Surely the 94 bitcoins are not the amount that he lost, but rather the amount that was wagered.

He might have won a large percentage of that and used his winnings to finance his bets. I think the fact that he changed tactics, by dumping coins into Lottery tickets, is an indication that he figured out that he is losing more than what he is gaining.
It would be great if this guy could do a little AMA here, so that we can talk about his strategy and if he/she can tell us if it was worth it.

Yes, there is a huge difference between the amount wagered and amount risked as you can roll over the same stake many times.
Both the top 2 are winning at the moment so the $20,000 will be a nice bonus on top of their winnings.
You get 1 free lotto ticket for every 500 sats wagered.
94.12899000 / 0.00000500 = 18,825,798They didn't change tactics, those lotto tickets were just another bonus.
I was always wondering who buys so many tickets? It never occurred to me that those tickets may be given for free while you play HI/LO game. Well, I knew that you get 1 ticket for every 500 sats wagered, but it was hard to imagine that one can earn millions of tickets this way.
Thanks for keeping us updated on this interesting contest! It's only 36 hours left until we know the final results. I'm wondering if someone else can jump in apart from those two in the meantime?