But how can he take such a risk by wagering $1.4 million just for a net profit of $11,200, which is 8% of the total wage if he had won?
0.8% actually

This is the fun part of the story.
Risking or gambling a 1.4 m to win a 0.01 at a 1.01 odd is a thing but..
Anyway, he lost the bet and he deserves what've been coming toward him.
If 1.4m wasn't an amount he was willing to afford to lose then he deserves whatever will happen to him.