Re: Gambler Loses 1.4 million USD in a bet with lower than 1.01 odds!

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One bettor wasted a massive $1.4 million wager after betting on Los Angeles before the Jaguars mounted an epic comeback to beat the Chargers 31-30, according to Action Networks Darren Rovell.

It seems that a gambler has loss this massive amount (1.4 million USD) playing a bet with an odds lower than 1.01! (exactly 1.008)

I think there are several lessons here:
- there is not easy bet! even lower odds there is always a risk.
- it's really risky playing an huge amount. This not helps gambler because the risk is much much higher then rewards!
- gambling is not easy at all! it's really hard achieve a profit even for easy games!

what your opinion about this gambling issue? did you had experience similar experience? how a good gambler should avoid such mistakes?

I wonder whether there is some easy conclusion to be drawn that the player was addicted. We don't know his bankroll and maybe he doesn't even bother because he has billions, but if it was a substantial amount for that person, would it ever make sense to place a bet of that size at all? Saying that this person wanted to play it safe would only apply if that amount of $1.4 million is within his perfect bankroll management range. Otherwise, if someone is seeking the kick in putting up $1.4 million for the chance of winning $11,200, I would think that there is some loss of control at play because nobody would care winning $11,200 in exchange for risking over a million.

That's a crazy story either way and as you already put it, there is no such thing as a 100% safe bet ever unless you are hedging somehow. But this one ended with way more than a punch in the face...

Money is relative to the wealth of the individual. For most, 1M USD is a lifetime of money, if not several lifetimes in some places. However, for the whales and the big players, 1M USD is just change. It is difficult to understand for people who will struggle all their lives to make a living for their families, but there are people out there that will loose that amount and will not even blink.

As impossible as it may sound, yes there are really people like this who have so much they wouldn't totally care nor even notice that they already loss a massive amount, at least for our perspective because they have so much at their disposal. These are the few lucky ones who are really considered elites and are very much wealthy, not just wealthy, but way beyond. If they don't feel any remorse or regret about risking then losing, then most probably it's just a small amount that they can always earn after a while.

Perhaps those rich people who still feel the guilt are the ones who just understand the value of what they lost after they lost it, realizing that it is indeed a big money still. I encounter more if this one rather the first one though personally speaking and in general matter, not only in gambling but also in risking to other things.