“Stories that prove that gambling can make you rich but can also destroy you!”
Losses in gambling
One of the most famous figures in the industry of online gambling is a singer, rapper and actor Drake, who is also known for sports bets worth several million dollars, as well as one-million-dollar loss during the 2022 World Cup and other million-dollar loses. Nevertheless, Drake’s losses seem not so significant and cannot be included in the list of the biggest gambling losses. Moreover, the main difference of Drake’s gambling to those we include in the list is that Drake gambles for fun or his gambling is related to promotions, and not in a compulsive or addictive way.
The biggest losses in history
Gambling can be addictive, and sometimes it can become a problem. Thus, plenty of people lose a lot ; nevertheless, there are people who have lost really big, and we’d like to tell you about them.
The first person in our selection of biggest gambling losses is a Jim McIngvale who is the owner of furniture business. The cumulative amount of his loses has reached to $15.4 million. The biggest part of his loss was on the Cincinnati Bengals to win Super Bowl LVI. That time he lost $10 million.
The second person of the list is Charles Barkley, who is the former basketball player. The total amount of his loses is approximately $25 million on both sports bets and casino games and he even was sued by the Wynn Las Vegas, since he was not paying debts. This person was one of the first ones to openly speak about the gambling problem and encouraged everyone to speak about it.
The third place is taken by Archie Kara, who started to gable in 1992 in Las Vegas wit only $50. Within the next three years by playing craps, baccarat, and poker, his financial situation improved, and he made it to $40 million. The success did not last long, and in 1995 he lost all the $40 million playing games, that made him rich.
On the fourth place is a person, who inherited and sold a party supply business, and then lost $204 million by gambling. Terrance Watanabe was a frequent guest of The Rio and Caesars Palace, he even got a special treatment in various casinos, as a VIP guest, however, he failed to pay $14.7 million credit and was charged for that, what subsequently made him state, that the casino him painkillers and alcohol, what violated ethics.
Finally, on the fifth place with the biggest amount of loses is a seller of properties on Australia’s Gold Coast – Harry Kakavas. His massive loss was $1 billion and all of it happened during the period of time from 2005 till 2006. In less than 6 hours he lost approximately $105 million. He had a severe gambling addiction and when he lost all his fortune tried to sue the casino, where he lost his money, namely the Melbourne Crown Casino, however, the decision of the court was not in his favor.
Gambling AddictionThe inability to resist the desire to gamble even when it results in problems in a life of a person is a behavioral disorder known as gambling disorder or gambling addiction. People with the addiction engage in gambling even when it negatively influences their relationships, financial situation, or health. Primary indicators are lying to hide gambling, an inability to cut down or stop, being irritable when stopped from gambling, and feeling the need to bet more money in an effort to experience a thrill. Gambling addiction has been classified as a behavioral addiction, with most of the same characteristics as chemical addiction.
Conclusion
Every story of every person from the list of biggest gambling losses teaches us something and shows how success can come quickly, but it can also vanish just as quickly, leaving one in debt. These situations highlight the importance of responsible gambling and encouraging the society to speak about gambling addiction.
The best online casinos to play:
Finally, we would like to remind you, that gambling can be addictive and in case you feel that it becomes a problem for you, make sure to get help. Every online casino offers responsible gambling options, which is a useful resource for those who experience difficulties with gambling
In case you do not experience problems with gambling and are looking for an online gambling platform to try your luck we have some options to offer. Let us introduce to some of the best online casinos on our website. Please, read our reviews, get acquainted with casinos and their bonuses and enjoy your gambling experience.
Finally, if you’re looking for even more online casinos and beneficial bonuses, make sure to check out our list of new online casinos and the latest bonuses!
Nicole
Meet Nicole, our Head of News and your go-to source for all things gambling! With a keen eye for stories, Nicole keeps you up-to-date on online casinos, industry trends, and exciting gambling news. Her engaging and approachable style makes even the most complex topics enjoyable and easy to understand.
