Over its history, the casino industry has seen major life-changing wins for many, but the risky nature of playing casino games with real money means there have been some life-changing losses too.
There is a reason why reputable online casinos like Mummys Gold urge players to follow tips like adopting strategies, maintaining bankrolls, betting within a budget and so forth. While major losses do see a big income for casinos, it is not necessarily the way they all operate. Frequent betting can just as likely produce huge incomes for casinos over time.
Here are some of the worst losses in casino history, where players may have risked a little too much and bet a little too big!
Bye-Bye Billion Dollar Bet
One of the biggest high rollers the world has ever seen was Harry Kakavas, who made his massive fortune in real estate in Australia’s Gold Coast. He is said to have lost over $ 1.5 billion over a 14-month time span, but in one sitting of over five hours, he lost a huge amount of more than $150 million.
Kakavas has been reported to have stolen over $200 000 and has had to borrow millions from friends and family.
3 Minutes to Lose a Million
Robert Maxwell was a very rich man with a love for money. His major loss occurred in just under three minutes, when he bet and lost 1.5 million British Pounds on more than one roulette wheel at the Les Ambassadeurs Casino in London.
He passed away in 1991 after having being convicted of pension fraud, which proved his loss wasn’t even his money.
Roulette Player Frank Sarakakis
Sarakakis was a Greek millionaire who worked in the car industry and was a prolific roulette player. He apparently lost around 6 million British Pounds in 1988 at the Ritz, and a further 8 million British Pounds at Crockfords Casino in 1994.
Terry Watanabe, the Chinese-American executive who had a great penchant for blackjack, lost over $200 million overall. His losses easily amounted to $5 million at a time, but over the span of 6 months, his losses amounted to $50 million and it took him only one more month to double that.
Watanabe made claims that the casinos provided him with liquor and medication, which is why he lost.