It's interesting but do you know on which games this MalteseFalcon is gambling precisely? Because even if he gambles on games with 99% RTP, he will theoretically have lost 1 million USD when he will reach the mark of 100 millions wagered. Then I don't really understand the point of doing that when the expected prize is "only" 250 000 USD. 
There are some documentaries on gambling addicts, whales, that spend so much on gambling.
He could be one of those, who years ago, accumulated lots of BTC & ETH and doesn't know what to do with it.
The top ones all have losing records (more loses than wins) but they are hooked into it.
The $250k is quite meaningless for them in a certain way, because they do it for the thrill and not for the $250k ... it's however virtual, they don't get perks like free hotel room, food, champagne, and other stuff you can get in Vegas but the thrill is still a thrill for them.
It does actually make sense, but indeed you could always be puzzled about the whole concept, but it does seem like it's genuine.
