Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 34. (Read 8226 times)

That's possible. Maybe this strategy is effective for him before the unfortunate thing happened. But if this person is really well-off then I think this incident is not a great loss for him since he can risk such amount without hesitation for small profit.

It just shows that no matter how certain you are in the result, there's no 100% guarantee and the reason why it is called gambling, right?

I actually agree with @Lucasgabd because after all, gambling is the same as when we invest or trade, namely using money where when it is lost, we really have to be able to accept it.
Rich people can gamble big because they know they are betting only a small percentage of their wealth.
If you conclude that betting is a guaranteed income because you can get $ 10,000-$ 50,000 in each bet, then that is an opinion that is not quite right. Because betting is not that easy, we can win and make a profit.
What's more, if the bet we use is large enough, the dealer will make it more difficult for us to be able to get that win.

Also, the fact that the man is willing to bet that kind of amount for huge odds, he might have already success in doing that and the winning rate is pretty high.

It's just on that time, he got busted and screwed and it's really unfortunate.

Based also on the said match, it's really already a sure win but the other team did some great surprises at the end. It's a big upset that happened.

I don`t think so. This is a normal strategy when you have lots of money. You get a small profit, but with such a bet and such an odd - it may be called "guaranteed income". You can get $10.000-$50.000 from each bet and there are lots of such bets every week. But there is a chance to lose all. Like the OP told us. The main question how much he got before this bet.

No, it is true, for some people $1.4M is what they make in a week (for some, in a day). There are not a lot of those people out there, probably only the 1% of the 1% can loose 1.4M and not care much about it. Think arab oil millonaires, guys like Elon Musk and others like them. I do understand what you mean, it is not little money for anyone in the sense that is pretty much what most people will earn working a life time, if ever.

In a bet, we are very aware that losing is part of the risk of gambling. and in the world of sports, whatever kind. the superior team will not always win the battle, no matter how strong a team is, defeat is something natural. if in a match we can easily guess the final result, then there will be no betting or the gambling house will always lose to the gamblers.

What we need to remember is, in a match there is no definite prediction before the fight ends. not infrequently a strong team can be defeated by a team that is not in the favourite, just like what the OP told in this thread. well, so we can't dictate to someone not to put all their money on the line.  moreover, when a person believes he will win his bet, as in the case of the man who bets $1.4 million. I'm sure he's well aware of the risks. and as long as someone is willing to risk a fantastic amount of money, then he must be prepared to risk defeat.

It's not fsir foranyonee losing a huge amount and the 1.4 million dollar loss for the gambler is quite big unless uf you have not gambled and lost before you want to understand what it means to gamble and lose some amount that feeling is bad and a player may feel worst  right now.

Like I said in one of my previous comment, only a person who does not understand the value of money would think or say that 1.4 million dollar is a small amount of money for some people, it is never a small amount because getting it is not easy, those who make this amount in a day, week or month, probably have suffered to build that business that is able to generate such an amount in such timeframe, and only a waster will not value this, no matter the amount of money the person have.

what am I saying in essence?, like you, judging from my own personal experience, i am also wondering the kind of situation the gambler that lost this amount could possibly be, this is if he or she is still alive, because loosing this amount of money on one bet could lead a person into committing suicide, most especially, if this is all the person.

Exactly what I meant by what I said earlier, this is an important gambling rule but greed would not allow many of us adhere and obey it, like I can confirm completely that greed was what lead me into putting almost $3000 in one bet, some thing I've never done before in my life, infact, before this incident, the highest I always put in one bet was $100, i never beyond this amount, but on this faithful day and this faithful match, I was 100 percent confident of a win, and greed came in and told me to bet all the amount of money I have, so that I can as much money as possible, I did, and eventually lost an amount of money that would have ended my life.

It's quite very sad you had to go through all this just because of a loss of $3000 in a bet, because with this now, I just wonder what this gambler who lost $1.4million must have gone through after discovering he/she lost the bet which he/she thought was to be a 100% sure winning. Because who knows if he/she is still in a coma yet to recover from the shock? Because one thing I have learned from this thread is that no matter how odd seems to be very sure, please always try to bet an amount you can always afford to lose so that if in case it doesn't go as planned, it doesn't hurt you that much.

Exactly the point bro, but really, not very many persons understand that no matter how small the odds is or are, the chances of winning and losing will always be 50 50 for each sides, many gamblers will never understand this until they are forced to understand the hard way.
I personally never really understood how dangerous it was to be over confident in a game and bet all you have, until I lost about $3000 in a bet, that money was all I had at the time, because of this loss, my business collapsed, I spent several days in the hospital trying to recover from the shock, after I came out from that experience, I knew better that all that glitters are not actually gold.
As long as gambling/betting is concerned, there is no 100 percent sure bet any where.

And this shows that no matter how unlikely an event could be if you keep taking your chances then sooner or later you will find yourself facing that unlikely event, this is similar to what we see with those using martingale, depending on their funds and initial bet they may need to lose dozens of times in a row to lose all their capital and they may think this is impossible, but if you roll the dice millions of times then at some point you will lose that many times in a row.

It's possible that some average joe could bet with this much and it just came from his winnings as well. When someone confidently thinks that he'll win with such odds, he can gamble with all the remaining funds that he has.
But that confidence also made him lose as this is gambling, even the tiniest percentage like a zero point something on the odds still means a chance of losing or winning.

Someone like OP allowed the betting to get over him because of the way they presented to him the games odd, there are times whereby we needed to be careful in some of our dealing, they may look nice and attractive but it may end to total destruction, we must not be too greedy or have overconfidence in gambling to the extent of using any money within our capacity to gambling not minding the consequences but will be sad to have the negative outcome from our actions taken if we loose at the end, if you're not capable of gambling, it's better not to do so than taking others money to gamble, or gambling with too huge amount of money we cannot afford to loose.

Average joe could hardly able to get the total sum of 1+M onpoint on which they could make use of it on their gambling bets which means that this guy might be a multi-millionaire but who really knows,right?

Or some people been saying that it might be also a pooled funds which could really be that possible too but we cant really that make conclusions without basis but spending a million is never been that small.
Its true that even a billionaire wont really be tending to waste up even a million.Earning money nowadays isnt that easy so it is really just that people cant really just resist nor avoid not to have reactions
like this. One sided games is really that could be seen on some betting lines but it wont really give out assurance no matter what.

Luck is exaggerated since we have higher wagerers in many casinos that can bet away an amount higher than the one lost by the op, no doubt 1.4 million lost is huge a bit even though the casino gained from the bet.
-Casino generates revenue from players' losses but also they're spent a lot of money to run the game and the revenue is shared between the casino and the games provider.
-so the higher the loss the higher the number of revenue expenses during the game session, so as we see that the amount is big so is the amount of time and game machines used which all bounce back to higher expenses to the casino.

no it seems this was not a fat finger but just some one that tried to get an high reward with minimum effort.
that's why the news has been reported "publicly".

please note, for a billionaire 1% is not 1 million but 10 million.
for sure they can afford a loss like this, but I don't think that billionaires like to trash money
of course there are no details if it was a billionaire or just "an average joe".

They will get some commission or fee when you withdraw your winnings, which sometimes we don't notice but is already deducted once we hit the withdraw button. So every move they make has a fee, or we just didn't notice that it was already deducted from our money. This is their way to earn profit, as we are not giving them money as a fee on a monthly basis. It is a business that needs profit, so we don't have a choice as we need the platform for fun. Though they still given it back like for bonuses and raffles only if you are lucky to win it.

Any chance that this was just a fat finger mistake?

The comments on the importance of the total amount related to total wealth are on point
For a billionaire 1 million is just 1% of total wealth and an amount they can totally afford to lose in a bad bet

With all due respect, but losing 1.4 million doesn't affect Elon Musk. I agree that maybe he wouldn't make such a gamble, like playing for fun, in the first place. But losing 1.4 million is definitely not going to affect him at this stage in his life. This guy is making so much fun of the whole world, gambling with Dogecoin, pumping it with tweets, naming his own dog after some crypto if I remember this correctly, etc. He is a gambler and a hard worker at the same time.

Just look at how Musk is making fun of everything, building flame throwers in order to fight the incoming zombie apocalypse. Or this "burnt hair" perfume. I know he is doing limited editions, but still he is investing resources in terms of money, human resources, production capacities etc.

And if I had that much money, I wouldn't bet big but just keep playing small for a while and walk out of the casino regardless of the outcome. Nothing is certain in gambling, so we must be aware of it and set limits for ourselves so we don't experience big losses like him. But maybe losing at gambling is a sure thing because we have seen what happens to many people who play gambling, which is what we must avoid.

Most people who lose at gambling will return someday, hoping to recover previous losses. But if they were to tally up the amount they lost, it would be very difficult to recover from that loss because the amount would be huge. There may be people who can recover their previous losses, even the total of all their losses but the number is very small. And when we lose, maybe we should stop gambling for a while to forget the sadness because of that defeat and try to change our mindset just to make gambling as entertainment.