Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 40.

klidex

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Quote from: maydna on January 31, 2023, 04:24:32 AM

And these rich people really know how to use gambling to get entertainment and can also spend their time well. Rich people will play with other rich people, and from there, they can get new business partners that they can invite to build a business again. While most people gamble to make money, rich people gamble to get business opportunities from their other partners.

Indeed, some rich people use gambling as a means for them to meet and get a business partner, but only a few and not all of them are like that.
There are also rich people who gamble with the aim of being able to make a profit and multiply their money.
However, from some of my experience while in the world of gambling, it is true that people who have excess wealth will use gambling as a field to be able to multiply their money and enrich themselves. In fact, almost every time they have time to gamble, they will continue to gamble until they really get what they have. they want.

pawanjain

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Quote from: Solosanz on January 31, 2023, 10:55:44 AM

Quote from: _act_ on January 31, 2023, 04:40:28 AM

The wise gambler will go for better odds like 1.5 or more, the best I have known lies in the range of 1.5 to 2 odds. Going for higher odds are risky while going for lower odds more than 1.2 is a way to lose your money in bank very soon because with low odds, you will want to use big amount of money to play bet and even if you win 5 or more times, 1 big loss will make you lose all you have won and your money. What the person will think later of is to add more money to bet again which he will lose again.

Correct, but I think @[email protected] odds is still quite safe and you can maximize your profit. Some people usually tend to choose parlay option by betting huge favorite team/fighter, so the odds will be high, rather than betting on single match where the odds is only @1.10 or less. As long as you know the sport has higher chance where the underdog pull an upset, you will make a lot money.

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.

Solosanz

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Quote from: _act_ on January 31, 2023, 04:40:28 AM

The wise gambler will go for better odds like 1.5 or more, the best I have known lies in the range of 1.5 to 2 odds. Going for higher odds are risky while going for lower odds more than 1.2 is a way to lose your money in bank very soon because with low odds, you will want to use big amount of money to play bet and even if you win 5 or more times, 1 big loss will make you lose all you have won and your money. What the person will think later of is to add more money to bet again which he will lose again.

Correct, but I think @[email protected] odds is still quite safe and you can maximize your profit. Some people usually tend to choose parlay option by betting huge favorite team/fighter, so the odds will be high, rather than betting on single match where the odds is only @1.10 or less. As long as you know the sport has higher chance where the underdog pull an upset, you will make a lot money.

BenCodie

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Quote from: _act_ on January 31, 2023, 04:40:28 AM

Quote from: xSkylarx on January 30, 2023, 01:10:39 PM

In gambling, anything can happen, even if you think you have a 99% winning percentage, but there is still a 1% chance that you will lose, and that mostly happens to him. The risk is much bigger than winning, but for sure he thinks that it is a sure win, so he bets on it. In sports, comebacks are not rare right now, unlike before, so for sure his emotion when the opponent got the winning points can't be explained. The lesson here is that we should bet what we can afford to lose. I am hoping that he is okay with losing such a huge sum of money.

The wise gambler will go for better odds like 1.5 or more, the best I have known lies in the range of 1.5 to 2 odds. Going for higher odds are risky while going for lower odds more than 1.2 is a way to lose your money in bank very soon because with low odds, you will want to use big amount of money to play bet and even if you win 5 or more times, 1 big loss will make you lose all you have won and your money. What the person will think later of is to add more money to bet again which he will lose again.

That is true. He could have wagered over 50 times less for the same gain if he did a bet at 1.5 odds instead of 1.008. I guess this result is another example that the seemingly impossible is very much possible.

_act_

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Quote from: xSkylarx on January 30, 2023, 01:10:39 PM

In gambling, anything can happen, even if you think you have a 99% winning percentage, but there is still a 1% chance that you will lose, and that mostly happens to him. The risk is much bigger than winning, but for sure he thinks that it is a sure win, so he bets on it. In sports, comebacks are not rare right now, unlike before, so for sure his emotion when the opponent got the winning points can't be explained. The lesson here is that we should bet what we can afford to lose. I am hoping that he is okay with losing such a huge sum of money.

The wise gambler will go for better odds like 1.5 or more, the best I have known lies in the range of 1.5 to 2 odds. Going for higher odds are risky while going for lower odds more than 1.2 is a way to lose your money in bank very soon because with low odds, you will want to use big amount of money to play bet and even if you win 5 or more times, 1 big loss will make you lose all you have won and your money. What the person will think later of is to add more money to bet again which he will lose again.

maydna

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Quote from: klidex on January 30, 2023, 02:10:25 PM

Quote from: maydna on January 30, 2023, 11:01:00 AM

Quote from: klidex on January 29, 2023, 11:52:23 AM

Quote from: maydna on January 29, 2023, 07:29:56 AM

And if he takes the risk but instead continues to play and uses big money as a bet, it is highly not recommended because there is a loss that can occur at any time, and his defeat finally proves that. People with a lot of money may accept such a large amount, but if it ends up spending all their money on the gambling table, it is the same as taking a risk but not knowing how to deal with big risks.

Rich people dare to place big bets, and they can accept the risk of losing their money at any time. Maybe they're after the winning money they can get by placing that big bet, so it's normal for them.

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

Most gamblers have spare money to bet, but the problem is when they get too engrossed in gambling, they instead use all their spare money to continue gambling, and many of them end up losing that spare money in one or several other gambling games. They use the reserve money to recover their previous losses because they think they can recover from their losses even though it will only increase the number of losses they will receive after they finish gambling. We can never follow the ways of the rich to play gambling because they have a large source of money, and we may only be able to watch and dream if we are rich.

Actually, it's not that easy for them to use the reserve money.
And as far as I know rich people will play gambling with a calm mind and don't really think about the fun in gambling because their main goal is to be able to win and get more money.
From every decision they make when playing, it is always in mature minds and it will be difficult for us to be able to follow their way of playing because we can still feel the fun and excitement in a game, while the rich don't at all.
Therefore, almost all rich people do not want to play or bet carelessly.

Rich people will determine how much they can use to gamble and will not use other money when their time is up, and they know the risks of playing gambling very well. That allows them to play calmly and not chase victory because they want to have fun playing gambling, and sometimes, they can negotiate with their business partners to get a deal.

And these rich people really know how to use gambling to get entertainment and can also spend their time well. Rich people will play with other rich people, and from there, they can get new business partners that they can invite to build a business again. While most people gamble to make money, rich people gamble to get business opportunities from their other partners.

rodskee

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Quote from: bettercrypto on January 20, 2023, 11:17:03 PM

Quote from: rodskee on January 20, 2023, 10:28:42 PM

Quote from: yahoo62278 on January 20, 2023, 06:15:36 PM

The game looked over at halftime. I myself went to bed and woke up amazed at what happened in the 2nd half.

The lesson to be learned here is nothing is ever guaranteed.

Indeed, even how good you are in gambling , and how you are confident about the outcome still there are no guarantee in gambling , this needs a result first before gathering the winning and that is how it become riskiest place to earn/win.

I like others also learned the hard ways and will never do the same mistake again , never ..

You are right there, the majority of gamblers still depend on luck in gambling, no matter how good you are at playing at any casino. Be careful, and expect that no matter what bet you make, you will lose in the end.

so self control is still the best weapon , if you already won some good bucks then best to let go, I mean leave the casino and try again in the other day so to try your luck once more but for now? better to stop because losing will comes next.

Quote

This is the world of gambling. But can you do what the bettor did who sacrificed 1.4M$ in exchange for winning only 11,200$ at 0.8? Because I don't think I can do what that bettor did.

neither me mate, that is insane decision , I would rather go 50/50 than that very low odd, this is for me is stupidity and carelessness .

Desmong

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Quote from: joeperry on January 30, 2023, 10:17:20 AM

I actually not surprise with that, though 1.4M is really a lot of money to be lose on a 1.01 odds. I remember when some user bet a 100+ BTC on bustabit and loses so no matter how low the odds is you will definitely lose if luck is not on your side. I actually tried it before (not with big amount) but with my whole bankroll to place bet on a crash game with the automatic withdraw at a multiplier of 1.1 and in just around 3 rounds I lose my whole bankroll.

I this is as a result of addictive gambling, when someone is so interesting I'm making more money that what they can make, it always end up in greed and losing everything. Greed might be a major reason when the gamblers loses that huge amount of many because they want to double there capital and become more richer.
I have always learnt my lesson in a hard way and also stick to lower income or profits bet. No rush at all for me.

Fortify

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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?

It's such a crazy story and so dumb by the person who is betting. If they wanted to feel some sort of rush and not even a particularly high risk bet, they could have gone for something that had odds of 2.0. There are plenty of bets at this level which win each week, you could even throw together what would look like a fairly safe multi/parlay bet to reach those figures without it getting too scary. They could have gone for simply risking small amounts to make the same return of $11k and kept their massive bankroll intact. These aren't the freak event's that they seem and this bet indicates that the bookmaker is expecting roughly 1 out of every 100 bets to lose, not a risk I'd take on over a million dollars.

Fredomago

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Quote from: Silberman on January 30, 2023, 01:04:40 PM

Quote from: Jawhead999 on January 30, 2023, 11:08:17 AM

Quote from: klidex on January 29, 2023, 11:52:23 AM

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

If the rich will gamble with huge amount in order to win and make money, I'm sure all of the casinos already bankrupt since their bankroll are empty due to whales. Technically martingale strategy will work, but you need to have unlimited money because you're need to accept huge lose. But it's impossible because even a rich person does have limited money. i think most of high roller lose their money because they're get tricked by gambling tools about martingale strategy calculation.

They are tricking themselves, anyone that makes an effort to make a quick search about whether martingale works or not will find out that it does not in a matter of minutes, so if a whale losses a lot of money by following the martingale strategy they do not have no one else to blame but themselves, after all even if they do not believe what they read they could easily corroborate it is true by using play money, and see how each time given enough time their balance goes to zero.

Not sure why it's needed to bring martingale strategy on this topic since it's by far related to what happen to the op's story, it's a 99% odd that the gambler did place his bet thinking that he will earn something out from that huge bankroll, but it didn't happen and he take the risk and lose the money, bad timing and luck is not with him nothing to blame as he take that and bookies win against him.

noormcs5

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Quote from: joeperry on January 30, 2023, 10:17:20 AM

I actually not surprise with that, though 1.4M is really a lot of money to be lose on a 1.01 odds. I remember when some user bet a 100+ BTC on bustabit and loses so no matter how low the odds is you will definitely lose if luck is not on your side. I actually tried it before (not with big amount) but with my whole bankroll to place bet on a crash game with the automatic withdraw at a multiplier of 1.1 and in just around 3 rounds I lose my whole bankroll.

Can we call this act a greediness as people think that when they see 1.01 odd, they can't lose, the chances of winning this bet is more than 99% and therefore they spend a lot of money on such bets and hope to gain money ?

Quote from: xSkylarx on January 30, 2023, 01:10:39 PM

In gambling, anything can happen, even if you think you have a 99% winning percentage, but there is still a 1% chance that you will lose, and that mostly happens to him. The risk is much bigger than winning, but for sure he thinks that it is a sure win, so he bets on it. In sports, comebacks are not rare right now, unlike before, so for sure his emotion when the opponent got the winning points can't be explained. The lesson here is that we should bet what we can afford to lose. I am hoping that he is okay with losing such a huge sum of money.

Money management can be another lesson to be learn from this incident.
Losing in gambling and betting is normal but if you follow money management technique's and best practices you can never lose big money.
Most people ignore this fact and keep on losing their capital in gambling.

klidex

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Quote from: maydna on January 30, 2023, 11:01:00 AM

Quote from: klidex on January 29, 2023, 11:52:23 AM

Quote from: maydna on January 29, 2023, 07:29:56 AM

And if he takes the risk but instead continues to play and uses big money as a bet, it is highly not recommended because there is a loss that can occur at any time, and his defeat finally proves that. People with a lot of money may accept such a large amount, but if it ends up spending all their money on the gambling table, it is the same as taking a risk but not knowing how to deal with big risks.

Rich people dare to place big bets, and they can accept the risk of losing their money at any time. Maybe they're after the winning money they can get by placing that big bet, so it's normal for them.

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

Most gamblers have spare money to bet, but the problem is when they get too engrossed in gambling, they instead use all their spare money to continue gambling, and many of them end up losing that spare money in one or several other gambling games. They use the reserve money to recover their previous losses because they think they can recover from their losses even though it will only increase the number of losses they will receive after they finish gambling. We can never follow the ways of the rich to play gambling because they have a large source of money, and we may only be able to watch and dream if we are rich.

Actually, it's not that easy for them to use the reserve money.
And as far as I know rich people will play gambling with a calm mind and don't really think about the fun in gambling because their main goal is to be able to win and get more money.
From every decision they make when playing, it is always in mature minds and it will be difficult for us to be able to follow their way of playing because we can still feel the fun and excitement in a game, while the rich don't at all.
Therefore, almost all rich people do not want to play or bet carelessly.

xSkylarx

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Quote from: bittraffic on January 18, 2023, 08:08:54 AM

He risks his $1.4M to win $11,200 if his team won.

In gambling, anything can happen, even if you think you have a 99% winning percentage, but there is still a 1% chance that you will lose, and that mostly happens to him. The risk is much bigger than winning, but for sure he thinks that it is a sure win, so he bets on it. In sports, comebacks are not rare right now, unlike before, so for sure his emotion when the opponent got the winning points can't be explained. The lesson here is that we should bet what we can afford to lose. I am hoping that he is okay with losing such a huge sum of money.

Silberman

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Quote from: Jawhead999 on January 30, 2023, 11:08:17 AM

Quote from: klidex on January 29, 2023, 11:52:23 AM

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

If the rich will gamble with huge amount in order to win and make money, I'm sure all of the casinos already bankrupt since their bankroll are empty due to whales. Technically martingale strategy will work, but you need to have unlimited money because you're need to accept huge lose. But it's impossible because even a rich person does have limited money. i think most of high roller lose their money because they're get tricked by gambling tools about martingale strategy calculation.

They are tricking themselves, anyone that makes an effort to make a quick search about whether martingale works or not will find out that it does not in a matter of minutes, so if a whale losses a lot of money by following the martingale strategy they do not have no one else to blame but themselves, after all even if they do not believe what they read they could easily corroborate it is true by using play money, and see how each time given enough time their balance goes to zero.

bettercrypto

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Quote from: Jawhead999 on January 30, 2023, 11:08:17 AM

Quote from: klidex on January 29, 2023, 11:52:23 AM

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

If the rich will gamble with huge amount in order to win and make money, I'm sure all of the casinos already bankrupt since their bankroll are empty due to whales. Technically martingale strategy will work, but you need to have unlimited money because you're need to accept huge lose. But it's impossible because even a rich person does have limited money. i think most of high roller lose their money because they're get tricked by gambling tools about martingale strategy calculation.

The martingale is only really effective for the rich who seem to never run out of money entering a casino platform here in cryptocurrency.

And what you say is true, when the situation is like this in a casino and a whale enters, the owner of the gambling house will definitely get a carrot because the player has more money than the gambler.

Jawhead999

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Quote from: klidex on January 29, 2023, 11:52:23 AM

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

If the rich will gamble with huge amount in order to win and make money, I'm sure all of the casinos already bankrupt since their bankroll are empty due to whales. Technically martingale strategy will work, but you need to have unlimited money because you're need to accept huge lose. But it's impossible because even a rich person does have limited money. i think most of high roller lose their money because they're get tricked by gambling tools about martingale strategy calculation.

maydna

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Quote from: klidex on January 29, 2023, 11:52:23 AM

Quote from: maydna on January 29, 2023, 07:29:56 AM

And if he takes the risk but instead continues to play and uses big money as a bet, it is highly not recommended because there is a loss that can occur at any time, and his defeat finally proves that. People with a lot of money may accept such a large amount, but if it ends up spending all their money on the gambling table, it is the same as taking a risk but not knowing how to deal with big risks.

Rich people dare to place big bets, and they can accept the risk of losing their money at any time. Maybe they're after the winning money they can get by placing that big bet, so it's normal for them.

By knowing the risks that will be accepted and the consequences of betting large amounts, they must also have spare money to be able to bet if the first bet loses and the money is lost.
The reserve money will be used with the aim of betting again to be able to win it and restore losses from previous losses.
If we follow and pay close attention to how the rich people play or bet, it will be difficult to understand because they bet using their logic based on a large enough capital that no matter how they do it they will continue to win.

Most gamblers have spare money to bet, but the problem is when they get too engrossed in gambling, they instead use all their spare money to continue gambling, and many of them end up losing that spare money in one or several other gambling games. They use the reserve money to recover their previous losses because they think they can recover from their losses even though it will only increase the number of losses they will receive after they finish gambling. We can never follow the ways of the rich to play gambling because they have a large source of money, and we may only be able to watch and dream if we are rich.

joeperry

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I actually not surprise with that, though 1.4M is really a lot of money to be lose on a 1.01 odds. I remember when some user bet a 100+ BTC on bustabit and loses so no matter how low the odds is you will definitely lose if luck is not on your side. I actually tried it before (not with big amount) but with my whole bankroll to place bet on a crash game with the automatic withdraw at a multiplier of 1.1 and in just around 3 rounds I lose my whole bankroll.

virasog

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Quote from: KupaCrypto on January 29, 2023, 04:59:42 AM

Quote from: RILWAN on January 28, 2023, 01:07:17 PM

This amount of lose is huge and this will really affect the gambler mind unless he has hit a jack pot severely in the past and if that be so 1.4 million dollars lost bet may not mean much to the gambler is question.

But any way it is good we mentioend it here to teach us some lessons never to bet heavily because of odds, gambling is risky you can lose everything.

It will surely affect him, he knew he was putting his money into gamble and in gamble anything can happen, no matter how certain the outcome may look nothing is sure, so he has to deal with the loss , he needs a strong mentality now, because that strong mentality is put to rest in situations like this when you loose a bet with such huge amount of money.

Maybe he has enough money to make him forget about the 1.4million dolls but surely he will still feel it, he shouldn't give up on betting,

Even with the odd of 1.01, there is 1% chance that the match can still turn in favor of different team, and you may lose money in you are betting.
Usually, i would never bet with odds like 1.01 because it's not even worth taking the risk because even if we win this bet, the profit will be way too less. I usually bet on minimum odd of 0.20 and put only small portion of my money in a single bet, so if the bet goes against me i do not lose my all portfolio.

Yamifoud

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Quote from: slaman29 on January 29, 2023, 10:14:30 AM

1 million dollars to win 8000 dollars? Either the guy has a lot of money to throw around, or he just wanted to earn fee money (something stupid I would do sometimes, bet 1 million satoshi to win 8000 satoshi on dice to pay for a withdrawal fee.

Totally naive, and inexperienced, but I've also done the same at Bitvest to my loss Sad

Rich gamblers won't think that badly for sure, but they feel bad for it because it is a huge amount. He tried to make things possible by gambling because if he is also too lucky on that day, he also multiplies his money instantly. Because sometimes it happens that lower odds win and he tried to convince himself to be confident with that losing bet. But for sure he knows the consequences of gambling and I believe this is not the first he lose that amount.

Totally naive or not, things like this will happen. He puts a huge bet which is why he loses huge as well. A true gambler will take a higher risk than others.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 40. (Read 6572 times)