnings as well. When someone confidently thinks that he'll win with such odds, he can gamble with all the remaining funds that he has.
But that confidence also made him lose as this is gambling, even the tiniest percentage like a zero point something on the odds still means a chance of losing or winning.

Exactly the point bro, but really, not very many persons understand that no matter how small the odds is or are, the chances of winning and losing will always be 50 50 for each sides, many gamblers will never understand this until they are forced to understand the hard way.
I personally never really understood how dangerous it was to be over confident in a game and bet all you have, until I lost about $3000 in a bet, that money was all I had at the time, because of this loss, my business collapsed, I spent several days in the hospital trying to recover from the shock, after I came out from that experience, I knew better that all that glitters are not actually gold.
As long as gambling/betting is concerned, there is no 100 percent sure bet any where.

It's quite very sad you had to go through all this just because of a loss of $3000 in a bet, because with this now, I just wonder what this gambler who lost $1.4million must have gone through after discovering he/she lost the bet which he/she thought was to be a 100% sure winning. Because who knows if he/she is still in a coma yet to recover from the shock?

Like I said in one of my previous comment, only a person who does not understand the value of money would think or say that 1.4 million dollar is a small amount of money for some people, it is never a small amount because getting it is not easy, those who make this amount in a day, week or month, probably have suffered to build that business that is able to generate such an amount in such timeframe, and only a waster will not value this, no matter the amount of money the person have.

what am I saying in essence?, like you, judging from my own personal experience, i am also wondering the kind of situation the gambler that lost this amount could possibly be, this is if he or she is still alive, because loosing this amount of money on one bet could lead a person into committing suicide, most especially, if this is all the person.

Because one thing I have learned from this thread is that no matter how odd seems to be very sure, please always try to bet an amount you can always afford to lose so that if in case it doesn't go as planned, it doesn't hurt you that much.

Exactly what I meant by what I said earlier, this is an important gambling rule but greed would not allow many of us adhere and obey it, like I can confirm completely that greed was what lead me into putting almost $3000 in one bet, some thing I've never done before in my life, infact, before this incident, the highest I always put in one bet was $100, i never beyond this amount, but on this faithful day and this faithful match, I was 100 percent confident of a win, and greed came in and told me to bet all the amount of money I have, so that I can as much money as possible, I did, and eventually lost an amount of money that would have ended my life.