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Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 52. (Read 6572 times)

hero member
Activity: 2128
Merit: 524
thats why its called gambling, dosent matter the amount he bet ...

That has to be one of the unluckiest and dumbest moves of all time though.

They won 31-30 so with just 1 point and the guy bet 1.4 million to win just 11 thousand which is pretty stupid to begin with. He could've simply bought bitcoin and he'd be up 10% in a much safer way. If instead of gambling people used their heads a bit. Bank savings accounts give you 3% a year and you don't risk anything so he'd have 40 thousand in 12 months, but he wanted 11 now and gets nothing. Serves him well.
legendary
Activity: 3304
Merit: 1221
Top Crypto Casino
Someone beated him to it: two days ago a Bustabit player lost almost 192BTC, worth $4 millions, on Bustabit betting on a 1.1x bet    Cry

A user named "rainydayyfunds" lost 223.97 bitcoins in total today.

Bet: https://www.bustabit.com/bet/1272263935

Definitely one of the craziest bets I've seen in a while.


legendary
Activity: 1596
Merit: 1027
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 guess that this player went through the point of self awaereness and just thought this would be a sure bet with such a low odd. There's nothing sure when it comes to betting and putting yourself at risk like this is never a good bet. I hope he has learned his lesson withthis one.
legendary
Activity: 1596
Merit: 2588
Top Crypto Casino
When you gamble, it's important to remember that gambling involves risk, and it's possible to lose money even when the odds are in your favor. A good gambler should always set a budget for themselves, avoid chasing losses by continuing to gamble after losing a large sum of money, and if you're not prepared to lose money, then gambling isn't something you should do.

It's also important to be aware of the fact that gambling can have serious consequences, not just financially, but also on one's mental and emotional well-being. Personally, I would find it difficult to manage such a loss, and I would never consider risking such a large sum on gambling. If I had $1 million to gamble with, I would probably invest most of it in some sort of business venture. Gambling can be fun, but only if you have money to spare.
legendary
Activity: 3248
Merit: 3485
Nec Recisa Recedit
thanks all for your comments...

I think just that such amount if invested correctly can yield a good sum... for example you can buy a well-established business (at least here in my country - Italy).

playing "big" money in gambling I don't think it's ever a stroke of genius regardless of how "big" the wallet is.
people should gamble for passion, fun, spending nice time... even if someone who has so much money to make such a bet winning 8000 USD, what would he have done with it?
legendary
Activity: 2296
Merit: 1038
Leading Crypto Sports Betting & Casino Platform
that's a lot of money and he bets with low odds but can lose completely, that's the risk in gambling, I think he already understands the risks without us having to explain them here, besides everyone has learned that low odds don't always win but they can lost at full risk, honestly if i was him i wouldn't bet that much for low odds
legendary
Activity: 2310
Merit: 1075
People win 1 in 100 bets all the time and don't think anything of it.

So losing a 1 in 100 is all of a sudden a big deal?
the "big deal" here is the amount of money that was lost in 1 bet. we can also argue that there are a lot of gamblers who have lost more than 1.4 million in one bet, but that does not make this loss less surprising or less of a "big deal".

anyway, I wonder what that guy feels after losing that much money on a bet that has 1.008 odds.
hero member
Activity: 1820
Merit: 537
Gambling will always have its risk despite the low odds or regardless of the betting amount. There will only be two results either you win or you lose so we shouldn't disregard the possibility of losing as it will always be a part of gambling. I think the only thing that we can do about it is just to be well-prepared for the possibilities and be willing to deal with the risks because, to be honest, even when we are betting with lower odds, we can't always expect good winnings.
hero member
Activity: 1643
Merit: 683
LoyceV on the road. Or couch.
If you bet often enough, losing becomes inevitable.
Low odd games are incredibly profitable for the casino: you wager a lot so their house edge gets you.
legendary
Activity: 2772
Merit: 1112
Leading Crypto Sports Betting & Casino Platform
That's gambling, sometimes you win, sometimes you lose, whatever the odds are, it's not a guarantee that the outcome will be in accordance with the odds we choose, but I'm sure he uses funds that he can afford to lose, and he's not a small player, so he's used to using large funds in one bet and he must have won bigger than the defeat he experienced.
legendary
Activity: 2856
Merit: 1132
Leading Crypto Sports Betting & Casino Platform
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)
-cut-
what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?
That's just way too irresponsible gambling for my taste. Risking capital of 1.4 million for high possibility reward of $11200 shouldn't be worth anyone's time. Changes for losing that are pretty too darn high for a 1.4 million bucks if you ask me.

Even if you make a 1.4 million per month from what ever job you have, it would be risking one month's salary. And it just gives me another question. Why would anyone making million per month risk anything for maybe winning $11200. How much that gambler really needs that money?
legendary
Activity: 2254
Merit: 1052
Leading Crypto Sports Betting & Casino Platform
Quote from: bitbollo

what your opinion about this gambling issue?

This is not a gambling issue, but a gambling loss rather, and like every other loss, I feel indifferent, though the amount involved is huge to us, but I guess we should not judge based on that because we do not know how wealthy the gambler that lost that amount is, he could be a Billionaire, and if he is, then that $1.4 million could just look like $1,400 for him..

Quote

did you had experience similar experience? how a good gambler should avoid such mistakes?
Before we consider this loss a mistake, we must(like I said above) know how wealthy gambler is first, that amount is definitely huge to us here because we've probably never seen that kind of money before, but the question now is, does the gambler consider that as a huge loss?

For us who are not that rich, the only way to avoid such an incident is to only gamble with an amount we can comfortably loss, that is how to have peace of mind in gambling even amid loses, once, I've experienced what it feels like to lose an amount of money that I wasn't prepared to lose, and the experience was not funny at all, so we should all watch it.
hero member
Activity: 2912
Merit: 556
No one told him to place big bets, and it was his own fault that cost him huge amounts of money. That was a valuable lesson for him and us because we shouldn't use too much money to gamble because it's not worth it if we experience losses like him.

I'm lucky I never had a similar experience because if it had happened to me, I would have gone mad and probably never wanted to live again. That's why we really have to learn to control ourselves, so we don't have experiences like that.
sr. member
Activity: 1750
Merit: 260
Binance #SWGT and CERTIK Audited

Personally I don't think it's a bad decision. I had this similar strategy before (of course with extremely lower amount than what has been mentioned in the OP). This strat worked for me. I barely lose any round from those bets.
I would say that this time, he got very unlucky. Above all, this is gambling regardless of how little the odds of losing, you can still lose. I hope that bettor was aware of the risk.
legendary
Activity: 1961
Merit: 1020
Fill Your Barrel with Bitcoins!
People win 1 in 100 bets all the time and don't think anything of it.

So losing a 1 in 100 is all of a sudden a big deal?
legendary
Activity: 2450
Merit: 1225
The most fuck-up about "Sportbetting" is this ~XD

Losing 1,4$ M in Table Games still can be understandable but with 1.01 odds especially in sport-bet. I'm not gonna to sleep for over a years ~XD I don't know it's true or not, If this is a true from regular user not a stunt program by casino.

Feels bad for him.
copper member
Activity: 2758
Merit: 1163
Leading Crypto Sports Betting & Casino Platform
Betting more than 500$ on a single bet no matter what the odds are already nerve-racking to me so with this amount, betting it on multiple smaller bet with a little bit higher odds is more efficient than all-in on a single even with low odds since the bookmaker will not be going to offer it if that option is not possible to lose. Imagine the pain this guy suffers since he obviously not that super-rich because he is still taking caution on his bet for choosing that kind of low odds compared to other whale players like Drake that pick almost fair odds for that same amount of money. A waste of money for a very small return. Not worthy the risk.
hero member
Activity: 770
Merit: 556
If there's a user think losing a bet on 1.01 odds is impossible, it's better for you to try it yourself in dice game, just bet $1 and choose 1.01 odds, keep betting as long as you can.

I've experienced this before and fortunately I'm not betting with very huge amount, it's just crazy I lose after 20-30 bets while the total winning I got doesn't even reach half from the initial deposit. Betting on 99x odds with small amount and betting on 1.01 odds with huge amount, both of them are have same result, it's lose.
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
...
what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

My opinion is that I hope that person is a multi-millionaire and does not end up killing themselves because of this.
I have never gone through anything similar to this, the closer would be having a bad luck at dices and losing almost twice in a row.
As usual, a good gambler is supposed to put at stake money that they are willing to lose to his luck, no matter the small chances of losing, one is supposed to remember it is never 0%.
legendary
Activity: 2394
Merit: 1231
Leading Crypto Sports Betting & Casino Platform
Problem is we tend to forget the meaning of a "gamble". No matter how huge our chance is, if luck would play on both ends, anticipated outcomes or tables may still be turned. Playing safely would help players to avoid such things. But to somehow see the player's end, I guess such thing is not new to him; it seems that he's used to such situations of betting huge amount. So we may assume he also won big time before. It would be more unfortunate if he bet all that he has and turned into a huge loss. Think of how huge jackpot became a huge learned lesson. So to those who are planning to do the same thing, please know your limits as a player. Always use an amount you can afford to lose because anything could happen even the impossible, in gambling industry.
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