Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 48.

rodskee

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Quote from: bettercrypto on January 20, 2023, 10:17:03 PM

Quote from: rodskee on January 20, 2023, 09:28:42 PM

Quote from: yahoo62278 on January 20, 2023, 05:15:36 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, 09:17:20 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, 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?

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, 12:04:40 PM

Quote from: Jawhead999 on January 30, 2023, 10:08:17 AM

Quote from: klidex on January 29, 2023, 10:52:23 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, 09:17:20 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, 12:10:39 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, 10:01:00 AM

Quote from: klidex on January 29, 2023, 10:52:23 AM

Quote from: maydna on January 29, 2023, 06:29:56 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, 07:08:54 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, 10:08:17 AM

Quote from: klidex on January 29, 2023, 10:52:23 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, 10:08:17 AM

Quote from: klidex on January 29, 2023, 10:52:23 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, 10:52:23 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, 10:52:23 AM

Quote from: maydna on January 29, 2023, 06:29:56 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, 03:59:42 AM

Quote from: RILWAN on January 28, 2023, 12:07:17 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, 09:14:30 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.

BobK71

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Quote from: len01 on January 29, 2023, 08:38:10 PM

Quote from: rahmad2nd on January 29, 2023, 04:27:30 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.

EarnOnVictor

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Quote from: Fivestar4everMVP on January 30, 2023, 02:03:18 AM

Quote from: slaman29 on January 29, 2023, 09:14:30 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, 01:51:24 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.

Fivestar4everMVP

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Quote from: slaman29 on January 29, 2023, 09:14:30 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 .

KupaCrypto

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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.

len01

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Quote from: rahmad2nd on January 29, 2023, 04:27:30 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.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 48. (Read 8226 times)