Most Prominent Gambling Losses in History
How much money can a person waste on gambling? It turns out, people say goodbye to millions of dollars, leaving them in casinos all over the world. Here are the most remarkable gambling epic fails in history.
Terrance Watanabe Loses $127 Million
Terrance Watanabe, the CEO of the Oriental Trading Company, lost approximately 127 million dollars in Harrah’s (Las Vegas) within the period of one year. He had an ever-growing gambling appetite and indulged in a continuous binge, so he started betting about 5 million dollars per day. Instead of helping the man out, the casino allowed Terrance not to follow the rules and play three hands of blackjack simultaneously. He accused the casino of making him unconscious by serving too many alcoholic beverages, taking advantage of his uncontrolled desire to play. Mr. Watanabe’s passion lead to a huge debt, emptying the savings he made over 20 years, but he refused to pay 14 700 000 dollars that he owed to the casino. Terrance said he already left 112 million dollars there, which was more than enough and was not going to grant all his fortune to Las Vegas. If plead guilty, however, Mr. Watanabe could go to jail for 28 years. Jan Jones, Harrah’s senior vice president, claimed that Terrance’s attempts to avoid paying the debt were doomed, and he had to accept the responsibility for his actions. Nevertheless, Mr. Watanabe plead not guilty.
Harry Kakavas Loses $1,5 Billion
Harry Kakavas, a famous businessman, indulged in a gambling binge that lasted for over a year. He left 1.5 billon dollars in a casino during 14 months, which was not his first major loss. Being really impassioned by gambling, Mr. Kakavas lost 164 million dollars in about half a year, when he bet 300,000 dollars per hand. Back then he already showed the signs of a strong addiction and made the same mistake again because he could not control himself anymore. His legal team used the situation with Harry’s gambling habits to prove that he was innocent, while the casino aimed to use his weakness and take as much as possible out of him. Mr. Kakavas did his best to claim his money back in court, however, his friends and family testified upon a trial and said that he borrowed huge sums from all of them. What is more, in the past he stole 286,000 dollars, faced major issues with the police, and was even put in jail for a short period of time.
Gambling is not recommended to the people who are inclined towards getting addicted to a dopamine rush, which takes place when a person “nearly wins”. If you are obsessed with gambling, it is better to steer clear from it. However, if you are able to control yourself, just go ahead and win huge bonuses in the best casinos!