Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 8.

Mr.right85

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Quote from: khaled0111 on August 02, 2024, 03:48:49 PM

The 1.01 strategy is very common where gamblers try to make small wins with the lowest risk possible. In order to make a significant profit, you need to place many bets. This case proves that this strategy doesn't work.

Lowest risk possible really do apply in two ways which could either be,

Against the odds your wagering with or
The wager in itself.

Now, 1.01 odd is what you might consider a safe bet, a sure odd to produce good result and as such, the gambler choose to neglect the risk in the wager amount in $1.414m as the odds was already promising.
$14k is a good win when you wager within the range $100-$1000 and about that point.

What the gambler failed to put into comparison here is the risk to reward ratio. The gambler just don’t do the maths else, it was a reckless attempt given that, anything do happen in a game, not minding the odds.

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Quote from: Obari on August 02, 2024, 03:16:09 PM

Quote from: Ojima-ojo on August 02, 2024, 02:15:32 PM

Quote from: SamReomo on March 12, 2024, 05:03:14 AM

Quote from: rachael9385 on March 12, 2024, 04:42:23 AM

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

When sport bets is the game, most especially football regardless of the odds you have to depend on luck to win the bet, because the game can change at anytime, some of the time when such incidents of low odds selection leading to big lose happens I always check the level at which those games are played and when the time their take the bets.

Let say if the odds comes when the game is already at it halftime, or deep in the second half let say around 60 minutes into the game, that could help to increase the chances of winning such bet, but anything outside that ratio coming to stake such bet in the first half can be a big risk, so the bet was not well calculated.

lol
It seems you’re still not familiar with the uncertainties of gambling because even with a football game at 70minutes, anything can still happen and there are games that results have change at the last minutes and that’s the wonders of gambling that makes it enticing and and even more competitive.

I never knew this topic is still active and this is a eye opener to slot of gamblers who gamble mostly on odds that even small odds can still loss and as such we should only gamble the amount we can afford to loss.

Uncertainty is what keeps players active in gambling, it is the essence of it. I wonder how hooked you need to be to either not caring about 1 million - which is not that common even for the richer bit of people, or how bad is your case if you need to play that far to feel the thrill of the game. It is simply annoying that someone shall take it to that point.

Ojima-ojo

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Quote from: Obari on August 02, 2024, 03:16:09 PM

lol
It seems you’re still not familiar with the uncertainties of gambling because even with a football game at 70minutes, anything can still happen and there are games that results have change at the last minutes and that’s the wonders of gambling that makes it enticing and and even more competitive.

I never knew this topic is still active and this is a eye opener to slot of gamblers who gamble mostly on odds that even small odds can still loss and as such we should only gamble the amount we can afford to loss.

I understand perfectly well how uncertainty plays a significant role in the outcome and predictions of football match, but then also the level of the impact of any uncertain situation depends on the records and timings, let say a match that already have 2 goals to none in it 70 minutes, even if the defeated team should equalise in the said minutes it still won't change anything because the possibility for them to make the last 1 goal score with the remaining time is less and almost impossible.

Although I have experienced such situations where the team make multiple goals scores within the last few minutes or even in the extra time of the match, so only after the 90 minutes and the final whistle is blow that we can say that the did is done 100%.

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Quote from: Fivestar4everMVP on August 02, 2024, 02:14:00 PM

But on the other hand, I perfectly understand why the gambler possibly took this bet, he probably thought it was a sure game, so making a quick $11k dollars was the goal for him, but unfortunately, seems he forgot that regardless of how small a game odd is, the chances of the gambler winning is still less than 50 percent.

I agree with all you said except the last part. The chances of winning varies depends on the odds. In this case, since the odds are 1.01 then the chance of winning is more than 99% (which is, obviously, higher than 50%).

The 1.01 strategy is very common where gamblers try to make small wins with the lowest risk possible. In order to make a significant profit, you need to place many bets. This case proves that this strategy doesn't work.

Obari

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Quote from: Ojima-ojo on August 02, 2024, 02:15:32 PM

Quote from: SamReomo on March 12, 2024, 05:03:14 AM

Quote from: rachael9385 on March 12, 2024, 04:42:23 AM

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

When sport bets is the game, most especially football regardless of the odds you have to depend on luck to win the bet, because the game can change at anytime, some of the time when such incidents of low odds selection leading to big lose happens I always check the level at which those games are played and when the time their take the bets.

Let say if the odds comes when the game is already at it halftime, or deep in the second half let say around 60 minutes into the game, that could help to increase the chances of winning such bet, but anything outside that ratio coming to stake such bet in the first half can be a big risk, so the bet was not well calculated.

lol
It seems you’re still not familiar with the uncertainties of gambling because even with a football game at 70minutes, anything can still happen and there are games that results have change at the last minutes and that’s the wonders of gambling that makes it enticing and and even more competitive.

I never knew this topic is still active and this is a eye opener to slot of gamblers who gamble mostly on odds that even small odds can still loss and as such we should only gamble the amount we can afford to loss.

Ojima-ojo

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Quote from: SamReomo on March 12, 2024, 05:03:14 AM

Quote from: rachael9385 on March 12, 2024, 04:42:23 AM

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

When sport bets is the game, most especially football regardless of the odds you have to depend on luck to win the bet, because the game can change at anytime, some of the time when such incidents of low odds selection leading to big lose happens I always check the level at which those games are played and when the time their take the bets.

Let say if the odds comes when the game is already at it halftime, or deep in the second half let say around 60 minutes into the game, that could help to increase the chances of winning such bet, but anything outside that ratio coming to stake such bet in the first half can be a big risk, so the bet was not well calculated.

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Quote from: dansus021 on August 01, 2024, 11:35:18 AM

Quote from: bitbollo on January 18, 2023, 06:43:29 AM

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

There is to be an issue here bro the player knows about the odds and then he still bets meaning he knows the risk here so it is part of the game in my opinion. and if you ask me how a good gambler should avoid such mistakes? the answer is there is no mistake here it is just probability and then he chose it from the beginning.

Although 1.4 Million USD is definitely a lot of money but just imagine if he win he still make a decent profit there haha

Well, as much as I agree with you, I would still say that if he had won, the profit he would have made is not as decent compared to the amount of money that was astake, you should really think about this, what the gambler would have won is around $11,000 dollars, while the amount of money that was astake was 1.4 million, this is a foolish bet to be honest because I personally can not risk $1.4 million dollars for a mere $11,000.

But on the other hand, I perfectly understand why the gambler possibly took this bet, he probably thought it was a sure game, so making a quick $11k dollars was the goal for him, but unfortunately, seems he forgot that regardless of how small a game odd is, the chances of the gambler winning is still less than 50 percent.

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Quote from: Oshosondy on August 01, 2024, 02:27:23 PM

Quote from: dansus021 on August 01, 2024, 11:35:18 AM

There is to be an issue here bro the player knows about the odds and then he still bets meaning he knows the risk here so it is part of the game in my opinion. and if you ask me how a good gambler should avoid such mistakes? the answer is there is no mistake here it is just probability and then he chose it from the beginning.

Although 1.4 Million USD is definitely a lot of money but just imagine if he win he still make a decent profit there haha

When I was a gambling addict, I looked for strategies to win. I went from 1x2 to other ways to bet. Then I noticed that I decided to like 1.02 odds which was very common. It encouraged me to bet with huge amount of money. I might be winning but at last I will lose more than win and the losses are very huge. One of the worst mistakes a gambler can make is to gamble with this little odds like 1.01.

It is easy to think about those bets with low odds as a sure thing, but we must never forget that such a thing does not really exist when gambling, since the risk of an event not going our way will always exist, and what is worse is the sense of security those bets can create, as when you finally lose you will be unpleasantly surprised by it, a circumstance which could make you to incur on further mistakes as you try to recover the money you did not expected to lose.

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Quote from: dansus021 on August 01, 2024, 11:35:18 AM

There is to be an issue here bro the player knows about the odds and then he still bets meaning he knows the risk here so it is part of the game in my opinion. and if you ask me how a good gambler should avoid such mistakes? the answer is there is no mistake here it is just probability and then he chose it from the beginning.

Although 1.4 Million USD is definitely a lot of money but just imagine if he win he still make a decent profit there haha

When I was a gambling addict, I looked for strategies to win. I went from 1x2 to other ways to bet. Then I noticed that I decided to like 1.02 odds which was very common. It encouraged me to bet with huge amount of money. I might be winning but at last I will lose more than win and the losses are very huge. One of the worst mistakes a gambler can make is to gamble with this little odds like 1.01.

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Quote from: bitbollo on January 18, 2023, 06:43:29 AM

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

There is to be an issue here bro the player knows about the odds and then he still bets meaning he knows the risk here so it is part of the game in my opinion. and if you ask me how a good gambler should avoid such mistakes? the answer is there is no mistake here it is just probability and then he chose it from the beginning.

Although 1.4 Million USD is definitely a lot of money but just imagine if he win he still make a decent profit there haha

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Quote from: Uhwuchukwu53 on April 06, 2024, 03:12:21 AM

Quote from: Oshosondy on January 18, 2023, 06:49:13 AM

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.

Well I can't say that one who go for lower odd with higher money is wrong either both, this is a matter of what favor you at the end because as many betting prediction don't work for everyone according to how another chooses he/her game.

As long gambling mostly that aspects of betting using odd for a game individual knows where it favour them that is why the choice differs. One thing is sure is that know one can point out using 100% assurance of any odd choosing, as much is speculation or prediction.

Low Odd bets usually win because in sports, when a team is in a good position and doing well in live matches or is ahead by a few goals, the odds are reduced in favor of that team because they have a higher chance of winning the match. So no one can guarantee that team will win with guarantee. So no matter what strategy you bet in gambling, you have to accept the risk. This is why you should always gamble with an amount that you can afford to lose. otherwise gambling will always keep you in fear

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Quote from: Nitrowinner on August 01, 2024, 07:10:15 AM

in my life and me personal I lost a lot of times in the past 1.01 or 1.005 in tennis set haha

I used to be a frequent low risk beter, that is, I usually bet only on games with odds like 1.10 down to around 1.001, and this I do because I felt that I can get constant profits with very minimal number of loses from time to time, but how wrong I was...

Overtime, I discovers I wasn't even winning enough, that is, making enough profit due to the very lose odds, but every time I lose a game, I end up losing almost everything, which include my capital and the profit I made from other bets, this was when I realized that there are no safe bets in gambling, every bets, regardless of the odds that it comes with, carried a degree of risk, and this is perhaps, what some gambler fail to understand.
So to be safe, always treat games the same way, regardless of the odds, bet only what you can afford to lose because in the end, there are no sure bets.

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Quote from: paxmao on April 03, 2024, 04:37:25 PM

Quote from: SamReomo on March 12, 2024, 05:03:14 AM

Quote from: rachael9385 on March 12, 2024, 04:42:23 AM

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

Crazy money for crazy people, but the story is not complete unless we know the story of the person who decided to place such a disparate wager. If it was part of a strategy of betting many times such an amount across several bets with some probabilistic chance, then he might have recover the loss with some short of earning in the rest of the process. Some people can afford such things.

- You're right, the story is not complete in my opinion. Besides, the 1.4 million dollars is really a huge amount; it's a good retirement for me, honestly speaking. And that amount,
if used correctly, can grow to triple or more.

It's just that the gambler who lost 1.4 million dollars looks like a rich gambler, so it's like he doesn't care about that amount, and he doesn't seem to regret the amount he lost.

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in my life and me personal I lost a lot of times in the past 1.01 or 1.005 in tennis set haha

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Quote from: Oshosondy on January 18, 2023, 06:49:13 AM

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.

Well I can't say that one who go for lower odd with higher money is wrong either both, this is a matter of what favor you at the end because as many betting prediction don't work for everyone according to how another chooses he/her game.

As long gambling mostly that aspects of betting using odd for a game individual knows where it favour them that is why the choice differs. One thing is sure is that know one can point out using 100% assurance of any odd choosing, as much is speculation or prediction.

Ojima-ojo

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Quote from: SamReomo on March 12, 2024, 05:03:14 AM

Quote from: rachael9385 on March 12, 2024, 04:42:23 AM

The funnest part is how little the odd is and still lost, however its all about luck not strategies or smartness.

True, the luck is the main factor, if someone's luck isn't good then he/she can lose a bet with so low odds while on the other hand if someone's luck if good then they could win bets with high odds. When it comes to strategy, high odds are always considered risky however, if someone's luck is not in their favor then low odds can also be risky. We have learnt a great lesson from that gambler, that luck is the main determiner of success in gambling without it there's loss only.

Most times people believe that low odds will give them guarantee winning, that is why someone could risk such a huge amount on bets, imagine someone stake about 1.4 million that is really a huge amount and with the low odds he thought he is gonna win but at the end he lost the bet in such a way that he was wiped out of his reserve balance.

Sometimes gamblers should stop taking low odds as a basis to staking huge amount and expecting to win outrighly, it doesn't happen that way and some time or all the time any odds can still fail depending on the amount of luck and chance's that comes up along the line.

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Quote from: Zadicar on April 06, 2024, 12:04:21 AM

Did make out some research about some realistic point of view in regarding about 1.01 odds.

Mainly because 1.01 odds imply 99% chance of winning, but rarely there are matches between huge favorites play against underdogs and the actual odds of favorites winning is 99%. Usually in such matches the actual chance for favorite to win is more like 93%, which makes the odds to be more like 1.08. However bookies lower the odds so that even if that 1 time out 100 times the favorite loses, they still profit from these high rollers who covers only favorites.
Source: https://www.quora.com/In-sports-betting-why-do-extremely-low-odds-like-1-01-bet-100-and-get-101-back-if-you-win-sometimes-lose

If you do base up about into those odds then its not completely 0%. The ones who do make money would be those bookies.
For those who are bettors believing that 99% winning rate on 1.01 is indeed true but always consider out about the risks on losing, so all isn't recommended.

Partially understood all that you said, but I guess I will have to read up on the link that you provided to gain better understanding on this research you are talking about.

But anyways, I think one thing that have been established on this thread so far, is the fact that there are no sure wins in gambling or sports betting, every bet, regardless of the odds carries with it it's won level of risk, 1.01 odds will sure look like a bullet proof sure win to some people, because they feel that casino already are sure of that game winning, and that is why they made the potential payout in odd so very low, but the truth is that, even as little as this 1.01 odds is, it still have its one risk of loss, which is why its mandatory for us as gamblers to never risk more than we can afford to lose, no matter how attractive the odds of the game is, for if there were anything like sure wins in betting, that is definitely what we all will be looking for, and once found, gamblers can possibly through the single game rekt an entire casino.

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Did make out some research about some realistic point of view in regarding about 1.01 odds.

Mainly because 1.01 odds imply 99% chance of winning, but rarely there are matches between huge favorites play against underdogs and the actual odds of favorites winning is 99%. Usually in such matches the actual chance for favorite to win is more like 93%, which makes the odds to be more like 1.08. However bookies lower the odds so that even if that 1 time out 100 times the favorite loses, they still profit from these high rollers who covers only favorites.
Source: https://www.quora.com/In-sports-betting-why-do-extremely-low-odds-like-1-01-bet-100-and-get-101-back-if-you-win-sometimes-lose

If you do base up about into those odds then its not completely 0%. The ones who do make money would be those bookies.
For those who are bettors believing that 99% winning rate on 1.01 is indeed true but always consider out about the risks on losing, so all isn't recommended.

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Quote from: Baofeng on April 04, 2024, 05:42:52 AM

Quote from: sompitonov on April 04, 2024, 05:29:16 AM

Quote from: bitbollo on January 18, 2023, 06:43:29 AM

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?

In my opinion, with such low odds, you can lose your deposit not so slowly. I have never liked such odds, because you can lose everything and, most importantly, if you win, we get very little. I never bet like this and I don’t advise other players to bet with these odds; in my opinion, it’s absolutely pointless. I am sure that such players think that they are smarter than everyone else, and that he will bet 1 million all his life on small odds to win, but this will definitely come to an end. This player simply did not want to believe it and the situation that happened to him simply showed him that he is not the smartest here. It would be better if he put the money at a small percentage of return, and not engage in such nonsense, although we all know that banks also have a chance of default and there is no good place anywhere so that there is no minimum risk.

Who would like that odds? I mean 1.01? I will never bet on that kind of odds as there are still chances to lose that one and that's what happen here to this big whales who think that he can out smart or he is just so unlucky and lose it.

And it just shows how sports betting it, we don't know what will be the outcome even if the spread is that huge as any teams can make a huge comeback and that's what happen here, just a point is enough for the Jaguars to win.

If this kind of news or articles showed up then this does basically means that you are really that indeed seeing that there are people whom do really have bet that 1.01 odds on which for most us bettors would really be definitely be skipping out to throw money into this kind of odds but there are really that those extreme gamblers or risks takers who would really be making such all in bet with this kind of number.
The main thing on what these bettors that they do really have in mind is that with this kind of odd then they are thinking a one side game or would really be that sure win.
They would really be betting everything that they do have on which its not really that recommendable on this way because there's no such thing about 100% winning or sure win
on this betting world. As long that chance doesnt drop to zero then there's always that possibility that you would really be able to lose up a certain bet and that would surely a big regret into your life
specially you do make that all in bet. Cool

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Quote from: Baofeng on April 04, 2024, 05:42:52 AM

Quote from: sompitonov on April 04, 2024, 05:29:16 AM

Quote from: bitbollo on January 18, 2023, 06:43:29 AM

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?

In my opinion, with such low odds, you can lose your deposit not so slowly. I have never liked such odds, because you can lose everything and, most importantly, if you win, we get very little. I never bet like this and I don’t advise other players to bet with these odds; in my opinion, it’s absolutely pointless. I am sure that such players think that they are smarter than everyone else, and that he will bet 1 million all his life on small odds to win, but this will definitely come to an end. This player simply did not want to believe it and the situation that happened to him simply showed him that he is not the smartest here. It would be better if he put the money at a small percentage of return, and not engage in such nonsense, although we all know that banks also have a chance of default and there is no good place anywhere so that there is no minimum risk.

Who would like that odds? I mean 1.01? I will never bet on that kind of odds as there are still chances to lose that one and that's what happen here to this big whales who think that he can out smart or he is just so unlucky and lose it.

And it just shows how sports betting it, we don't know what will be the outcome even if the spread is that huge as any teams can make a huge comeback and that's what happen here, just a point is enough for the Jaguars to win.

The daring nature of some people makes them opt for such odds, but this is certainly not wise and shows overconfidence which is not a good characteristic of a gambler. Also, such odds come with tempting assurance because no one will bet on that kind of poor odds except that it will be an almost certain outcome for them. But they often neglect that an almost-certain outcome is not a certain outcome, so even if the possibility for the gambler to win the bet is 99.95%, such should know that the 0.05% possibility of losing it could be catastrophic and could actually be the outcome at that time.

This is why we should be sensible and going for higher odds with a very reasonable amount of money is the right approach here. I see mainly two issues in the betting of that guy, and they are Wrong betting decisions and Improper management. Aside from the lame option, no one should bet that huge amount in a single bet just like that, it is wrong. He should have divided it into at least 10% ($140,000 per bet) in my opinion, which could have saved his head better in a situation like this.

Topic: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds! - page 8. (Read 8226 times)