Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 37.

rahmad2nd

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Quote from: goinmerry on February 03, 2023, 03:22:04 PM

Quote from: Fredomago on February 03, 2023, 02:45:13 PM

Op's topic is a good example that even you pick 99% of winning you can still lose your bet and there's nothing you can do to change the outcome once it's already been concluded.

Upset really happened. Actually, it's not about the upset but I just can't believe someone is willing to gamble millions of money when in fact the return is only a few thousand. Even if that's a 99% chance of winning, I can't easily just put my million in a gambling site for betting when the return is just a few amounts.

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

Because of that, the man made a bet with a very fantastic value. this is clear, because on paper the odds @1.01 indicate that the fight is almost absolutely owned by the superior team. in fact, I assume, that man often bets large amounts like he did on the bet between Los Angeles-Jaguar. unfortunately luck was not on his side, in the end he had to be willing to lose 1.4 USD.

It's different when you bet with odds @2 or, @1.5. which means, a team that is not seeded has the chance to hold a draw, or even vice versa. I think, for gamblers who have large finances, betting large amounts is not a problem even though the available odds are very low. Imagine, if the man wins, $11k is not a small amount of money and the man makes his fortune in just a short time.

But the problem is, in sports betting anything can happen and there is no definite formula that a strong team will always win matches.

Hypnosis00

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Quote from: maydna on February 04, 2023, 06:08:14 AM

Quote from: libert19 on February 04, 2023, 01:23:55 AM

Quote from: goinmerry on February 03, 2023, 03:22:04 PM

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

He probably thought that you can't lose match with such low odds. Match going south at such odds was significantly less but not null,. I think he misunderstood between the two.

He shouldn't think like that because no matter what chance he set, he would have a chance of losing. And if he plays sports betting, he should think about the surprise factor that often appears in the middle of a match or the second half. He has to learn from his defeats and not repeat them, but that is also if he still has a lot of money to gamble again. Otherwise, he would be bankrupt because he had lost so much.

And the truth is that we can't just rely on the odds where to bet, sometimes happens to me that I put on higher odds but still lose. And probably it can happen in the opposite way. This will tell us that winning in gambling is 50/50 chances, if we are too lucky then we have a chance but that person as OP has mentioned might use his head but he does it without hesitation and loses millions.

Reatim

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Quote from: Odusko on February 01, 2023, 05:11:47 PM

Quote from: n0ne on January 31, 2023, 07:33:00 PM

Whether it is sports betting or casinos, we don't know the outcome. We predict the outcome and go for it. What happened in FIFA World Cup Matches is true example. It is really hard to accept, so when we go for a prediction it is good to go with the better odds than just going for mere profit risking huge volume of money.

Odds can be Misleading sometimes and if one is not carful tou may be tricked into picking a wrong bet following odds some time the odds may work but in most cases, their don't work out the way gamblers view them using the odds.
Just as you mentioned, in the opening match of the FIFA world cup 2022, you will see that the odds were pointing to Argentina winning the match but as luck hard it Saudi Arabia won with match efforts and luck, so in this case odds have failed once again but what i am saying selecting base on odds can lead to winning some time but not in all cases.

The only thing that matter here? is that Odd isn't that completely bringing assurance because the more you eager to win is the more the denial happens .

mentioning even all the sports bets still not a mean that Odd can be taken as assuring , so bet with care and of course like what happened ? even if the person involve can afford losing that amount? still he is not having a hard time to accept this.

maydna

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Quote from: libert19 on February 04, 2023, 01:23:55 AM

Quote from: goinmerry on February 03, 2023, 03:22:04 PM

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

He probably thought that you can't lose match with such low odds. Match going south at such odds was significantly less but not null,. I think he misunderstood between the two.

He shouldn't think like that because no matter what chance he set, he would have a chance of losing. And if he plays sports betting, he should think about the surprise factor that often appears in the middle of a match or the second half. He has to learn from his defeats and not repeat them, but that is also if he still has a lot of money to gamble again. Otherwise, he would be bankrupt because he had lost so much.

bitbollo

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I would also add thats sometimes gambling is also "math" and statistics. Not only matter of "intelligence".
You must understand very well how numbers works Wink

before playing events.

Quote from: ?? on ??

Guy!
If 1.00 odd can cut, then what is 1.04 odd?
...

Those are european odds (also called "decimals")
https://www.investopedia.com/articles/investing/042115/betting-basics-fractional-decimal-american-moneyline-odds.asp#toc-how-europeandecimal-odds-work
Enjoy an easy explanation above.

Quick explanation, 1.01 is like a percentage. You get 1% more of your wagering. if you bet at 1.00 you get back your principal without any win/loss.

In this case the user played a bet at 1.008 (less than 1% of win).

Most of the times I have seen two different approach:
- value bets (play an events that is underestimate) = you bet an odds at @2.00 meanwhile the "right" fair value should be @1.50
- play an event, even the odds is not "high". Personally I play even low odds but I don't care about "the value" but I am trying to bet event were I have the maximum confidence to hit a win!
I would suggest to take a look on my topic regarding "betting advices" (and a list of my previous bets)
https://bitcointalksearch.org/topic/bitbollo-betting-advice-45-267-13-1-place-tipster-competition-1234109

coinerer

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Quote from: ?? on ??

Quote from: coinerer on February 04, 2023, 03:44:46 AM

Quote from: bitbollo on January 18, 2023, 07:43:29 AM

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

Quote

One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Network’s Darren Rovell.

It is a result of his bad luck that such incidents happen a lot because gambling results can never be guaranteed so anything can happen at any time. I once lost 1.02 odds. In this case, if the person had won the bet, he would have only made a profit of 11k dollars. But he lost his 1.4 million dollars which is very sad and many cases have been seen where many people have won from 1-2 dollars to millions of dollars. This is called gambling

Guy!
If 1.00 odd can cut, then what is 1.04 odd?

I don't understand what you mean by that. 1.04 odd means 0.04x if you bet 100$ for 1.04 odd and if you win then you will get 104$ that's it.

Quote

I think gambling is not something someone can just wake up one morning and jump into.
I will say gambling is by luck and not by passion.
No matter your seriousness if you don't have the luck in gambling you are just waisting your time and dashing out your money.

Gambling is not only based on luck but often also depends on intelligence. If you don't understand anything about gambling and gamble without understanding then luck will not always help you to win. You must acquire knowledge about gambling and do hard analysis only then you can win at gambling. So it is wrong to say that gambling always depends on luck

coinerer

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Quote from: bitbollo on January 18, 2023, 07:43:29 AM

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

Quote

One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Network’s Darren Rovell.

It is a result of his bad luck that such incidents happen a lot because gambling results can never be guaranteed so anything can happen at any time. I once lost 1.02 odds. In this case, if the person had won the bet, he would have only made a profit of 11k dollars. But he lost his 1.4 million dollars which is very sad and many cases have been seen where many people have won from 1-2 dollars to millions of dollars. This is called gambling

libert19

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Quote from: goinmerry on February 03, 2023, 03:22:04 PM

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

He probably thought that you can't lose match with such low odds. Match going south at such odds was significantly less but not null,. I think he misunderstood between the two.

stomachgrowls

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Quote from: len01 on February 03, 2023, 06:21:09 PM

Quote from: goinmerry on February 03, 2023, 03:22:04 PM

Quote from: Fredomago on February 03, 2023, 02:45:13 PM

Op's topic is a good example that even you pick 99% of winning you can still lose your bet and there's nothing you can do to change the outcome once it's already been concluded.

Upset really happened. Actually, it's not about the upset but I just can't believe someone is willing to gamble millions of money when in fact the return is only a few thousand. Even if that's a 99% chance of winning, I can't easily just put my million in a gambling site for betting when the return is just a few amounts.

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

that guy is putting his million dollar bankroll at low odds hoping just a small win is okay. and while he may lose millions of dollars, it doesn't matter to him that it may not be part of his entire fortune.
99% chance of winning there is still 1% chance of losing. sometimes a gambler ignores these things.
if you think about it it's true that the wrong move when betting millions of dollars at odds of 1.01 is just ridiculous. because for the sake of a little profit he dared to take a 1% risk of losing and in the end it happened.
even though there are lots of odds options above 1.5 which might be more profitable. who knows what he thought at that time risking for the sake of a small profit opportunity.

When you do have millions of dollars or simply being rich then its impossible that you cant be able to picture out those risk and it is really just that there are people who do really be able to burn up their money on just
simply trying out to earn peanuts which it isnt even worth or just simply they are really that too much confident on such bet.Its true that even its 99% winning rate but still that 1% could possibly hit.
This is always the case that would happen if you are really putting all in on a certain bet and lose up big time and just trying to snip up some small wins.Yes, we dont know if this is his overall
riches considering that he had millions and able to make bets out of that then assume that he had lots.

len01

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Quote from: goinmerry on February 03, 2023, 03:22:04 PM

Quote from: Fredomago on February 03, 2023, 02:45:13 PM

Op's topic is a good example that even you pick 99% of winning you can still lose your bet and there's nothing you can do to change the outcome once it's already been concluded.

Upset really happened. Actually, it's not about the upset but I just can't believe someone is willing to gamble millions of money when in fact the return is only a few thousand. Even if that's a 99% chance of winning, I can't easily just put my million in a gambling site for betting when the return is just a few amounts.

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

that guy is putting his million dollar bankroll at low odds hoping just a small win is okay. and while he may lose millions of dollars, it doesn't matter to him that it may not be part of his entire fortune.
99% chance of winning there is still 1% chance of losing. sometimes a gambler ignores these things.
if you think about it it's true that the wrong move when betting millions of dollars at odds of 1.01 is just ridiculous. because for the sake of a little profit he dared to take a 1% risk of losing and in the end it happened.
even though there are lots of odds options above 1.5 which might be more profitable. who knows what he thought at that time risking for the sake of a small profit opportunity.

uche6215

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Quote from: goinmerry on February 03, 2023, 03:22:04 PM

Quote from: Fredomago on February 03, 2023, 02:45:13 PM

Op's topic is a good example that even you pick 99% of winning you can still lose your bet and there's nothing you can do to change the outcome once it's already been concluded.

Upset really happened. Actually, it's not about the upset but I just can't believe someone is willing to gamble millions of money when in fact the return is only a few thousand. Even if that's a 99% chance of winning, I can't easily just put my million in a gambling site for betting when the return is just a few amounts.

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

Mate I don't think thats real, but if it is how much will the gambler win from it? To me I will say just $35k and That's too bad.
Such RISK doesn't comes with REWARD.
If such a person can bet on such That's mean he can bet the unbettable lol..

goinmerry

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Quote from: Fredomago on February 03, 2023, 02:45:13 PM

Op's topic is a good example that even you pick 99% of winning you can still lose your bet and there's nothing you can do to change the outcome once it's already been concluded.

Upset really happened. Actually, it's not about the upset but I just can't believe someone is willing to gamble millions of money when in fact the return is only a few thousand. Even if that's a 99% chance of winning, I can't easily just put my million in a gambling site for betting when the return is just a few amounts.

Not saying that the bettor is dumb but with that amount, he can diversify it thru several bets playing at the odds of around 1.5.

I'd rather bet on odds as high as @2 instead of going all-in at @1.01.

Bushdark

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Quote from: _act_ on February 02, 2023, 05:34:19 AM

Quote from: pawanjain on January 31, 2023, 11:12:23 AM

Anything more than 1.98x is more risky for me. I have seen many people losing their bets at 1.99x.
I think 1.98x is still safer. Anything less than 1.10 is a lot riskier. You are basically going all in for just a mere 10% profit which is insane.
Just to make a 2x gain you will have to place 6-8 bets considering you are compounding your bets.
So the ideal range for me is between 1.3x to 1.98x. I generally place all my bets inbetween this range.

It depends on the match, 1.9 odd is not that different from 2x odds too, I have chose 2 odds before many times that I won, it depends on the match and the players that are available to play the match. I have seen many people losing bet to less than 1.99 odds several times too, it depends. There were days I chose 2 odds and I won, there were days I chose less than $1.99 odds that I lost.1.98, 1.99 and 2 odds are even similar.

Sometimes I still go for 1.2 and 1.25 odds, but I prefer it to be 1.5 to 2 odds most times.

The major thing here is not having making high odds but knowing what you are doing because this will help us to calculate our risk and the amount we are staking. Most times that I select games I do go for the small odds then accumulate like 10 games that the total odds might reach lime 20 or more so that staking it with some few dollars would to trigger the amount to be high.

Sometimes I do go for a single game and stake it with bigger funds so I can take less risk with high winning to loss ratio.
I have different styles I use to predict bets and make some winnings that depend on my core analysis for that particular team.

Fredomago

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Quote from: libert19 on February 03, 2023, 01:05:29 AM

I have had such thinking several times while gambling (Usually while playing Dice)— If I bet huge amount at low odds I'll be making easy money. Chances of losing such bets are low but never null. I'm glad I didn't go way of this thinking.

I usually see this kind of bets with sport betting mostly in the live bets where the chance of winning is really high, but like what you mentioned losing is not a null the chance of getting a shitty outcome always remain when you are inside gambling, either casino games or sports betting the chance of losing is still possible to happen.

Op's topic is a good example that even you pick 99% of winning you can still lose your bet and there's nothing you can do to change the outcome once it's already been concluded.

mak013

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As for me - it is rare but possible situation. The gambler tries to get guaranteed profit using the big sum with minimal risk. The most times it works normally but there are situations, when the gambler lose everything in such a way. The problem is that he need to make more than same 100 bets just to return his deposit and if it was the main part of his money - he hasn`t enough money to make these bets and he have to risk with high odds.
I was in the same situation(but the sum was not critical for me) - i was winning several weeks and thought that i found an ideal way of income but after that i lost about 80% of my gambling money with such a bet and lost the rest trying to return it as fast as possible.

_act_

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Quote from: libert19 on February 03, 2023, 01:05:29 AM

I have had such thinking several times while gambling (Usually while playing Dice)— If I bet huge amount at low odds I'll be making easy money. Chances of losing such bets are low but never null. I'm glad I didn't go way of this thinking.

I have been gambling before I joined this forum, I have this thinking before, that if I gamble with lower odds, I can win more, but it does not work like that, I can win many times, but just a single or two losses can make me lose all my money until I have no money left to gamble. Online easy access make it easier to lose more because people that bet on low odds are likely to also be betting frequently which is the other problem. I gambled like this, I lost high amount of money, I quit and I now prefer to use high odds but not too high.

libert19

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I have had such thinking several times while gambling (Usually while playing Dice)— If I bet huge amount at low odds I'll be making easy money. Chances of losing such bets are low but never null. I'm glad I didn't go way of this thinking.

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Quote from: bitbollo on January 18, 2023, 07:43:29 AM

https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

Quote

One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Network’s Darren Rovell.

It seems that a gambler has loss this massive amount (1.4 million USD) playing a bet with an odds lower than 1.01! (exactly 1.008)

I think there are several lessons here:
- there is not easy bet! even lower odds there is always a risk.
- it's really risky playing an huge amount. This not helps gambler because the risk is much much higher then rewards!
- gambling is not easy at all! it's really hard achieve a profit even for easy games!

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

I pray never to be tempted or let me say enticed or even say addicted to this very height of gambling because what on earth was the man thinking to have gambled away over 1.4m just like that? Well I hope the money belongs to him and not to some group of persons or a company or firm.
But I hope this serves as a very big lesson to the gambling community because most times we become so sure and confident in a match or game that we forget a principle that we shouldn't use the money we can't afford to lose to gamble and I will be glad if the thread is updated on the recent happenings with the gambler.

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Quote from: Mauser on February 02, 2023, 10:36:37 AM

Quote from: QueenVera on February 02, 2023, 02:06:47 AM

I'm not really interested in this story but the money involved and now I was trying to convert this money into my local currency and I got so angry at that fellow and firstly what will prompt an individual into gambling away such huge sum of money?
This is madness and I really don't see any reasons why I should ever make such attempt in the first place and now there is a losses bit I will be glad if anyone returns to give a report on the mental state of the player because tis is an incredibly mad figure to just gamble away.
And I'm sure the community if gamblo over here would learn several lessons from this story and try not to underrate anyone or team because in the world of gambling, anything can happen and anyone can be shocked at anytime.
I do hope be gets back to his feet and doesn't run inro debts too.

Yeah it's really what you could be doing with so much money instead of placing it on sports betting. In my city you could have bought two decent apartments and rent them out for nice income for the rest of your life. It's hard to wrap my head around how anybody could place so much money on a single bet. But then there are people who own 100m USD yachts which they only use a few times per year. In the end everything is relative to your total net worth and your monthly income. If you get a bonus every year of several millions than betting one million doesn't seem so out of line anymore. Also what if you find out that your wife wants to divorce you, wouldn't it be a good time to start gambling heavily? All the money you lose would have been 50% of your wife, so better to lose it at the casino. And if you manage to win than you might be able to hide some of the winnings until after the divorce.

It is going out of context guys ., we have all our "Maybe's" in His reason but the main thing there is that He losses that amount because of His own stupidity and whatever his reason and decision still he cannot win back that huge amount.
maybe better for all of us to look about the negative side of this story and not those stories behind the betting.

Silberman

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Quote from: Fivestar4everMVP on February 02, 2023, 04:33:58 PM

Quote from: Mauser on February 02, 2023, 10:36:37 AM

Also what if you find out that your wife wants to divorce you, wouldn't it be a good time to start gambling heavily? All the money you lose would have been 50% of your wife, so better to lose it at the casino. And if you manage to win than you might be able to hide some of the winnings until after the divorce.

Sincerely, does doing this really make sense ? it doesn't make any sense to me, to gamble away such an amount of money and using divorce as an excuse Huh

, that's really foolish if you ask me.
What is in the process, the gambler loses every penny he had to gambling, we as he will still be required to hand over some of their properties to the wife after the divorce, it simply means the man will return back to square one in his financial state, ones a rich man would end up begging bread on the street just because he was to revenge on the wife not knowing that he's also doing same to himself

Besides I would expect this to be illegal, as when the divorce is contentious the judge may decide to freeze the banks accounts to avoid a scenario like this to materialize, so anyone doing that will be on contempt of the court and they will not only face jail time but they will have to pay whatever the judge wants to their spouse, so not only this is a waste of money and time but it is a maneuver that will most likely not work.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 37. (Read 6572 times)