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

BobK71

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Quote from: len01 on January 29, 2023, 09:38:10 PM

Quote from: rahmad2nd on January 29, 2023, 05:27:30 PM

In sports betting, it's not uncommon for us to be presented with low odds that are provided by bookies for highly favored teams. in this case, the man chose to bet at low odds because he believed the team he chose would win the match. unfortunately, in the case of this man's gamble. the opposing team can make a comeback and win the battle. in the end, this man had to give up the money he had gambled.

actually it all comes down to luck. but in this case it is an example that we really have to pay attention to in sports betting gambling that odd low is indeed a superior team but not necessarily odd low means it will win. there are lots of cases like this, it's just that some gamblers are more closed in this loss. so not too many people know that many gamblers are fooled by the low odd.
I myself also experienced this case when I was in an esport bet when the odd was low I tried to bet with everything I had and in the end the opposing team made a comeback and lost in the last round. another example is in the world cup soccer match at that time many lost with millions of dollars.

so in conclusion, don't be too hasty to bet on sports betting, because anything can happen there. try to bet a moderate amount and add to the bet if the score is really far behind.

When the odds are 1.008 win seems almost certain but any situations that can happen. Big gaps in scorer games don't take long to turn around. Big money can be lost in just a few minutes. But the reality is that you definitely need to diversify your gambling. The same betting odds should never be placed again and again. Moreover, since gambling is not guaranteed, every bet can be a loser. A gambler should accept defeat and gamble.

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Quote from: Fivestar4everMVP on January 30, 2023, 03:03:18 AM

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

I wouldn't conclude that the guy is inexperienced mate, there is a high chance the guy do have a lot of money to throw around, and from the odds, it is certain that the guy trusted in the game too much which is why he had the confidence to bet such an amount of money, its like discovering opportunity to make some profit on your money, then you throw everything in so that you can make much profit as possible..
Here, the guy bet 1.4 million dollars to make a profit of 11k dollars, if he had won the game as he was so sure of, he would have made 11k dollars easy, that alone is still alot of money to several of us who are pleb gamblers .

I second you on that, the issue is not about the inexperience of the gambler. Who went for a very low odd of 1.008 must have experience, but was only overbearing and foolish in gambling that much. Such has mistaken 'almost-certainty' for 'certain' thereby believing 100% that he would win. Such might have been working for him, but it can't all the time.

That is why it's better to diversify our portfolio if we want to be successful in gambling and trading. Nothing is 100% sure in gambling, even if the situation is 99.99% sure, the 0.01% uncertainty can still put the person in trouble.

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Quote from: KupaCrypto on January 30, 2023, 02:51:24 AM

When I bet on sports I don't take any odd Les than 2 odds because the small odds with 90% certainty are the odds that will make you loose that ticket and it will hurt because you actually thought it's a walk over,
But when you place 2 odds and above certainly you won't trust the outcome by 100%, it will be a 50/50 situation you loose you bear your loss you win you celebrate your win, you won't expect too much from the outcome.

Gamblers like placing bets on lower odds in order to improve their chances of winning. Odds of 2.0 or higher indicate that your chances of winning are on the lower side which is why the rewards are higher too.

Also, it's never exactly 50/50 because you forgot about the casino vig which basically gives them a small edge.

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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

I wouldn't conclude that the guy is inexperienced mate, there is a high chance the guy do have a lot of money to throw around, and from the odds, it is certain that the guy trusted in the game too much which is why he had the confidence to bet such an amount of money, its like discovering opportunity to make some profit on your money, then you throw everything in so that you can make much profit as possible..
Here, the guy bet 1.4 million dollars to make a profit of 11k dollars, if he had won the game as he was so sure of, he would have made 11k dollars easy, that alone is still alot of money to several of us who are pleb gamblers .

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Multiplying 1.4 million dolls by 1.01 odds the amount you will get is still 1.4million dolls just an addition of a little token which is not worth risking 1.4 million for, that risk is not worth it at all, he lost a whopping 1.4 million,

When I bet on sports I don't take any odd Les than 2 odds because the small odds with 90% certainty are the odds that will make you loose that ticket and it will hurt because you actually thought it's a walk over,
But when you place 2 odds and above certainly you won't trust the outcome by 100%, it will be a 50/50 situation you loose you bear your loss you win you celebrate your win, you won't expect too much from the outcome.

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Quote from: rahmad2nd on January 29, 2023, 05:27:30 PM

In sports betting, it's not uncommon for us to be presented with low odds that are provided by bookies for highly favored teams. in this case, the man chose to bet at low odds because he believed the team he chose would win the match. unfortunately, in the case of this man's gamble. the opposing team can make a comeback and win the battle. in the end, this man had to give up the money he had gambled.

actually it all comes down to luck. but in this case it is an example that we really have to pay attention to in sports betting gambling that odd low is indeed a superior team but not necessarily odd low means it will win. there are lots of cases like this, it's just that some gamblers are more closed in this loss. so not too many people know that many gamblers are fooled by the low odd.
I myself also experienced this case when I was in an esport bet when the odd was low I tried to bet with everything I had and in the end the opposing team made a comeback and lost in the last round. another example is in the world cup soccer match at that time many lost with millions of dollars.

so in conclusion, don't be too hasty to bet on sports betting, because anything can happen there. try to bet a moderate amount and add to the bet if the score is really far behind.

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Quote from: erep on January 29, 2023, 01:15:54 PM

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

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.

we can assume he is a rich man from the amount of betting funds but from the assessment of the odds that he does not accept losing the funds because his predictions are wrong, he increases the betting funds because he has predicted that he has a great chance to win even though the winning amount is very low compared to the betting capital. However, this type of gambler is very rare, even though gamblers are rich they still consider the risks of each bet and are not greedy to get profits with risky bets.

I used to have a friend of that love betting on football matches, and in most cases he is constantly on the look out for smaller odds and once he can see the lowest of them all, he will place his bet on that particular games because of the small odds and now stake big amount this kind of gambling habit is popular among.
-big money bag holders, who are scared and lazy to do analyses and instead of calculating and connecting the odds they just choose the small odd thinking it to be a sure odds.
-They are missed informed on how the possibility of a small odds to lose or win is same with bigger odds, not knowingt that gambling is risky and only luck can make you hit the jack pot.
-1.4 millions quite a huge money that only money bag could bet away at a go.

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Quote from: Bitinity on January 29, 2023, 06:00:28 AM

True, if he is a billionaire, the lost will not affect him financially but it will still affect him mentally due to its insane low odds. No doubt that he regret it much, because he did make a huge bet for small profit but unfortunately he lost it. Hopefully he is a real billionaire who wont be affected financially, I cant imagine how if this 1.4m is all the money he owns. Something really worst must be happened after..

In sports betting, it's not uncommon for us to be presented with low odds that are provided by bookies for highly favored teams. in this case, the man chose to bet at low odds because he believed the team he chose would win the match. unfortunately, in the case of this man's gamble. the opposing team can make a comeback and win the battle. in the end, this man had to give up the money he had gambled.

First of all, what I want to say is that only people who have large finances dare to bet a high enough amount. imagine, 1.4 million is not a small amount of money, especially when converted to my country's currency. secondly, I believe this man often bets high amounts. maybe, if we compare the money that is at stake with the money that is earned it is not worth it. however, if we look at that $11k is not a small amount of money either. based on his high self-confidence, the man made a high bet. unfortunately, bad luck befell him.

erep

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

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.

we can assume he is a rich man from the amount of betting funds but from the assessment of the odds that he does not accept losing the funds because his predictions are wrong, he increases the betting funds because he has predicted that he has a great chance to win even though the winning amount is very low compared to the betting capital. However, this type of gambler is very rare, even though gamblers are rich they still consider the risks of each bet and are not greedy to get profits with risky bets.

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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.

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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?

When I see your lessons to learn, I laugh because those things you mentioned there m, it is only those who don't understand gambling have not known or seeing them. For a real gambler those things are part in him. He understands that gambling is not all about winning always, there will be a time that one will also loss. And also real gamblers understand that there is no bet or gambling is small or big. You have to make all equal if not you cry to home. The small gambling can even lead you to a big win.

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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

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Quote from: klidex on January 28, 2023, 01:57:50 PM

Quote from: maydna on January 28, 2023, 11:25:03 AM

Quote from: klidex on January 27, 2023, 12:29:04 PM

Quote from: maydna on January 27, 2023, 04:42:21 AM

If it was the gambler's own money, he could be very depressed seeing the big loss he got and would not have the confidence to meet anyone because maybe the people around him have cursed him for having made one big mistake by gambling with big money. But yeah, we can only guess and don't know the truth. But what is certain is that it is a valuable lesson that we can reflect on so that we do not waste that much money on gambling and even make something that can make money for us. It will be better for our life later.

I think gamblers who bet very large amounts of money are their personal money and this is done to be able to get even bigger profits.
He must have known what kind of risk he would receive because he was betting a large amount so it would be impossible for him to bet carelessly without any prior consideration.
Maybe for us it is a very large amount of money and it would be a shame to bet all of it but for him who is risking it it is not a large amount because surely he is a person who has more and more wealth.

Perhaps, he already knows the risks or maybe he never thought about the risks and just kept on playing. As we already know, gambling can make us forget to take care of ourselves and our money so that it doesn't all run out, but instead, it seems like we are chasing victory many times even though we have won it before.

For rich people, that amount might be nothing compared to all their money or they could get that much money easily. And he also didn't feel that it was embarrassing because it was normal for him. Those who have never gambled with that big money would be shocked at how much money has already been spent.

However, it seems that he already knows very well what risks can be obtained. However, because he is a rich man, he can have the strength to accept all these risks.
Rich people are also certain that in every game or bet they cannot just be careless in doing it. It must be based on sufficient knowledge and extensive knowledge about a game or bet so that it indirectly makes them confident and sure of victory.

Yes, of course, and rich people dare to place large bets because there is an advantage if they win, the amount they get is even bigger and is proportional to the risk they have to accept.

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.

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Quote from: Bitinity on January 29, 2023, 06:00:28 AM

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,

True, if he is a billionaire, the lost will not affect him financially but it will still affect him mentally due to its insane low odds. No doubt that he regret it much, because he did make a huge bet for small profit but unfortunately he lost it. Hopefully he is a real billionaire who wont be affected financially, I cant imagine how if this 1.4m is all the money he owns. Something really worst must be happened after..

Yeah, from the odds, we can be sure that the gambler wasnt expecting to lose his money in this game, he actually believed that the game is a sure one for him, that is why he put such a huge amount of money in the game for a very small profit of $11k, i know $11k is still no small amount of money but i called it small profit because it is indeed a small amount when we compare it to the amount of $1.4 million dollars wagered by the gambler..

Like you said, let us all hope that the gambler is a billionaire and that this lose does not negatively affect him financially, it is better that the lose affect him emotionally than financially, emotionally means that within a short period of time, he can forget about the loss and move on, but for this to affect him financially means that the chances of the gambler thinking about committing suicide is high.

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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,

True, if he is a billionaire, the lost will not affect him financially but it will still affect him mentally due to its insane low odds. No doubt that he regret it much, because he did make a huge bet for small profit but unfortunately he lost it. Hopefully he is a real billionaire who wont be affected financially, I cant imagine how if this 1.4m is all the money he owns. Something really worst must be happened after..

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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,

He bet a huge money thinking he will win because of the low odds but unfortunately unexpected thing happened. Indeed, in gambling you really can't be so certain on what's going to be the outcome, that's why this situation is a perfect example to only gamble what you can afford to lose. Don't be too confident to avoid experiencing the same fate just like this person who bet 1.4 million dollars just to win $11k, not worth it.

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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,

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Quote from: EarnOnVictor on January 28, 2023, 04:20:16 AM

Quote from: Woodie on January 21, 2023, 04:27:51 AM

The problem is such look like a safe bet when in fact not... I have seen people lose on a 1.005 odd bet which looked like a sure bet but turned out to be a high risk bet that will lead to losing and the unfortunate thing about such wagers is that a player needs to put in alot of money to have a small profit but in the end its all burst! Btw I think bookies actually make more money on such bets because of our greed, it's a hard lesson learnt and can never be too sure of an outcome.

Permit me to say that anyone could lose a bet no matter how promising the bet looks, which is why we have to be careful and be managerial in our wagering. Like the story of this gambler, it's obvious that the guy is only a gambler, the managerial aspect is not there. The $1.4 million is big money that would have been able to sustain his betting for the rest of his life but was just wasted in such a manner.

The odd of 1.008 does not imply riskless betting with certainty, so such should have thought it twice and spread the risk on games with lower odds because they have a higher probability of winning. Selecting 10 independent games would have been a good bargain.

Some gamblers are taking the risk of betting tons of money with low odds as they believe their chance of winning is like almost 100%. But sad to say, upsets always do happen in any sports. Even if we say, this team or athlete is high likely to win, but you can never be sure up until the game is over. That gambler who betted $1.4M thought that there's no chance that he will lose, but unfortunately, he lost.

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Quote from: maydna on January 28, 2023, 11:25:03 AM

Quote from: klidex on January 27, 2023, 12:29:04 PM

Quote from: maydna on January 27, 2023, 04:42:21 AM

If it was the gambler's own money, he could be very depressed seeing the big loss he got and would not have the confidence to meet anyone because maybe the people around him have cursed him for having made one big mistake by gambling with big money. But yeah, we can only guess and don't know the truth. But what is certain is that it is a valuable lesson that we can reflect on so that we do not waste that much money on gambling and even make something that can make money for us. It will be better for our life later.

I think gamblers who bet very large amounts of money are their personal money and this is done to be able to get even bigger profits.
He must have known what kind of risk he would receive because he was betting a large amount so it would be impossible for him to bet carelessly without any prior consideration.
Maybe for us it is a very large amount of money and it would be a shame to bet all of it but for him who is risking it it is not a large amount because surely he is a person who has more and more wealth.

Perhaps, he already knows the risks or maybe he never thought about the risks and just kept on playing. As we already know, gambling can make us forget to take care of ourselves and our money so that it doesn't all run out, but instead, it seems like we are chasing victory many times even though we have won it before.

For rich people, that amount might be nothing compared to all their money or they could get that much money easily. And he also didn't feel that it was embarrassing because it was normal for him. Those who have never gambled with that big money would be shocked at how much money has already been spent.

However, it seems that he already knows very well what risks can be obtained. However, because he is a rich man, he can have the strength to accept all these risks.
Rich people are also certain that in every game or bet they cannot just be careless in doing it. It must be based on sufficient knowledge and extensive knowledge about a game or bet so that it indirectly makes them confident and sure of victory.

Yes, of course, and rich people dare to place large bets because there is an advantage if they win, the amount they get is even bigger and is proportional to the risk they have to accept.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 41. (Read 6572 times)