This person made $500,000 with gambling and lost it all within 60 seconds!

[Wendigo]

The story is from about almost 5 years ago but this is 100% relevant to 2018 or 2019 or many years to come, you can read it here:

https://www.reddit.com/r/IAmA/comments/1ch7wb/starting_with_almost_nothing_i_made_almost_500000/

In short version, he gambled on Bitcoin, made $500,000 - and lost it all later on, he then continued to gamble in Roulette and other games, and ended up with $50,000 in debt.

By the way,
This is not only related to Bitcoin or Casino Games - if you think Sports betting is different think twice after reading this:

https://www.psychforums.com/gambling-addiction/topic182379.html

This person lost over $300,000 within 48 hours, all because of sports betting, he had bets on tennis, basketball, soccer - you name it.

And there are many more stories to read such as this:

https://www.reddit.com/r/problemgambling/comments/4pzgmu/i_just_lost_140000_in_5_minutes/

Moral of the story - you can never be rich with gambling, and even if you end up being "rich" - you would lose the whole lot in no time ... only the house wins because the house has an edge.

A coin has 2 sides. Your moral of the story is not universal. Nice story though.

[Barcode_]

If a gambler does know how to stop himself from gambling after he had won huge amount of money from the casino, it is still possible for people to get rich from gambling. But most of the times, the desire to win more money from the casino would cause most gamblers to commit the same mistake, a mistake that would result in the gamblers losing all his profits back to the casino owners, and eventually starting to lose his own money as he will keeps on gambling with the hope of recovering all his losses which is nearly impossible anymore.

[maydna]

I agree with the OP said, we never get rich from gambling, and this is for the most people in out there because we never have a big chance to make winning money from gambling. Perhaps, we can win big money and we are tempted to continue playing gambling because we want to win more money and this is greediness that will ruin our lives in the next second. We need to remember that we cannot win in every round but we can win small money, and if somehow, we can win big money then we need to leave the gambling places as soon as possible and don't even think about the win in the next round.

[Get-Paid.com]

I agree with the OP said, we never get rich from gambling, and this is for the most people in out there because we never have a big chance to make winning money from gambling. Perhaps, we can win big money and we are tempted to continue playing gambling because we want to win more money and this is greediness that will ruin our lives in the next second. We need to remember that we cannot win in every round but we can win small money, and if somehow, we can win big money then we need to leave the gambling places as soon as possible and don't even think about the win in the next round.

Well said maydna.
The best way to "leave the gambling place" is done via:

1) Self-Exclusion.
2) Handing over control over your finances.
3) Using additional barriers to avoid gambling such as limiting cards, bank accounts, using apps such as GamBan and more.

Some people claim that GA helps as well, personally I would find it difficult to agree with that ... the success rates of GA are very low, most people don't stop gambling because of GA, but many do stop when they "arrest" their addiction by placing many barriers around it.

Still, a huge win is not a ticket for happiness, making $500,000 in 10 seconds is not the same as making it in several years from a startup or a business that you work hard for - you would appreciate the fruit of labor much more than something that comes so easy into your hands.
 

[adaseb]

I am too lazy to find the link but there is a similiar story to a Redditor who lost 200 ( or 300 ) BTC back in February 2018 after the ATH took place.

I think he made like 1 BTC by gambling thru Poker, and the rest he sent to Bitmex, and managed to turn it into 200BTC and then basically in 1 or 2 months, emotions took over and he lost it all.

The issue here is due to human greed and fear. Basically nobody likes to lose money and the reason why he lost so much was because if I recall, he lost 50 BTC in one trade, and then decided to trade until he got that 50 BTC back but ended up losing another 50 BTC, and then the same thing kept happening over and over again until his entire account was depleted.

[Get-Paid.com]

I am too lazy to find the link but there is a similiar story to a Redditor who lost 200 ( or 300 ) BTC back in February 2018 after the ATH took place.

I think he made like 1 BTC by gambling thru Poker, and the rest he sent to Bitmex, and managed to turn it into 200BTC and then basically in 1 or 2 months, emotions took over and he lost it all.

The issue here is due to human greed and fear. Basically nobody likes to lose money and the reason why he lost so much was because if I recall, he lost 50 BTC in one trade, and then decided to trade until he got that 50 BTC back but ended up losing another 50 BTC, and then the same thing kept happening over and over again until his entire account was depleted.

The issue is not just human greed and fear.

How many lottery winners who won the jackpot truly enjoyed their lives after the winnings?!

What goes around comes around - what comes so easy would leave very easily likewise.

That's our human nature, and that's how it all works ... the best bet you can ever have is betting on yourself, there isn't any better alternative to it.

[Betwrong]

I am too lazy to find the link but there is a similiar story to a Redditor who lost 200 ( or 300 ) BTC back in February 2018 after the ATH took place.

I think he made like 1 BTC by gambling thru Poker, and the rest he sent to Bitmex, and managed to turn it into 200BTC and then basically in 1 or 2 months, emotions took over and he lost it all.

The issue here is due to human greed and fear. Basically nobody likes to lose money and the reason why he lost so much was because if I recall, he lost 50 BTC in one trade, and then decided to trade until he got that 50 BTC back but ended up losing another 50 BTC, and then the same thing kept happening over and over again until his entire account was depleted.

The issue is not just human greed and fear.

How many lottery winners who won the jackpot truly enjoyed their lives after the winnings?!

What goes around comes around - what comes so easy would leave very easily likewise.

That's our human nature, and that's how it all works ... the best bet you can ever have is betting on yourself, there isn't any better alternative to it.

If by "betting on yourself" you mean investing time and money in your further education, I absolutely agree with you. The thing is that without proper education it's impossible to truly enjoy your life even if you are extremely wealthy, and there are many examples of rich people being very unhappy and even committing suicides. Thinking that the only thing you need to be happy is a lot of money is a big mistake, which, however, all of us make at one point or another.

[Get-Paid.com]

If by "betting on yourself" you mean investing time and money in your further education, I absolutely agree with you. The thing is that without proper education it's impossible to truly enjoy your life even if you are extremely wealthy, and there are many examples of rich people being very unhappy and even committing suicides. Thinking that the only thing you need to be happy is a lot of money is a big mistake, which, however, all of us make at one point or another.

Yes, we only live once, we have such a short time to live and so much to achieve, that if you'd look at it that way you won't want to gamble (hopefully!)

[haroldtee]

I agree with the OP said, we never get rich from gambling, and this is for the most people in out there because we never have a big chance to make winning money from gambling. Perhaps, we can win big money and we are tempted to continue playing gambling because we want to win more money and this is greediness that will ruin our lives in the next second. We need to remember that we cannot win in every round but we can win small money, and if somehow, we can win big money then we need to leave the gambling places as soon as possible and don't even think about the win in the next round.

The funny part to all this is that people like that always end up addicted in the end. It is one thing to have tasted a huge win and lose it and it is another thing not to have tasted it at all. With the former, the chances of being affect psychologically is there. Simply put, you win $500k, you lose it all back in a minute out of greed, and then you keep pushing yourself to see if you could win it all back and at the end, what that always result to is an addiction. Limit and contentment! Those are two thing a lot of gamblers do not understand they should imbibe as a culture.

[nydiacaskey01]

They story is not different to those who won the Lottery but they have no idea on how to spend it wisely so they end up broke after a few months. That guy who was lucky enough to win $500,000 doesn't have an idea how to spend it. He might be thinking that its easy money and he can also recover the same amount in no time.

Look at those successful businessman, when they gained profits from their investment, they take away a portion of the profits and think where they can use it to earn more and a portion will be saved. Gamblers should think this way too. Separate the profits from the capital.

[Get-Paid.com]

Limit and contentment! Those are two thing a lot of gamblers do not understand they should imbibe as a culture.

I would say it again.

The gambling industry and the games in gambling are designed in a way that you would lose control, lose your limits and lose your contentment. That's how they are built.

When you put the blame on the gambler and not on the system itself you're doing no justice with the victims, and they are victims here, they are not the ones that should be blamed.

If we had no gambling in the world - then we wouldn't have this happening in the first place, isn't it?

Now I'm not saying you should shut down all gambling websites, casinos and quarantine Las Vegas - I'm just saying this is the world how it is today, and we need to learn to live with it i.e. it's better that you never win millions in 2 seconds because it's not going to really make you happy in life.

[niceboy999]

absoltely right

[niceboy999]

i am like $14000 in debt because of gambling addiction

[Get-Paid.com]

That guy who was lucky enough to win $500,000 doesn't have an idea how to spend it.

No no no,
Once again - I would like to iterate - the gambling industry is designed in a way that you would lose control!

And now you're making a terrible comparison:

Look at those successful businessman, when they gained profits from their investment, they take away a portion of the profits and think where they can use it to earn more and a portion will be saved. Gamblers should think this way too. Separate the profits from the capital.

The fruit of labor cannot be compared to gambling! It will never be the same, ever!!
You can even tell me there is a guy named Ashley Revell:

https://en.wikipedia.org/wiki/Ashley_Revell

You can watch on YouTube his $100k bet on a Roulette, he was predicted to lose it all but eventually used the money to start a business but take a look in Wikipedia:

"Revell used his winnings to set up an online poker company called Poker UTD, which later went out of business in 2012."

You would always lose the gambling money, one way or another, it's a losing proposition.

You cannot ever compare gambling winnings to money that was made through hard labor ... being Steve Jobs and making millions is not the same as gambling and winning the money.

BUT - take this into consideration:
NBA Players play some games in a year and make millions - some of them fall into gambling addiction, because they get a lot of money and their games are full of adrenaline and rush ....

When you work on a project, be it Facebook, Apple, Microsoft or just being a Small Business Owner - you appreciate the money that you work hard for.

When you gamble or use lots of adrenaline and rush - you are at a huge risk of losing it all, and that's what happens to lottery winners as well.

[Get-Paid.com]

i am like $14000 in debt because of gambling addiction

Is it sports betting or casinos if it's okay to ask?
Have you self-excluded yourself from whichever website that took your money?

[bering]

If he does not greedy and stopped gamble after won $500k i think he would feel gambling can makes he rich but because he cannot control his emotion and thought if he continue to gamble expect won more than those amount then he have to suffers lost with $50k debt however i have seen this kind of stories repeatable and i think this is common problem while gamble you don't know the exact time when you have to stopped and leave the game

[rickadone]

But most of the times, the desire to win more money from the casino would cause most gamblers to commit the same mistake, a mistake that would result in the gamblers losing all his profits back to the casino owners, and eventually starting to lose his own money as he will keeps on gambling with the hope of recovering all his losses which is nearly impossible anymore.

Is that not what usually happen eventually with the rate at which certain people approach gambling ? They seem to see gambling as a quick way to make money and get pretty rich, but they tend to forget that gambling is all a game of luck and if you see it that way, when you manage to hit some huge amount of money, you will cherish it so much like that is something that is hard to come by. Once you are stupid enough to keep pushing yourself to winning more, you can just lose all immediately in a blink of an eye, and that on its own is a problem psychologically.

I agree with the OP said, we never get rich from gambling, and this is for the most people in out there because we never have a big chance to make winning money from gambling.

Yeah, even if you manage to get rich from gambling, you must have been extremely lucky and at the same time given yourself some brains to know that gambling is all about luck and once you manage to hit that luck, you really do not want to be taking it for granted. But of course, human mentality is all about the greed, that mindset of wanting more and more, and before you know it, they get themselves pushed into the hot coal of addiction because that is what situations like this results to.

[shield132]

Btw can you tell me which casino promise you that you'll become rich if you gamble? None of them, they clearly say: Gamble for fun. If you can't have fun from it, then go away. You may ask they write something and do another thing (write not to gamble for profit but offer amazing promotions). There are rich people too, for those 1000$ is nothing to lose, they may try their luck in such promotions, just to prove that they are best or any other reasons. Gambling is optional, so these dramatic stories doesn't change anything. But yeah, it's very sad that man lost so much, at leasy he learnt from this lesson.

[Get-Paid.com]

Btw can you tell me which casino promise you that you'll become rich if you gamble? None of them, they clearly say: Gamble for fun. If you can't have fun from it, then go away. You may ask they write something and do another thing (write not to gamble for profit but offer amazing promotions). There are rich people too, for those 1000$ is nothing to lose, they may try their luck in such promotions, just to prove that they are best or any other reasons. Gambling is optional, so these dramatic stories doesn't change anything. But yeah, it's very sad that man lost so much, at leasy he learnt from this lesson.

The casinos say what they have to say because of regulation and not because they want to say it.
And it still doesn't change the fact their games are designed to make you addicted.

[Kakmakr]

I think the moral of the story should be that you are only a winner, when you stop gambling after you hit a huge jackpot. Many of my friends have lost large amounts of money in the same way, because you only see the rare occasions when they win a lot of money, but they never share with you how much they lost, before they won that money. 

The jackpots was designed to serve as the huge carrot and it attracts gamblers, like a moth to a flame. The end result will always be the same. <You getting burnt by the flames>