Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 2. (Read 8226 times)
September 03, 2024, 09:51:41 AM
I know I’ve commented on this before but it’s actually crazy to think about. Had that gambler put the money in a savings account he could’ve earned so much more than 1%. I couldn’t imagine taking such a huge risk for such a low reward. This is the kind of thing that makes people say that a fool and their money are quickly parted.
September 03, 2024, 09:37:30 AM
I've seen many 1.01 odds bets lose recently. Specifically football (soccer) matches ending 0-0 when the odds for over 0.5 goals is 1.01. I don't see a point of placing these other than chasing VIP tiers and bonuses.
Any Odd can be a loss in cricket or football sports as anything can happen at any time and no team's win can ever be guaranteed here. Every game of gambling has such risks, not just in sports. this is why you should not gamble any amount that you cannot afford to lose. Because sometimes despite your confidence you may lose the bet. as in op's shared history. $1.4m is no small amount. so such an amount should never be placed in a single bet. 
September 03, 2024, 08:29:40 AM
I've seen many 1.01 odds bets lose recently. Specifically football (soccer) matches ending 0-0 when the odds for over 0.5 goals is 1.01. I don't see a point of placing these other than chasing VIP tiers and bonuses.
True, but if you're willing to risk a lot of money, then the profit, coupled with high probability of win, can become quite attractive.
For the $1.4m the guy in the OP had bet, he could've gotten $14,000 win in a space of probably few minutes. I'd be guessing he had done it at least once or twice before, was successful and got overly confident.
This topic was started in Jan 2023, maybe it's time just to let it die. I'm sure there were plenty of other bad losses since then we could comment on instead.
September 02, 2024, 09:57:48 PM
I've seen many 1.01 odds bets lose recently. Specifically football (soccer) matches ending 0-0 when the odds for over 0.5 goals is 1.01. I don't see a point of placing these other than chasing VIP tiers and bonuses.
September 02, 2024, 06:08:01 AM
Yes, maths says so. But after calculation i watched some matches with odds between 1.03 and 1.1. All the teams won their games but i can say that without some analyze i can`t say that it looks like guaranteed victory.
PS. I will try later with some small enough some and will try to calculate everything. I think it would be interesting.
Alot have to be considered before making such a decision to bet on low odds for a year cycle hoping to accumulate either 10% profits or anything close to that as in profits, and we should also avoid making it look as if because a game have low odds that increases the tendency of their winning, sometimes the case is just different and you won't know what happened the bet is already list , just like in the case with the gambler in this discussion, he made such a wooping stake because he believes that with the low odds he may be having a sure predictions not knowing that he gona lose regardless, and that is what have him the hope and motivation to stake such huge amount of money on that bet, if going for low odds make you win, then every sport bettors will always be on the winning side since basically they will just be picking all the games with low odds and by the time the accumulate at least 10-20 games with such low odds, they will be in a better position to win the bet, but it not so and that doesn't work all the time.PS. I will try later with some small enough some and will try to calculate everything. I think it would be interesting.
Although using such methods may slightly increase your chances of winning but not giving you just a straight winning as you guy's may think it will, games are most time based on luck and once you have your lucky day no matter how poor your analysis of the team are and your games selected, you eventually will still win regardless.
Yes, maths says so. But after calculation i watched some matches with odds between 1.03 and 1.1. All the teams won their games but i can say that without some analyze i can`t say that it looks like guaranteed victory.
PS. I will try later with some small enough some and will try to calculate everything. I think it would be interesting.
Indeed maths says so but the reality may be different and this has lured many into deception and the end is always a regret.PS. I will try later with some small enough some and will try to calculate everything. I think it would be interesting.
My concern here is that it is interesting if one has that low odds with a higher chance of winning, but are people considering the possibility of losing as well? An unforeseen circumstance can happen with a high chance of winning, that is why it's smart to also consider the management of the risk we are talking about. I don't see anything smart in going for the high odds with a huge risk, it will take a whole lot of time and tries before the gambler will recover such risk, that's if the subsequent bets are all positive winning streaks for him. How encouraging is that? For this, this kind of risk has no other interpretation but senseless, betting your money on what will take you more than 100 times of similar betting to recover your money back can never be wise.
September 02, 2024, 04:33:18 AM
If he has an opportunity to make 10 such bets per day, he can get 10% profit per day. I don`t think that you can get such profit with such risk anywhere. It is possible that he make some bets for a year and we just don`t know about it. In such situation he easily can lose several bets. I looked odds today - it is not a problem to get 10 bets. A problem is to get $1mln. But if we increase our bet every day for 10%(yesterday win) after the month of betting we increase our deposit 17 times.
PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
No you can't, not that fast, but that's only because in this way you would get it by risking whole initial bet. And by doing that 10 times in a row you also increase your changes for losing to that 10%. So you might as well do one 1.1 bet and outcome and odds to win would be identical.PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
And with those safer ways like with (legit) banks that offer annual interest; they have safeguards in place as they won't be gambling with your money.
PS. I will try later with some small enough some and will try to calculate everything. I think it would be interesting.
My concern here is that it is interesting if one has that low odds with a higher chance of winning, but are people considering the possibility of losing as well? An unforeseen circumstance can happen with a high chance of winning, that is why it's smart to also consider the management of the risk we are talking about. I don't see anything smart in going for the high odds with a huge risk, it will take a whole lot of time and tries before the gambler will recover such risk, that's if the subsequent bets are all positive winning streaks for him. How encouraging is that? For this, this kind of risk has no other interpretation but senseless, betting your money on what will take you more than 100 times of similar betting to recover your money back can never be wise. 
September 01, 2024, 02:22:47 PM
If he has an opportunity to make 10 such bets per day, he can get 10% profit per day. I don`t think that you can get such profit with such risk anywhere. It is possible that he make some bets for a year and we just don`t know about it. In such situation he easily can lose several bets. I looked odds today - it is not a problem to get 10 bets. A problem is to get $1mln. But if we increase our bet every day for 10%(yesterday win) after the month of betting we increase our deposit 17 times.
PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
No you can't, not that fast, but that's only because in this way you would get it by risking whole initial bet. And by doing that 10 times in a row you also increase your changes for losing to that 10%. So you might as well do one 1.1 bet and outcome and odds to win would be identical.PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
And with those safer ways like with (legit) banks that offer annual interest; they have safeguards in place as they won't be gambling with your money.
PS. I will try later with some small enough some and will try to calculate everything. I think it would be interesting.
Although using such methods may slightly increase your chances of winning but not giving you just a straight winning as you guy's may think it will, games are most time based on luck and once you have your lucky day no matter how poor your analysis of the team are and your games selected, you eventually will still win regardless.
September 01, 2024, 12:42:04 PM
Money laundering cases are not always about the large amounts you are talking about - they can be lower [$1,000 - $10,000], but these users do it as often as possible. Casino abuse for money laundering purposes is not always detected - as a result the government requires these casinos to implement KYC although it does not completely prevent abuse.
Yes, they deposit small amounts to avoid suspicion of money laundering from the casino, the trick of depositing varying amounts under $5k regularly can trick the casino into breaking casino rules and maybe they deliberately spend $500-$1k on random bets to pose as active gamblers, maybe they use this trick often after they deposit the funds into a gambling account.Quote
Users whose goal is to launder money in casinos have basically considered the consequences. They know what the risks are if the casino detects their account activity - but it is not uncommon for their efforts to be successful and smooth. This is the same as those who abuse exchange for money laundering cases.
They are ready to lose funds if the casino finds out the fact of user activity that violates the rules, they certainly cannot deny the fact and will not send a ticket to recover the frozen funds, so they choose a casino without KYC or they deposit funds below the withdrawal limit level to avoid KYC. August 31, 2024, 12:08:42 PM
If he has an opportunity to make 10 such bets per day, he can get 10% profit per day. I don`t think that you can get such profit with such risk anywhere. It is possible that he make some bets for a year and we just don`t know about it. In such situation he easily can lose several bets. I looked odds today - it is not a problem to get 10 bets. A problem is to get $1mln. But if we increase our bet every day for 10%(yesterday win) after the month of betting we increase our deposit 17 times.
PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
No you can't, not that fast, but that's only because in this way you would get it by risking whole initial bet. And by doing that 10 times in a row you also increase your changes for losing to that 10%. So you might as well do one 1.1 bet and outcome and odds to win would be identical.PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
And with those safer ways like with (legit) banks that offer annual interest; they have safeguards in place as they won't be gambling with your money.
PS. I will try later with some small enough some and will try to calculate everything. I think it would be interesting.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
August 31, 2024, 09:04:32 AM
If he has an opportunity to make 10 such bets per day, he can get 10% profit per day. I don`t think that you can get such profit with such risk anywhere. It is possible that he make some bets for a year and we just don`t know about it. In such situation he easily can lose several bets. I looked odds today - it is not a problem to get 10 bets. A problem is to get $1mln. But if we increase our bet every day for 10%(yesterday win) after the month of betting we increase our deposit 17 times.
PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
No you can't, not that fast, but that's only because in this way you would get it by risking whole initial bet. And by doing that 10 times in a row you also increase your changes for losing to that 10%. So you might as well do one 1.1 bet and outcome and odds to win would be identical.PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
And with those safer ways like with (legit) banks that offer annual interest; they have safeguards in place as they won't be gambling with your money.
Looks to me like some people often fail to understand that with greater risk comes greater reward, the gambler can make as much as 10 percent profit on that money anywhere else because, those places outside of gambling is not as risky when compared to staking the whole of that amount in a betting game.
The example you gave with bank is a very good one, bank seems like the safest place, due to its really low risk of losing the money, but in return, the interest will be very very low, there are other places to invest such amount of money and earn better or higher interest, but so also is the risk of losing the money higher.
August 31, 2024, 04:03:57 AM
If he has an opportunity to make 10 such bets per day, he can get 10% profit per day. I don`t think that you can get such profit with such risk anywhere. It is possible that he make some bets for a year and we just don`t know about it. In such situation he easily can lose several bets. I looked odds today - it is not a problem to get 10 bets. A problem is to get $1mln. But if we increase our bet every day for 10%(yesterday win) after the month of betting we increase our deposit 17 times.
PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
No you can't, not that fast, but that's only because in this way you would get it by risking whole initial bet. And by doing that 10 times in a row you also increase your changes for losing to that 10%. So you might as well do one 1.1 bet and outcome and odds to win would be identical.PS. 121 days without losing would be enough to increase our deposit from $100 to $10.000.000.
PPS. I calculated the odd 1.10. With the odd 1.05 it will take 236 days. And with the odd 1.01 you`ll get only $3.780. Anyway it can be interesting strategy to make everyday few bets with small odds. May be i`ll try it soon.
And with those safer ways like with (legit) banks that offer annual interest; they have safeguards in place as they won't be gambling with your money.
August 30, 2024, 05:30:45 PM
Money laundering through casino sites is very easy and happens all the time. Due to which countries that are not yet economically strong still ban crypto and crypto casinos. For example my country Bangladesh is still very weak economically so bitcoin or cryptocurrency is still illegal in my country. Because if cryptocurrencies and crypto-casinos are legalized in a weak country, then a lot of money can be laundered from that country and the country can become economically weaker due to which the governments of those countries fear them. 1.01 Odd is almost 100% sure bet but yet unfortunately some of them have to lose at times
This doesn’t make sense since your crypto will still be in crypto. It’s useless to launder money just because your country ban crypto to a casino since you will still get crypto which is still ban.
You only launder on the casino or mixer if your money came from illegal activities such as stolen crypto so that authorities will not follow your crypto once you withdraw it outside the casino. On your example, you will still get crypto that needs to be converted on fiat so just trade P2P instead of mixing it first.
Most times fiat is the most used for money laundering, and it should be pointed out clearly if it be about just using a cryptocurrency to gamble thatake it money laundering or what have you, this discussion is quite confusing most cases.
August 30, 2024, 04:39:42 PM
-snip-
Casinos easily recognize users blaming the casino for illegal activities, casinos maintain a database including the history of all user activities and if the casino finds a user who deposits a lot of money into the gambling account balance but he does not use the money to gamble or he does some gambling activities with the lowest bets and then he withdraws the balance to a wallet different from the deposit address, the casino will definitely suspect the user of possibly blaming the use of the casino for money laundering.But users will not dare to use the casino for illegal money laundering activities even though they use a KYC verified account, because the casino can freeze assets if the user has violated the rules and many licensed casinos must comply with operational standards and there is supervision of the casino, so the possibility of the casino being used for money laundering is currently small.
Users whose goal is to launder money in casinos have basically considered the consequences. They know what the risks are if the casino detects their account activity - but it is not uncommon for their efforts to be successful and smooth. This is the same as those who abuse exchange for money laundering cases.
August 30, 2024, 02:43:20 PM
Casinos being used as money laundering sites is inherently very risky for users. If a casino recognizes such user activity - I am sure they will freeze the funds and may even block the account. The implementation of KYC in crypto casinos is likely to prevent such abuse - but I am also sure that some customers may still get away with it if they do it with a certain approach.
Casinos easily recognize users blaming the casino for illegal activities, casinos maintain a database including the history of all user activities and if the casino finds a user who deposits a lot of money into the gambling account balance but he does not use the money to gamble or he does some gambling activities with the lowest bets and then he withdraws the balance to a wallet different from the deposit address, the casino will definitely suspect the user of possibly blaming the use of the casino for money laundering.But users will not dare to use the casino for illegal money laundering activities even though they use a KYC verified account, because the casino can freeze assets if the user has violated the rules and many licensed casinos must comply with operational standards and there is supervision of the casino, so the possibility of the casino being used for money laundering is currently small.
It is common for the users to blame the site or casino, but to be honest most of the times they work ok. The usual things that go wrong are the KYC after the deposit, the withdrawal limits if they are too generous and the user is not old enough, sometime the customer service and the terms of service,... but overall, the betting limits and allowing the users to make stupid bets is not really a concern for them.
August 30, 2024, 11:10:49 AM
I would like to see data you are basing this on, because data i have seen seems to indicate that what you are saying isn't true.
Richness isn't everyone's goal as many smart people are pursuing other meaningful life goals. Meanwhile many rich people even inherit their wealth so they didn't "become" rich, but my data wasn't even pointing to that.
Still, in op's case, gambler wasn't smart however rich he/she was if the goal was to win with smallest possible odds.
Richness isn't everyone's goal as many smart people are pursuing other meaningful life goals. Meanwhile many rich people even inherit their wealth so they didn't "become" rich, but my data wasn't even pointing to that.
Still, in op's case, gambler wasn't smart however rich he/she was if the goal was to win with smallest possible odds.
I get it that being rich doesn't necessarily mean being smart and there are cases that support your claim.
However there is also a correlation between intelligence and wealth, particularly among self made people.
For example, Mark Zuckerberg and Bill Gates are people with high IQ who have made it big.
Obviously this doesn't apply to everyone but here are some links that discusses the link between intelligence and wealth which in turn helps in making better financial decisions and accumulating wealth.
Links :
https://www.psychologytoday.com/intl/articles/201207/brainiacs-and-billionaires
https://www.psychologytoday.com/intl/blog/fulfillment-at-any-age/201710/why-the-emotionally-intelligent-may-earn-more-money
At the end of the day, let us remember that having wealth or not, depends on the individual himself. Some people are just contented for what they have. They feel they already fulfilled their lives and they don't more money to be satisfied with their living. So with a lot of money or not, it is on you how you live your life to the fullest.
Agree, because whatever is done with our money, only we know how to manage it, and it should be noted that if financial management is not right, then no matter how much money you have, if it is not managed properly, it will run out, unlike those who only have a little money but are good at managing finances.
August 30, 2024, 10:47:25 AM
Casinos being used as money laundering sites is inherently very risky for users. If a casino recognizes such user activity - I am sure they will freeze the funds and may even block the account. The implementation of KYC in crypto casinos is likely to prevent such abuse - but I am also sure that some customers may still get away with it if they do it with a certain approach.
Casinos easily recognize users blaming the casino for illegal activities, casinos maintain a database including the history of all user activities and if the casino finds a user who deposits a lot of money into the gambling account balance but he does not use the money to gamble or he does some gambling activities with the lowest bets and then he withdraws the balance to a wallet different from the deposit address, the casino will definitely suspect the user of possibly blaming the use of the casino for money laundering.But users will not dare to use the casino for illegal money laundering activities even though they use a KYC verified account, because the casino can freeze assets if the user has violated the rules and many licensed casinos must comply with operational standards and there is supervision of the casino, so the possibility of the casino being used for money laundering is currently small.
August 30, 2024, 10:13:50 AM
Money laundering through casino sites is very easy and happens all the time. Due to which countries that are not yet economically strong still ban crypto and crypto casinos. For example my country Bangladesh is still very weak economically so bitcoin or cryptocurrency is still illegal in my country. Because if cryptocurrencies and crypto-casinos are legalized in a weak country, then a lot of money can be laundered from that country and the country can become economically weaker due to which the governments of those countries fear them. 1.01 Odd is almost 100% sure bet but yet unfortunately some of them have to lose at times
This doesn’t make sense since your crypto will still be in crypto. It’s useless to launder money just because your country ban crypto to a casino since you will still get crypto which is still ban.
You only launder on the casino or mixer if your money came from illegal activities such as stolen crypto so that authorities will not follow your crypto once you withdraw it outside the casino. On your example, you will still get crypto that needs to be converted on fiat so just trade P2P instead of mixing it first.
August 30, 2024, 10:08:38 AM
-snip-
That is true and that's exactly what India, a neighbouring country of Bangladesh, has implemented.India knew that it cannot ban crypto usage in India and so it just taxed and is gaining 30% tax on crypto income.
It has also imposed FIU and AML policies on crypto exchanges regulating them and so there are no worries of a ban right now.
But tracking money laundering is still tough especially when gambling is involved. Not all the gambling sites are monitored by the country.
But this is not about casino abuse - it is about the risk of losing that involves low odds. There is no guarantee for any gambler to win a bet even if the odds seem convincing. Low odds are also referred to as favorites to win - but sometimes the reality can be different. The case of the loss in this thread teaches us one thing - the risk of losing still exists even if the gambler has a percentage chance of winning reaching 99.99%.
August 30, 2024, 09:44:42 AM
Isn't it ironic that the supposed countries that are economically weak shun and ban great innovations which if they properly implement it into their system, such can become another great source of income for the country as a whole, for example, here in Nigeria, crypto is banned as well, but this has not stopped the citizens from carrying out transactions with crypto, now, imagine how much the country will be making in crypto tax if they had legalized crypto and charge people a small percentage as tax for every crypto transaction carried out on a centralized platforms.
So, that's just about it, but to add as well, banning crypto or gambling casinos does not stop money launders from laundering money if they want to, like I usually do always say or mention, crime have been in existed far before the introduction of bitcoin and crypto in general, same with gambling casinos, it is practically unreasonable to assume that the existence of crypto or casinos is what aid money laundering, I personally do not think so.
So, that's just about it, but to add as well, banning crypto or gambling casinos does not stop money launders from laundering money if they want to, like I usually do always say or mention, crime have been in existed far before the introduction of bitcoin and crypto in general, same with gambling casinos, it is practically unreasonable to assume that the existence of crypto or casinos is what aid money laundering, I personally do not think so.
That is true and that's exactly what India, a neighbouring country of Bangladesh, has implemented.
India knew that it cannot ban crypto usage in India and so it just taxed and is gaining 30% tax on crypto income.
It has also imposed FIU and AML policies on crypto exchanges regulating them and so there are no worries of a ban right now.
But tracking money laundering is still tough especially when gambling is involved. Not all the gambling sites are monitored by the country.
August 30, 2024, 07:19:00 AM
There's one factor your didn't point out;
- You need to know how much you are chasing and how much you will lose incase the bet goes wrong.
I wanted to chip in something here. The $1.4M bet to win $12K is often very likely but you'll only see people with a huge amount of fund playing this kind of bet. Someone once told me that overly rich people don't need plenty odds to be profitable in gambling. With just a small odd, they can stake extremely high and get some good returns. The problem with this strategy is that you need to win between 10 to 150 times to get the same capital back. In the case of this gambler, he needed to wina bet with 1.01 odds 116 times to get back his initial bankroll.
Imagine, this guy bet a huge $1.4m to win just 0.008 gain, which is $11,200. The many wins that will make up for a single loss are surely 125 times, what is the management there, what is the wisdom there? It's better this guy gives his money to charities or invests it wisely if he so desires to make money from it not aiming for a cheap $11,200 by gambling away $1.4m, it's annoying.
Jump to: