The Worst Gambling Losses Ever

If you’re into gambling of any description, whether you’re a newbie or a hardened pro, losing is always going to be part of the equation, no matter how much we wish it weren’t! There are periods when nothing we do goes right, however, I'm sure that you haven't experienced any of the horror stories about gambling losses that we’re bringing you today! Below you’ll find 5 of the craziest stories regarding gamblers and the outrageous losses they’ve experienced.

Harry Kakavas Gambles Away Most of His Hard Earned Money

Australian Real Estate tycoon, who after 25 years in the business, made himself a handsome fortune of over $60 million. He specialized in buying and selling multi-million dollar luxury properties on the Gold Coast in Queensland.

Unfortunately, Kakavas developed a gambling addiction and started blowing all his hard-earned cash at the Crown Casino in Melbourne. He was treated like royalty at the casino and had his every request granted, best suites and amenities, you name it, he got it! Over the course of about a year, playing on the baccarat tables, his bets added up to approximately $1.5 billion and from that, he ultimately lost $30 million of his money in all.

He felt the casino had taken advantage of him but at the end of the day, he accepted the court ruling and went back to buying and selling real estate, a lot poorer, but thankfully not destitute.

Steve Richards Wins Then Loses a £30,000 Fortune

A sports-loving Welshman, Steve Richards, loved watching Cardiff and, some other favourite teams at his local pub, and would often place a sports bet or two while having a few pints.

Back in 2013, while enjoying an unusually lucky streak of 12 consecutive wins, Richards found himself £40,000 richer. He had started off with an initial bet of only £10! You would think that at this point he would take the money and run, however, Steve felt invincible and decided to place a £30,000 bet on his home team who were playing against Australia. He was set to win another £55,000 in addition to what he had already won, but his luck had unfortunately run out as Australia won 30 to 26.

Thankfully Steve was a happy go lucky chap who took it all on the chin. He was still £9,000 richer than when he had started and reportedly said that he didn’t need a lot of money to be happy because he already had everything he wanted.

Bruno Venturi the Victim of Unlucky Malfunction

This online gambling tale of woe started with a harmless £20 bet. Venturi, a Neapolitan pet store owner, placed some lucky bets on the Eurobet UK sportsbook and started winning a massive amount of cash, £650,000 to be precise! Obviously Venturi was over the moon with joy and incredulity.

What happened next turned his happiness into despair when it was revealed that there was a software malfunction that rendered his wins “null and void”! It appeared that his bets weren’t being deducted correctly and in the end, the court decreed that not only did Venturi not win £650,000 but had actually lost £60,000! It definitely was not the poor Italian man’s finest hour.

Mark Johnston Hits the Bottle and Squanders $500,000

Drinking and gambling often go hand in hand, much to the detriment of a businessman from California, who unfortunately indulged a bit too much.

Johnson was playing blackjack and pai gow at the Downtown Grand Casino in Vegas. In an inebriated state, he trotted on over to the cashier and asked for a loan, which they gave him. He then proceeded to lose $500,000 in one night!

To say that Johnson was upset is putting it mildly, so he took the casino to court stating that they had no right to lend him money in his drunken state. In the state of Nevada, it is indeed illegal to allow someone who is obviously drunk to gamble. After a two-year period there is still no outcome from the lawsuit, so fingers crossed things eventually go his way!

Terrance Watanbe Inherits Then Loses Millions

This guy took losing a fortune to an all-time high, when, in just 1 year, in 2007, he lost $127 million! Watanbe had come into a lot of money after he inherited his father's successful trading company. His frequent visits to the world’s gambling capital, Las Vegas, saw him become a regular at Caesars Palace.

He was known to spend hours and hours gambling, even entire days sometimes, and endeared himself to the casino staff due to the long periods of time he spent at the casino losing his money. In just 1 year, he lost a record $127 million, which translated to 1/20th of the entire Vegas gambling revenue for that year.

Gambling; Fun or Foe?

As crazy ad farfetched as these stories sound, unfortunately, they’re all true. All these men ended up coming through in the end, however, gambling more than you can afford is not a wise thing to do. It can cripple people’s lives and destroy their relationships. We have to remember what gambling should be about, and that is for entertainment and fun. If you’re ever tempted to take your gambling too far, just read this article to remind yourself of what can happen!

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