The problem is such look like a safe bet when in fact not... I have seen people lose on a 1.005 odd bet which looked like a sure bet but turned out to be a high risk bet that will lead to losing and the unfortunate thing about such wagers is that a player needs to put in alot of money to have a small profit but in the end its all burst! Btw I think bookies actually make more money on such bets because of our greed, it's a hard lesson learnt and can never be too sure of an outcome.
Permit me to say that anyone could lose a bet no matter how promising the bet looks, which is why we have to be careful and be managerial in our wagering. Like the story of this gambler, it's obvious that the guy is only a gambler, the managerial aspect is not there. The $1.4 million is big money that would have been able to sustain his betting for the rest of his life but was just wasted in such a manner.
The odd of 1.008 does not imply riskless betting with certainty, so such should have thought it twice and spread the risk on games with lower odds because they have a higher probability of winning. Selecting 10 independent games would have been a good bargain.