Terrance Watanabe 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.
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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(WXIX/Gray News) - Texas business mogul Jim McIngvale, known as the “Mattress Mack,” placed the biggest legal sports wager of all-time at $5 million on the Cincinnati Bengals moneyline (+170), according to Caesars Sportsbook.
(WXIX/Gray News) - Texas business mogul Jim McIngvale, known as the “Mattress Mack,” placed the biggest legal sports wager of all-time at $5 million on the Cincinnati Bengals moneyline (+170), according to Caesars Sportsbook.
Mack’s $5 million bet surpasses the previous all-time highest wager of $4.9 million, which was made during the 2002 Super Bowl, Caesars noted in a news release.
WXIX reported this is Mack’s second multi-million-dollar bet placed on the Bengals to win Super Bowl LVI outright.
He also has a $4,534,000 Cincinnati moneyline bet that would win him $7,707,800.
In total, Mack has nearly $10 million riding on the Bengals.
He will collectively win $16,207,800 if the underdog Bengals take down the Los Angeles Rams on Feb. 13.
Mack is one of America’s most highly publicized bettors, but his recent track record doesn’t bode well for the Bengals.
Last year, he bet about $3.5 million over the season on the Houston Astros to win the World Series. The Astros lost to the Braves.
He bet $2.7 million on Alabama to win the College Football Playoff, which they lost. But he did win a $3.4 million bet on Tampa Bay in last year’s Super Bowl.
The Bengals bets are tied to a store promotion, according to Mack. Customers who buy $3,000 or more of mattresses or reclining furniture will get their money back if Joe Burrow’s boys prevail.
Copyright 2022 WXIX via Gray Media Group, Inc. All rights reserved.
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