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.
Any Odd can be a loss in cricket or football sports as anything can happen at any time and no team's win can ever be guaranteed here. Every game of gambling has such risks, not just in sports. this is why you should not gamble any amount that you cannot afford to lose. Because sometimes despite your confidence you may lose the bet. as in op's shared history. $1.4m is no small amount. so such an amount should never be placed in a single bet.