That's true. I've been a victim of this one too many times. I think that was when I was trying to attain a vip level at a casino due to the added benefits available at those levels. Anyway, I lost more while trying to pump up my wager numbers only to discover that the reward wasn't so good as I initially expected. I did learnt my lesson. My plan for the 1 Million Wagering contest isn't to just wager without any other purpose than pumping up my wager stats but to try and win most of the bets I take while I'm at it.
That's a better way to gamble where you're actually concerned about your money. I was so stupid back in the past that when I tried to gain just $1 or sometimes maybe $5, I destroyed my whole bankroll and left with just a few cents when I've had like $50 or $100 a few moments ago (during those days) and it wasn't for any wagering contest or any sort of promo, it was just that greed that wanted me to grab that extra buck, running behind which I lost everything many times. I hope other gamblers would learn from my experience and won't repeat it at any cost.
That sort of thing always happens when you are a newbie in the gambling world, I remember losing over 2 bitcoins with anger to get back my 0.02 loss back in the day (this was when bitcoin was under 200 bucks) and that is when I realized chasing losses with anger is never the answer. Also these type of competitions are designed to make you gamble more, that is the obvious thing but the reality is that if you do not know what you are doing you are not going to win anything and on top of that you are going to lose all your money.
The smarter decision is to keep gambling the way you normally would gamble and then hope that the regular way of you gambling would land on something in the competition results. There are people who gamble thousands, literally thousands of bitcoins in a month, because they are insanely rich and invested into bitcoin very early on, that means those people will win something here as well, not because they are trying to win but because even their regular self would win anyway.