Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 51. (Read 6572 times)

The most important lesson that everyone should learn is that not because your odd of winning is too low doesn't mean that it will always guarantee a win, and this does not only apply to gambling but to everything. 

I've personally experienced it myself on various games like slots and dice games where I bet all my bankroll on 1.10 - 1.005 odds where I sometimes end up losing all my funds. I've been doing these tricks to try to see if I'll be able to get some easy bucks before the end of each of my gambling sessions however instead of earning some, I'd end up losing everything. Anyone can avoid it is on their own volition whether we play these kinds of odd as the rewards isn't really worth it even with it being low risk as you may lose anytime.

I was a player at primedice and I have seen this happening many times with different gamblers who made huge bets of over 100 btc (in btc then, whose value today is in millions per each bet) and lost on odds between 1.01 and 1.05.

IMO, it's ridiculous how a gambler, who has got that much money, loses it in seconds due to the 'all-in' mentality they keep when it comes to betting on high odds. They might have nothing but money rolling on their minds and they keep betting after losing that big of a bet once or even twice. The same applies to this gambler that OP has mentioned. Going big on the best teams too can sometimes make us lose our everything if the underdogs have a slight chance to make a comeback, which is why we are always told to 'gamble responsibly'.

I definitely agree with your statement. There is this hope that people think about the return of profit in lower odds. The tendency is that they would most likely stake more money as the odds get lower, thereby increasing their risks further from losing on the end.

At the end of the day, gambling is something that cannot guarantee any absolute result. It is a double-edged sword where a person may win/loss at any given moment. No matter what the odds may be, there will always be that chance of them losing. But in the spirit of being careful, the gambler has the power to at least lessen/reduce the risks of losing at the end of the gambling cycle.

Not really that worth for something that you do earn and risking that $1.4M on such particular bet for you to earn some thousands of bucks is never a worthy shot to be done.
It is really that painful for you to lose such bet on which you do believe that it is a one sided match but turns out to be opposite.

Unless if you are a billionaire then such bet wont really be that much of a concern but if not then it would be a total devastating thing for you as a gambler.
Never ever think that there's a sure bet or 100% winning rate which is really that impossible.

Gambling always has a risk no matter what odds are. This gambler just became famous just because he lose on an odds that is unexpected to get a loss as a result. We are doing bets so comebacks like this can happen all the time and big upsets like this are what bettors waiting for since this can surely boost their adrenaline given that the game the put their money on became more interesting. There are gamblers who are fond of doing big bets on one sided match given that the chance of winning is high and doing it consistently can produce a reasonable amount of profit long term, I guess our subject are doing the strategy like this.

^ Probably this was what I thought, he bet with a martingale strategy which is when each loses, he doubles the bet. We know that this strategy needs a huge amount to survive but I don't know how the money managing the loss has reached that amount. In the first place, that is a huge amount that we are sure we cannot afford to lose, probably a big loss for him, and full of regret now.
However, the lesson here is to set a desired amount that you bet, so that you can manage yourself when to stop and you don't have huge losses. Because every time you will chase your loss, the chances of winning will become slim.

That's really unlucky but what strikes me is that he was willing to bet so much money to get such a small profit, like people who martingale having a huge bankroll but betting with pennies so that they can be ready for 20 consecutive losses. In the end after a lot of games and enormous risk they come out with $50 in profit or something like that, but in the meantime they had to put 50k at risk every round... This just doesn't make sense!

If he desperately needed 10k there were so many things he could've done to get it.
10k is just 1% of a million and almost anything you can think of can give you 1% profit. Renting out an apartment gives at least 5% a year, US bonds pay 3%, savings accounts usually 2-5%, not to mention bitcoin that produced 10% profit compared to December.

I'm guessing it wasn't his first "high stake at high probability" bet and that it paid off on previous occasions to the point of creating the impression of an almost guaranteed win or "free money". I know, I've been there once and learned my lesson. I didn't go broke but lost more than I was willing to and put me in a bad mood for a few days.

High odds - low payout bets are the worst type. The chance of winning in the area of 99% is so good that even a person with high-risk aversion might be tempted to take it. But then you have to bet much more than usual to get any meaningful payout. And then you win a few times and can't believe how easy it was, so you keep doing it until you get badly burnt.

That's why you need to be able to properly assess the risk-to-reward ratio and put emotions aside.

It just goes to show how greed can affect even the richest people out there, it was a hugely wasteful way to lose so much money especially with such a tiny return expected. I too have lost several 1.02 and 1.03 type bets with small amounts of them, the book makers are perfectly capable of misjudging even the lowest payout bets as well. I often find that 1.5 bets are probably the sweet spot where they still have a bit of volatility but if you pick enough of them you might be able to grind a profit upwards. It's hard to have sympathy for someone who is willing to throw down that much money gambling, as they're already in such a privileged position that they don't need to engage in such activity and could do something useful like invest in a company instead.

Going all in is never been recommendable even on 1.01 odds because we do really have that upset which could happen on any game and this is why its never been that recommendable for you to have that all in
type of bet because you would really be fucked up if things turns out to be opposite on what you had anticipated.This is why gamblers should really be that careful when it comes to this manner.
There's no such thing about 100% win rate even how good the team or player you are betting on.Always presume out that upsets could really happen along the way
and this would really be a costly lesson learned for you.

Damn, that's some really bad luck, i think we all have lost with those low odds, but now one of us has lost a bet up to $1.4 million in a bet like those odds.

I don't think it is worth the risk of losing such amount of money. I mean, he could take $10k and bet on x2 trying to win that amount without putting 1.4M on the game. In the end, this was one of those non-cheap lessons and we should learn something about it.

actually it is 1.008, so he should have gained only 0.008 from his $1.4M. maybe, he was very sure of himself about the bet because of the very low odds. usually, the very low odds suggests high possibility of happening. well, this is sports, sometimes upsets happen.
this situation is bad if he just loaned the money and he is expecting to get the winnings. that's a very expensive lesson though.

Regardless of the odds given a matured gambler should know that gambling involves taking risk and shouldn't have gamble with the amount he cannot afford to loose, sometimes the higher the odds the higher the risk and this makes some abstain from going for such games but there's a little hance on winning big on their kind of games which most gamblers fear to bet, in this case even if the odd is 0.88 it does not warrant having such a huge amount on betting on it, bettings and matchs are unpredictable, overconfidence kills quick in gambling.

Nobody told him to place a big bet?
How can you give a response like that. If you play gambling, does someone tell you to gamble?
I think all of that is because he has the confidence and determination to bet a large amount so that if he wins he can make even bigger profits.
It's the same as you gamble because of your own drive and desire to play or bet with the aim of producing a win and profit.
So don't blame what he has done. If it's not true, we can give good advice and we will use this incident to become an experience for us in the future.

I connected with one of the threads which posted the strategy of betting against the public. in that thread, Op included several links to articles that explained various strategies and one of them was the strategy of betting on the underdog. Referring to the title of your thread, a gambler who lost 1.4 million USD at very low odds bet. and I guess, the person is really unlucky.

I will only add to the points you convey. in sports betting, the stronger team will not always win every game. thus, one must weigh carefully every bet he would make. especially in this case, the man bet an absolutely fantastic amount for me.

To be honest I have no information regarding this type of betting. but based on football odds, it should be on paper with the odds provided by the dealer. at the very least, the man would win the gamble. because after all, the team he chose was a very superior team. despite the fact, he lost the money he bet. The point I want to convey, in any type of betting in sports, everything has a risk and remember, anything can happen while the game is still running. therefore, at least there are various betting options instead of choosing very low odds and not forgetting to first analyze the teams that are competing. because of this, is the most important part in every bet. and if the match is not feasible, it is better to choose another option or not to bet on the other team.

I guess the saying "easy come, easy" was never a sham, this is how easy it is to make money in betting, but then also that is how easy to lose the same money or even much more if one does not know how to control themselve.

If that guy betted all he had in hopes that there is no way that team which lost was going to lose that game, then, i can only imagine what he or she must be feeling like right now, this same thing happened to me last year during Qatar 2022 world cup, where i betted everything i had believing there's no way Saudi Arabia was going to beat Argentina, but it happened, Saudi beat Argentina and that was how i lost all my money, that experience thought me a very bitter lesson i should never trust too much in a team to the extent of betting everything i have on them.

This is a huge loss, and I feel for whoever may have played this and lost, because based on this, there are two lessons I have been able to learn from it, and they are;
First, Nothing is impossible when it comes to gambling, because for that game to have had 1.008 odds meant there was at least an 80 to 90% chance of winning, but the story changed. Secondly, Always try to gamble with the amount of money you can always afford to lose every time, because who knows if that amount played by the gambler was his company's money "$1.4million" and because of greed he wanted to gamble to gain an extra $11k for himself and end of losing it all? That means he will be forced to serve the rest of his life in jail.

So in summary, it's better to risk your money on high odds and lose than risk it on very small odds and still lose. It can be very painful

Without more data, we can only speculate, but for starters, he had 1.4 million USD to bet, so maybe the guy has billions in assets and he gambles millions like I gamble 20 cents on a slot machine. For us it's spectacular, but for him it may be routine, monotonous.

It ended pretty close in the LAC vs JAX match

By instantly placing $1.4 million on a single spin, the risk is one loss and one failure, of course. This is not a good way to cancel the bet. If there are more than 1 bet options, then with a capital of $ 1.4 million, you can get a percentage of the bet. I am not surprised how this gambler is too sure because he thinks the chance of winning is high, so he thinks he is supporting the probability of a strong team. I think the win came pretty quickly as it was clear that he was rooting for LAC, unfortunately the comeback came in the second half which was unavoidable.

an easy $11k turned into a massive $1.4 mil lose, ouch!