None of us like to lose. But we cannot win by ignoring the loss. Gamblers who research these issues carefully usually want to put their money into bets that are relatively low risk. Whether the odds 1.01 or 1.02 or smaller, these bets are low risk. As the rate of return is low, the risk is also low that is thought by some gamblers. Even if there is a low probability of loss the match but if it is happen then one have face big lose economically. As the OP mentioned.
A gambler should not take big risks. He can only bet as much money as he can afford to lose. It should be remembered that winning in gambling is uncertain. So win and loss both should be accepted.
If we don't like to lose then we shouldn't play gambling at all. Gambling is a very risky activity so we must only be able to use money within our capacity and don't be like the guy here in our topic.
Maybe the guy underestimates the other team and he also sees that the odd is super low so he thinks this was an easy win but then as stated in the story the other team make an epic comeback, making that team win and then the guy loses his bet. Taking huge risk doesn't only mean betting for higher odds but it also has to do with the the amount that we are betting. If we bet high than is consider as high risk no matter what odds you are betting at.