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

BobK71

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Quote from: maydna on January 20, 2023, 05:20:35 AM

Quote from: bitterguy28 on January 20, 2023, 04:20:32 AM

Quote from: Dewi Aries on January 20, 2023, 04:06:29 AM

Quote from: riocasinoback on January 19, 2023, 10:24:41 PM

i many times hit with 1% and 2% chance is not hard.

The gambler in this news must have said the same thing as you when he succeeds on some tries then he says it's easy
But look at the end he lost $1.4 million

1% means there is a 99x chance to win and that loss can come before you reach the 100th bet
This news is an example for those of you who often use the same method, the risk is always there.

Correct mate , because he can afford to bet that 1.4 million dollars? meaning that he is confident about bet and just happened that the casino is much better than what he think so the losing happens .
and for sure like everyone ? he is in pain with this one.
hope that this will never cross his mind again and now be more cautious in his gambling activities.

A loss in a casino could happen at any time, but a win in a casino was not always possible, and he who had already bet $1.4 million could really afford to spend that kind of money. Maybe he saw how much he could lose and just kept playing after finally seeing that he had already suffered a huge loss. And maybe he never imagined it before. This is a lesson that we must be able to learn from and try not to be like him, who has suffered such a big defeat.

The main reason is that the gambler bet on the odds where RTP is less and winning chance is high. OP mentioned 1.4 million USD loss by keeping bet with odds lower than 1.01. Here it is quite clear that the gambler was certain to win the match. Otherwise no one would want to bet on such low returns bet. But the uncertainty of gambling is natural but sometimes overlooked. He placed a large amount of bet and thought he would never lose it.

Obari

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I feel pity for this fellow though I really don't know what prompted him to staking such amount of money on just a single match.
This should also serve as a lesson to all other gamblers as nothing is certain in the gambling sector.
I haven't been in this very situation but I've got a friend who did same with over $3000 when converted from my local currency to USD and he really went into such much debt and it really messed his life up and that is one major reason I always talk against borrowing to gamble.

Taskford

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Quote from: Fredomago on January 19, 2023, 06:01:39 PM

Quote from: Taskford on January 19, 2023, 07:58:05 AM

Quote from: Getmon on January 19, 2023, 07:01:27 AM

Because it risked $1.4 million in a single match, the gambler is very rich. Because there are no gambling strategies that guarantee a hundred percent winning outcome, I would not call it a mistake. It was just a typical unlucky wager that was intended to win frequently.

If the unfortunate gambler used half of his or her personal savings to attempt to profit from extremely low market odds, the bet would be a mistake. It becomes a reckless wager and he or she has a gambling problem that has to be resolved.

If he can spend that amount for betting then he's somehow can be consider rich since he can afford to take that risk just to try his luck to win. But unfortunate incident happen then he lose maybe learn a hard lesson for that or he will be challenge to test out how lucky he is on next playing time.

A hard lesson indeed but I go with your opinion if he can take that huge amount to risk he might have a lot of money to spend for his gambling, it might be possible that he will take this as hard lesson and start building better strategy, it's really something that we all know, shit can happen everywhere, that huge comeback is something that gambler can't imagine happening.

To bad shit moment happen to him since this is somehow a wake up to reality that risking to much money to find out that bad luck truly exist. This is also replicate to other people trying to double up their money by trying to bet huge amount of money for 1 single bet then leave since this incident could happen to them and that's really worst decision to be done. We should enjoy the money we have since the longer time we play the more its more fulfilling.

beerlover

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This is the type of thing where you do not really have to take for example and run with it. I mean I am not saying wager all your money in a single bet if it is 1.01, obviously avoid that if you could because it would be a bad idea if you did that.

However, if you are gambling, there are also people who won 5000x as well and I am not seeing anyone who spends 1.4 million dollars on those bets neither. It means that if you ever to gamble 1.4 million dollars on anything, then a lower odd thing is a lot better than low chance to win. I rather wager 1.4 million on a 1.008 bet than a 2.20 or whatever bet, it makes a lot more sense that way, and this example is just very rare.

maydna

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Quote from: bitterguy28 on January 20, 2023, 04:20:32 AM

Quote from: Dewi Aries on January 20, 2023, 04:06:29 AM

Quote from: riocasinoback on January 19, 2023, 10:24:41 PM

i many times hit with 1% and 2% chance is not hard.

The gambler in this news must have said the same thing as you when he succeeds on some tries then he says it's easy
But look at the end he lost $1.4 million

1% means there is a 99x chance to win and that loss can come before you reach the 100th bet
This news is an example for those of you who often use the same method, the risk is always there.

Correct mate , because he can afford to bet that 1.4 million dollars? meaning that he is confident about bet and just happened that the casino is much better than what he think so the losing happens .
and for sure like everyone ? he is in pain with this one.
hope that this will never cross his mind again and now be more cautious in his gambling activities.

A loss in a casino could happen at any time, but a win in a casino was not always possible, and he who had already bet $1.4 million could really afford to spend that kind of money. Maybe he saw how much he could lose and just kept playing after finally seeing that he had already suffered a huge loss. And maybe he never imagined it before. This is a lesson that we must be able to learn from and try not to be like him, who has suffered such a big defeat.

Dewi Aries

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Quote from: bitterguy28 on January 20, 2023, 04:20:32 AM

Quote from: Dewi Aries on January 20, 2023, 04:06:29 AM

The gambler in this news must have said the same thing as you when he succeeds on some tries then he says it's easy
But look at the end he lost $1.4 million

1% means there is a 99x chance to win and that loss can come before you reach the 100th bet
This news is an example for those of you who often use the same method, the risk is always there.

Correct mate , because he can afford to bet that 1.4 million dollars? meaning that he is confident about bet and just happened that the casino is much better than what he think so the losing happens .
and for sure like everyone ? he is in pain with this one.
hope that this will never cross his mind again and now be more cautious in his gambling activities.

Yes mate, it was clear he was confident in his bet because $1.4 million is no small bet , no one would want to spend that kind of money on gambling unless he was confident. As a gambler I believe in luck and of course I also believe in bad luck who can come at any time Roll Eyes

if i'm not mistaken my biggest loss on 1 bet was around $1000 I couldn't believe I could make such a brutal bet Undecided

bitterguy28

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Quote from: Dewi Aries on January 20, 2023, 04:06:29 AM

Quote from: riocasinoback on January 19, 2023, 10:24:41 PM

i many times hit with 1% and 2% chance is not hard.

The gambler in this news must have said the same thing as you when he succeeds on some tries then he says it's easy
But look at the end he lost $1.4 million

1% means there is a 99x chance to win and that loss can come before you reach the 100th bet
This news is an example for those of you who often use the same method, the risk is always there.

Correct mate , because he can afford to bet that 1.4 million dollars? meaning that he is confident about bet and just happened that the casino is much better than what he think so the losing happens .
and for sure like everyone ? he is in pain with this one.
hope that this will never cross his mind again and now be more cautious in his gambling activities.

Dewi Aries

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Quote from: riocasinoback on January 19, 2023, 10:24:41 PM

i many times hit with 1% and 2% chance is not hard.

The gambler in this news must have said the same thing as you when he succeeds on some tries then he says it's easy
But look at the end he lost $1.4 million

1% means there is a 99x chance to win and that loss can come before you reach the 100th bet
This news is an example for those of you who often use the same method, the risk is always there.

BobK71

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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 a gambler bets a large amount despite having a low RTP on his betting odds, the chance of winning the game is so high, but the risk is also greater. There is no problem if you win multiple times in that betting odds but if you lose once it becomes very difficult to recover from it. When gamblers lose in that situation, he regret for it. He might also imagine that if he had bet at higher RTP odds and lost it that would have been better too.

riocasinoback

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i many times hit with 1% and 2% chance is not hard.

ethereumhunter

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Quote from: erep on January 19, 2023, 12:45:22 PM

Quote from: ethereumhunter on January 19, 2023, 11:49:40 AM

I also guess he is a millionaire who uses a lot of money to gamble. But if he is not a millionaire but just has a lot of money saved, it would not be worth using that money to gamble because he could just make an effort to make more money. Or maybe he accidentally placed a bet with low odds. There is still a lot of speculation about what happened to him to suffer such a big defeat while we don't know the truth.

Maybe we don't know the truth of the mistake that has bet high for low odds, but for sure we know he has lost $1.4 million to get $11k from that winning bet, even though he is billionaire but he has suffered high losses and maybe he feels the impact of his mistake without limiting the funds for betting. He is not a good gambler to understand the proper way of gambling considering the risk rather than the chance of winning is low, I am sure that no bettor will bet like that only to suffer high losses.

But for a billionaire, losing $1.4 million is nothing or a big deal because he still has a lot of other money. He can also win from that gambling again if he can get lucky. But he better learn how to gamble properly and not take big risks to chase big wins because it's never easy to get. We also don't know if there are bettors who will bet like him or if there are many who are like him but they don't say it publicly.

Quote from: uneng on January 19, 2023, 06:15:39 PM

Quote from: ethereumhunter on January 19, 2023, 11:49:40 AM

Quote from: Shinpako09 on January 19, 2023, 07:39:45 AM

What an unlucky fellow. I just hope, he really is a millionaire coz if not that is certainly depressing and might do the unthinkable. An average person would earn it in more or less than 10yrs of hard work. DK did a good job of protecting the identity of the bettor from further embarrassment or humiliation but not so much since it got leaked to Bleacher Reports not unless it has consent from the bettor.

This is one of the reasons why I'm not a fan of low odds, be it in sports betting or any casino games. I'm just wondering if he did it before. Not a million, but he bet a decent amount in low odds. He does not seem a first-timer to do such an extreme bet.

I also guess he is a millionaire who uses a lot of money to gamble. But if he is not a millionaire but just has a lot of money saved, it would not be worth using that money to gamble because he could just make an effort to make more money. Or maybe he accidentally placed a bet with low odds. There is still a lot of speculation about what happened to him to suffer such a big defeat while we don't know the truth.

He must be a wealthy man to have 1,4$ million dollars under his disposal for gambling. I believe someone who has such amount of money and place a bet of that size knows what he is doing and the possible outcomes, what means that should be money he could afford to lose. Probably if he were a foolish addicted gambler he wouldn't be able to accumulate 7 digits and become a millionaire, as he would have already gone busted a long time before. Addicted gamblers have difficult managing their finances and growing their patrimonies. Discipline and self-control are indispensable on this matter.

If he is addicted to gambling, he should start curing his gambling habit because he is already spending a lot on gambling. But whatever it is, we can't do anything about it because it's his money that he's free to use for anything. Even if his close friends or we advise him not to gamble with that much money, it will not affect him especially if that person finds pleasure in gambling with a lot of money.

Dewi Aries

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Quote from: suzanne5223 on January 19, 2023, 06:58:12 PM

I don't know how rich the person that made the bet was but I believe he/she was greedy with the game and I also believe he/she has learned a pretty good lesson because the odds of a game don't justify an end result, it is something I have learned much time which I also learn during the Qatar World cup game at quarter-final when Portugal faces the Moroccan, Brazil vs Cameroon, Spain vs Japan, etc.

I'm sure it's not the first time he's done it because he has a high limit to bet which I'm sure not everyone can do it
Fortunately there are sites that publish about this so that it can change the way we think that there are no easy bets
Oh yes, sometimes there are also sportsbooks that use this method for promotions so they want to attract attention.

Darker45

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Quote from: Poker Player on January 19, 2023, 12:52:45 AM

Quote from: Darker45 on January 18, 2023, 11:33:23 PM

Anyway, to bet bigger amounts on very low odds is one strategy that is actually understandable. I did it. Majority of us certainly did it. After all, how are you going to make money with odds as low as 1.008 if you don't bet big? But I agree with you that the problem really is that he/she overdid it by risking $1.4 million. But it also depends on how rich he/she is. To his/her wealth, it might not really be "overdid."

The few times I bet on something other than poker, I prefer the opposite, to have low odds but that if I win, I get a big prize. The strategy that he used in this case, although safe there is always a risk of loss, and to be able to lose so much to win so little does not call my attention. Besides it is more boring. If you win, it's normal, and if you lose, you'll shit your pants.

Low odds means low prize but higher chance of winning. High odds means high prize but lesser chance of winning. I mean, you can't have low odds like the one mentioned in the OP and get a big prize for it. That $1.4 million bet could have only won $11,200.

Anyway, I agree that besides the risk there's also little money you could get out of it. Not worth it. And, yeah, it's boring. But it's money bettors are after. So when the first half ended with a 24-0 score, the bettor must have thought this is sure win. He/she was wrong.

livingfree

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Quote from: bitbollo on January 18, 2023, 07:43:29 AM

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?

I agree to all of you've said. Even if the odds are like that, you can never be sure if that's going to be a win for us.

I had similar when I was confident of betting for a team before in the NBA and I'm sure that most of us do that for the sports that we think we know. But even so the odds are like that, it's not a guaranteed ticket that we're going to win.

Quote from: bitbollo on January 18, 2023, 07:43:29 AM

how a good gambler should avoid such mistakes?

IMHO, this can't be avoided. What we can avoid is to be not surprised all of a sudden if the result didn't go accordingly and the reminder always we say, to bet with the amount that we can afford to lose.

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I don't know how rich the person that made the bet was but I believe he/she was greedy with the game and I also believe he/she has learned a pretty good lesson because the odds of a game don't justify an end result, it is something I have learned much time which I also learn during the Qatar World cup game at quarter-final when Portugal faces the Moroccan, Brazil vs Cameroon, Spain vs Japan, etc.

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Quote from: uneng on January 19, 2023, 06:15:39 PM

Quote from: ethereumhunter on January 19, 2023, 11:49:40 AM

Quote from: Shinpako09 on January 19, 2023, 07:39:45 AM

What an unlucky fellow. I just hope, he really is a millionaire coz if not that is certainly depressing and might do the unthinkable. An average person would earn it in more or less than 10yrs of hard work. DK did a good job of protecting the identity of the bettor from further embarrassment or humiliation but not so much since it got leaked to Bleacher Reports not unless it has consent from the bettor.

This is one of the reasons why I'm not a fan of low odds, be it in sports betting or any casino games. I'm just wondering if he did it before. Not a million, but he bet a decent amount in low odds. He does not seem a first-timer to do such an extreme bet.

I also guess he is a millionaire who uses a lot of money to gamble. But if he is not a millionaire but just has a lot of money saved, it would not be worth using that money to gamble because he could just make an effort to make more money. Or maybe he accidentally placed a bet with low odds. There is still a lot of speculation about what happened to him to suffer such a big defeat while we don't know the truth.

He must be a wealthy man to have 1,4$ million dollars under his disposal for gambling. I believe someone who has such amount of money and place a bet of that size knows what he is doing and the possible outcomes, what means that should be money he could afford to lose. Probably if he were a foolish addicted gambler he wouldn't be able to accumulate 7 digits and become a millionaire, as he would have already gone busted a long time before. Addicted gamblers have difficult managing their finances and growing their patrimonies. Discipline and self-control are indispensable on this matter.

Surely, he is a millionaire heck even a billionaire having to be able to bet such an amount however I don't really think that they really know the outcome of his bets and mostly think that he'll surely win with that kind of odd. It's actually pretty common for wealthy people to do such a thing without thinking about the outcome and just do these things just for fun and see if they'll be able to monetize a low multiplier with an extremely huge bet.

STT

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This is why I prefer underdog bets or lay the risk away if possible, on this amount surely he had someone offering to handle the risk for him or maybe not. I guess he had to have been a big fan of the team and just very capable and able to place high bets because for sure I could not sleep taking this risk.
The other reason to take the other side is to come back from 27-0 to 30-31 was surely an epic game to watch and regardless of the teams thats the kind of game people want to watch I think as its so unlikely to occur normally.

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Quote from: bitbollo on January 18, 2023, 07:43:29 AM

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

There is no gambling issue, to begin with. The fact that the person is willing to risk such an amount even with low odds while expecting only a small return means, maybe that's really its usual way of betting since then. Unfortunately, that person didn't win this time even though the supposed chances of winning are really high.

That's even not a mistake since it's just normal betting that loses. What if he wins instead?

But it does serve a lesson that "no odds are safe" even at 1.01 odds where the probability to win is 99.9%.

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Quote from: uneng on January 19, 2023, 06:15:39 PM

Quote from: ethereumhunter on January 19, 2023, 11:49:40 AM

Quote from: Shinpako09 on January 19, 2023, 07:39:45 AM

What an unlucky fellow. I just hope, he really is a millionaire coz if not that is certainly depressing and might do the unthinkable. An average person would earn it in more or less than 10yrs of hard work. DK did a good job of protecting the identity of the bettor from further embarrassment or humiliation but not so much since it got leaked to Bleacher Reports not unless it has consent from the bettor.

This is one of the reasons why I'm not a fan of low odds, be it in sports betting or any casino games. I'm just wondering if he did it before. Not a million, but he bet a decent amount in low odds. He does not seem a first-timer to do such an extreme bet.

I also guess he is a millionaire who uses a lot of money to gamble. But if he is not a millionaire but just has a lot of money saved, it would not be worth using that money to gamble because he could just make an effort to make more money. Or maybe he accidentally placed a bet with low odds. There is still a lot of speculation about what happened to him to suffer such a big defeat while we don't know the truth.

He must be a wealthy man to have 1,4$ million dollars under his disposal for gambling. I believe someone who has such amount of money and place a bet of that size knows what he is doing and the possible outcomes, what means that should be money he could afford to lose. Probably if he were a foolish addicted gambler he wouldn't be able to accumulate 7 digits and become a millionaire, as he would have already gone busted a long time before. Addicted gamblers have difficult managing their finances and growing their patrimonies. Discipline and self-control are indispensable on this matter.

For sure the guy is a wealthy man because he can't afford to bet with $1.4 million if he is not. I wonder how the guy felt after finding out that the supposedly sure win bet for him had lost. I do not think the guys is addicted but I believe he has the capacity to bet millions of dollars. Beside, the team where he placed his bet is leading and probably he thinks that it is impossible for the other team to win because his team has huge lead. Sadly in gambling often times luck doesn't favor us. He thought it was a sure win but luck say, "no no no no".

Well, indeed in gambling the most important factor to keep ourselves in check is self awareness and self control. To be a good gambler we must have these traits and we must also know the mechanics of gambling and its relation to random output.

pawel7777

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That is exact reason I don't add low odds on my coupons. ...

Same here. The expected winnings are almost never worth the risk. If anything I'd more likely go the other way and bet a tiny amount on the underdog, I think that's a situation when you're most likely to see actual decent odds and a positive expected value bet. But I haven't tried that as a long betting strategy yet.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 48. (Read 6572 times)