The Men Who Lost Millions to Gambling

Time and time again you will come across advice urging you to gamble responsibly, to not bet your winnings and walk away when you are on top. While this is not hard for many, there have been a few very unfortunate men who failed to heed the advice and ended up with some of the world’s largest gambling losses ever.

Land based, and online casinos like Casino Época, need to earn a profit in order to survive. On the one hand they give players as much as they can in order to keep them returning and on the other hand they need players to bet as much as possible so that they can turn a profit.

This is ordinary casino practice and does not mean that they are being unfair. In fact the players they rely on the most are the very high rollers who are referred to as whales because of the massive amounts they tend to spend at the casinos.

Here are some whales that bet big, won even bigger and then lost it all.

Terrence Watanabe

American businessman, Terrence Watanabe, lost over $200 million dollars of which about half was lost in one year alone. He claimed to be a compulsive gambler and unlike most whales, he played all types of casino games and not only highly skilled ones.

A court battle between himself and Caesars Palace casino ensued where he claimed he was exploited and that the casino had loaded him with prescription drugs and alcohol. The case was settled out of court and he is known to have incurred the biggest losses in Las Vegas ever.

Zhenli Ye Gon

Zhenli Ye Gon was a Chinese/Mexican businessman who lost a whopping $125 million between 2004 and 2007. He was found out to be the head of a Mexican meth trafficking ring so a court case was opened to determine whether his gambling money was dirty.

After nine years in court, the case was closed and he was extradited back to Mexico.

Charles Barkley

Charles Barkley was a former NBA player who lost more than $30 million to blackjack. His aim was to win $1 million every time he visited Vegas and pocket half of the amount. When he won he typically ended up losing it all and not pocketing a cent.

Charles Barkley was referred to as the Round Mound of Rebound while on the basketball court and managed to get himself banned from many all-you-can-eat buffets in Vegas because he ate too much.

Kerry Packer

One of the world’s biggest gamblers in the 90s was Kerry Packer who won more than $30 million at the MGM Grand in one session. He had also won more than $20 million in under 40 minutes playing blackjack.

In a London casino, he bet over $30 million on four different roulette tables and lost every cent of the bets. He was a risk taker and the casinos too had to take risks by having him play as he would bet large sums which, if won, would mean massive payouts for the casinos.

Al Geabury

Al Geabury, a billionaire who resides in London lost millions at London’s Ritz casino. He failed to pay his debts, which led to a court case. He claims that the devil had made him gamble and that the casino offered him millions in credit knowing full well he had a gambling problem.

He claims he does not have the money to pay his debt but has been seen to brag about his tremendous wealth!