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

[Fivestar4everMVP]

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

There is to be an issue here bro the player knows about the odds and then he still bets meaning he knows the risk here so it is part of the game in my opinion. and if you ask me how a good gambler should avoid such mistakes? the answer is there is no mistake here it is just probability and then he chose it from the beginning.

Although 1.4 Million USD is definitely a lot of money but just imagine if he win he still make a decent profit there haha

Well, as much as I agree with you, I would still say that if he had won, the profit he would have made is not as decent compared to the amount of money that was astake, you should really think about this, what the gambler would have won is around $11,000 dollars, while the amount of money that was astake was 1.4 million, this is a foolish bet to be honest because I personally can not risk $1.4 million dollars for a mere $11,000.

But on the other hand, I perfectly understand why the gambler possibly took this bet, he probably thought it was a sure game, so making a quick $11k dollars was the goal for him, but unfortunately, seems he forgot that regardless of how small a game odd is, the chances of the gambler winning is still less than 50 percent.

[Ojima-ojo]

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

When sport bets is the game, most especially football regardless of the odds you have to depend on luck to win the bet, because the game can change at anytime, some of the time when such incidents of low odds selection leading to big lose happens I always check the level at which those games are played and when the time their take the bets.


Let say if the odds comes when the game is already at it halftime, or deep in the second half let say around 60 minutes into the game, that could help to increase the chances of winning such bet, but anything outside that ratio coming to stake such bet in the first half can be a big risk, so the bet was not well calculated.

[Obari]

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

When sport bets is the game, most especially football regardless of the odds you have to depend on luck to win the bet, because the game can change at anytime, some of the time when such incidents of low odds selection leading to big lose happens I always check the level at which those games are played and when the time their take the bets.


Let say if the odds comes when the game is already at it halftime, or deep in the second half let say around 60 minutes into the game, that could help to increase the chances of winning such bet, but anything outside that ratio coming to stake such bet in the first half can be a big risk, so the bet was not well calculated.

lol
It seems you’re still not familiar with the uncertainties of gambling because even with a football game at 70minutes, anything can still happen and there are games that results have change at the last minutes and that’s the wonders of gambling that makes it enticing and and even more competitive.

I never knew this topic is still active and this is a eye opener to slot of gamblers who gamble mostly on odds that even small odds can still loss and as such we should only gamble the amount we can afford to loss.

[khaled0111]

But on the other hand, I perfectly understand why the gambler possibly took this bet, he probably thought it was a sure game, so making a quick $11k dollars was the goal for him, but unfortunately, seems he forgot that regardless of how small a game odd is, the chances of the gambler winning is still less than 50 percent.

I agree with all you said except the last part. The chances of winning varies depends on the odds. In this case, since the odds are 1.01 then the chance of winning is more than 99% (which is, obviously, higher than 50%).

The 1.01 strategy is very common where gamblers try to make small wins with the lowest risk possible. In order to make a significant profit, you need to place many bets. This case proves that this strategy doesn't work.

[Ojima-ojo]

lol
It seems you’re still not familiar with the uncertainties of gambling because even with a football game at 70minutes, anything can still happen and there are games that results have change at the last minutes and that’s the wonders of gambling that makes it enticing and and even more competitive.


I never knew this topic is still active and this is a eye opener to slot of gamblers who gamble mostly on odds that even small odds can still loss and as such we should only gamble the amount we can afford to loss.

I understand perfectly well how uncertainty plays a significant role in the outcome and predictions of football match, but then also the level of the impact of any uncertain situation depends on the records and timings, let say a match that already have 2 goals to none in it 70 minutes, even if the defeated team should equalise in the said minutes it still won't change anything because the possibility for them to make the last 1 goal score with the remaining time is less and almost impossible.


Although I have experienced such situations where the team make multiple goals scores within the last few minutes or even in the extra time of the match, so only after the 90 minutes and the final whistle is blow that we can say that the did is done 100%.

[paxmao]

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

When sport bets is the game, most especially football regardless of the odds you have to depend on luck to win the bet, because the game can change at anytime, some of the time when such incidents of low odds selection leading to big lose happens I always check the level at which those games are played and when the time their take the bets.


Let say if the odds comes when the game is already at it halftime, or deep in the second half let say around 60 minutes into the game, that could help to increase the chances of winning such bet, but anything outside that ratio coming to stake such bet in the first half can be a big risk, so the bet was not well calculated.

lol
It seems you’re still not familiar with the uncertainties of gambling because even with a football game at 70minutes, anything can still happen and there are games that results have change at the last minutes and that’s the wonders of gambling that makes it enticing and and even more competitive.

I never knew this topic is still active and this is a eye opener to slot of gamblers who gamble mostly on odds that even small odds can still loss and as such we should only gamble the amount we can afford to loss.

Uncertainty is what keeps players active in gambling, it is the essence of it. I wonder how hooked you need to be to either not caring about 1 million - which is not that common even for the richer bit of people, or how bad is your case if you need to play that far to feel the thrill of the game. It is simply annoying that someone shall take it to that point.

[Mr.right85]

The 1.01 strategy is very common where gamblers try to make small wins with the lowest risk possible. In order to make a significant profit, you need to place many bets. This case proves that this strategy doesn't work.

Lowest risk possible really do apply in two ways which could either be,

Against the odds your wagering with or
The wager in itself.

Now, 1.01 odd is what you might consider a safe bet, a sure odd to produce good result and as such, the gambler choose to neglect the risk in the wager amount in $1.414m as the odds was already promising.
$14k is a good win when you wager within the range $100-$1000 and about that point.

What the gambler failed to put into comparison here is the risk to reward ratio. The gambler just don’t do the maths else, it was a reckless attempt given that, anything do happen in a game, not minding the odds.

[livingfree]

Team USA and Puerto Rico has got this odds for the Olympic's men's basketball. Someone who's got the balls betting with that much for this odd is going to think the same as if the game is already assured for Team USA.

I'd also go with that but I won't bet for that kind of money as it's life savings for the most of us. I'd rather choose something meaningful to invest with this money than to bet with almost assured matches.

Like we used to say, to bet with the amount that you can afford to lose. But with millions of money, majority of us can't afford that to lose, it'd make us crazy if we do.

[khaled0111]

What the gambler failed to put into comparison here is the risk to reward ratio. The gambler just don’t do the maths else, it was a reckless attempt given that, anything do happen in a game, not minding the odds.

Actually, it's all about the odds and how lucky you are.
It's just that most gamblers have this wrong idea that because the odds are extremely low (i.e 1.01), there is no chance they would lose their first bets. They also believe that if they lose a bet then the next one will be a guaranteed win.
Unfortunately, this is not how odds work especially that every bet is independent of the previous one.

[freedomgo]

Team USA and Puerto Rico has got this odds for the Olympic's men's basketball. Someone who's got the balls betting with that much for this odd is going to think the same as if the game is already assured for Team USA.

I'd also go with that but I won't bet for that kind of money as it's life savings for the most of us. I'd rather choose something meaningful to invest with this money than to bet with almost assured matches.

Like we used to say, to bet with the amount that you can afford to lose. But with millions of money, majority of us can't afford that to lose, it'd make us crazy if we do.

It makes sense that this long thread has been awaken now because of the game between USA and Puerto Rico, which has the same odds for Team USA. So it's not really impossible to lose, although the chance is very small. After seeing what happened, I think 1% profit is just too small to risk our money, even if the team is almost guaranteed to win. Maybe 1% is significant if we bet a big amount, like a $100k bet that would generate $1,000, but the big question is, are all of us willing to take the risk?

[Odusko]

The 1.01 strategy is very common where gamblers try to make small wins with the lowest risk possible. In order to make a significant profit, you need to place many bets. This case proves that this strategy doesn't work.

Lowest risk possible really do apply in two ways which could either be,

Against the odds your wagering with or
The wager in itself.

Now, 1.01 odd is what you might consider a safe bet, a sure odd to produce good result and as such, the gambler choose to neglect the risk in the wager amount in $1.414m as the odds was already promising.
$14k is a good win when you wager within the range $100-$1000 and about that point.

What the gambler failed to put into comparison here is the risk to reward ratio. The gambler just don’t do the maths else, it was a reckless attempt given that, anything do happen in a game, not minding the odds.

The problem with those gambler's that bet on that line is that, there must stake Hugh amount of money, because it is only with huge amount in stake that they could accumulate some level of profits if the bet turn out in they favour, because 1.01 odds is basically no profits and the merging of winning with such odds may seems high but the reality is that, every form of gambling is subject to risks which means anything can happen with the outcome, since it 100% unpredictable.

Gambling is one of those things that we shouldn't allow our greed to play Amy role in our decision, and we should accept the fact that gambling outcome are subject to luck, which means that, regardless of your level of expertise, you will still rely on your luck to be able to win anything at all, which is something that happen in this situation where the gambler lost huge amount from a bet that look very promising.

[rage_degen]

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?

Oh man. I think there is no point in over-analysing all of this. Poor guy just had a BAD DAY! Hahahaha

[REDice]

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?

betting 1.01 if the first bet all in thats called rigged and scam

[livingfree]

Team USA and Puerto Rico has got this odds for the Olympic's men's basketball. Someone who's got the balls betting with that much for this odd is going to think the same as if the game is already assured for Team USA.

I'd also go with that but I won't bet for that kind of money as it's life savings for the most of us. I'd rather choose something meaningful to invest with this money than to bet with almost assured matches.

Like we used to say, to bet with the amount that you can afford to lose. But with millions of money, majority of us can't afford that to lose, it'd make us crazy if we do.

It makes sense that this long thread has been awaken now because of the game between USA and Puerto Rico, which has the same odds for Team USA. So it's not really impossible to lose, although the chance is very small. After seeing what happened, I think 1% profit is just too small to risk our money, even if the team is almost guaranteed to win. Maybe 1% is significant if we bet a big amount, like a $100k bet that would generate $1,000, but the big question is, are all of us willing to take the risk?

The chance is very slim at all and everyone is having the same opinion on how that game is going to be. While if you are just gambling for the win and doesn't think much of the profit then bets and odds like this are for you.

But as for the example of betting huge with the lesser odds, it makes sense to have that profit margin with huge money at risk.

What we all don't know is if the result will be assured as it might be because as long as there's a chance of losing and that odd for the point of margin, you can't be sure but it's a case to case basis for each sport.

[pawanjain]

That must be ridiculous. Betting on odds lower than 1.01 is complete stupidity. The risk to reward ratio is terrible in this case.
We shouldn't bet lower than 1.5x because the returns are too low and the risk to lose our capital on such bets simply isn't digestible.
I can't imagine how hard that person must be feeling losing 1.4 million USD just to probably win an amount of 11.2k USD.

[bitbollo]

That must be ridiculous. Betting on odds lower than 1.01 is complete stupidity. The risk to reward ratio is terrible in this case.
We shouldn't bet lower than 1.5x because the returns are too low and the risk to lose our capital on such bets simply isn't digestible.
I can't imagine how hard that person must be feeling losing 1.4 million USD just to probably win an amount of 11.2k USD.

From my point of view, even a bet like this could be useful. Because if you have the right information, you can always monetize.
Of course...there is always a risk (unless a game as already ended). and of course is always better to focus in better odds better event.
Moreover anyone should refrain from such bets with high stakes, If people doesn't understand the risk it's much better don't try the luck...

[Slow death]

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?

Oh man. I think there is no point in over-analysing all of this. Poor guy just had a BAD DAY! Hahahaha

In cases like these, we need to discuss and find solutions so that people who intend to make these types of bets don't do it because they will realize that these types of bets are not profitable and have a high risk, even though people who like these types of bets think that there is no risk. So when a person is thinking about putting a lot of money on a bet with odds of 1.10 and reads everything that was posted in this thread, even if that person was convinced that they would be making a good choice by betting on the game with odds of 1.10, they will not bet when they read the comments that were posted in this thread.

Many times, people make bad decisions because they didn't have other advice to listen to, and this section has good advice, so we have to continue giving good advice. and about having a bad day, I think that was not the case for this person, he could continue making these types of bets with low odds, but it would be enough for him to lose one bet, something that would be inevitable for him to lose all his money. so he did not lose money due to bad luck or because he had a bad day, he lost money because he did not have knowledge and an effective strategy in sports betting

[virasog]

Let say if the odds comes when the game is already at it halftime, or deep in the second half let say around 60 minutes into the game, that could help to increase the chances of winning such bet, but anything outside that ratio coming to stake such bet in the first half can be a big risk, so the bet was not well calculated.

I would still not risk my money with the odd of 1.01 as here we have to invest a lot of money in order to get some good amount of money (profits). Since the returns here are less and the risk is less too but if unlucky the bet goes in the opposite direction, we will lose our bet amount and therefore it is not worth risking.

I think when you place a bet with any odds, higher or lower like 1.01 etc, you are risking money. So why risk in those bets where the return is not attractive?

[o48o]

Well, as much as I agree with you, I would still say that if he had won, the profit he would have made is not as decent compared to the amount of money that was astake, you should really think about this, what the gambler would have won is around $11,000 dollars, while the amount of money that was astake was 1.4 million, this is a foolish bet to be honest because I personally can not risk $1.4 million dollars for a mere $11,000.

But on the other hand, I perfectly understand why the gambler possibly took this bet, he probably thought it was a sure game, so making a quick $11k dollars was the goal for him, but unfortunately, seems he forgot that regardless of how small a game odd is, the chances of the gambler winning is still less than 50 percent.

But there are several pretty much guaranteed ways to make profit from $1.4 million. They might not be instant, but if you want make $11k cash fast, just freaking take it out from that $1.4M and invest rest of it to something relatively safe, and prefereably to something that gives you dividends. Then just wait for a while.

That way one wouldn't put whole investment in danger, because most investment opportunities out there wouldn't include the tiny risk of losing everything over night. In investment world there are regulations to protect investors. And i am not talking about crypto investments here.

[pawanjain]

That must be ridiculous. Betting on odds lower than 1.01 is complete stupidity. The risk to reward ratio is terrible in this case.
We shouldn't bet lower than 1.5x because the returns are too low and the risk to lose our capital on such bets simply isn't digestible.
I can't imagine how hard that person must be feeling losing 1.4 million USD just to probably win an amount of 11.2k USD.

From my point of view, even a bet like this could be useful. Because if you have the right information, you can always monetize.
Of course...there is always a risk (unless a game as already ended). and of course is always better to focus in better odds better event.
Moreover anyone should refrain from such bets with high stakes, If people doesn't understand the risk it's much better don't try the luck...

That's what am saying right. It's the risk to reward ration that people need to know before placing any bet.
If the person has some information which would result in winning the bet then it's more of an advantage to him.
It indirectly lowers the risk yet we should always acknowledge what we are going for.