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Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 60. (Read 8226 times)

legendary
Activity: 2436
Merit: 1104
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: 1659
Merit: 687
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: 2814
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: 3038
Merit: 1166
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: 2422
Merit: 1083
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
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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: 1764
Merit: 260
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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: 2026
Merit: 1034
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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: 2660
Merit: 1261
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: 2800
Merit: 1179
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: 952
Merit: 662
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: 2576
Merit: 1252
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.
legendary
Activity: 3248
Merit: 1179
He risks his $1.4M to win $11,200 if his team won.  
...

He was probably thinking "easy $11k"! Well, most of us who gamble for a long time have similar fails, but this guy's bet was crazy high! I can't imagine his double disappointment, he lost a lot of money and his team lost the game.

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.
...

He made a bet at 27-0... and the Chargers lost a game in the end! It's a nice example about one of our discussions here on the forum, is it better to make a crazy high bet on very low odds, or to try the opposite, placing a low bet on some very high low? Risk & possible gains... a $100 on Jaguars to win at that moment was probably very high!
sr. member
Activity: 840
Merit: 292
Quote
The unlucky gambler would’ve only made a net profit of $11,200 – .8 percent of the total wage – if the Chargers won. It’s unknown who originally placed the bet.

OMG! this 1.4M$ in our country, it's too big, and you are one of the richest people here if you have that amoount of money, it's like you've won the lottery if I compare it.

The shocking and crazy thing is that for only 11,200$ in winnings, you will sacrifice 1.4M$ in exchange for that winning. I'm also a gambler but I'm not stupid enough to do that, maybe the bettor who made it is so rich that it's just for Him it a bit of coins only. And even if I'm a rich person I still won't do that as a gambler.
copper member
Activity: 2268
Merit: 539
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- 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!


I have experienced this myself. I often do sportsbetting and sometimes it feels like some matches are one sided, so in order to yield maximum profits from it, I often place large amount of bets. But once for this type of bet, I lost huge amount of money and still I regret from it. So from next time onwards, I always calculates the risk and place appropriate bets on necessary events. Yes Gambling is not easy, and I admit that but still it can be achieved fluently if we can manage the risk involved in it.
legendary
Activity: 3318
Merit: 1247
Bitcoin Casino Est. 2013
Bad news is that he lost more than 1 million dollars but I know a lot of people who have lost such bets with low odds especially in Tennis but in any sport betting this happens.If it were a sure thing that bet of 1.01 which is 0.01% increase in every bet you make,in 100 bets 10% profit and the 10% profit of 1 million dollars is 100.000 dollars,if those bets were sure bets people would be making easy money the easy way,they just needed to have patience and that is why no one in sport betting never recommends going for the lower odds because devastating results like this one can happen.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
Damn, that must have been gut-wrenching. The lowest odds I think that is still worth the bet is 1.3, and anything past that is just 'dangerous' territory or simply not worth it to bet at all. What more a 1.008 chance? Imagine just trying to collect $11k+ dollars for a bet, only to lose $1.4 million instead. Dude thought that it was an easy 11 grand to sweep, just goes to show that there is no such thing as easy money in sports betting.

I personally would have just used a few thousands and bet live and get more or less the same result. Props to the Chargers for making that epic comeback, must have been sweet collecting the tears of the fans and the bets of the gamblers Cheesy
sr. member
Activity: 672
Merit: 273
I have lost 1.01 odd before, I have lost 1.05 odd more than ones before, I have lost 1.02 several times that let me know that going for lower odds is stupidity, it will only encourage you to increase the money you use to stake and losses is still possible. It is a means of getting addicted too.

I have won 1.25 to 2 odds before very well, if I take higher odd with lower amount of money and lose, it is better than going for lower odds with high amount of money.
What we should know is that, lower odds is not guaranteed for winning and many gamblers have lost a lot of money believing and picking lower odds.

Some time casino uses low odds to navigate gamblers' minds to pick them thinking there are sure odds, not knowing that one can lose them the easily same way one can lose with higher odds even up to 3.00 odds cab give winning the same way as 1.05 odds.
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