Even though gambling is fun and thrilling, it is also risky and unpredictable. Therefore, it is so important to keep your emotions under control when you enjoy this kind of entertainment. If you don’t, there is always a possibility that a big loss can happen, and you will be at the centre of one of the stories about the biggest gambling losses. The FortRoddHill team sincerely hopes that it will never happen! For now, let’s explore the betting stories of the five most unlucky people in history who lost millions to online casinos. Use those as a reminder that timely stops can save you a lot of money!
The Largest Gambling Loss in One Go
We doubt somebody can ever beat Terrance Watanabe, an American businessman who showed himself as a skilled businessman and quite an unlucky gambler.
He inherited Oriental Trading Company but managed to expand the business significantly after becoming the president of the company in 1977. In 2000, Watanabe sold his stake to a private equity firm, Brentwood Associates. He became a philanthropist, but instead of spending his fortune on charity, Watanabe visited Las Vegas casinos frequently. This leisure made him known for the biggest gambling loss in history.
On one evening in 2017, he lost $127 million at Caesar’s Palace and The Rio Casino after wagering approximately $825 million. His compulsive gambling made him banished from Wynn Casino. All in all, his loss is estimated at approximately $204 million. After that big gambling loss at Caesar’s Palace, the casino was fined by the New Jersey gambling commission, as Watanabe had gambled in a highly intoxicated state.
Terrance Watanabe gambled so much at Caesar’s Palace that the operator created a special tier for him called “Chairman”. He received impressive gifts and perks from the operator, like tickets to Rolling Stones, $500,000 credit in the gift store, $12,500 a month for airfare, etc.
John Daly – $1.65M
John Daly is another compulsive player who made history having one of the biggest gambling losses in history. Through 1991 and 2007, he lost $55 million to casinos.
Still, there is one major loss that makes everyone speak about John Daly. He lost $1.65 million to a slot machine in Las Vegas. Losing to Tiger Woods, Daly still won $750,000, but instead of keeping them, Daly headed to Las Vegas, where he played the Tiger Woods slot at a whopping $5,000 at a betting round. This big loss happened within a couple of hours, as he lost $600,000 per hour. Another $600,000 was gambled the next hour.
Charles Barkley – $2.5M
Charles Barkley’s gambling loss in one go is another story when a player just couldn’t quit because they like gambling too much. Thus, it is no longer about winning but about playing for this successful basketball player.
He has recently admitted that he had a gambling problem and visited Las Vegas casinos quite often, betting millions. Once, he was so into the process that he lost $2.5 million within approximately 2 hours. All in all, he said that he had lost roughly $25 million to casinos while having won around $7 million. Charles Barkley admitted he has a gambling addiction on the “Club Shay Shay” podcast and provided an unfiltered look at this entertainment type and how it influenced his life.
Kerry Packer – $5M
Kerry Packer made history not only as a media tycoon with incredible wealth but also as one of the biggest gamblers in the world. Many casino managers feared him, as they did not know what to expect from him. It could be either their dream night with millions of income or a nightmare, as they would need to give away millions to Kerry Packer. Once, he won $20 million while placing $250,000 bets across eight different tables at a casino. Most often, he played at the MGM Grand, Bellagio and the exclusive Crockford’s in London.
However, fortune wasn’t always on his side, so big wins happened along with big losses. One time, he lost $5 million in one go, which is clearly one of the biggest gambling losses. Thus, there has always been an intrigue of whether the casino will break it or make it with Kerry Packer. Given that the wealth of this Australian media tycoon was more than $5.4 billion, a $5 million win was more than affordable for his budget.
Jim McIngvale – $13M+
Out of the five high rollers mentioned in this article, Jim McIngvale, known as “Mattress Mack”, is one of those whose gambling loss stories were related to sportsbooks, while the rest lost money playing casino games. Mattress Mack decided to risk it all and placed a $13M bet on the Houston Astros baseball team. As with other stories, it was not about winnings but about gambling. Jim McIngvale even launched a special promo: customers who bought certain mattresses costing $3,000 or more would get their money back if the Astros would have won.
How Famous Players Avoided Big Losses and Played Responsibly
Not all famous high rollers would lose such big sums to casinos. On the contrary, some of them manage to win big while placing big bets. Here are some of the tips on positive gambling experience from high rollers (or at least having an average gambling loss):
- Stay sensible: it is not wise to place all your budget on a single bet, as there is a high probability that you will lose. Wagering moderate amounts would save you from big losses.
- Know when to stop: if you see that you had several big wins in a row, it is high time to stop and take a break from gambling.
- Have somebody on your side: if you know that it is difficult for you to stop at the right moment on your own, it is a good idea to have a friend or relative by your side. They can assess the situation adequately and tell you when it is a good moment to stop gambling.
Final Thoughts
The FortRoddHill experts have analyzed the history of the biggest gambling losses to find out what made those infamous people lose that much in one go. It is certainly the passion for gambling and the incapability to stop when the moment is still right. Hopefully, those stories would encourage you to gamble responsibly and not regret spending time gambling because you have lost money and time. For this, make sure to follow our tips on how to avoid failure while gambling at online or land-based casinos!