5 BIGGEST CASINO LOSSES

Often times, you hear people say things like, “the money is made in a casino”, “there are more millionaires in a casino than there are in the white house” etc. these statements are, more often than not, true realities than metaphors. Casinos, by nature of the services they offer, are places where monies and even properties are lost and won. Going by the metaphorical examples mentioned earlier, it is safe to conclude that large sums of money change hands every minute in a casino. These monetary exchanges aren’t what you’d call “business”, in fact, there is nothing business about making and losing money on a whim, but the thrill of the game, the joys of a win, and the throes of loss, can be quite intoxicating. It is no wonder many become addicted to games of chance.

In this post, we’ll be taking a look at some of the biggest losses ever made in a casino, and be rest assured that there are lots of losses. It is important to note that some of these losses may not be as huge as you’d expect, but be reminded that a gambler who has a million will feel better about a loss of 200,000 than a gambler who losses 20,000 of 30,000 balance. Losses are relative. The losses listed here will be among the biggest, documented losses; as a reader, you may have witnessed bigger losses than those mentioned here, do not forget that there are hundreds of casinos, and not all are inclined to sell out on their client’s losses.

$600,000 by Wayne Rooney

From boxing, to hiking, the former Manchester United talisman was known for partaking in many daring activities. It comes as no shock that he is also a gambler, and a relatively good gambler at that. Wayne has had quite the successful gambling run, up until mid-last year, although he has lost more than won, his win to loss ratio isn’t so bad as to be called terrible. If you have a 49% to 51% loss to win ratio, in a game of mostly chance, then you may not be considered terrible at it.

May 2018 saw England’s most celebrated striker take a huge loss at the 235 casino in Manchester. Eye witness report states that Rooney played two games that night, blackjack and roulette, and he blew over $600,000 in the span of two hours. “He didn’t stake so much on just a game, he kept loosing and kept playing”. During an interview with England star man, Wayne Rooney admitted to falling for the wiles of the casino whenever he was bored, most especially when his fiancée, at the time, was away. That admittance seemed true as this loss was made at a time when his wife and kids were away on vacation.

$11,000,000 by Harry Kakavas

Have you ever lost money to bad investment? Say, you bought some shares that didn’t do well, and you were forced to sell your position at a loss of a few dollars lower than you bought? Well, I can bet you weren’t a happy man/woman at the time. Harry Kakavas has much to share when it comes to feelings of dissatisfaction from a loss. Probably among the most popular gamblers in modern history, Kakavas is recorded to have spent billions in casinos, betting against odds that would leave you in astonishment of his bravery, you may never find anyone else with his level of testicular fortitude.

The Australian mogul was recorded to have spent over a billion dollars gambling in just little over a year. You’re probably shocked at that amount of money going in a casino, don’t be. Kakavas didn’t lose it all, but his recorded loss for the 15-month duration he went on a gambling spree, was around $11,000,000. Let us set aside the fact that $11,000,000 of $1,000,000,000 seems like a manageable amount, it is still more money than most people ever see their entire lives. Kakavas was so popular with the casinos (he suffered from Problem Gambling), he became very sort after by different casino owners, although the Crown Casino was his favourite spot.

$60,000,000 Archie Karas

The nature of gambling is such that, a man of skill is, more often than not, at the mercy of the merely adequate man. Doesn’t seem fair, but nothing is fair and just in gambling. Archie Karas was one gambler that seemed to have the blessings of the gambling spirit, he was particularly known for keeping the longest known winning streak in history of gambling; he made $40,000,000 with just $50. You would think driving such a small amount to $40m would have been enough for Archie, nope. It wasn’t, he kept at gambling, rolling with bug guns in games of crap and baccarat. He eventually lost every penny he won, including the initial $50, all within the space of 20 days. So much for the gambling spirit.

$127,000,000 Terrence Watanabe

Another problem gambler who set the record for world’s most successful gambling looser. Casino employees where Terrence popularly frequented stated that he would usually stay up late into the night, gambling and losing money as he went. Table to table, turn by draining turn, Terrence would lose close to $5,000,000 in one day. At the end of 2007, he had accumulated a total loss of $127m in a popular casino in Las Vegas. The loss got so bad, he refused to pay up $14.7m credit the casino loaned him, he claimed he was drugged so he would continue gambling. The Clark County District Attorney’s office charged Terrence on multiple counts of felony, and intent to defraud and steal.

$1,000,000,000 Maureen O’Connor

It’s not an uncommon thing to find a lady in the casino, many times you may find them gambling as well, even doing better than the men. But it is not very often that you find a woman losing money repeatedly to gambling, at least not the kind of money Maureen lost during her gambling tenure. Some may even say she has lost all the money needed to be lost to make up for the lack of female characters on the list.

Maureen was the former mayor of San Diego, she committed quite a number of fraudulent crimes just to further her gambling thirst. In 2013, she was charged with multiple counts of fraud, including one committed against her former husband, who owned a charitable foundation. This may seem cold till you realize that she, like many on this list, also suffered from problem Gambling. her total gambling losses (the ones that were recorded) summed up to a little over a billion dollars.

Conclusion

Inherently, gambling is a benign activity, but the thrills and excitement that follows it may be intoxicating. As a gambler, it is important to learn and know when to draw the line between having fun and running into debt. A little caution and counselling may be the deciding factor in whether or not you would be setting new loss records.

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