Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 4. (Read 8226 times)

let's say the gambler has enough money to bet and what is bet and lost is the limit of his ability. so there will be no problem with what happened. he is a gambler who I think has his strategy. it is full of risks but he does it.
at least he should be aware that if he loses he cannot claim any compensation. but if he wins his bet, even though it is small if he consistently bets with his strategy it is possible that he can still make a profit.
I believe he is a gambler who dares to take risks and is oriented towards winning. whether after the loss he still gambles like that or changes his strategy.

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.

There are several project in crypto where one can earn up to 50 percent APY on staking, and though it's a bit risky at times depending on the project one chooses, it is still far and much better than risking such an amount of money on betting where if one loses, he or she gets absolutely nothing back, not even a compensation from the casino for losing a huge sum of money.

Anyways, to every man and his own, let me say that it's possible that the gambler had money quite alright, but he or she was not financially educated, and this possibly the reason why he couldn't think or find any other way of making profit off his $1.4 million aside from risking it in a bet.

That is true in some cases but in most cases, the rich are smarter and that is the reason why they became rich at first place.
At the same time, I have also seen some cases where people got rich but were not smart enough to handle their wealth well.
In OPs case though, I hope he was rich because if he just wanted to get $14k of profits then he would have easily got it through other investment instrument.
It's just a 10% return on investment which is achievable in a short term even in the stock market.

Totally agree with you, and this is exactly the same thing i always tried to point out each time I come across comments on this thread that tries to paint the gambler in question as someone who must have alot of money and can definitely afford losing this huge sum amount of money.

On one of my other comments, I did mention that I highly doubt that this gambler would still be alive by now having lost such and amount which every indication pointing out shows that this money might be his or her life savings.

And if all of this assumptions be true, then it is really unfortunate how foolish the gambler was by not wanting to lose money but still took a risk with such an amount of money, lesson for all of us to learn though.

Technicality is what we are using right now to assume the obvious possibility around this situation, but still if you look closely we can tell that the gamblers is quite Smart but it just that, luck was not on his side to have won the bet, since he already taken the highest form of risk and in such a low odds game, hard it been he won, the risk could have been Worth it, but just as have always said that for that gambler to be able to stake such an amount of 14 million plus on a single bet, it means that he have won such amount in the past or even higher amount than that, and also there is a possibility that he have recovered from that lose already
Talking about being rich and risk, just as o48o pointed out, there is no way someone can make any positive progress in whatever thing without taking risk and as a human, life itself is a risk and there can never be reward if there is no risk, this is what we should understand,  life is a journey and at that, for us to make that achievements happens we gat to involve in one risk or the other this is what determines us as a people and what classes we occupied in the society., 1.4 million may be a whole lot of money to most people, but also not so much money to a gambler who may have made up to 7 million in single bet in the past, he may be a whale or whatever, and will recover along the line.

Technically not, but you can just use reasoning in this: assuming that bettor had average iq, they would have probably understood that they can only win 14k by betting that, and the risk of losing is real. And even if that bettor only had that $1.4 million and nothing more, they wouldn't be need for more fast cash as they could easily lend from that $1.4M they already had in cash. And rest of the money would just make that $14k back just with bank interest rate.

That in mind, being rich ≠ being smart, even though some seem to think that. That isn't even correlating with self-made rich people. Because getting rich is very much similar to gambing; you need to take risks and be at the right time at the right place. And in most cases, knowing right people helps. Being smart is just one way to get rich, there are so many more ways.

Nothing is certain in gambling, you are right even when the dealer gives a very big chance of winning, it is not a guarantee that we will win the bet. The existing risks must be understood from the start, because if not we will only be gamblers who do not know the basics or principles of gambling. When all that happens, it is not impossible that we will become gamblers who end up in a slump. There are many factors that we must consider before entering gambling. Some people say that when we do not dare to take risks, we will never be able to feel victory. However, we must also be able to realize how big a risk we can take, do not let us take risks beyond our capabilities, because that is what can actually make us fall apart.

That means we must be careful when gambling as we don't have a high chance to win. We may get a high chance to lose than to win so that should make us think that gambling will not give return to us easily. We also have to understand that we may win small win but there is no certain win in gambling because we can lose our money anytime.

Gambler who understand the risks will not let them gambling for longer. That can make them have potentially to lose their money and that lose can be bigger if they can not stop themselves from gambling. A wise gambler will not risks too much money in gambling because no big chance to win.

Even we realizes that the odds to win tempting us, that doesn't mean we can win easily. We must realizes that gambling can makes us drain our money. We must remember that the risks will always be there so that is why we must manage our money properly.

The same time, just imagine that he has an opportunity to make 10-20 such bets per day. He need to bet less than week to return such lose. In my money management my standard bet is between 1% and 5% of my "bank".
No one bank will give you such profit. The problem in such strategy that you need lots of money to get serious profit.

The issue of whether or not that gambler staked his whole money or part is not worth it right now, and just as I have said earlier also, the factay not be far from the current reality an using his total lose amount of 1.4 million to judge his financial status, and how deep he may have been into gambling, to have risk such an amount of money without thinking twice is somewhat a pointer to his risk adventures in gambling, but also we shouldn't judge him based the current outcome of this particular bet because it could be possible that he have being winning in his previous bets, so as much as you see this one so also you may have missed his winning time also because at some point no one that have not won a huge amount before will have such confidence to stake such a huge amount of money on a bet with such an odds that the total outcome will not be so tangible because of the low odds.

there is indeed no certain victory in betting, even in this story, the chances of winning are quite high and are also thwarted. betting on reasonable limits might be better than being impulsive by making big bets on small return opportunities.
there are indeed some gamblers who often use this strategy. the hope is that they can get a small but certain victory. I am sure gamblers understand the risks of such odd selections. while some other gamblers will avoid such opportunities because of the reason that the return will not be satisfactory.

Lack of risks management indeed and this is why it would really be that important that you should really be that mindful about on the potential results or outcomes that you would be able to encounter on the time
that it would really go south. 1.01x might really that looks a sure win and this is why when overconfidence would really be able to control you then you would really be that having those kind of impulsive
betting amount specially if you are someone who do have that financial capacity on which betting a million wont really be an issue then you would really be definitely be doing it.
Its important that you should really be minding about on the risks involved and just like on what i have said that there's no sure win on betting.

Every actions be taken will really be that corresponding risks and this is something that you would really be needing up consider and think up again whether the action would be
made is something worth or not.You are the ones who would really be that responsible towards your action.

As much as I agree with you, you also have to realize or understand that not everyone who is betting with a really high amount of money actually have a lot of money in their bankroll, I remember one time I put $3000 on a single bet, that was exactly all I had in my account, but I decided to put all the fund on that bet because I had high hopes and trust that the bet would win, and you know this thing with gambling in general where the higher the amount you bet, the higher the potential winning amount (profit), so I did this so as to maximize my profit, but unfortunately, the game later lost, I felt like hell was unleashed on me, I fainted out of shock and was rushed to the hospital, I made it alive as you can see, but I wasn't able to place bets again for over one year after that incident.

Now, just imagine that this $1.4 million dollars was all that that gambler had, and decided to go all in on that game because the chances of winning was very high at 99 percent, he bet everything he had and then boom, he lost it all, do you really think he or she still be alive right now.?

The odds is 1.01 which is equivalent to 99% winning chance rate it’s not actually a high risk but rather he just have a terrible luck on his bet in able to loss such bet with high chance of winning.

Possibly this guy has a huge bankroll to begin with and he is not the typical gambler with low bankroll to make this kind of huge bet possible. Again we are talking about 14K here for a high chance of winning, he can stop gambling for a while and enjoy 14K if that bet won. I’m sure he already experienced tons of win before he suffered that terrible bad luck loss.

But If I have that money. I will just bet that 14K on 50% winning chance rate since I have a lot of bankroll to bet again to cover my loss.

You are absolutely right and it's very unfortunate to say the least, I usually do not encourage people to fix deposit their money on the bank for several obvious reasons, but in this case, it would have been better for the gambler if he had put this money on fixed deposit in his, even if he wasn't going to start enjoying the dividend immediately, atleast, the money remain intact, and there is a guarantee that he will gain some handsome profit at the end of the choosen duration.

Anyways, just as you have said, it's  a lesson, a big one actually, for other gamblers to learn from and avoid making same mistake, several times I've mentioned that $1.4 million is a really huge amount of money, I really wonder how anybody will bear such a huge loss to be honest.

Such bet is highly unsustainable because it will take him winning thousands of bets to recover from a single loss. We know that there is nothing certain about gambling because everything is based on probability. Any gambler who ignore the probabilistic nature of gambling will always pay huge price such as the case being discussed. It is very disturbing that chasing 1% profit will cost someone his entire capital and the amount being the dream of many gamblers. Topics like this will really be a good case study for many gamblers who wishes to learn from the mistakes of others.

The bigger question is, who will be happy to lose money?
Why tldo people believe that rich gamblers don't feel they loses, as if the money lost are not worked for, the way a poor gambler feels when the lose the game, same way with a rich gambler and for sure there is no way someone will lose a huge sum of money to the ton of 1.4 million and won't feel it,, so for sure the gambler who lost in this cases will fee terribly bad for his mistakes of taking such risk without checking how it will turn out to be if the loses happens as it did this time.

But also we have to accept the fact that gambling is all about luck and the loser in this case may have been lucky at some other time to win such a bigger amount since from his bet partten he is a big rollers and that means at certain time he have won some tangible amount of money along the line.

Haha, what are you saying bud, 30 percent of $1.4 million dollars is around or exactly $420,000, $14,000 which is the potential profit of the bet if the gambler had won, is not even close or near 30 percent of the total amount of money that was staked, which In this case was lost.

And concerning that which you said last, about the probability that the gambler must have been using this strategy to win in previous times, you definitely might be right, or let me just say that you are right, but then, it's foolish of him to have forgetten that gambling is gambling, and there is always a great risk associated with every bet regardless of the odds.
I remember one time I was playing dice, and set my chances of winning at 99 percent, yet, I still lost most of my rolls, that is, even the 1 percent chance of losing still made me lose significantly, this teaches us to at all times, only stake as much as we can comfortably afford to lose because there are no guarantees of any kind in gambling.

I also suspect the same thing about his desire to get a chance to win for free even though he had to bet high capital, he probably predicted a guaranteed win of $14k with the 1.01 odds that had been placed on the bet and he ignored the high risk that that prediction would also be wrong. $1.4 million will be lost. Even though he was chasing the lowest profit rather than the highest betting capital because he managed to convince himself that he could win on that bet and he also regretted throwing away $1.4 million just for a profit of $14k, hopefully the above case can be a lesson for all gamblers that we need to win mind before making the wrong decision, we must limit funds for gambling and also need to limit time to avoid greed which has fatal consequences for your financial management.