Can surely be the only explanation as he was risking a lot more than he was likely to win.Looks very bad for him. Feel like the only mitigating factor here would be if a criminal gang were threatening his family or something.
Bookmakers seem to want things both ways. They want to offer markets on these kind of things which are totally open to manipulation so they take money from people whose gambling is so out of control they'll gamble on anything. But then they're outraged when then the inevitable happens.