Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 19.

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Quote from: khaled0111 on March 30, 2023, 06:56:16 PM

Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

It's obvious that he didn't. The most important thing in risk management is to know how to manage your bankroll. Can you imagine how much money you need to have to be able to place a bet of 1.4 million dollars on 1.01 odds without affecting your bankroll. You will need billions of dollars so you can recover such loss (supposing you are too lucky).
Regardless of the cause (gambling addiction, being reckless..), that gambler took a huge risk and he lost, that's it.

I can agree with what you say, but maybe he is a billionaire and then losing 1.4 million is peanuts for him. Money management is indeed crucial but far from easy also. It just also shows that there are no real sure bets and that it is never a good idea to bet on such low odds.

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Quote from: Wiwo on March 30, 2023, 01:55:58 PM

Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

I will advise you never to take the member's comment seriously as he failed to share any extra information or site to support his claims about the condition of the gamblers who lost that amount on a bet.

-As far as I can guess, the gambler may have weight all the possible risks and decided to take it but funny enough he was not that lucky to have lost such a sure bet.

Yes, that's true because some people here sometimes misunderstand some threads so they comment with their own arguments, so let's just understand their replies.

Of course, every gambler has thought of all the risks they will take. It's just that gamblers sometimes have goals that don't match their own plans.
For example, the gambler bets a sports bet of $ 1 even though it is a very big risk, but the gambler is sure with his thoughts that he will definitely win in that match, but in the end it is not what he thinks and in the end he loses.
So in this case all gamblers will definitely consider all the risks, but it's just that sometimes luck will decide.

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Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

It's obvious that he didn't. The most important thing in risk management is to know how to manage your bankroll. Can you imagine how much money you need to have to be able to place a bet of 1.4 million dollars on 1.01 odds without affecting your bankroll. You will need billions of dollars so you can recover such loss (supposing you are too lucky).
Regardless of the cause (gambling addiction, being reckless..), that gambler took a huge risk and he lost, that's it.

Mahanton

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Quote from: Raflesia on March 30, 2023, 04:17:10 PM

Quote from: piebeyb on March 28, 2023, 04:38:23 AM

all bets always have a risk but indeed most sports bets are better than casinos, the difference is that sports rely on analysis and also luck, but playing casino only relies on luck alone, that's why playing casino is more risky than sports betting but again that every bet is always have a risk

What you say in this case is true, but for matters of luck in the casino, there are also those who prioritize strategy, in fact, just an example for Blackjack.
On the other hand, why sportsbooks are better is because in this case we know that sportsbooks are more concerned with research and looking at the performance of the odds at stake, even though some accidents do happen, but mostly if we can research further, like in a football match where the performance of both is clear be a benchmark so that this can be used as a reference.
Talking about real risks, all actions have risks, but when we become gamblers, of course we have to be aware of this so we know what will happen if we lose the game.

Luck would be always the main factor whether you do win or lose a game and if a certain moment on which luck isnt on your side, then you would definitely lose up a game no matter what how one sided it would be.
We know that upsets and comebacks could really happen in sports world on which there's no way that we could really tell a 100% sure winning game.This is why on the time you do make out huge
bets then it would really be ideal that you should only bet on the amount which you can afford to lose and never ever tend to go into those border lines on where
you do make out some all in.

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Quote from: piebeyb on March 28, 2023, 04:38:23 AM

all bets always have a risk but indeed most sports bets are better than casinos, the difference is that sports rely on analysis and also luck, but playing casino only relies on luck alone, that's why playing casino is more risky than sports betting but again that every bet is always have a risk

What you say in this case is true, but for matters of luck in the casino, there are also those who prioritize strategy, in fact, just an example for Blackjack.
On the other hand, why sportsbooks are better is because in this case we know that sportsbooks are more concerned with research and looking at the performance of the odds at stake, even though some accidents do happen, but mostly if we can research further, like in a football match where the performance of both is clear be a benchmark so that this can be used as a reference.
Talking about real risks, all actions have risks, but when we become gamblers, of course we have to be aware of this so we know what will happen if we lose the game.

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Quote from: gunhell16 on March 29, 2023, 01:06:51 AM

Quote from: piebeyb on March 28, 2023, 04:38:23 AM

Quote from: Jossque on March 27, 2023, 06:50:37 PM

Quote from: coinerer on March 27, 2023, 05:40:44 PM

No one can ever guarantee winning in gambling so one should always bet according to one's ability. Don't bet on greed or high amount with guarantee of any result. If it is lost, there will be a big loss. As happened in op's story. I have also lost bets at small odds a few times. So gambling should always be done with small amounts and should be used as fun so that losses do not cause major losses. So I mostly bet on sports because it is highly predictable

Betting on soccer or any other sport is always the same. There is always the possibility of losing. Like you, I have also experienced a slight loss in my time and learned my lesson. For this reason, I started to do risk management well. Yes, betting is a job of skill and experience, but it should not be forgotten that this is also a labor-intensive job. You analyze the matches, you even look at which players are injured and which ones are playing. Sometimes you even look at the weather, which way the wind is blowing. I have even taken bets thinking about these things. But now I play for pleasure and I don't play seriously as often as I used to. This shows that my losses are not so much.

all bets always have a risk but indeed most sports bets are better than casinos, the difference is that sports rely on analysis and also luck, but playing casino only relies on luck alone, that's why playing casino is more risky than sports betting but again that every bet is always have a risk

It is indeed that all gambling has a lot of risks, though I never try to play on Sportsbet instead I almost often play at casino slot games.
And each round of the games always depends if we are lucky or not.

Which means that winning here most likely depends on luck but not on skills, isn't that right? This was what I experienced most of the time here in crypto gambling.

In games such as casino, slots, crash, your risk of losing is higher than in sports betting, it all depends on what kind of luck you have and your game strategy. It is important to remember that the winnings are higher and the risk is higher in such games. You need to develop a certain strategy here, and this strategy is different in every game. In sports betting, you don't need to make such a strategy, you need more analysis and experience. That's why I prefer sports betting, at least you don't lose your money in an instant.

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Quote from: Odusko on March 29, 2023, 05:32:08 PM

Sincerely speaking, I don't see any lesson to be learned from all of this situation because the gambler failed in all ways, and since he failed to make an in-depth analysis of the game before following the odds to bet such a huge amount of bet it shows a high control of external forces such as addiction and other gambling disabilities.
So at that, I don't see any lesson to be learned from ops situations unless we learn not to act wired and out of control even though we have access to large funds.

I think there are always lessons which can be learned, especially when so much money was lost, the gambler in question made such a bet because they thought it was a sure thing and it was impossible for the team on the lead to lose, however we must never forget that if the results on a sport match were already decided we will not be as interested on sports as we are, we sometimes forget that anything can happen and even an underdog can still win even on the most adverse of conditions, and when we are making our bets we must never forget about this fact, or something similar could happen to us one day.

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Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

I will advise you never to take the member's comment seriously as he failed to share any extra information or site to support his claims about the condition of the gamblers who lost that amount on a bet.

-As far as I can guess, the gambler may have weight all the possible risks and decided to take it but funny enough he was not that lucky to have lost such a sure bet.

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Quote from: Myleschetty on March 30, 2023, 01:41:42 PM

Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

Quote from: Myleschetty on March 28, 2023, 05:39:29 PM

Quote from: RILWAN on March 27, 2023, 03:55:56 AM

The player was confirmed to have had a past history of gambling addiction and has wasted much more amount than the 1.4 million dollars in the last loss, but then I wondered why he is still having access to such huge funds when their knows he has a gambling problem, it shows the have not been proper rehabilitation for the ops.

No wonder and what you said here explains the main reason why he made the silly bet without risk management because only a gambling-addicted person would go that big on a game.

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

Even if the person is a Millionaire or Billionaire he still didn't apply risk management when he makes the bet and no matter how wealthy he was losing 1.4 million USD in just a few minutes is never a good decision. If you read what the above user said he was gambling addicted.

Well, I have never come across someone who decide to just lose money, most especially in gambling/betting, it is absolutely certain that the man in this story didn't just wake up and decide to lose $1.4 million dollars, if you study this bet closely, like I've said before, you would discover that the victim here assumed this to be a sure bet for him, this is why he decide to bet in such a huge amount of money, in hopes of making as much profit as possible.

This type of situation is something that have happened to several gamblers out there, or will/can happen to anyone, something like this have happened to me last year during Qatar 2022 world cup, when Argentina and Saudi Arabia meet, majority of gambler believed Saudi to be the weaker team and assumed there was no way they can beat Argentina, I went all in on Argentina but to my greatest surprise, Argentina lost to Saudi, and I lost my money - I believe this is exactly the same thing that happened to this gambler.

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Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

Quote from: Myleschetty on March 28, 2023, 05:39:29 PM

Quote from: RILWAN on March 27, 2023, 03:55:56 AM

The player was confirmed to have had a past history of gambling addiction and has wasted much more amount than the 1.4 million dollars in the last loss, but then I wondered why he is still having access to such huge funds when their knows he has a gambling problem, it shows the have not been proper rehabilitation for the ops.

No wonder and what you said here explains the main reason why he made the silly bet without risk management because only a gambling-addicted person would go that big on a game.

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

Even if the person is a Millionaire or Billionaire he still didn't apply risk management when he makes the bet and no matter how wealthy he was losing 1.4 million USD in just a few minutes is never a good decision. If you read what the above user said he was gambling addicted.

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Quote from: RILWAN on March 29, 2023, 05:48:37 PM

Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

Quote from: Myleschetty on March 28, 2023, 05:39:29 PM

Quote from: RILWAN on March 27, 2023, 03:55:56 AM

The player was confirmed to have had a past history of gambling addiction and has wasted much more amount than the 1.4 million dollars in the last loss, but then I wondered why he is still having access to such huge funds when their knows he has a gambling problem, it shows they have not been proper rehabilitation for the ops.

No wonder and what you said here explains the main reason why he made the silly bet without risk management only a gambling-addicted person would go that big on a game.

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

If there was risk management the gambler could have not to plugged such an amount on a low odds such as that considering the amount in total winning of the bet could have won, but unfortunately for him, he lost the bet and thereby lose all the money.

Until we hear from the horses mouth, we can ascertain or conclude that there was no risk management, for all I know, risk management is different for every body, there is no concrete laid out standard we all must follow in terms of managing risk, most especially, when it comes to finance, amount of money one can let go in a wager..

This is most especially because, we all are not rich equally, you might not have alot of money, and because of this, loosing a very small amount of money might be a big problem for you, but then, there is this guy who has a lot of money, and could loose a million dollar in a bet and won't feel or see it as a problem - this is how risk management differs for each and every one of us.

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Quote from: Lucasgabd on March 29, 2023, 07:20:01 AM

Quote from: Myleschetty on March 28, 2023, 05:39:29 PM

Quote from: RILWAN on March 27, 2023, 03:55:56 AM

The player was confirmed to have had a past history of gambling addiction and has wasted much more amount than the 1.4 million dollars in the last loss, but then I wondered why he is still having access to such huge funds when their knows he has a gambling problem, it shows they have not been proper rehabilitation for the ops.

No wonder and what you said here explains the main reason why he made the silly bet without risk management only a gambling-addicted person would go that big on a game.

By the way
How do you know the gambler didn’t use risk management
I know it is unlikely (but not impossible!) that this person has many millions or even billions of dollars and this loss represent just a small % of their fortune

If there was risk management the gambler could have not to plugged such an amount on a low odds such as that considering the amount in total winning of the bet could have won, but unfortunately for him, he lost the bet and thereby lose all the money.

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Quote from: piebeyb on March 28, 2023, 04:38:23 AM

Quote from: Jossque on March 27, 2023, 06:50:37 PM

Quote from: coinerer on March 27, 2023, 05:40:44 PM

No one can ever guarantee winning in gambling so one should always bet according to one's ability. Don't bet on greed or high amount with guarantee of any result. If it is lost, there will be a big loss. As happened in op's story. I have also lost bets at small odds a few times. So gambling should always be done with small amounts and should be used as fun so that losses do not cause major losses. So I mostly bet on sports because it is highly predictable

Betting on soccer or any other sport is always the same. There is always the possibility of losing. Like you, I have also experienced a slight loss in my time and learned my lesson. For this reason, I started to do risk management well. Yes, betting is a job of skill and experience, but it should not be forgotten that this is also a labor-intensive job. You analyze the matches, you even look at which players are injured and which ones are playing. Sometimes you even look at the weather, which way the wind is blowing. I have even taken bets thinking about these things. But now I play for pleasure and I don't play seriously as often as I used to. This shows that my losses are not so much.

all bets always have a risk but indeed most sports bets are better than casinos, the difference is that sports rely on analysis and also luck, but playing casino only relies on luck alone, that's why playing casino is more risky than sports betting but again that every bet is always have a risk

The thing that has more risk also has more profit. A casino game takes a few seconds to a few minutes to complete so many bets can be made in a casino in less time but a match in sportsbet takes hours to finish and not always sports because it starts on a specific date and time. But the casino can be played 24 hours a day. So for someone sports are very popular for betting and for many casino games are very popular. there is no guarantee that everyone will like the same thing

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Quote from: Hirose UK on March 29, 2023, 09:07:51 AM

Quote from: RILWAN on March 29, 2023, 07:19:36 AM

We know how tough it is to lose money and this gambler has lost quite a good sum of money which resulted in a bad experience for the ops, but the way things went was the gambler lost 1 4 million dollars this is an indication of either being rich or addicted

Some gamblers will use all bad experiences for learning so that in the future they will not repeat the mistakes they have experienced, but some consider bad experiences as a form of bad luck and ignore it so that it is likely that in the future they will experience it again sometime.
Addiction can occur and be experienced by anyone, not knowing rich gamblers or small gamblers, and gambling addiction can destroy anyone who experiences it.
It is important for gamblers to always think of other things that can improve their lives so they don't become gambling addicts.

Sincerely speaking, I don't see any lesson to be learned from all of this situation because the gambler failed in all ways, and since he failed to make an in-depth analysis of the game before following the odds to bet such a huge amount of bet it shows a high control of external forces such as addiction and other gambling disabilities.
So at that, I don't see any lesson to be learned from ops situations unless we learn not to act wired and out of control even though we have access to large funds.

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Quote from: wiss19 on March 29, 2023, 11:53:52 AM

Although, one can argue that sports betting is more skills or experience based than luck. The reason for that is that you need to evaluate the past results, stats, outcomes, and the current situations, players, teams, venues, etc. and then decide based on all that. So even though the end result might differ based on luck, the chances of winning are higher if you have experience about a game you are betting on.

From those basis you can pick the team or players that you think have the upper hand not entirely relying with luck but you are collecting information to give your bet a better chance of winning. But still, there's no guarantee as changes might happen when you are watching the actual games, things like injuries and other a like factors that affect the possible outcome.

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Quote from: GigaBit on March 29, 2023, 01:28:11 PM

Quote from: wiss19 on March 29, 2023, 11:53:52 AM

Quote from: Hamphser on March 29, 2023, 06:10:29 AM

We know that gambling games could really be categorized in two different types.

1. Skill based
2. Luck based

You would be able to determine which thing you would really be needing specially when you are doing sportsbet.You would be needing that analysis and knowledge towards teams and a certain player
when it comes to stats and game history which is something that you couldnt really be able to get when you do play slots and dice games online. This is why it would really be falling or actually be depending on someones preference if we do speak about game selection.Some do focus on luck ones because it is more entertaining but there are ones who do prefer on something which they could really be
having the edge for them to win.

If you talk about games in gambling, there aren't really a lot of skill-based games in gambling, and most of them are based on luck, maybe you can use a bit of skill in poker but luck is still there since the cards are not decided based on skills but it is based on your luck. So it won't be wrong if we simply say that gambling games are mostly luck-based.

Although, one can argue that sports betting is more skills or experience based than luck. The reason for that is that you need to evaluate the past results, stats, outcomes, and the current situations, players, teams, venues, etc. and then decide based on all that. So even though the end result might differ based on luck, the chances of winning are higher if you have experience about a game you are betting on.

Gambling requires both luck and skill in some cases. But we know that winning in gambling is uncertain and therefore depends on luck. Since no one can ever predict what is going to happen in the future, it is all about luck. But you can't put skills aside. Because skill will help bring your destiny closer. In sports betting, if one does not have a good idea about the player, chance of winning is less and the gambler who has a good idea about each team and their performance will increase their chance of winning. Gambling with a combination of luck and skill can expect relatively positive results.

When it comes to gambling then we do know that luck is a huge and main factor if we do speak about gambling where it is really that mainly needed for us to win.We know that it isnt really that
much ideal if you do force up to win speaking with gambling which we know the odds of winning is really that slim.If we do speak about sports betting then just like been mentioned
no matter how low the odds of losing, theres always a chance of losing no matter what.If you do make out some big bets and going that all in then you do know
on what would happen if that one turns out to be a lost.

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Quote from: wiss19 on March 29, 2023, 11:53:52 AM

Quote from: Hamphser on March 29, 2023, 06:10:29 AM

We know that gambling games could really be categorized in two different types.

1. Skill based
2. Luck based

You would be able to determine which thing you would really be needing specially when you are doing sportsbet.You would be needing that analysis and knowledge towards teams and a certain player
when it comes to stats and game history which is something that you couldnt really be able to get when you do play slots and dice games online. This is why it would really be falling or actually be depending on someones preference if we do speak about game selection.Some do focus on luck ones because it is more entertaining but there are ones who do prefer on something which they could really be
having the edge for them to win.

If you talk about games in gambling, there aren't really a lot of skill-based games in gambling, and most of them are based on luck, maybe you can use a bit of skill in poker but luck is still there since the cards are not decided based on skills but it is based on your luck. So it won't be wrong if we simply say that gambling games are mostly luck-based.

Although, one can argue that sports betting is more skills or experience based than luck. The reason for that is that you need to evaluate the past results, stats, outcomes, and the current situations, players, teams, venues, etc. and then decide based on all that. So even though the end result might differ based on luck, the chances of winning are higher if you have experience about a game you are betting on.

Gambling requires both luck and skill in some cases. But we know that winning in gambling is uncertain and therefore depends on luck. Since no one can ever predict what is going to happen in the future, it is all about luck. But you can't put skills aside. Because skill will help bring your destiny closer. In sports betting, if one does not have a good idea about the player, chance of winning is less and the gambler who has a good idea about each team and their performance will increase their chance of winning. Gambling with a combination of luck and skill can expect relatively positive results.

wiss19

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Quote from: Hamphser on March 29, 2023, 06:10:29 AM

We know that gambling games could really be categorized in two different types.

1. Skill based
2. Luck based

You would be able to determine which thing you would really be needing specially when you are doing sportsbet.You would be needing that analysis and knowledge towards teams and a certain player
when it comes to stats and game history which is something that you couldnt really be able to get when you do play slots and dice games online. This is why it would really be falling or actually be depending on someones preference if we do speak about game selection.Some do focus on luck ones because it is more entertaining but there are ones who do prefer on something which they could really be
having the edge for them to win.

If you talk about games in gambling, there aren't really a lot of skill-based games in gambling, and most of them are based on luck, maybe you can use a bit of skill in poker but luck is still there since the cards are not decided based on skills but it is based on your luck. So it won't be wrong if we simply say that gambling games are mostly luck-based.

Although, one can argue that sports betting is more skills or experience based than luck. The reason for that is that you need to evaluate the past results, stats, outcomes, and the current situations, players, teams, venues, etc. and then decide based on all that. So even though the end result might differ based on luck, the chances of winning are higher if you have experience about a game you are betting on.

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Quote from: RILWAN on March 29, 2023, 07:19:36 AM

We know how tough it is to lose money abd this gambler has lost quite a good sum of money which resulted in a bad experience for the ops, but the way things went was the gambler lost 1 4 million dollars this is an indication of either being rich or addicted

Some gamblers will use all bad experiences for learning so that in the future they will not repeat the mistakes they have experienced, but there are some who consider bad experiences as a form of bad luck and ignore it so that it is likely that in the future they will experience it again sometime.
Addiction can occur and be experienced by anyone, not knowing rich gamblers or small gamblers, and gambling addiction can destroy anyone who experiences it.
It is important for gamblers to always think of other things that can improve their lives so they don't become gambling addicts.

traderethereum

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Quote from: Dunamisx on March 29, 2023, 08:18:46 AM

Quote from: RILWAN on March 29, 2023, 07:19:36 AM

We know how tough it is to lose money abd this gambler has lost quite a good sum of money which resulted in a bad experience for the ops, but the way things went was the gambler lost 1 4 million dollars this is an indication of either being rich or addicted

Not only that, it could have resulted from stolen funds a well, which in this case can be clearly stated that the money has gone back to where it comes from, it may actually be a public fund, except if this gambler is that very rich to have afforded to use that huge amount of money on gambling at once, as for me i can't do that because it has alot of risk, not until you win in gambling you will always stand a chance of loosing, he would have learnt his lesson actually and probably this time in a harsh way, money used for gambling are irreversible.

Everything is possible because we also don't know where he got his money from.
And with that money out of the way, let's hope he realizes what he's doing and if it's coming from a public fund, he shouldn't be using it for gambling.
But we shouldn't imitate what he did by gambling with big money because the risk of losing will also be great and there will be temptations that can make us increase our bets just to chase victory.
And it's not worth doing because, with that much money, we can use it for many things that might be more useful for us.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 19. (Read 8226 times)