Gamblers are usually motivated by the desire to win big. Furthermore, there is the thrill of taking a significant risk. Because the house is designed to win, a player risks making a big loss if he or she doesn’t know when to stop. There are reports of players that did crazy things to try and cover up their vast losses.
Even though people have differing bankrolls, with some boosted by the welcome bonus, every gambler must set boundaries. Otherwise, you can lose all your money to casino operators in the twinkling of an eye. This article discusses some of the well-known players that made huge losses. However, it might not be the most accurate list of the biggest losses because casinos don’t record all the high rollers that win or lose tens of millions of dollars.
Harry Kakavas – 1.5 Billion USD
Harry Kakavas is a famous gambler who lost money at the Crown Casino in Australia’s Gold Coast. He was not afraid of making massive stakes on casino games. He would stake as much as USD 300 000 per hand in baccarat. It is reported that in 2005, Harry lost 1.5 billion USD in a 14-month losing streak on a high-stake baccarat game. The guy tried to sue the casino for taking advantage of his gambling addiction, but he lost. What he lost is perhaps the highest by a single gambler.
Maureen O’Connor – 1 Billion USD
Female gambling stories are rare, but Maureen is an exception. She was a public figure, the Mayor of San Diego, in 1985. She kept her gambling problem from the public limelight until she was charged with fraud. Reports released in 2013 revealed that she lost 1 Billion USD in several casinos in the country.
Her favorite game was video poker; if she was still playing, she would have fancied playing bitcoin video poker. She had to borrow 2 million from her second husband’s charity foundation to spend on video poker at some point.
Archie Karas – 40 Million USD
Archie Karas is a famous Greek-American high roller who made history in 1992. Archie used 50 USD stakes on a high stakes game of poker to win a whopping 40 million USD. Using the cash reward, he continued to gamble on baccarat and craps using huge bets. In three weeks, Archie has lost all his stake.
His case is among the biggest gambling losses recorded online. If you’ve never won a jackpot, this is what happens when you win a jackpot in a casino, and you don’t know when to stop. His story depicts the severe addiction that comes with gambling. The guy ended up being arrested in 2013 for flaunting casino rules during a blackjack game. You can learn how to play RNG blackjack to avoid his predicament.
Charles Barkley – 14 Million USD
Charles, a former NBA All-Star player, lost all his fortune on gambling. He revealed that he lost 10 million USD in a gaming session and a further 2.5 million USD in a blackjack game. Some sources suggest he lost more because of his gambling problem.
Other reports also reveal that he lost 60,000 USD in one roulette table session. Charles reportedly thought he did not have a gambling problem because his net worth could comfortably finance his bankrolls.
Terrance Watanabe – 205 Million USD
Terry is a famous American high roller who is said to have lost 205 million USD in one year. Terrance Watanabe played high-stake blackjack using 50,000 USD per hand. Sources intimate that he used to lose up to 5 million USD in a single day.
Terry Watanabe made some of the most significant losses ever seen. The former owner of Oriental Trading Company, a popular mail-order retailer, once lost 127million USD at Caesars Palace and Rio casinos. At first, he didn’t have a problem gambling, but later, he was unable to pay his gambling debts. He engaged the Nevada gaming commission to try and sue the casinos for his troubles but failed. He is currently broke and unable to pay for his cancer treatment.
Frank Sarakakis – 12 million USD
Frank is a Greek multi-millionaire associated with the famous car company, Saracakis Brothers. He loved playing roulette in London casinos. Read Jackpot City Casino review to find out where you can enjoy a game of roulette. In 1994, Frank recorded one of the biggest roulette loss of 8 million USD. It would help if you thought twice before you spin the roulette wheels or get enticed by the attractive bonus.
Michael Vick – 20 Million USD
Vick is one of the gamblers who lost everything gambling, but not all were in a financial sense. He is a former NFL player and was among the best quarterbacks in Philadelphia Eagles. His world came crumbling down due to a gambling problem.
Even though he did not lose money in high-stakes poker games, he was found guilty of running an illegal interstate dogfighting ring. He was one of the people running the ring by providing money for the operation’s gambling side. The NFL suspended him for breaching professional guidelines. He was required to reimburse 20 million USD from the 37 million USD he received as a bonus.
Zheli Ye Gon – 125 Million USD
Zheli, a Chinese businessman, relocated from Shanghai to Mexico in 1996 to work in the import/export business. By 2002, he was operating a chemical import company called Unimed Pharm Chem. While in Mexico, he also went to bed with the Sinaloa drug cartel. With plenty of money to play with, his playground was The Venetian.
With plenty of cash, Zheng had no limits, and between 2004 and 2007, he is reported to have blown away 125 million USD in casino gambling. He was one of the up-front-cash-only players in Vegas. The casinos would grant him a VIP room, private jets, meals, and other luxuries, and would move around with his bag, man. He was also eligible for up to 35 million USD credit to continue gambling. If you are a poker fan, you can play Casino Hold’em Poker here.
John Daly – 55 Million USD
John Daly went on multi-million gambling sprees in Las Vegas between 1991 and 2007. The professional golfer was careful with his tax records writing off all his losses to counteract tax implications whenever he won. He won 35 million in an impressive winning streak, but he lost more.
It is reported that he lost 90 million USD bringing his net poker losses to a whopping 55 million USD. John says he no longer plays 5,000 USD slots at casinos and instead plays 25USD slot games. He is someone who does not regret his colossal gambling losses in Las Vegas and still enjoys his gambling at lower levels than before.
Kerry Packer – 28 Million USD
Australian billionaire Kerry Parker reportedly lost more than 20 million at a casino in London. The media tycoon, who is also known for surviving eight heart attacks, is said to be untroubled by the gambling losses. The player is reported to have had a bad streak at a London casino recently playing blackjack with fellow gamblers at the luxurious Crockford’s Club in Mayfair.
The billionaire threw in his hand after going on a three-week cold streak at the casino that is said to cost him around 28 million USD. He has since flown to LAs Vegas to try and recover his money.
How do you recover from a big gambling loss?
To recover from gambling losses of say, 5 million in casino table games or baccarat from your preferred casino website, there are steps you must take. They include:
- Taking a break – if your poker bills are piling up fast, don’t seek to solve the problem by more gambling. It will help if you take a break from gambling. Engage in other activities while you’re on the break as a way of distracting yourself.
- Have a budget and stick to it – some people make huge losses simply because they didn’t have a budget in the first place. To avoid overspending on your poker game, you should figure out how much you can gamble every month without affecting your other life. After figuring out, ensure you stick to your budget. Also, make good use of any bonus you come across.
- Change your gambling strategy – go back and study every form of gambling you have tried. For instance, read bitcoin casino reviews if you are interested. If it is a new game, spend a significant amount of time to perfect a new strategy. Avoid making big stakes like USD 1 000 a hand.
- Learn to accept your losses – part of a gambler’s life is to learn to live with losing. Others take losing personally and can’t get over the fact that they are responsible for losses. But, there are always games that will not go your way. Accept your lost and have a plan for when they occur.
Who is the richest gambler?
Bill Benter is believed to be the richest professional gambler. He is reported to be making 5 – 10 million USD in a single race day. He is the brains behind the mathematics powering the first software-assisted gambling operation.
How much money do gamblers lose?
Gamblers often lose money in millions of dollars every day at land-based casinos and online casinos.
If you use the search query biggest gambling casino losses, you’ll get numerous search results. As you’ve seen in this article, you can easily wipe out your hard-earned cash if you’re not careful in your gambling. Even if you begin with a great bonus or win big in your first attempt, it would be best to stick to a particular strategy. It would help if you learned from these stories of some of the richest men who didn’t even need a welcome bonus when they started ending up broke and in debt. If you feel you have a gambling problem, seek immediate help.