Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 17. (Read 6572 times)

The amount he risked gambling is ridiculous, honestly I can't do what he did. With 1.4M$ bett I can live a simple life to be honest.
I already have a nice house and lot, a nice car and businesses and lands that can be turned into farms. To him it's like nothing and he is not affected if he loses. It seems that he really knows what risk he is taking.

Although I won't deny the possibility that this news was originally shared in order to exploit psychological flaws and encourage people to think about gambling and, therefore, gamble more, I don't think that it is just a fabrication. It is improbable, but possible, that this kind of big wins and losses happen from time to time, specially taking into account that a few millionaires like to gamble ridiculously high amounts of money for the shake of fun.

Here is an example that changed my mind and may help you change yours too: I used to consider that reality shows were totally orchestrated, scripted, until I realised that, if I was the manager of the television producer, it would be much easier for me to find people who already were the way I wanted, rather than hire actors to perform the way I wanted.

That said, it is much easier to find a unique case of a 1.4 million loss in order to create a discussion on gambling, rather than "fabricate" it to encourage discussion.

The amount he risked gambling is ridiculous, honestly, I can't do what he did. With 1.4M$ bett I can live a simple life, to be honest.
I already have a nice house and lot, a nice car and businesses and lands that can be turned into farms. To him, it's like nothing and he is not affected if he loses. It seems that he really knows what risk he is taking.

The amount he risked gambling is ridiculous, honestly I can't do what he did. With 1.4M$ bett I can live a simple life to be honest.
I already have a nice house and lot, a nice car and businesses and lands that can be turned into farms. To him it's like nothing and he is not affected if he loses. It seems that he really knows what risk he is taking.

This could be as a result of gambling addiction that might have eaten up some gamblers mindset in believing that they are supposed to do everything in there best to make sure that they win a bet without considering the risks that could be attached to that kind of gambling. We need to be wise so that we are not going to fall in such a big trouble of losing that kind money that could make us go to jail if it was not our money. The risk is gambling unnecessarily may not be visible to us until we are in it and see the result ourselves.

And sometimes, I really do agree that life, truly is unfair, look at the amount of money individuals gamble away, meanwhile, in several parts of the world, there are many people that can not afford 2 square meal per day not to talk of three which is the approved standard.

Not me saying people shouldn't spend their hard earned money in a way or things that makes them happy, but then, I just can't take my mind off the less privileged people, when ever I see money being wasted.

Surely, 1.4 million bucks could offer a cozy existence; still, it's all about the way we spend it! Money isn't just some object – it mirrors our core beliefs. When we amass riches, we're on the hook for how we splurge. I reckon gambling is a bad move, even for the loaded. People gotta understand that gambling ain't an investment – it's a thrill ride that can nosedive real fast.

I propose we switch gears from hoarding dough to generating value. When we concentrate on value creation, we forge a life purpose, and that might lead to big bucks. We oughta also pay attention to our shopping sprees and dodge materialism. Instead, let's drop our cash on experiences that boost our growth and bond us to others. To wrap it up, money ain't the dream – it's just the ticket to a life that matters.

This is, not the first time someone is losing a big amount t to gambling, I have heard the history of others who sold their houses and cars and all gambled them away, this is a normal case of gambling addiction and we should get used to seeing such big lose from time to time.

Agree with this, because of course as gamblers we also definitely understand what loss is and good financial management so that when talking about big bets, there are definitely a number of things to consider and it could be the result of previous profits or indeed the money that he has set aside for fun even though it is a large nominal but when he is able to earn more than that then indeed it will not mean anything.
I take the example of the drake in this regard, because indeed he also always makes big and quite astonishing gambles, but with the income he earns that kind of money is nothing to him even though for us it could even sustain the life of several generations.

In fact, those who bet such large amounts are usually not a average gamblers. They certainly have a big earning source. That may be one of his smaller bets that has been revealed. Moreover, if that person had won that particular bet, it would not have been revealed. He knew very well that there could be a loss in gambling but the chance was very low at that particular bet probably that man takes the bet according to this thought. After all he was a experienced gambler and as a gambler perhaps he had no regrets.

Having 1.4 million for most people living in developing countries or other countries can guarantee our life will be comfortable. But if we use that money for things that are not important, we will not be able to get it. So if we have that much money, it's better for us to use it for the things needed in our life and not for gambling.

And even though people who gamble are rich, they should not use big money to gamble even though they are still rich. But we also can't forbid them to use big money to gamble because it is their money and it seems they understand the consequences of using big money to gamble. We have to learn from that person's defeat so that it doesn't happen to us in the future, especially when we start to have a lot of money.

We won't be having this discussion right now if this person won the bet, I don't feel sorry for him because he was ready to lose the money, every one percent chance of winning a gamble doesn't clarify the winning, also it's hard to believe that this person is someone who is been greedy, he is rich because the money he lost is enough to change the life of many, he won't dare throw that away to gambling if he has no other big money like what he lost.

I disagree. Gambling is always risky even when you are gambling with a 99% win rate since you will eventually encounter the 1% loss due to the house edge which would blow your funds just like that.

Investing in government instruments like fixed deposits etc are always a lot safer in comparison.

The gambler's mistake is greed, and seeing a profit of 0.5℅-1℅ is small. Even consider it a loss. If only they could think of taking small profits and playing in games with small risks. In fact, gambling can have higher interest than any financial instrument. But back again. The mindset of people is different

To me this is absolute stupidity and waste of resources. For God sake, how on earth can you use $1.4m on 1.008 odd? What do you intend to gain? Don't tell me betting is about fun and pleasure. The person must be a psycho else no sane human will do such with that kind of money. If he's tired of possessing the money, he should have given it out to orphanage or better still invest in something meaningful. Buying Bitcoin with such amounts will change his life for better in the future. There's no argument that will justify and convince me of his gaffe.

What the heck are you talking about? There are plenty of rich gamblers out there who regret gambling thanks to their crazy losses and some of them even take extreme steps in order to try and recover their losses.

I know some of them whose lives changed drastically because of those decisions. Think!

If this story is fiction that was deliberately made up by a casino, why does the story have to be this dramatic, at least the story will be different. for example, a gambler won a bet with a nominal value of $ 1.4 million with a small capital. that way, it will trigger gamblers to try to get the same luck.

After all, the essence of the story the OP shared in this thread is the message between the lines. that said, there are no easy bets, even lower odds always have risks. which means, nothing is without risk in every bet even though the probability that we have is very high. well, actually you can learn the contents of this story, or try to research it. In the link the OP shared, a guy bets $1.4 million at odds @1.01. which means, the guy has a high probability of winning in his betting session with 99% win. unfortunately, in that link, the previously unseeded team was able to make an epic comeback. in the end, the man lost the money he gambled.

Well, in a sports match is it natural for a strong team to have the potential to be conquered by a weaker team, as happened in this man's case. So, regardless of whether it's true or not. the important point, the essence of what the OP conveyed. he advised, to be careful when making bets even though low odds have a high probability of winning. however, there will always be risks.

What the heck are you talking about? There are plenty of rich gamblers out there who regret gambling thanks to their crazy losses and some of them even take extreme steps in order to try and recover their losses.

I know some of them whose lives changed drastically because of those decisions. Think!

I always salute rich gamblers because they are able to accept all the risks of losing money just to gamble.
But this risk will pay off or be commensurate if you manage to get a win, which of course will be even bigger.