The allure of the casino is undeniable, a place where fortunes are made and lost with the spin of a wheel or the turn of a card. While stories of big winners can inspire dreams of lavish riches, the tales of the biggest losers serve as sobering reminders of gambling’s risks. This article delves into the stories of some of the most famous casino losers, exploring how fortunes can change dramatically in the high-stakes world of gambling. For those seeking to maximize their chances of success and minimize losses, consider exploring the offerings of the payout casino, where favorable odds can tilt the balance in your favor.

Terrance Watanabe’s $127 Million Loss

In 2007, Terrance Watanabe managed to lose nearly $127 million in a year-long gambling spree in Las Vegas. Watanabe’s losses account for one of the largest recorded in casino gambling. His massive losses were attributed to playing games with high house edges like slots and roulette continuously.

Charles Barkley’s $30 million Gambling Binge

Former NBA star Charles Barkley is no stranger to gambling losses, having openly admitted to losing around $30 million over the years in casinos. His penchant for high-stakes blackjack and poker games illustrates how even seasoned gamblers can face tremendous losses.

Maureen O’Connor Lost $13 million

The former mayor of San Diego, Maureen O’Connor, gambled away a staggering $13 million over a nine-year period, although most of these were re-bets of winnings. Prosecutors during the trial overseeing her laundering charges said her gambling activity exceeded $1 billion over the period 2000–2008. Her losses were partly fueled by her struggle with gambling addiction, which she claimed was a way to cope with grief.

Harry Kakavas Loses $1.5 billion in High-Stakes Gambling

Harry Kakavas, a real estate mogul from Australia, famously lost approximately AUD 1.5 billion (about USD 1.1 billion) over a 14-month period. Kakavas was known for his high-stake baccarat sessions, where he would bet up to AUD 300,000 per hand. His gambling addiction led him to borrow money from friends and companies, eventually leading him to legal troubles when he tried to sue the casino, claiming they exploited his addiction. His case was dismissed, leaving him with colossal losses.

Archie Karas’s Highs and Lows

Archie Karas, a Greek-American gambler known for “The Run,” his legendary winning streak, also faced dramatic losses. After accumulating over $40 million from a starting stake of $50 in the early 1990s, Karas’s luck eventually turned. He lost all his winnings in just three weeks, playing dice and baccarat. His story is one of the most extreme swings in gambling history, from a high roller to a notable loser.

Mark Johnston Drinks $500,000 Away

This Californian businessman sued a Las Vegas casino after losing $500,000 in a single drunken gambling session in 2014. Johnston claimed the casino continued to serve him alcohol and extended his credit line when he was visibly intoxicated, which he argued clouded his judgment. His case highlighted the responsibilities of casinos in managing the conduct of their patrons, although the courts did not rule in his favor.

Akio Kashiwagi’s $10 Million Losing Bet

Known as one of the highest rollers in the early 1990s, this Japanese real estate tycoon famously lost $10 million in one night at baccarat at the Trump Plaza Casino. His gambling sessions were legendary, often betting $200,000 a hand at baccarat. Kashiwagi’s life ended tragically when he was found murdered in his home in Japan in 1992, with his enormous gambling debts speculated to be a possible motive.

Psychology Behind Big Gambling Losses

Understanding the psychology of why people lose large sums in casinos is as crucial as the tales themselves. Several factors contribute to these losses:

1. The gambler’s fallacy: Many gamblers believe that a string of losses will eventually lead to a win, leading them to continue betting even in the face of repeated losses.
2. Chasing losses: After losing money, some gamblers try to “chase” their losses, betting more to win back what they have lost, often leading to even greater losses.
3. Gambling addiction: Gambling can become addictive, with the thrill of the game and the environment encouraging repeated bets.

Lessons Learned About Gambling Losses

Casinos design their environments to keep players betting. Complimentary services, such as free luxury suites, alcohol, and gourmet meals, are commonly offered to high rollers to encourage them to stay and play longer. Moreover, the use of chips rather than cash can psychologically minimize the value of money, leading to higher and more frequent bets.

The tales of the biggest casino losers teach valuable lessons about bankroll management and the risks of gambling addiction. Setting limits, understanding the odds, and recognizing the signs of gambling problems are crucial strategies for any gambler.

The stories of the biggest casino losers remind us that gambling should always be approached with caution and moderation. Whether you’re a casual player or a high roller, understanding the risks and maintaining control over your betting is essential to avoid joining the ranks of these notorious gamblers. By learning from their experiences, you can enjoy the thrill of gambling responsibly and ensure that your story doesn’t take a similar turn.

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Gambling industry representatives have once again appeared at the top of The Sunday Times’ Tax List. The 2024 edition of the list shows that the owners of Betfred and bet365 occupy two of the five top spots.

Outclassing celebrities such as Harry Potter author J.K. Rowling (31st place) and singer Ed Sheeran (32nd place), Fred and Peter Done and the Coates family stood in fourth and third place respectively.

According to the list, the Done brothers paid £204.6 million ($259.4 million) in taxes to the UK government. The Coates, meanwhile, paid almost two times that, with their contributions standing at £375.9 million ($476.5 million). In total, the two gambling families contributed £580.5 million.

This is not the first time the Coates have appeared at the top of the list of Britain’s highest-paying taxpayers. Denise Coates, for example, was singlehandedly the highest taxpayer in 2019 when she paid £276 million in taxes to the government. She was also the highest taxpayer in 2021, despite a significant pay cut that year.

For reference, bet365 was the second biggest taxpayer in the UK last year and was only outclassed by the Moscow-born billionaire Alex Gerko.

Russian-Born Billionaire and F1’s Ex-Boss Took the Top Spots

The Coates family no longer holds the top spot, although the company continues to see its profits increase. Unfortunately, bet365’s success is offset by some significant operating losses that were attributed to higher spending.

Betfred, on the other hand, has not yet disclosed its FY 2023 financials, although its presence on the list suggests growth. This is further supported by its launch in new jurisdictions and the introduction of a new Mohegan Sun sportsbook in Las Vegas.

Despite the gambling families’ significant contributions, Bernie Ecclestone, the former chief executive officer of the Formula One Group, and Alex Gerko, the owner of the algorithmic trading company XTX Markets took the first two spots. Ecclestone, who was recently involved in legal trouble, had to pay £652.6 million ($827.3 million) in taxes. Gerko, on the other hand, paid £664.5 million ($842.4 million) in UK tax, which earned him the top spot on The Sunday Times’ list.

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Rivers Casino Pittsburgh, one of Pennsylvania’s most influential properties, has turned another person’s life around as it paid out another huge gaming table jackpot to a lucky customer. This was also the highest table game jackpot the casino has ever paid out, surpassing even the $1.2 million bad-beat jackpot recorded in August 2022.

The latest Rivers Casino Pittsburgh jackpot winner was playing Fortune Pai Gow Poker. The game uses a standard playing cards deck but also includes a single joker that can be used as a wild card, substituting for an ace or another card in a straight or flush.

The game sees the dealer deal seven cards to the player and to himself, after which each of them compiles a five-card high hand and a two-card low hand. Under the rules of the game, the high hand must exceed the low hand.

The Player Was Dealt a Seven-Card Straight Flush

The lucky jackpot winner was dealt a seven-card straight flush, containing 4 through 10 of clubs. This exceptional luck landed them a $1.39 million jackpot, which is by far the biggest jackpot Rivers Casino Pittsburgh has ever handed out.

The jackpot was further boosted by the two optional $5 side bets the player had placed. For reference, the two side bets contributed $25,000 and $3,000 to the final payout.

This is notably the first time the full Fortune Pai Gow Poker progressive jackpot has been scored at the casino ever since the vertical was added in April 2017. Prior to the current win, the biggest payout had stood at only $92,186 and was hit in August 2020.

Andre Barnabei, assistant general manager at Rivers Casino Pittsburgh, commented on the matter, describing the property as “the place to win.” Barnabei added that the jackpot has now been reset to $538,791 but noted that this is still a life-changing sum.

In the meantime, lucky Las Vegas visitors recently collected several jackpots. Harry Reid International Airport in Las Vegas once again paid out a huge jackpot, making another customer a millionaire. In addition, a Durango Casino and Resort visitor turned a $0.80 bet into a $10,000 payday. Similarly, an Aliante Casino Hotel Spa visitor was able to win $10,000 after placing a modest $1.80 wager.

Betway, on the other hand, recently gave one player extra reasons to celebrate as they hit a staggering $14.7 million jackpot on Christmas Day.

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ACR Poker’s $5 million GTD Venom Progressive Knockout (PKO) Tournament is just around the corner, promising players “the biggest pots of their lives.” The recurring event is the world’s biggest PKO tournament and a major event on professional poker players’ schedules.

Set to return on October 19, the event will be the seventh Venom PKO event in ACR Poker’s history. The company told players to expect bounties to “grow to epic proportions.” According to the official announcement, deep into the event, a “knockout blow could be worth as much as tens of thousands of dollars.”

Buy-in for the event is $2,650, although players can also qualify for the event in other ways. For example, poker players can secure a ticket for the $5 million GTD Venom PKO Tournament through satellite events for only a fraction of the aforementioned cost.

ACR Poker guaranteed fans 633 seats through the satellite events, which run until Sunday, October 29. This means that players can potentially join the huge event for as little as $33 or fewer if they take advantage of the Mega Satellites. Alternatively, fans can enter through the Blitz Satellites and Step Tournaments, both starting at 11 cents.

Two Weeks of Intense Action Await

The exciting poker event is set to begin on October 19 and will run for almost two weeks. The final table is set to take place on Wednesday, November 1.

ACR Pro Chris Moneymaker commented on the upcoming $5 million GTD Venom PKO Tournament, sharing his excitement about the event.

Our Venom PKO is well known as the world’s biggest progressive knockout tourney. We will again have four day 1 options, and we expect to shatter the guarantee, just like the previous six times it has run.

Chris Moneymaker

Players can learn more about the $5 million GTD Venom PKO Tournament and the ways to enter the event on ACR Poker’s official website.

Players should also familiarize themselves with the special terms of conditions and keep in mind that they cannot sell their primary ticket for the event. Additionally, ACR Poker warned that players who secure a spot for day 2 of the event are precluded from participating in any other day 1 flight to accumulate a larger chip stack. 

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The leading provider of innovative iGaming content that has produced over 1,000 exclusive titles and an iconic, record-breaking network of progressive jackpots, Games Global, has fresh and exciting news. 

The supplier with a massive distribution channel that currently services more than 900 worldwide gaming brands has launched the King Millions jackpot, once again proving its supremacy in the progressive jackpot landscape. 

The GRAND Jackpot Can Trigger €30M+ in Cash Prizes

The new jackpot is the supplier’s biggest network jackpot so far and it allows players to double the chance to win massive prizes with two different jackpots capped at €1 ($1.1 million) and €2 million ($2.2 million) respectively. 

The GRAND Jackpot is capable of triggering over €30 million in prizes, breaking yet another record in the industry. The fresh network jackpot can drop at any moment during the base game. 

A bonus wheel with win multipliers ranging between 7x and 100x the bet can also pop up, along with the MAJOR and GRAND jackpot variants.

The “Highly Customizable” King Jackpot to Meet All Customer Needs

The King Jackpot can be easily adapted to meet customer needs, enabling operators to differentiate their offerings.

Since it will be intertwined with the iconic 9 Masks of Fire slot and other equally popular titles, the progressive jackpot is expected to turn into “a huge hit with operators and players alike,” according to the company’s chief product officer, Andrew Booth.  

Booth further explained the new product is an excellent addition to Games Global’s current library, further showing the provider’s increased focus on creating market-leading jackpot games with highly-popular series like Mega Moolah and WowPot! on top of the list. 

The CPO also took the opportunity to express excitement for the company’s ability to constantly push the boundaries with special emphasis on their jackpot products while acknowledging their “strong reputation” as a leading supplier in the jackpot field. 

The jackpot created by the supplier that delivers force and direction to the iGaming universe has been created “specifically to raise the bar on progressive jackpot slots” with a top prize pool over the €30 million ($33 million) mark before a drop and eight-figure amounts that have never been seen before on the market.

As explained by Games Global’s chief executive officer, Walter Bugno, the company “has embarked on a journey to become the one” name that suppliers, employers, and partners will have in mind when thinking about the iGaming industry. 

Last May, Games Global purchased Microgaming’s distribution business and online games portfolio. In December 2022, the supplier inked a partnership with OROS Gaming, a fresh studio and developer.

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