Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 3. (Read 8226 times)

I understand that it is enough simple procedure. I suppose that it wouldn`t be just one deal - it is silly enough to make one big bet for all the sum. But i`m not expert in the laundering, it is only my thought. Today i tried to watch only on the odds about 1.03-1.1. Without analyze of teams or at least game stats it  i can`t say that it looks like the guaranteed win.

Aha, it's my bad actually. I'm assumed the amount implicitly when I made that reply. However, I want to say that winning those 0.01 odd game that amount of times is  not impossible. Rather, It is quite possible. The only problem is that it would take a very long grind to make it possible via carefully curated bet selections. Those are the kind of odds that given 100 instances, 95 will almost certainly follow through. I'm not the best gambler in the game but really profilc gamblers can do it.

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 need 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.
Now, if you talk about gambling, a person betting on low odds has his goal of hitting high percentage of winning. Because we have the notion that low odds are likely to happen. However, we should also remember that not all the times that the bookie is right as there are cases that we call upsets. This outcome is usually people least expect it.

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.

When we discussed this topic of the potentiality of cryptocurrency being lebel to be used for money laundering in weak economic states, we should at the same time not forget also to mentioned the fact that fiat money is the most used to carry out money laundering also because before you own crypto, you must first have to own fiat and then convert it to cryptocurrency, is not as if those that luander money just go straight to using cryptocurrency to carry out the act, this issues of money laundering relationship was the cryptocurrency have been greatly miscomcepted and we need to clarify a lot of things around this discussion.

Also crypto casino and money laundering have been grossly misconcepted since cryptocurrency casinos have mechanism in place that combat money laundering such as mandatory wagering and kyc on amount that is higher than they trece hold so for sure it is important to know that money laundering can't easily pass through the crypto casinos as you think it could, and for that we need to be clear on what we make out of assumptions of, since majority of those statements are not practically proven.

Countries that ban cryptocurrencies and crypto casinos or any form of casinos does that because of their lack of ability to regulate the industry such as cryptocurrency and casino and for that they can outrightly just ban such activities and labeling anything that relates to those factors as money laundering or even terrorism financing.

Like i already said, intelligence (what ever form of intelligence we are talking about in here) is just one way to get rich. There are several other traits that work as well, like the fact that psychopathic people are effective leaders in terms of growth, as they often are charismatic and can be ruthless and effective if needed. So can narcissists when it comes to controlling people for their advantages.

I am not saying, that every rich people is a psychopath or narcissist. I am just pointing out that there are other ways. Like hard working people, focused, enthusiasts, people who know a lot about their specific field, motivated, lucky (even gamblers) and well connected people. Or just someone who knows right people (And many more traits that i could keep on listing).

They all might utilize their traits, and depending on their "luck", personal history and several issues around them. And assuming they are even pursuing to be rich. They might end up being rich, or poor. Just like intelligent people.

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

Wealth and intellect is a complex concepts, and their interconnection is not unambiguous. Richness is not a guarantee of intelligence, and intelligence is not a guarantee of wealth. Success in life depends on many factors, and purpose to which people can be very diverse. It is important to remember that material well-being is only one aspect of a happy and fulfilling life.

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

And you didn't mention, or forgot to mention "with exactly the same amount of money, same odds, same risk, same everything", and that brings up several questions, and some of such questions are..
- 1. Does this gambler in question still have up to $1.4 million dollars to continue making this type of bets?
- 2. Let's assume he has it, do you really think its possible for someone to bet and and consecutively win on 1.01 odds for 116 times without losing any of the bets in-between?

If you ask me the number one question, I might have to choose to be on the positive side and say yes, maybe the gambler still have much more of that $1.4 million dollars, but if you ask me the second question, I did tell you that it's totally impossible to bet 116 times and win all the 116 times without losing any of the bet in between, regardless of how small the odds is.

I hope so. Money laundering is possible when there is just one such a bet. If it is standard bet and increases - i don`t think that someone will cares about it.
As i said, i want to test it with some small some several months later. It would be interesting experience as for me. I`ll try to calculate everything, but i need to prepare and to free more time.

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.

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.

In the subject matter OP brought, the gambler risked $1.4M to win less than $12k. This is purely insane and out of mind. I don't know who gave him the guts to do so. It could be that he has been using same strategy to win before now. This is a warning to people who believes in sure bet. There's nothing sure about betting.

The limit to what we can risk depends on the available funds at our disposal, to that extent the gambler in question have to be well buyant enough to the extent that risking such an amount is nothing to him or her and also just as I mentioned before such a gamblers may have experienced a lot of winning in the past and from such winning, he may have saved up a lot of money to the extent that risking that amount is no longer a big deal for him and also he has his games on point but just thatthis time he may have run out of luck to have made him to lose in such manner.

I have experienced something similar to this story before, but not up to that amount, but the gambler in question also made such low odds bets that turn out to become his losing odds at that time and if he have not made his previous winning in my presence, I could have blame him for taking such step to stake such a a high amount at that time, but since I was aware of his previous winning, I didn't blame him that much to have used a whooping 150k dollars to stake that bet that turn out to be a lose for him, but then also we have to always check what the mental effects of the outcome of such games outcomes because since the guys lost such huge amount, his taste to recover have increased significantly.

Most time those that have such an experience have one thing incomone which is trying to win back they lost which at the end will lead them to more loses to the point that they may become addicted to gambling all because they try to recover at each point in time, and even if they win they can't be satisfied unless they are lucky to work n 2x of what they lost previously.

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.

Yeah right, it's easy to make such returns in the stock market on daily basis if done right.
This also raises the suspicion of money laundering as to why would anybody take such a huge risk just to win a small amount.
But anyway, I hope people are aware of this fact that even with 1.01 odds, we can lose all what we have.

I looked live bets 20 minutes ago and find 5 football matches with odds 1.03-1.15, now 4 of them ended and it seems that the last will end with the victory. I don`t have enough time now, but it may be an interesting experience - to try to make at least 10 bets per day with the start bank $100. As for me - here the main problem can be greed - trying to get more money catching higher odds.

1.01 is too small odd (after calculating) for single bet, but if you make 10 such bets - you can get $1mln for 10 days. I want to test it

It wont really be worth on the risks i must say on which if the amount involved would really be something like this then it would really be a disaster if it turns out to be a loss. If we do consider on the amount
then i wont really be that doing such suicide on having that kind of bet using up 1.01x odds even if we do say that you are tending to find 10% gain for a day and having this kind of method then
i would really be saying that this kind of method would really be that something too risky and there's always that chance that you could be busting up your bet just like on this one. As long that the bet
wont really be having that 0% hit chance then there's always that situation that could hit up that hard in speaking about chances on such bet.

If you are still not out of your mind then you would really be that definitely be having this kind of consideration but if you are someone whose rich and have tons of money
then you wouldnt really be bothered with this kind of option but actually its not really that something that you could really be able to make yourself having
this kind of betting behavior knowing that risk reward ratio is never been that balanced.

That sucks, I’m not sure what type of gambling tactics that is though, to risk so much for such a small win.

I guess it could be some random degen or even an attempt to launder money which clearly backfired. Nice win for the bookie at the players expense though.

The person on the story of the OP was just looking for some easy profits, as it is unlikely you are going to lose such a bet when the outcome of a match seems to be decided already, however such kind of comebacks happen all the time, making such bets anything but a sure thing, with this in mind, it is obvious to me this gambler has some issues as betting so much money in a single match regardless of their level of wealth is not healthy, and it is even possible they lost even more money on subsequent bets as they tried to recover their money.