Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 53. (Read 8226 times)

Indeed none of us likes to lose, but that will happen if we play gambling because defeat will come to those who play gambling. And even though gamblers put their money into relatively low-risk bets, they still have the same chance of losing as that person did. We must remember that the possibility of losing will always be there, while the possibility of winning will not always exist. That's gambling because it's the casino that will always win. After all, it's their business, so we have to control ourselves while gambling. We must control ourselves to avoid big defeats because it will be very painful to see our deposit money run out at the gambling table.

This is such a bad comparison. Your BTC was worth several hundreds of dollars 6 years ago while this gambler bet 1.4 million dollars which is way, way bigger in comparison. Time makes a huge difference here.

You never expected BTC to reach 60 grand back then which makes complete sense.

Throwing up 17 bitcoin on a bet in the last 6 years ago when bitcoin was cheap and a few hundred dollars could accumulate a good number of bitcoin, unlike the present time when the price of Bitcoin is high, betting away 17 Bitcoin will be a little overboard and way too much an amount to gamble away but am sure even that amount is not up to the amount in the ops sine 1.4 million dollars can accumulate more bitcoin above your 17 bitcoin. But in all please only gamble what you can afford to lose, and avoid becoming excessive in gambling once you lose some, you can walk away.

Odds from 1.01 do not give any guarantee of success. Statistically speaking you have a big advantage of course, but also keep in mind that according to the math you will lose 1 x in 100 x if you keep playing this. It can go well for 300 games, but it can also go wrong after 7 games. There are people who make money with this strategy, but here too you need some luck. There are known examples of Germany - Sweden, for example, in which Germany had a 4-0 lead and you could bet on a victory over the German football team for odds of 1.01. That game eventually ended in 4-4, many people lost a lot of money with that. If you don't want to take any risk, then you should focus on surebets. Or look for decent value bets.

in my opinion, and concluded from several gambling players, that is they are only looking for entertainment and they also bet not using money that is not for their daily needs. But they bet using unused money or leftovers from shopping for their needs. so even if they lose at gambling they don't bother, because their needs have been met.

Well, I also played in a site giving all in 17 btc 6 years ago with the dice under 1.01x and I lost everything

It was painful

That gives me purpose to see more and live more in this life. I cant believe it how crazy stories I keep reading on the bitcointalk. Is this really real man? How can one go and decide such high amount on a bet in single roll? Wow, I think this is what they call, loosing your mind over greediness. That's craziest one and it's big lesson for every gambler out there. I think I am done watching the worst bet made in the history of gambling. Also if he has that much to dare, then he must far more richer than that and not to care about his losses whatsoever.

In the few years that I've been in the world of sports betting, I've noticed a few things:

1 - never borrow money for gambling

2 - never bet the entire bankroll in a single game or even in several games

3 - the only way to make a lot of profit is to risk making multibet bets but the chances of winning constantly are very small but if the person has discipline, knowledge and dedication and good management they can make a profit, but it will depend on the strategy that the person will use, as I said multibet betting has many risks

about this guy's story I would say that his mistake is very strange because even if he won in 3 consecutive games that had this odd he would not make a profit in the long term because in just one defeat he would lose everything

I believe every gambler can attest to the little odds they have lost before. Most times in my area, I see some guys criticizing the club they bet on because they had small odds and yet busted their bets.

Every gambler has their own strategy of betting, so no regrets for that guy who lost $1.4 million; he was just so unlucky and can try again next time, lol 🤣😂

I have learned lots of lessons in gambling, and even if I were in his shoes, I would not have just wagered $1.4 million on one game, but I noticed that some Rushian gambling sites do not allow me to split my options when gambling on a particular game; for instance, if I bet on Chelsea to win, the site will not allow me to bet on the same game with a different option, like Chelsea to lose. So what I do is use a common betting site that allows me to diversify my options in one game. What I am saying in essence is that even if I am presented with a small odd and have to go with different option, I can split it into three options and also split my fund accordingly. If one option busts, I might still be lucky in the other.

But how can he take such a risk by wagering $1.4 million just for a net profit of $11,200, which is 8% 0.8% of the total wage if he had won? OP, I agree with the lessons you stated out of the story.

None of us like to lose. But we cannot win by ignoring the loss. Gamblers who research these issues carefully usually want to put their money into bets that are relatively low risk. Whether the odds 1.01 or 1.02 or smaller, these bets are low risk. As the rate of return is low, the risk is also low that is thought by some gamblers. Even if there is a low probability of loss the match but if it is happen then one have face big lose economically. As the OP mentioned.

A gambler should not take big risks. He can only bet as much money as he can afford to lose. It should be remembered that winning in gambling is uncertain. So win and loss both should be accepted.

Many reasons can make his bet using a lot of money. It seemed that the man was too sure that his bet would give him a big win, so he bet a lot of money. But the truth was that he had lost too much. There are no easy bets, so if we want to bet, only use the money we can afford. The rest of us are just waiting for the game's results to come out and see if we win or lose. That's why betting on sports sometimes looks easy. We just choose the team we like, but the opposing team can put pressure on our team until our team finally loses.

Gambling is always risky no matter 1.01 or 0.008 odds.  Yes 0.01 odds are very believable but this ODD can fail to win anytime. Such incidents are often seen.  For example, in the first match of Argentina vs Saudi Arabia in FIFA this year, Argentina lost with 1.01 odds and Saudi Arabia won with 100 odds. So Odds of 1.01 or less cannot be guaranteed 100%. There is always risk in gambling

When luck does not favor, one has to face very bad situations. I bet a few days ago with a relatively large amount to win where the betting odds were 1.02 I was quite happy till the moment of the game but when I got beat at the end there was nothing to do. It's hard to describe what that moment feels like. But it is also true that I have had many victories too. After all, such situations of gambling are not unusual.

I disagree. There is nothing suspicious about it frankly speaking. The bookie's security department wouldn't bother investigating such bets since it clearly looks like a legit bet.

That gambler thought this was a sure bet just like many other gamblers and never expected a comeback in the 2nd half which is why he thought that it was easy money, but luck turned against him and screwed him over.

I absolutely agree with you, sometimes betting on a favorite can get the opposite result, I was convinced of this several times myself betting with odds 1.005 and got a loss, so in gambling you have to count on luck.

IMO, Gambling is gambling even have detail accurate to compute it. Once again, gambling is luck. I've experienced bet on world cup 2022 when Argentina meets Saudi. It's true to bet all in on Argentina (1.18), nothing to doubt right?, I am really sure if you are sane you will bet on Argentina with all your life. But, we know the result, it's the same in what gamblers did on Jaguars. So with this experience, we shouldn't be greedy, we should have to calculate again and sober.

Because it's gambling. No matter how confident you are with the team that will win because of the low odds, still, it is gambling and unexpected result is always possible to happen. It seems easy to profit if you bet in pretty low odds but yes it is also high risk if you wager huge amount to profit a little. It happened to me before and it became an eye opener to not fully trust the team with low odds, because it's not an assurance. So always bet only the amount you can live without to avoid having regrets.

That's certainly one suspicious bet. If the guy would win that bet, that would most probably be investigated by the bookie's security department. I can't think of a reason why the guy made this bet and why he considered it safe? Was he drunk or high?

And one thing I learned from this, don't be deceived by the current score of the game, it can flip any time.  that is actually the case stated by @OP betting on the leading time while the game is running, disregarding the possibility of a comeback of another team.


I bet the guy had learned his lesson.  It is an expensive tuition fee for the gambling 101 courses.  I do not think it was an addiction case but instead a "sure-win" fallacy.

This is a poor case of addiction if nkt how can any sane person lose such an amount of money in betting, what winning prize had he been chasing to the poi t of staking a whooping  1.4 million on a bet.

I think the ops in question should be thoroughly examined to a certain his state of mind, and of he is ok then he must be a big bag holder already to have developed such an appetite.