The Internet knows many epic success stories about people who defied the system and made a fortune in casinos or sports betting. However, along with such high-profile stories are equally entertaining stories of how punters have lost colossal sums of money. Learning how much money was lost during their gambling career makes every mind wonder if that was just a mistake, an unfortunate series of events, or an inevitable fate that is ahead of each gambler. It may appear that even if you have found the best betting company in Nigeria, you’ve got no guarantee that your bankroll won’t be wasted. In this article, we’d like to review some of the most vivid stories of losing money gambling and learn how to avoid such a fate.
The Man Who Lost $20.5 Million
You’ve probably never heard of Mr. Kakavas, a former Australian billionaire who has gambled an offensively large sum of almost $1.5 billion and has lost about $20.5 million. This happened almost 10 years ago, but that’s just a way too excellent case of gambling addiction for the story to dissolve in time.
Harry Kakavas was a regular and loyal customer at the Crown Casino in Melbourne. He was enjoying Baccarat, a card game played between two hands, the player and the banker until he realized that he had no money to cover the debt. The next following action seems quite comical because Mr. Kakavas attempted to sue the casino for taking advantage of his addiction, which he described as a pathological urge to gamble. Well, as you can guess, the case was not given further consideration and was dismissed due to insufficient grounds to believe that the claimant was not aware of his actions.
As for now, Harry Kakavas has entirely paid his debt, but if you think that his story is over, you’re wrong. A bit later, from the point when the Crown Casino banned Mr. Kakavas for life, he was spotted gambling in Las Vegas. His favorite casino in Melbourne decided to lure him back in since he had paid back in full. What’s happening now is a mystery, but we guess we’ll learn something about this gambler in the future.
Day Job as a Public Servant, Night Job as a Gambler
Maureen O’Connor’s path is considered a telling story in terms of how a person can get dizzying results at work and at the same time have an addiction to video poker. Mrs. O’Connor served as the first female mayor of San Diego, California. She had a great reputation and gained the trust of the locals in a short period of time. Nobody could believe that she had gambled over $1 billion but managed to say goodbye to only $13 million.
Maureen has done a great job of mitigating the loss. But the fact that she borrowed almost $2 million from the charitable organization of her husband makes the story a bit darker in all senses. Nevertheless, the ex-mayor has paid back the entire debt and seems to have no more financial problems with gambling.
The NBA Star And The Falling Star in Casinos
Charles Barkley, an American former professional basketball player, has always been open about his gambling addiction. He never tried to hide it from the public or denied the fact that gambling brings him great joy. Nevertheless, over the course of his casino adventures, he has lost his entire fortune, which is roughly estimated at $30 million. As Barkley says, the sum was gambled in 30 casinos all over the world, and he’s done his best to mitigate the loss.
He’s quite an exceptional person on the list because he’s open about his addiction and he’s never stopped gambling. But as a result of such a large budget cut, he developed a responsible approach to gambling, setting limits for his casino trips. The Internet has no signs of his recent losses, so perhaps the scheme is working well for him.
The Total Takeaway from Learning These Stories
What do all of these stories have in common? Right, it’s a large overabundance of money and a form of gambling addiction to some extent. Although the lack of self-control and control over the budget are key points in the prevention of this scenario from happening. Here are some obvious tips that will help you avoid this fate:
- Be open about your hobby. Your family and friends can help you stop if you won’t be doing well.
- Be responsible. Do not gamble a great part of your income, and use financial management strategies to secure your bankroll.
- Be honest. If you only have the slightest feeling that you can’t live without gambling, stop for a while and seek professional assistance.
While some people take the loss as a cost for entertainment, it’s still pretty immature to waste money on fun when you can’t really afford it. There’s no shame in being part of the gambling community. It’s absolutely legal in the majority of countries around the globe, and many people are ready to accompany you in this regard. But it’s still quite crucial to realize that the potential fun and excitement do not have to equal your month’s or year’s salary. And even more so to jeopardize the well-being of you and your family.
