I've seen many 1.01 odds bets lose recently. Specifically football (soccer) matches ending 0-0 when the odds for over 0.5 goals is 1.01. I don't see a point of placing these other than chasing VIP tiers and bonuses.
True, but if you're willing to risk a lot of money, then the profit, coupled with high probability of win, can become quite attractive.
For the $1.4m the guy in the OP had bet, he could've gotten $14,000 win in a space of probably few minutes. I'd be guessing he had done it at least once or twice before, was successful and got overly confident.
This topic was started in Jan 2023, maybe it's time just to let it die. I'm sure there were plenty of other bad losses since then we could comment on instead.