Why would people place bet with a big amount where the chance of winning is just 1.01 odds that was really stupid if you are going to think of it. But I understand that he wants to make easy money with that big amount but look what happened right? If I have that kind of money I would just rather enjoy things myself than risking it, I'll secured it or invest it somewhere. By just reading, it really hurts, what more if you are that person right?
I think you have missed the point of odds calculations and according to sport bet odds calculation 1.01 is a sure odd and the tendency of winning is almost 99% but luck was not in the gambler's favour which is why he lost even with the 1% losing potency and this is why we must also rely on luck to win some time and this incident is a good example of the role of luck in gambling.
But also for sure, we can not advise anyone to stake such a huge amount on a game bit then some people tend to take high risks and this situation has thought us some lessons.