I don't know Mike or Earl personally. Most people will do things for money that they know they should not. That is, if they feel they do not have enough of it.
But why would anyone post a story about Mike dumping when it doesn't even make sense (Mike betting on himself).
The problem I think is that you weren't understanding what the person who posted it meant. I believe what he meant, and please easy-e correct me if I'm wrong, is that Mike was going to have someone place a side bet that the other person was going to win & Mike was then going to dump to ensure that bet was won which would have been for a significantly higher amount of money. While not a very honest thing to do, it has been going on for years by road players & others as well.