Home /
News /
Lost Bets – The Reasons For Losing Wagers And How To Stop /

Lost Bets – The Reasons For Losing Wagers And How To Stop

Man has always gambled, testing their skills of premonition against the Gods of luck. With a simple person to person et, there's one winner and one loser. But with the advent of casino and sports betting, a single wager could result in a much larger loss for the losing party. Wherever you choose to gamble, one of the major mistakes we see that leads to inevitable losses is the lack of knowledge necessary to be able to play the game correctly. It's important to understand the gameplay and rules.

Rate this news

The Worst Lost Bets

With so much betting going on every day in both casinos and sportsbooks, then the list of worst lost bets grows larger almost every minute. These lost bets on games can include such things as sports betting and casino games which include both popular card games like jackpot poker and table games like roulette. More often than not, it’s the size of the prize that pushes people to make bets and to continue placing wagers. After all, gambler’s are driven by the fantasy of winning. We have written a number of articles about famous winners. Especially those who have been able to win the jackpot online. But that’s not really surprising. After all, everyone loves a winner. Unfortunately, most losing gamblers prefer to slink away quietly into the night without any drama.

What Is A Lost Bet?

Essentially, a losing bet is any wager that didn’t produce a winning result. It’s an unfortunate by-product of both gambling and human psychology, that throughout history, we only ever learn about the winners. Be it wars or all gambling games, the losers forfeit the right to be remembered. In principle, anyone can make a losing bet. Still, we think it’s important to separate these lost bets into two different categories: friendly bets and gambling wagers. On the face of it, they may not appear to be that much different. But you know, it’s the size of losses and wins along with the public influence that makes these differences matter.

These Days You Can Bet On Anything

When it comes to gambling bets, you normally find them placed on casino games and sports betting, along with major events, celebrities and TV shows. These bets always be with real money. On the whole, they are made at either land-based bookies or either online or offline casinos. Our favourite place to make bets is 22Bet Casino. They have a massive variety of games as well as a tasty welcome bonus of 122% up to €300! Keep in mind that the size of your lost bets will very much depend upon the size of your initial bets. As in all little betting activities, there are very few winners and a great many losers.

Most Family Bets Don’t Feature Real Money

When it comes to friendly bets or bets made within the family, then there are few participants. So the losses are just for one or very few players. With friendly bets, the prizes can be absolutely everything, from a total amount of money, to who goes out to buy the groceries or does the washing up. Funnily enough, family and friendly bets are considered to be one of the most popular forms of home entertainment. That’s because people can’t help themselves but bet on the most obscure or ordinary things that happened to pop into their heads. Whether it’s who will win the cheese rolling in Gloucestershire or who will be the next James Bond, hundreds of thousands of lost bets are made in family homes every day, up and down the country.

Reasons People Have Lost Bets

Probably the number one reason why people lose is that they didn’t do that homework. When it comes to betting, it’s important that you first calculate the risk correctly. By this, we mean that you need an understanding of how the odds work. For example, if a football match has odds of 10/3, with the 3 representing your team, and yet you still place a bet on them. Just by looking at these numbers, you can see that you are going to lose.

Another common problem, especially with sports betting, is when the gambler gets caught up in the excitement and passion of the game. Now we are touching on the fatal theme of betting with emotion. This is not a good path to go down. If the player becomes obsessed with the game, they will start to lose their grip on reality. Then they will quickly build up a catalogue of lost bets.

Don’t Get Emotionally In Too Deep

At this point, we can see that their obsession with gambling maybe something closer to addiction. We suggest that if you are this type of player, then you seek professional help. This sort of behaviour can evolve when playing all sorts of games, whether in the casino or at the sportsbook. Another way to lose big with lost bets is to make irrational bets. An example of this would be during a family bet, you foolishly decide to bet your car, your Xbox or your Pokémon collection. And all over which singer will be number one in the download charts. Now if you lose your car or any other possession over a very small and unimportant wager, then you are nothing more than an idiot.

The Lost Bets of Pro Gamblers and Rich People

Probably the most famous lost bets are those we can witness first-hand when watching professional gamblers or casino whales playing at casino jackpot games or at the sportsbook. We can also see how these players are able to control their emotions. Especially when faced with losing tens of thousands or even millions of dollars. And all within just a couple of minutes. Of course, much will depend on the source of the money. Everyone knows that casinos are a favourite place for money laundering. At the end of the day, if the money was from less than honest sources, then there may be less of a propensity to even care about losing some of it. If the money comes from an endless supply, it would mean nothing to you. Then why should you care about losing any of it through lost bets?

The Biggest Lots Bets

Total Loss To Player Game Year Location

$1.5 billion Harry Kakavas Baccarat 2005 Australia
$1 billion Maureen O’Connor Casino Games 1985-2013 USA
$250 million Terry Watanabe Blackjack 2007 USA
$40 million Archie Karas Casino Games 1992-1995 USA
$20 million Kerry Packer Blackjack 2000 UK
$19 million Singapore Businessman Baccarat 2013 Singapore
$14 million Charles Burkley Casino Games 1990s-2000s USA
$8 million Frank Sarakakis Roulette 1994 UK

For Lost Bets Source Of The Funds Matters

If you look at the list above, it’s shocking to see just how much money these players were able to lose from their bankroll with just a few rolls of the dice. Especially for us mere mortals. There is probably some truth in the idea, that if you are super-rich, then the knowledge that your money can buy you everything will inevitably dull the joy that comes from striving towards it. So perhaps the only excitement is that of creating the possibility of losing large sums of money over the course of just a few minutes. Nevertheless, it’s part and parcel of the whole casino business.

There’s a reason that all casinos like 22Bet Casino are happy to give any number of bonuses and incentives to very wealthy high roller gamblers. It’s simply because by spending more, they’re going to be losing more to lost bets. For the casinos, it’s just nothing more than good business. We suggest that you always bet whilst wearing your logical hat, as it’s the only method by which you can increase your jackpot winning chances.