Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 41.

Wiwo

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Quote from: Bushdark on February 08, 2023, 04:32:37 PM

Quote from: RikandMorty1 on February 08, 2023, 10:27:20 AM

These extremly low odds are the worst thing you can possibly use on gambling websites.

Do not forget that there are people that had been making consistent profits from the small odds you are against. Everybidy has things that works for them that might not work for you. Gambling is just all about what works for us so you can think that there are not persons makingoney from that small odds. There was a time I was accustomed to using fee odds to win big profits but anytime I use big odds, I do end up losing the bets. It works for some time until the strategy stop working. Although I enjoyed the profits for a while.
I don't like greed that is why I don't use big odd to win big profits everytime.

More appropriate to say that those who risk on small odds sometime have a greater chance of winning even though the rewards from small odds may be small compared to that of bigger odds but also to should know that there are a lot of other factors that may contribute to the outcome of a bet no matter the odds.
-You should not use the word consistent winning, because there is nothing like consistency in bets outcome.
-The situation is bound to change at regular intervals since the situation changes from time to time depending on the advantage presented to each team during the play.

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Quote from: Lucasgabd on February 09, 2023, 07:01:50 AM

Any chance. Even if small. That this was a fat finger mistake?

It reminds me of Taleb’s concepts on avoiding ruin at all costs
Let’s just hope this wasn’t a big percentage of the gamblers money. But I could bet this is not the case

That's totally possible especially considering the fact that it was a live bet where the chances of making such mistakes are drastically higher when compared to pre-game bets. This is even worse when compared to making no such mistake.

I do feel that the gambler is a whale just like you, but the loss will still sting regardless if you ask me.

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Quote from: Oshosondy on January 18, 2023, 06:49:13 AM

I have lost 1.01 odd before, I have lost 1.05 odd more than ones before, I have lost 1.02 several times that let me know that going for lower odds is stupidity, it will only encourage you to increase the money you use to stake and losses is still possible. It is a means of getting addicted too.

I have won 1.25 to 2 odds before very well, if I take higher odd with lower amount of money and lose, it is better than going for lower odds with high amount of money.

It is certainly concerning to hear about a gambler losing a vast amount of money playing a bet with odds as low as 1.008. This serves as a reminder that there is always a risk involved in gambling, even with seemingly low odds. I would suggest everyone play at a safe level with a certain amount after proper research so the risk of financial loss should be minimized.

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There's no need to be upset

Any chance. Even if small. That this was a fat finger mistake?

It reminds me of Taleb’s concepts on avoiding ruin at all costs
Let’s just hope this wasn’t a big percentage of the gamblers money. But I could bet this is not the case

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Quote from: klidex on February 08, 2023, 10:01:14 AM

Quote from: coinerer on February 08, 2023, 04:39:02 AM

A gambling addict never realizes how risky it is and how much money a single bet is good for. Then they think that betting a big account will give a big amount of return and they will become rich in a very short time. But when he loses that big amount he can feel how big a mistake he made. And thus many lose everything and end up in huge debt or commit suicide.

In fact, being too obsessed with wealth from gambling is something that is really not recommended for gamblers because it will only give them big losses and losses.
We don't know whether to win or lose in a game, even though we can still minimize the rate of defeat, not everyone can do it.
Some people can indeed make large amounts of money at gambling and even then they already have sufficient experience and knowledge in all games or bets.
So the option to get rich in an instant by relying on gambling is just a dream for those who are beginners or gamblers who only have money without any knowledge or strategy.

Intelligence and strategy do not always work in gambling, many times even professional gamblers lose in gambling. So whether a professional gambler or a new gambler. While gambling one should always make every single bet with a small amount of dollars otherwise there is a chance of losing huge sums at some point. And it would be better if no one gambled constantly. People who gamble only for fun never suffer big losses. Those who become addicted to gambling and continue to gamble for earning money always suffer big losses.

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Quote from: Bushdark on February 08, 2023, 04:32:37 PM

Quote from: RikandMorty1 on February 08, 2023, 10:27:20 AM

These extremly low odds are the worst thing you can possibly use on gambling websites.

Do not forget that there are people that had been making consistent profits from the small odds you are against. Everybidy has things that works for them that might not work for you. Gambling is just all about what works for us so you can think that there are not persons makingoney from that small odds. There was a time I was accustomed to using fee odds to win big profits but anytime I use big odds, I do end up losing the bets. It works for some time until the strategy stop working. Although I enjoyed the profits for a while.
I don't like greed that is why I don't use big odd to win big profits everytime.

^If you are able to win that is all about luck and not just because how much the percentage of the odds.
But you are definitely right, manage your temper and your greed so that you don't have a big loss, the thing that causes you to become an empty pocket is that you are chasing your loss. Whatever happens, don't chase your loss because it may lead to frustration while gambling, and it can be out of your focus. So for me, gambling is based on luck and nothing more, stop when luck was not on your side.

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Quote from: Bushdark on February 08, 2023, 04:32:37 PM

Quote from: RikandMorty1 on February 08, 2023, 10:27:20 AM

These extremly low odds are the worst thing you can possibly use on gambling websites.

Do not forget that there are people that had been making consistent profits from the small odds you are against. Everybidy has things that works for them that might not work for you. Gambling is just all about what works for us so you can think that there are not persons makingoney from that small odds. There was a time I was accustomed to using fee odds to win big profits but anytime I use big odds, I do end up losing the bets. It works for some time until the strategy stop working. Although I enjoyed the profits for a while.
I don't like greed that is why I don't use big odd to win big profits everytime.

Mostly I go for low odds, so I can extend the gambling session for longer than usual, with my tight budget if I went for big enough odds I would probably only last playing less than 5 minutes before reaching my losing threshold. At least, with small odds I have got more control over what I am risking.

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Quote from: RikandMorty1 on February 08, 2023, 10:27:20 AM

These extremly low odds are the worst thing you can possibly use on gambling websites.

Do not forget that there are people that had been making consistent profits from the small odds you are against. Everybidy has things that works for them that might not work for you. Gambling is just all about what works for us so you can think that there are not persons makingoney from that small odds. There was a time I was accustomed to using fee odds to win big profits but anytime I use big odds, I do end up losing the bets. It works for some time until the strategy stop working. Although I enjoyed the profits for a while.
I don't like greed that is why I don't use big odd to win big profits everytime.

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Quote from: BobK71 on February 08, 2023, 01:38:26 PM

Quote from: bettercrypto on February 08, 2023, 10:59:35 AM

Quote from: traderethereum on February 07, 2023, 11:45:31 PM

Quote from: paxmao on February 07, 2023, 06:17:21 PM

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will loose that amount and will not even blink.

You're right, mate. Only rich people can afford to spend enormous amounts of money, even for a single use of their money, for example, shopping.
But for those who don't have much money, having 1M USD is still a dream and we will feel frustrated if we spend it only on gambling.
That kind of money can provide for our living needs for many years for people who live in countries where the cost of living is not high.
We can only learn from what others have obtained so that we can take what is good to apply to us and leave what is not good.

It's indeed, obvious that the gambler who did that is rich, many members here regretted that he made that bet, while the bettor himself can't see any regret or remorse for what he did.

For rich people, they won't feel the value of 1M$ but for those who aren't, of course maybe even just 20k$ is too much regret for us or maybe we haven't agreed to bet that amount too.

It is a very simple matter. A rich man likes to bet big. It's no surprise that his small bet amounts can be sky-high for many gamblers. But when gambler loses by betting on such odds, it can be a concern for everyone. 1.4 million dollars not less amount. No matter how big a bettor loses, he must have regrets. We know that people learn for mistakes so, such learning is necessary.

A million is something an amount that you cant really just ignore that easily on where you would really be having regrets on why you had bet on such big amount just because you do believe that it was a one side game? This is one of the biggest mistake of someone to do so, even how rich you are or does have lots of money you would be still be able to hit hard on your finances if you do bet up this way.

So it would really be a lesson learned for that guy who do make out huge bets on a game which does offer below 1.01 which i dont know on where they do really get up that much of idea
that its a 100% win even if its not.Small chances or even close to impossible could snip out and destroy the entire expecations.

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Quote from: bettercrypto on February 08, 2023, 10:59:35 AM

Quote from: traderethereum on February 07, 2023, 11:45:31 PM

Quote from: paxmao on February 07, 2023, 06:17:21 PM

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will loose that amount and will not even blink.

You're right, mate. Only rich people can afford to spend enormous amounts of money, even for a single use of their money, for example, shopping.
But for those who don't have much money, having 1M USD is still a dream and we will feel frustrated if we spend it only on gambling.
That kind of money can provide for our living needs for many years for people who live in countries where the cost of living is not high.
We can only learn from what others have obtained so that we can take what is good to apply to us and leave what is not good.

It's indeed, obvious that the gambler who did that is rich, many members here regretted that he made that bet, while the bettor himself can't see any regret or remorse for what he did.

For rich people, they won't feel the value of 1M$ but for those who aren't, of course maybe even just 20k$ is too much regret for us or maybe we haven't agreed to bet that amount too.

It is a very simple matter. A rich man likes to bet big. It's no surprise that his small bet amounts can be sky-high for many gamblers. But when gambler loses by betting on such odds, it can be a concern for everyone. 1.4 million dollars not less amount. No matter how big a bettor loses, he must have regrets. We know that people learn for mistakes so, such learning is necessary.

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Quote from: traderethereum on February 07, 2023, 11:45:31 PM

Quote from: paxmao on February 07, 2023, 06:17:21 PM

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will loose that amount and will not even blink.

You're right, mate. Only rich people can afford to spend enormous amounts of money, even for a single use of their money, for example, shopping.
But for those who don't have much money, having 1M USD is still a dream and we will feel frustrated if we spend it only on gambling.
That kind of money can provide for our living needs for many years for people who live in countries where the cost of living is not high.
We can only learn from what others have obtained so that we can take what is good to apply to us and leave what is not good.

It's indeed, obvious that the gambler who did that is rich, many members here regretted that he made that bet, while the bettor himself can't see any regret or remorse for what he did.

For rich people, they won't feel the value of 1M$ but for those who aren't, of course maybe even just 20k$ is too much regret for us or maybe we haven't agreed to bet that amount too.

RikandMorty1

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These extremly low odds are the worst thing you can possibly use on gambling websites.

klidex

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Quote from: coinerer on February 08, 2023, 04:39:02 AM

A gambling addict never realizes how risky it is and how much money a single bet is good for. Then they think that betting a big account will give a big amount of return and they will become rich in a very short time. But when he loses that big amount he can feel how big a mistake he made. And thus many lose everything and end up in huge debt or commit suicide.

In fact, being too obsessed with wealth from gambling is something that is really not recommended for gamblers because it will only give them big losses and losses.
We don't know whether to win or lose in a game, even though we can still minimize the rate of defeat, not everyone can do it.
Some people can indeed make large amounts of money at gambling and even then they already have sufficient experience and knowledge in all games or bets.
So the option to get rich in an instant by relying on gambling is just a dream for those who are beginners or gamblers who only have money without any knowledge or strategy.

BitcoinTurk

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Quote

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)

This actually proves that low odds do not provide guaranteed returns when gambling. Although low odds are more likely to win, you should definitely not bet such a high amount for low odds bets. In addition, the importance of placing a bet by making a capital control for low-rate and guaranteed gambling is understood when such an amount is lost.
I had a similar situation before;

Just in the 10th minute of the soccer match, I saw 1.14 odds for a soccer bet that continued 1-1 as a result of the match and I gambled with 2 Bitcoins. In approximately 80 minutes it seemed almost certain that any team would score. However, the result of the match ended 1-1 and I was the loser in this gamble, which I expected as a guaranteed win.

So, having such a bad experience, I need to state very clearly that a low rate always means a high probability of winning, but it does not mean that you can make a guaranteed win.

Wiwo

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I just read a comment on the Roobet thread here this is the link: https://bitcointalksearch.org/topic/m.61729330
The player won a huge amount in a bet on slot this is very important in to mention so that we all can be aware, that as there are big losers so are their big winners who are hitting jackpot at regular intervals so the player option to bet a bet worth $1.4 million is justifiable and sane to practice since he did not know what the outcome will be when but now it is clear to him since he lost and he now knows his faith.

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Quote from: traderethereum on February 07, 2023, 11:45:31 PM

Quote from: paxmao on February 07, 2023, 06:17:21 PM

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will loose that amount and will not even blink.

You're right, mate. Only rich people can afford to spend enormous amounts of money, even for a single use of their money, for example, shopping.
But for those who don't have much money, having 1M USD is still a dream and we will feel frustrated if we spend it only on gambling.
That kind of money can provide for our living needs for many years for people who live in countries where the cost of living is not high.
We can only learn from what others have obtained so that we can take what is good to apply to us and leave what is not good.

Same with you, that huge amount can be a fortune to someone who's living in a third word country, it can provide luxuries for a longer period especially if the person are capable of establishing a business that can really give them continuous sources of incomes, though, it's also true that there's people like the gambler who lose that huge amount who can let it go and continue playing.

Quote from: piebeyb on February 08, 2023, 03:00:53 AM

in my country 1 million dollars can be enough to support me and my family for up to 10 years or more if you build a business at the same time, lol
but that's how rich people play when they want to get a little profit they dare to spend big capital and they don't think they will lose big money too in their bets

Like what I said, if the person who have that huge amount of money who's living in a place where cost of living is not that much, they can put up business and investment that can bring more income, in terms of gambler who can lose that amount, either a whale or an addicted gambler who can embrace that risk.

QueenVera

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It is never advisable to use mine one can't afford to lose to gamble and I really can't tell if tye money used was for gambling purpose alone because we've heard cases of people who have lost very huge sum of money just in gambling and it never moved them and maybe that might be the case with this user that lost.
And this very situation has thought me something that nothing is certain in gambling and anything can happen and I guess tye gambler was so over certain of what he wanted to play and finally got disappointed at the end.
This is a wake up call to gamblers never to use money they can't afford to lose and that anything can happen at anytime

RILWAN

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I dont know why most comments here are blaming the man for gambling away such an amount on a bet, but we have failed to know if the man is a jack pit holdwr and is still out to increase his winning by trying out his luck on varieties of games and this time his luck has not to shine that is why he lost 1.4 million dollars in a bet.

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Quote from: paxmao on February 07, 2023, 06:17:21 PM

Quote from: drwoo on February 06, 2023, 07:46:53 PM

Quote from: bitbollo on January 18, 2023, 06:43:29 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 wonder whether there is some easy conclusion to be drawn that the player was addicted. We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million.

That's a crazy story either way and as you already put it, there is no such thing as a 100% safe bet ever unless you are hedging somehow. But this one ended with way more than a punch in the face...

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will loose that amount and will not even blink.

As impossible as it may sound, yes there are really people like this who have so much they wouldn't totally care nor even notice that they already loss a massive amount, at least for our perspective because they have so much at their disposal. These are the few lucky ones who are really considered elites and are very much wealthy, not just wealthy, but way beyond. If they don't feel any remorse or regret about risking then losing, then most probably it's just a small amount that they can always earn after a while.

Perhaps those rich people who still feel the guilt are the ones who just understand the value of what they lost after they lost it, realizing that it is indeed a big money still. I encounter more if this one rather the first one though personally speaking and in general matter, not only in gambling but also in risking to other things.

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Quote from: Odusko on February 08, 2023, 04:28:11 AM

1 million dollar is a lot of money to some people but to other it has a small fraction which can easily be bet away or spent in a night out, but the we should also consider other factors that may have lead to this incident, first we should consider the gambler previous gambling history and how much he have won or lost in the past.

Quote from: piebeyb on February 08, 2023, 03:00:53 AM

Quote from: traderethereum on February 07, 2023, 11:45:31 PM

Quote from: paxmao on February 07, 2023, 06:17:21 PM

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just a change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will lose that amount and will not even blink.

You're right, mate. Only rich people can afford to spend enormous amounts of money, even for a single use of their money, for example, shopping.
But for those who don't have much money, having 1M USD is still a dream and we will feel frustrated if we spend it only on gambling.
That kind of money can provide for our living needs for many years for people who live in countries where the cost of living is not high.
We can only learn from what others have obtained so that we can take what is good to apply to us and leave what is not good.

in my country 1 million dollars can be enough to support me and my family for up to 10 years or more if you build a business at the same time, lol
but that's how rich people play when they want to get a little profit they dare to spend big capital and they don't think they will lose big money too in their bets

Even though the money is enough to set many people out of financial struggle for many years, there are still other risk factors that we must consider, such as risk of unplanned incidents that can eat up that money, and what is the possibility of one not losing such an amount into a bad business.

So ultimately we should learn just one lesson from this which is, setting limits to all that we do as it involves money it doesn't matter the level of risk, let's make it a principle.

A gambling addict never realizes how risky it is and how much money a single bet is good for. Then they think that betting a big account will give a big amount of return and they will become rich in a very short time. But when he loses that big amount he can feel how big a mistake he made. And thus many lose everything and end up in huge debt or commit suicide.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 41. (Read 8226 times)