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Gambling Losses – The Most Epic Losers In Casino History

There are gambling losses, and then there are eye-watering gambling losses. Though the amounts of cash lost do make a good headline, we should also consider that many gamblers might suffer some negative consequences from losing only a small amount of cash. Nevertheless, there will always be those super-rich outliers who manage to blast their way through an obscene amount of mullah in a very short space of time. In many ways, the casino's profits are directly correlated to the losers losses,

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The Most Epic Gambling Losses Ever Endured

As with most things in life, casino gambling losses are all relative. Everything depends on the bankroll you started in the first place. Obviously, if you’re lucky enough to be a billionaire, then losing a couple of thousand dollars in a single sitting is no big deal. It will not lead to any hardship or stress. On the other hand, someone who’s already struggling to make ends meet might have a problem. They may well find that even just a small wager leading to a loss may be a more serious matter.

When it comes to gambling losses, you can always find people who are willing to take things to the extreme. Many of them are incredibly wealthy. What you might call “casino whales.” Yet the problem with having so much money and being able to buy everything means that they become bored very quickly. That’s why, when many of them tend to gamble. It’s the only excitement available for them, with a risk element in proportion to their wealth. It doesn’t matter if you’re a high roller who doesn’t know what you’re doing. After all, what you’re after is the possible buzz you may feel for the first time at the prospect of either winning or losing a huge sum of cash at the roulette wheel or the blackjack table.

The Ultra-Rich Are Different

Keep in mind that whenever you witness or hear about a very wealthy person gambling huge sums of money on each roll of the dice or spin of the wheel, it doesn’t mean that they are necessarily any good at gambling whatsoever. In some ways, having a limitless bankroll can lead to a false sense of security. After all, most gambling strategies are to limit your losses by design. But for someone whose losses don’t really matter, then the whole gambling experience is seen from another perspective. One of the super-rich.

Keep in mind that today’s list may show some huge amounts of money being lost. But that doesn’t necessarily translate to the losers suffering the same consequences that may befall a regular gambler with a very limited bankroll. Though you might hope to win the jackpot online and end up losing £100, it’s still going to sting alittle. So without further ado, let’s have a look at some of the biggest losers in the history of casino gambling.

Maureen O’Conner

Without a doubt, the most famous gambling loser who was a woman was Maureen O’Connor. As the former mayor of San Diego and widow of millionaire Jack-in-the-Box restaurant chain founder, Robert Peterson, she was able to spend more than $1 billion over the period of several years. During one season, she managed to lose a massive $13 million. But the truth of the matter was that she was sick and suffering from severe gambling addiction. It’s an unfortunate side of the whole casino industry, that even though everyone could see she was a problem gambler, the casinos still encouraged her to spend. In many ways, casinos haven’t changed at all from this behaviour.

Gambling Losers: Harry Kakavas

For us mere mortals, the idea that someone could lose more than $20 million in a single a second sitting may come as a shock. But when you put it in perspective you can see that Harry Kakavas manage to spend a total of $1.43 billion on gambling. So you can see the sum is but a drop in the ocean. Once again, we’re dealing with someone who was suffering from a gambling addiction. In fact, he decided to sue the Crown Casino in Melbourne for his losses. His claim is that he was not in control of his gambling losses due to psychological compulsion. Unfortunately, this was in an age when the psychology behind problem gambling wasn’t fully recognized. As result, his case was thrown out as the judge decided he was perfectly capable of making his own informed decisions.

Consider that Harry Kakavas lost $1.3 billion. Yet we can see that his $20.5 million loss, though still large, was actually minimal. What’s interesting is that he played at only one casino, The Crown Casino in Melbourne. And yet managed that huge total loss over the course of just two years between 2012 and 2013.

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Charles Barkley

As you’ll see, all of the people on this list would today be considered as suffering from gambling addiction. One classic case belongs to the iconic household name of Charles Barkley. He manages to lose his entire nest egg over the course of a couple of years. He watched over $30 million be transferred from his own pockets to those of the casinos. Still, it must be noted that Barkley has a great time doing so.

What’s interesting to note is that Charles Barkley is still gambling today. Though he says he has cured his gambling addiction. Now he simply enjoys his time at the table. Back in the days when he was using heavily he once managed to lose $2.5 million dollars during a single game of blackjack. Today you’ll find Charles Barkley still sitting at the gaming tables in the casinos of Las Vegas. But he claims now he has a basic grip over his gambling and would never wager money he can’t afford to lose. As he happily admits, he still enjoys a good flutter.

Gambling Losses: Archie Karas

Some gamblers just never know when to stop. It’s a point that was proven by one Archie Karas. He’s famous for taking one of the wildest roller-coaster rides of all time at the casinos in Las Vegas. Starting with a purse at $50, he was able to transform this tiny bankroll into a $40 million fortune by playing the casino table jackpot games. But not all was what appeared to be. It later turned out that he would bribe the casinos in order to allow him to bet exponentially more than their fixed house betting limits. But as they say, what goes up must come down.

And soon enough, with Archie Karas being Icaras, his time flying high in front of the sun was over. It was over the course of just 3 weeks that he managed to lose every single penny he had to his name. And the only person he could blame was himself. In some ways, you can look at Archie Karas as being the living embodiment of not knowing when to walk away from the gaming tables.

Terrance Watanabe

Just because you happen to be born very rich doesn’t mean that you have any idea of how hard someone worked to make that original fortune. Watanabe was the classic case of having been born with a huge silver spoon in his mouth. In 1977 he was able to take ownership of the Oriental Trading Company. But as with many inter-generational fortunes, many are lost within the course of but a single generation. Once the inheritor shows no interest in the business, but only in the fortune previously amused from it, then it’s all over. With Watanabe finding the corporate and company life boring, he sold it in 2000. And where did all the prophets go? That’s right, he managed to lose $127 million dollars over the course of but a single year.

Flying in on private jets, he spent a whole year in Las Vegas betting at the games tables. Not only that, but he managed to become addicted to cocaine and developed a serious alcohol problem. Because the casinos had an eye on his bankroll, they encouraged him with all sorts of technically illegal activities. And all in order to keep gambling and losing. As a kind of payback, he still owes Caesars Palace more than $15 million. Considering how they encourage him, there’s a kind of karmic justice in that they’ll never see their money again.

A Lesson For All Gambling Losses

If you’re a regular gambler, then of all the jackpot winning tips and tricks you might know, there’s just one you need to keep in mind. It’s simply that you must know when to walk away. And to have the strength of character to do so. There will always be some gamblers, like there’s above, who find it difficult to turn that back on the gaming table or the jackpot slots. On the one hand, and on a practical level, keeping tabs on your bankroll and looking after your hard-earned cash. But on a more important level, it’s about your mental well-being.

They will always be a subset of gamblers who find it hard to control their gambling habits. This is no surprise as the design of casino games, and the casinos themselves is to keep players coming back for more. This goes for both land-based and online casinos. You may one day find yourself in a predicament whereby you feel that gambling and gambling losses are taking over your life. In which case, don’t be afraid to reach out to the many organizations listed at the bottom of our homepage at Jackpotfinder.com. In fact, all reputable online casinos like 22Bet Casino will take pains to help problem gamblers, with these organizations existing to help problem gamblers. You’ll surely receive a kind and sympathetic ear. Along with many practical tools and advice to get your life back in order.