Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 59. (Read 8226 times)

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!

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.

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    

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.

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.

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?

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