Hey, no one likes to lose when they are gambling in a casino. The reality is that like any activity that offers rewards, there is an element of risk as well, and most if not all players have experienced losses. However, if you’re playing within your set budget – whether in a physical location or gambling at an online casino, this is no big deal. Spare a thought for some of the high rollers on this list that have racked up some of the most eye-watering losses of all time.
Charles Barkley
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Let’s kick off with basketball superstar Charles Barkley, the most famous person on the list. Barkley might have shown plenty of control on the court, playing his way to 11 NBA All-Stars, off the court, he wasn’t so judicious. Barkley famously lost $2.5 million in a single night as he gambled his entire fortune away, valued at $30 million. The basketball legend had no particular game preference; chasing the thrill was enough, whether it was dice, roulette, blackjack, or baccarat. Interestingly, Barkley took the losses in his stride, appearing rather stoic about losing his fortune.
Archie Karas
Gambler Archie Karas has the dubious honour of one of the craziest metaphorical rags to riches and back to rags story around. In 1992, Karas landed in Las Vegas, destitute, with just $50 in his pocket. He borrowed $10k and turned it into $40 million by mid-1995. Just as things arise, they can just as easily fall if gamblers aren’t careful and Karas’ luck came crashing back to earth. Within three weeks, he had burned every one of his millions
Terrance Watanabe
When it comes to high rollers they don’t come much higher than Terrance Watanabe. The son of a businessman, Watanabe inherited the Oriental Trading Company in 1977 when his father passed away. However, he was more interested in gambling than running a successful business, selling the company in 2000. In 2007 Terrance headed to Vegas for an unbelievable one-year gambling spree, mainly at Caesars Palace. In Vegas, Watanabe bet around $825 million, losing $127 million in the process. It is said to have been the biggest losing streak Las Vegas has ever seen, and this is a town that has seen its fair share over the years
Maureen O’Connor
Maureen O’Connor is not only the only woman on this infamous list and was San Diego’s mayor at the time she accrued her gambling losses. O’Connor gambled a staggering $1 billion yet lost ‘only’ $13 million. Her preferred game was video poker, and despite displaying solid risk management, she borrowed $2 million from her husband’s charitable foundation. Despite a massive gambling habit, O’Connor remains respected for her political achievements
Harry Kakavas
The last big spender on our list is Harry Kakavas, who ploughed through A$1.43 billion over a sixteen-month stint at the Melbourne Crown Casino. During that time, his losses totalled A$20.5 million, where his game of choice was baccarat. In the end, Kakavas took the casino to court, claiming it exploited his’ urge to gamble’, but lost the case as the judge felt he ‘was able to act in his own best interest.
Wrap up
Playing online casino games for real money can be a hugely thrilling pastime that might lead to potentially big rewards. As this list shows, it can be possible to lose a lot of money, sometimes everything, if you can’t control your spending. Therefore be sure to gamble responsibly to keep the pastime fun
