The biggest losses in casinos

Biggest losses in casinos

A casino is always a risk. That is exactly what players search for in a gambling house: to feel the excitement, tickle their nerves, and have fun. But some people can hardly perceive gambling as an entertaining activity only. They just cannot stop, so the amounts they lose might set new records. This article tells you the stories of the biggest losses in the history of casinos.


Kerry Packer

This media baron was one of the most desperate high rollers. In 1999, he did get to the top of the list of the most unlucky casino players and added his chapter to the history of the biggest losses. He lost £20 million in three weeks. One night in London, according to some eyewitness accounts, Packer placed his bets on four separate roulette wheels and lost £15 million, and then he simply left the gambling house with an imperturbable air as if nothing special had just happened.


Terry Watanabe

It was always a reason for a great celebration for any casino owner when Terry Watanabe dropped by. The story of this gambler deserves special attention as he holds the record for the amount of money he has lost in casinos. Terry Watanabe became a co-owner of his father’s company which traded souvenirs. Later, he sold his share and decided to celebrate it as well as he could. He started to drink a lot and got carried away by gambling. He actually lived in Las Vegas. Only in 2007, he gambled away a whole fortune of $120 million. All in all, he lost $205 million. A notable fact is that as much as 6% of the total income of Harrah’s gambling house was made by the money Terry had left there.

In the end, Terry understood that the casino had been using his addiction but doing nothing about it, so he began playing on credit. His total debt to Harrah’s gambling house amounted to $15,000,000. The casino administration sued to get the compensation, but Terry’s lawyers managed to prove that the gambling house officials had been purposely treating their client to expensive strong drinks so they could pump as much money out of him as possible.


Frank Saracakis

Biggest losses in gambling

He is another man who lost a whole lot of money because of his addiction to gambling. This car selling baron from Greece lost £8 million in 1994. It was a big loss for Saracakis but a great joy for the legendary Crockfords gambling house in London. In 1988, the businessman spent the same amount of money at the Ritz Casino.


Archie Karas

This man is a true legend. Karas arrived in Las Vegas with only $57 in his pocket and turned them to more than $40 million in three years. He did that only by playing various games of chance: poker, dice, and baccarat. Even experienced players were afraid to sit down at the same table with him as many of them were aware of his story and his gambling skills. It was baccarat that played a nasty trick on him in the end. He was so addicted to those games of luck that he lost all his money in a few years. One day Karas gave some comments on his loss: “You have to understand something. Money means nothing to me. I don’t care about it. I used to have every single thing I had ever wanted to have. That’s it. But what I really wish to have can’t be bought for money: health, freedom, love, and happiness. I don’t care about money, so I’m not afraid to lose. I just don’t care if I lose it.”


Akio Kashiwagi

In 1992, this gambler was extremely popular all around the world. A player from Japan, the manager of a large real estate agency, he loved playing baccarat. He holds the world record for the amount of money lost through playing this game. Akio lost as much as $10 million during his single visit to Trump’s casino. Soon after that, he was murdered near his house.


Robert Maxwell

Biggest casinos losses

The famous late media baron did not like to spend a lot of time on casinos. In the gambling house of Les Ambassadeurs, London, Maxwell showed one of the fastest and biggest losses in history, playing simultaneously on three different roulette wheels. He spent £1.5 million in only three minutes. Simple calculations can prove that he was spending money at a speed of up to £8000 per second.


Omar Siddiqui

The head of a company producing electronic devices and equipment, he had some solid income and played with big bets. Totally, he lost some $65 million. Once he staked $200,000 on a hand of blackjack. Later, he got arrested for fraud and sentenced to more than 40 years of imprisonment.

All those stories serve a vivid example of how rich and successful people got to the very bottom because of their pernicious addiction to gambling. Whose fault is it? The answer is not that simple. A player unable to stop is a sick person, for gambling addiction is officially recognized as a health disorder. It remains unclear why the casino administrations ignored such obvious signs of addiction of those players.

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