Even though larger-than-life jackpots routinely steal the show, some gambling losses are just as impressive. In environments where millions are made and spent in seconds, it’s amazing what kinds of cash people go through. The wild financial fluctuations witnessed in casinos highlight how quickly dreams can go up in smoke. From epic come-ups to terrifying losses, no venues witness more extreme transitions than casinos. But even in an industry that has seen it all, some gambling losses manage to stand out.
To get an idea of how impressive the gambling industry is, there’s no need to look further than the biggest losses. The amount of money that certain punters throw away is absolutely staggering. What could be considered a fortune by some is spent on a whim by others. To highlight the massive disparity amongst punters, we compiled a list of the biggest gambling losses of all time. It’s absolutely sickening to see what these punters spent, especially given the fact that these losses could have been avoided. Learn how to know when to quit by examining this historic list of gambling losses!
Biggest Gambling Losses Ever Recorded
Gambling Loss #3: £650,000 Eurobet UK Scam
Instead of always being the player’s fault, some losses were perpetrated by shady online casinos to avoid paying massive jackpots. When Bruno Venturi won £650,000 online, he thought it was his lucky day. Through sheer luck, he had turned £17 into £650,000 while playing on Eurobet UK. During his two years playing at this online casino, this was the largest amount that he had ever won.
Unfortunately, Eurobet wasn’t about to let this 41-year-old pet shop worker from Naples win that easily. Instead of paying him the money, they voided his winnings on random technicalities. Blaming a software bug that only charged him for one of six of his bets, Eurobet labelled his winning streak fraudulent. Even though Bruno didn’t receive any viable alternatives, there was no way to successfully claim his jackpot. This fateful brush with luck made the once avid punter quit gambling for good. That may be a positive thing since it would be hard to ever outdo that £650,000 jackpot.
Gambling Loss #2: Terrance Watanabe’s $127 Million Year
When most people start losing, it’s only a matter of time before they are forced to quit. Unfortunately for Oriental Trading Company CEO Terrance Watanabe, money wasn’t a limiting factor. Faced with a nearly unlimited budget and a vicious gambling addiction, this infamous punter lost $127 million in a year. This staggering losing streak was only achieved by 24-hour gambling binges that routinely lost $5 million a day. To maximize Terrance’s playing capabilities, employees at Harrah’s Entertainment Inc let him bet 3 blackjack hands at once. They also showered him with cocktails and prescription pain killers.
This questionable business practice ended up leading to a massive court case. During a long legal showdown, Terrance tried to get out of paying $14.7 million in credit that the casino gave him. Even though the casino’s actions were devious, Terrance wound up in more trouble than them. In 2009, he was charged with four felony counts of intent to defraud and steal. On top of having to live with squandering a $127 million family fortune, Terrance also had to be incarcerated.
Gambling Loss #1: $1.5 Billion in 14 Months
When it comes to horrific casino losses, no punter can beat Harry Kakavas. This real estate mogul made his fortune on Australia’s Gold Coast. Unfortunately, thanks to his passion for gambling he is constantly fighting to recoup his losses. In just five hours of betting $300,000 per hand, he lost a record $164 million. The madness didn’t stop there, since Kakavas lost $20.5 million at one casino alone. Faced with almost daily multi-million dollar losses, Kakavas’ almost ruined his life to come up with funds. Aside from multiple court cases fighting casinos, he had to spend a small amount of time in jail for stealing $286,000. In total Kakavas gambled away $1.5 billion in 14 months, which proves the danger of an addict with no limits.