What is the biggest loss in a casino?

Watanabe indulged in a year-long gambling binge in Las Vegas in 2007, mostly at Caesar's Palace. He placed a stunning $835 million in bets and lost $127 million of it. According to reports, Watanabe's excruciating losing streak is the longest Las Vegas has ever witnessed and he was seen drunk during his sessions.

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If you play properly, you’re likely to always know when to stop so that you may enjoy yourself without going above your means to recover your losses. However, not every player acts responsibly, and history has seen some very enormous losses. iGamingNJ’s editor, Arsenii, decided to research this topic and found the 5 worst gambling losses in history and how they transpired.

Terrance Watanabe

When Terrance Watanabe’s father passed away in 1977, he inherited the Oriental Trading Company from his successful business father. Watanabe indulged in a year-long gambling binge in Las Vegas in 2007, mostly at Caesar’s Palace. He placed a stunning $835 million in bets and lost $127 million of it. According to reports, Watanabe’s excruciating losing streak is the longest Las Vegas has ever witnessed and he was seen drunk during his sessions. The owner of Caesars Palace, Caesars Entertainment Corporation, was fined $225,000 for allowing a drunk Watanabe to continue playing. Even now, Watanabe owes $15 million and risks going to jail if he doesn’t pay.

Charles Barkley

Charles Barkley is arguably the most well-known name on this list. The 11-time NBA All-Star was not a responsible gambler. Despite his enormous accomplishment as a basketball player, he almost completely lost his $30 million wealth via gambling. Barkley, a lifelong high roller, has acknowledged losing $2.5 million in a single game of blackjack. While Barkley undoubtedly had a problem, he also appears to have enjoyed the game more than many of the other players on this list. Over the years, Barkley has gained some knowledge about responsible gaming. He took a break from it for a while, and even though he has returned, he no longer wagers more than he can comfortably afford.

Harry Kakavas

Harry Kakavas, a former Australian millionaire, lost $20.5 million, which is actually a little amount given that he bet $1.43 billion throughout his gambling endeavors, similar to the next person on the list. The real estate magnate sought to sue Crown Casino in Australia’s High Court on the grounds that they took advantage of his “pathological drive to gamble”. However, the judge decided that Harry was capable of making logical decisions, therefore he lost the case. But it’s obvious that Kakavas had a long-standing gambling addiction. He was imprisoned for four months in 1998 for defrauding a significant Australian corporation of $220,000 and using the proceeds to support his gambling addiction.

Maureen O’Connor

The sole woman on this list is Maureen O’Connor, who is also notable for being the mayor of San Diego at the time of her enormous $13 million gambling loss. Although she has bet around $1 billion throughout her gaming sessions, it’s actually rather astounding that she managed to lose only around $13 million. O’Connor’s addiction to gambling was so severe that she had to borrow $2 million from the charity foundation of her second husband, only to waste it all playing video poker. She did a good job as mayor and worked hard and meritoriously for the benefit of her fellow citizens. She also did a commendable job of paying off her gambling debt in full, which obviously was no easy task. She learned the meaning of responsible gaming, this is an important concept that everyone should know about, so visit iGamingnj.com to find out how to have fun and stay safe.

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Can bet make you rich?

Sports betting is unlikely to make you rich unless you turn it into a full-time job and become one of the best bettors in the world. That's an extreme statement and before getting rich, it's important to remember that only a small percentage of sports bettors are simply profitable.

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Can sports betting make you rich?

Set a bankroll

Study

Shop Odds

Don't trust others

Gradually Grow Your Bankroll

If you can turn a profit after a certain amount of time, the next step is to gradually grow your bankroll. If you continue to have success betting on sports, it's not going to be a one bet and you're done kind of thing. It's important to abide by the unit rule and limit wagers from one to five units per bet. Just because you really like one matchup doesn't mean you should put all of your money into it. Successful bettors steadily grow their bankrolls and don't fall into the trap of becoming overconfident. While you can become a full-time sports bettor, getting "rich" is another story and one that's unlikely to happen no matter how successful you become. To turn a positive, you have to hit more than 52.4% of your bets, though that depends on what kind of odds you're getting. It may be possible to hit more than 60% for a season, but doing that consistently, year-after-year, is another question.