Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 7. (Read 8226 times)

We don`t know. We have only information about this bet. I don`t like such odds but i don`t have money to make few such bets. And, as i said, i have another strategy, that allow me to get stable profit. And one more point - most part of us don`t have such money and don`t understand how it works.
PS. My winrate is about 50-60% but the most part of my bets are between  2.2 and 4.5.

Making more than 1000 successful bets doesn't sound plausible even with such small odds. At least for me, a strategy with such low odds was almost always ineffective, as losses occurred much more often than expected. For example, 2 losses per 100 bets with such odds were not uncommon in my case.

It`s money management. If you want not only to play for process, for emotions but win - you must have strategy and follow it. Here we just see one big lose but we don`t see the full result. May be he made more than 1000 success bets with such odds and it means that his strategy is ok. I`ve seen how guys tried to catch odd 100 and i saw how they won.
As for me - i prefer make the same bet for all matches i analyzed and it depends on my "bank" - the sum i use for gambling. There are some other details, but it is just an example of strategy.

Well, that right really, we all should know that the idea of diversity or diversification is not something that is or should be peculiar to investing in cryptocurrencies alone, for even in gambling, specially sports betting, it's important for us to diversify, just as you have said, placing small bets in multiple places can sometimes be much better than placing just one bet with a lumbsome of money.

There was actually a day I was going to place a bet with $50, I thought of putting the whole money on one bet because I was expecting to atleast, 2x that amount, but later on, I changed my mind and decided to devide the bet into 5 places, $10 on each bet, at the end, I won 2 and lost 3 bet, and even the games I was going to place the entire $50 on was among the ones that I lost, I was happy because If I later didn't diversify the bet, I would have lost the entire $50 just like that.
It was a good lesson to learn for me..

You are right because here we are discussing the Gambler's loses because the amount is a big amount, but no one know how many times the gambler have won such bets, because at some level he may have made the money from gambling itself to have been able to stake such an amount on an odds that look very promising but it returns in insignificant unless you stake huge amount just like in this case.
So this is gambling any ways and anything can happen no one knows the bet that will win, and at the same time the one that will win, so as a gambler, it is important to place multiple bets with smaller amount that leave you to be able to stake more bets again even when you lose the current bet, having multiple place were to support your bet is key to winning and healing from previous loses, so let the pain be put behind and look forward to a promising next bet, unless if you notice elements of addictions in your gambling activities, only then you have to take a break from betting until you heal 100%.

There is an scenario in which it would it would make some sense to place such bet, or maybe more than one to be honest - for example if you desperately need to multiply the money, for debts, and these can get very large and the larger the more dangerous so 100 and zero are the same if you cannot pay. Another scenario is if the player has the change to place many more similar bets and statistically could win.

Its a no brainer actually but there are really those people who are really that ridiculously thinking that they wont really be able to lose on just basing up on the odds that it is really that impossible on which as long those chances wont really be dropping to 0% then there's no way that you could really be having a risk free gambling or betting. So it would really be that just right that you should always take up some considerations when it comes on losing no matter how low the odds are. There are really just that gamblers or bettors who are really that becomes that too confident about their bets despite of those odds.
1.01 might sound that a sure win but its not. If you would really be that putting up all in bet or simply the amount that you cant afford to lose then it would really be that a huge problem on you on where you have lost
up everything with that bet or particular stake. This is why you should really be that careful on whatever decisions you would really be that making into. Gambling or betting is really that risky and there's always a chance of losing no matter how small it would be. Self realizations and having those kind of control is really that mainly needed on this particular time. Basing up on op then 1.4M bet isnt something that small amount that we are talking but assuming that a particular gambler do able to make out such big amount of bet then this guy is probably a rich people.

Making up some decisions basing up on doing bets should really be taken up responsibly. You cant really just that putting up yourself on doing blind bets or being that too confident because it would really be that your
demise if you would really having that kind of approach. You would really be just that basically making yourself having this kind of aspect on where you would really be that trying out to take such
step on which you do believe inside that you are really that having kind.

That's what am saying right. It's the risk to reward ration that people need to know before placing any bet.
If the person has some information which would result in winning the bet then it's more of an advantage to him.
It indirectly lowers the risk yet we should always acknowledge what we are going for.

But there are several pretty much guaranteed ways to make profit from $1.4 million. They might not be instant, but if you want make $11k cash fast, just freaking take it out from that $1.4M and invest rest of it to something relatively safe, and prefereably to something that gives you dividends. Then just wait for a while.

That way one wouldn't put whole investment in danger, because most investment opportunities out there wouldn't include the tiny risk of losing everything over night. In investment world there are regulations to protect investors. And i am not talking about crypto investments here.

I would still not risk my money with the odd of 1.01 as here we have to invest a lot of money in order to get some good amount of money (profits). Since the returns here are less and the risk is less too but if unlucky the bet goes in the opposite direction, we will lose our bet amount and therefore it is not worth risking.

I think when you place a bet with any odds, higher or lower like 1.01 etc, you are risking money. So why risk in those bets where the return is not attractive?

In cases like these, we need to discuss and find solutions so that people who intend to make these types of bets don't do it because they will realize that these types of bets are not profitable and have a high risk, even though people who like these types of bets think that there is no risk. So when a person is thinking about putting a lot of money on a bet with odds of 1.10 and reads everything that was posted in this thread, even if that person was convinced that they would be making a good choice by betting on the game with odds of 1.10, they will not bet when they read the comments that were posted in this thread.

Many times, people make bad decisions because they didn't have other advice to listen to, and this section has good advice, so we have to continue giving good advice. and about having a bad day, I think that was not the case for this person, he could continue making these types of bets with low odds, but it would be enough for him to lose one bet, something that would be inevitable for him to lose all his money. so he did not lose money due to bad luck or because he had a bad day, he lost money because he did not have knowledge and an effective strategy in sports betting

From my point of view, even a bet like this could be useful. Because if you have the right information, you can always monetize.
Of course...there is always a risk (unless a game as already ended). and of course is always better to focus in better odds better event.
Moreover anyone should refrain from such bets with high stakes, If people doesn't understand the risk it's much better don't try the luck...

That must be ridiculous. Betting on odds lower than 1.01 is complete stupidity. The risk to reward ratio is terrible in this case.
We shouldn't bet lower than 1.5x because the returns are too low and the risk to lose our capital on such bets simply isn't digestible.
I can't imagine how hard that person must be feeling losing 1.4 million USD just to probably win an amount of 11.2k USD.

The chance is very slim at all and everyone is having the same opinion on how that game is going to be. While if you are just gambling for the win and doesn't think much of the profit then bets and odds like this are for you.

But as for the example of betting huge with the lesser odds, it makes sense to have that profit margin with huge money at risk.

What we all don't know is if the result will be assured as it might be because as long as there's a chance of losing and that odd for the point of margin, you can't be sure but it's a case to case basis for each sport.

betting 1.01 if the first bet all in thats called rigged and scam

Oh man. I think there is no point in over-analysing all of this. Poor guy just had a BAD DAY! Hahahaha

The problem with those gambler's that bet on that line is that, there must stake Hugh amount of money, because it is only with huge amount in stake that they could accumulate some level of profits if the bet turn out in they favour, because 1.01 odds is basically no profits and the merging of winning with such odds may seems high but the reality is that, every form of gambling is subject to risks which means anything can happen with the outcome, since it 100% unpredictable.

Gambling is one of those things that we shouldn't allow our greed to play Amy role in our decision, and we should accept the fact that gambling outcome are subject to luck, which means that, regardless of your level of expertise, you will still rely on your luck to be able to win anything at all, which is something that happen in this situation where the gambler lost huge amount from a bet that look very promising.

It makes sense that this long thread has been awaken now because of the game between USA and Puerto Rico, which has the same odds for Team USA. So it's not really impossible to lose, although the chance is very small. After seeing what happened, I think 1% profit is just too small to risk our money, even if the team is almost guaranteed to win. Maybe 1% is significant if we bet a big amount, like a $100k bet that would generate $1,000, but the big question is, are all of us willing to take the risk?

Actually, it's all about the odds and how lucky you are.
It's just that most gamblers have this wrong idea that because the odds are extremely low (i.e 1.01), there is no chance they would lose their first bets. They also believe that if they lose a bet then the next one will be a guaranteed win.
Unfortunately, this is not how odds work especially that every bet is independent of the previous one.

Team USA and Puerto Rico has got this odds for the Olympic's men's basketball. Someone who's got the balls betting with that much for this odd is going to think the same as if the game is already assured for Team USA.

I'd also go with that but I won't bet for that kind of money as it's life savings for the most of us. I'd rather choose something meaningful to invest with this money than to bet with almost assured matches.

Like we used to say, to bet with the amount that you can afford to lose. But with millions of money, majority of us can't afford that to lose, it'd make us crazy if we do.