Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 49.

uneng

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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.

Fredomago

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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.

Risking that huge amount for a very small odd, a kind of bad luck that always part of every gambling session.

len01

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In gambling and betting of all types of games it is very difficult to find a win and everything has the risk of losing. so I'm not surprised if someone loses millions of dollars from gambling, because indeed that is already a risk that gamblers must accept.
at least gamblers who bet with big bets, they certainly already know all the risks involved.
whatever happens to gambling, it can happen when you choose a small opportunity that looks like a win but actually loses. All gamblers must have experienced something like this, it's just that the numbers at stake are different.

things like that are very difficult to avoid when you become a gambling addict. just like me when I had $100 and $400 bills in my trouser pocket. when I want to bet on sports with a capital of $ 100 but when I see the odds are 1.2 and have a chance of winning, I will bet all my money that is in my trouser pocket. So I put all my money in sports betting and then I lost.
Incidents like this have happened frequently and cannot be avoided. if you want to avoid this kind of thing always think about this "gamble = luck"

Fatunad

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Quote from: coolcoinz on January 19, 2023, 03:05:30 PM

Quote from: goinmerry on January 18, 2023, 08:39:50 PM

I can't believe there are really bettors who are brave enough to put and risk that kind of huge amount thinking 1.01 odds is a sure win.

And the winning amount if the bettor won it? $14,000. Not worth risking a crazy $1,400,000 for that amount of winning.

It's hard to move on from that experience knowing 1.01 odds is almost a sure win. To also feel the profits betting on such low odds, a mandatory and necessary high stake is needed and that's where it becomes riskier.

That's what I thought when reading about it. They were unlucky, that's one thing, we can also say the game was really close with 1 point deciding about the win. It wasn't 2:1 like you see in football, this was 30-31 which is really close if you think about it, especially that the team that won was losing most of the match, but the most important part is the sheer stupidity of the gambler. You never put so much money on the line to win so little, especially that if he spent it on bitcoin he'd have more than 11k profit in 1 month.

Very unlucky because if we do talk about on the odds of 1.01 then it is really considered to be a one sided game since bookies are really that setting out those odds which it would really be no brainer that people or
bettor would really be thinking that it is really that a sure bet or win, but we do really know that there's no such thing about sure bet or win here on gambling space whether you are dealing with fiat or crypto
it would really be just the same overall.Just like on what most people been saying on here that going all in is never been that a good step or action to be made off no matter how small the odds are,
you cant really make yourself totally safe in speaking about the risk.

coolcoinz

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Quote from: goinmerry on January 18, 2023, 08:39:50 PM

I can't believe there are really bettors who are brave enough to put and risk that kind of huge amount thinking 1.01 odds is a sure win.

And the winning amount if the bettor won it? $14,000. Not worth risking a crazy $1,400,000 for that amount of winning.

It's hard to move on from that experience knowing 1.01 odds is almost a sure win. To also feel the profits betting on such low odds, a mandatory and necessary high stake is needed and that's where it becomes riskier.

That's what I thought when reading about it. They were unlucky, that's one thing, we can also say the game was really close with 1 point deciding about the win. It wasn't 2:1 like you see in football, this was 30-31 which is really close if you think about it, especially that the team that won was losing most of the match, but the most important part is the sheer stupidity of the gambler. You never put so much money on the line to win so little, especially that if he spent it on bitcoin he'd have more than 11k profit in 1 month.

erep

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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.

pawanjain

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This is the reason why they call it gambling. You gamble for luck and if it doesn't favor you, you lose the amount.
This has what happened here. The gambler used $1.4 million but luck didn't favored him.
What I wonder is if he can gamble such a huge amount in one single bet then how much more would he be having.

ethereumhunter

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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.

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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?

That is sports betting for you. Even with favorable odds and a win is almost certain, there is always a random factor that can affect the result. Just like what happened in the game where the person bet $1.4m while the Charger is leading 27-0, then a surprising turn of events happen when the opposing team (Jacksonville) made an epic comeback winning the game with 31-30.[1]

This scenario had proves that sports betting is not all skills and game analysis, it is also affected by luck and many random things.

Quote

how a good gambler should avoid such mistakes?

A good gambler should have a good understanding of the game and the gambling odds. He should also have a good understanding of bankroll management and should have tried to limit his bet to avoid massive losses. A good gambler always gambles responsibly and views gambling as entertainment and not a way to make money.

[1] https://nypost.com/2023/01/15/gambler-loses-massive-1-4-million-bet-on-chargers-jaguars-game/

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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.

Shinpako09

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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.

Getmon

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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.

piebeyb

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Quote from: Kakmakr on January 19, 2023, 02:00:20 AM

You know.... a lot of those gamblers are using this strategy to fund their gambling career. He bet $1.4M to win $11,000 on low odds to use that money to bet on more risky bets with higher odds.

He might have done that 100 or 200 times before with success .... and now it backfired on him with this loss. This is just what gambling are about.... you do not have 100% guaranteed bets that work all the time.

We had several upsets in the Soccer World Cup of 2022.... where the odds was stacked against those losses... but we still took those bets and we won, so it can work for you.. when the tables are turned. Tongue

sometimes sports betting is always filled with disappointment because we get low odds we should already be sure that it will win, but again it's down to luck too, we can lose in one game which will mess everything up, considering the world cup a lot of money which I lost a lot there because it is difficult to guess the direction of the national football team and moreover there are many surprises that happened there, I will have a hard time sleeping if I lose the money that was told by the OP

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Quote from: btc78 on January 19, 2023, 01:02:31 AM

this is how greedy gamblers end , after trying to make money from bets ending with one bet with huge amount , a lesson that earned the very hard ways. hope that this gambler is a millionaire that won't end His life just because of this devastating outcome of His action.
I can relate to this but mine is just a peanut and a result of my greediness and i also doing this sometimes because of the thrill and nothing more.

You are right indeed, and this was the same thing i was think about when i first came across this news yesterday, the gambler in question should better be a multi millionaire or even a billionaire, else, i think it is only by the grace of God that he wont end his life.

But then also, my assumptions is that, for someone to risk such an amount of money to bet on one game, simply means that person must be super wealthy, I am particularly not bothered, except the person comes out to let the public know that he lost everything he had on that bet, then that is when i will become really concerned for him.

But on the other hand, i am happy for the casino that made this money, casinos are indeed rich.

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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?

I think we might be blowing the story out of proportion. If he has $ 1.4 million dollars for betting, he definitely has more for himself. I doubt he bet his life's savings (or at least I hope so). For some people 1.4 mill is not worth talking about. In fact it might just like losing half a years in earnings for them. Slightly stings to lose that amount but they will have more.

lower than 1.01 is still something that carries a risk with it. Not as much as other odds but you cannot call it a sure thing. In fact, if he bets regularly, there is no doubt in my mind that it has happened to him before.

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This is really a sad story and I don't know what must have prompted him to wager away such amount of money, maybe I guess he overlooked the other players and then the unexpected happened.
I'm so sorry for him but I think this is a wake-up call for all gamblers so we can know that in the business of gambling, nothing is guaranteed and anything can happen at anytime.
I couldn't click on the link but I would also love to know what sort of game he played like that and how much was he expected to make if he at some point won the game.
I hope we all learn from this and try not to bite more than we can chew.

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

- 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 haven't checked odd yesterday on South African Premier league where at some point the odd was above 30, one of my friends told me. They lost huge wickets and was losing the match for sure. But they won the match. I think the same has happened in that match too. Everyone thought first batting is going to win and placed bets with very low odd. But they lost.
These are some fixing I believe. No cricket expert would have bet for batting 2nd yesterday.

maydna

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Quote from: Plaguedeath on January 19, 2023, 01:49:02 AM

Gambling is gambling, no matter what the odds is.

This is why I don't want to gamble on very low odds to win low money, it's better for me to gamble on high odds to win high amount money.

Although low odds will increase the chance you will win, but you will wasting time since you need to make many bet in order to make good amount of profit. However I think such unlucky moment is mostly happen on dice or other house game rather than in sport.

Right. But there are times when we have to realize the opportunities we have after playing for a while because if we only lose or can only get small wins, it won't matter if we try to bet on high odds. We must be able to moderate the level of our game so that we don't experience large losses. It is also useful for controlling emotions in playing because there are times when our emotions will rise high, and in the end, we can lose control.

Dice games need luck, so you don't need to change your bet to a high one, and it's better to keep playing as usual. Luck will come to us, especially for people who are patient in gambling.

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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?

with lower odds, it should have been a win. but in gambling, we all know that other factors affect the outcome of our bets.
Luck is one thing that makes any gambler successful.
therefore do not put most of our money in one big bet. although with a pretty good chance of winning. I will not bet if the Odds offer is like that. it won't be so profitable when the stakes are small. therefore the person made such a big bet that it made him lose all his money in a stupid bet.

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You know.... a lot of those gamblers are using this strategy to fund their gambling career. He bet $1.4M to win $11,000 on low odds to use that money to bet on more risky bets with higher odds.

He might have done that 100 or 200 times before with success .... and now it backfired on him with this loss. This is just what gambling are about.... you do not have 100% guaranteed bets that work all the time.

We had several upsets in the Soccer World Cup of 2022.... where the odds was stacked against those losses... but we still took those bets and we won, so it can work for you.. when the tables are turned. Tongue

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 49. (Read 6572 times)