Greatest Gambling Losers

[Silberman]

Everything is fine as long as you are losing your own money! When you lose money you loaned you are getting yourself into huge problems!
These guys are losing millions, but I am somehow sure they have the money for that. High rollers have awesome wins, how not with high stakes gambling, but they as all other gamblers have their bad days, losing streaks, etc… when things simply don't work in your favor.
I am far from these guys, like most of us, but it's nice to see that side of the gambling story, the same it's nice to see big wins!

Unfortunately there are people like that that use the money of someone else to gamble and in my opinion this is a clear sign that such a person has a gambling problem, after all it is bad enough that you lose all of your money to the casino but when you lose money that doesn't even belong to you then that is a clear indication that there is a big problem, and the worst part of all of this is that most likely the person that gave to the gambler that money is probably never going to trust that person again and will destroy the relationship aggravating the problem of the addicted gambler even further.

[DarkDays]

Everything is fine as long as you are losing your own money! When you lose money you loaned you are getting yourself into huge problems!
These guys are losing millions, but I am somehow sure they have the money for that. High rollers have awesome wins, how not with high stakes gambling, but they as all other gamblers have their bad days, losing streaks, etc… when things simply don't work in your favor.
I am far from these guys, like most of us, but it's nice to see that side of the gambling story, the same it's nice to see big wins!

The morale of this topic is to not risk more capital than you have. Don't get into debt just to go big on a bet which you can never be certain you'll win.

And this is also common sense among non-addicted gamblers, or at least that's what the consensus is.

Some of the original points in this thread about not going big when entering new territories can also be classified as a mistake some people make when they're confident that with their skills, but let's be honest, not all casinos play by the same rules so the strategies should be adjusted accordingly.


One fun, rule book for gamblers which is fun to read can be found here where some of these common mistakes previously outlines by others are also touched on.

[pixie85]

The case of Terrance Watanabe is very interesting. He used to gamble all the time and act like an asshole to the casino staff, but they kept being polite to him and allowing him to do all he wanted as long as he paid for it. When he lost all his money he sued them for not stopping him and allowing him to gamble on credit.

I know they took advantage of his addiction but he acted like a child who can't accept the reality. He played around with the big boys, got hurt and went to tell mommy on them.

[Debonaire217]

The case of Terrance Watanabe is very interesting. He used to gamble all the time and act like an asshole to the casino staff, but they kept being polite to him and allowing him to do all he wanted as long as he paid for it. When he lost all his money he sued them for not stopping him and allowing him to gamble on credit.

I know they took advantage of his addiction but he acted like a child who can't accept the reality. He played around with the big boys, got hurt and went to tell mommy on them.

That could be the best house edge ever possible, it isn't about the technical aspect on how the casino was designed, but how they socially engineered their employees to attract customers. Terrance Watanabe didn't noticed it that he was taken advantage already by the staffs, but I think there's nothing really wrong in here. Even not in casinos, staffs should behave like this to maintain the reputation of the business.

Maybe it was quite fair for him to be listed to the greatest gambling losers.

[Timelord2067]

...

There's occasional stories of high rollers taking Casinos to court - when you look closer at the details the argument usually boils down to a lack of control by the gambler which is usually coupled with having obtained the funds to gamble fraudulently in the first place.  I haven't heard this particular one, but it's not a new defense.

[KTChampions]

...

There's occasional stories of high rollers taking Casinos to court - when you look closer at the details the argument usually boils down to a lack of control by the gambler which is usually coupled with having obtained the funds to gamble fraudulently in the first place.  I haven't heard this particular one, but it's not a new defense.

And what are the prospects for such lawsuits? Has at least one been won? It seems to me that this is unrealistic, since initially the game in the casino is considered as the action of a fully legal citizen with legal money. And by the way, even if the money was stolen, then as far as I know, the next party that acquired it legally (won) is considered the legitimate acquirer and this money belongs to that party.

[john_nautica]

I can’t believe that there are players that would really go this far, if I were to put myself in their shoes, I can’t imagine if how will I take it if I lose these huge amounts. I would probably be devastated and won’t gamble for a time.

[semobo]

I can’t believe that there are players that would really go this far, if I were to put myself in their shoes, I can’t imagine if how will I take it if I lose these huge amounts. I would probably be devastated and won’t gamble for a time.

Not everyone see the lost amount in the same way moreover the affordability changes from each persons, so one who can afford will go for it and the remaining will stop their gambling activities.But some people using amount which is not affordable for them or just out of the limit from others can causes huge profits in rare and huge losses in often cases.

[Twinkledoe]

I can’t believe that there are players that would really go this far, if I were to put myself in their shoes, I can’t imagine if how will I take it if I lose these huge amounts. I would probably be devastated and won’t gamble for a time.

Not everyone see the lost amount in the same way moreover the affordability changes from each persons, so one who can afford will go for it and the remaining will stop their gambling activities.But some people using amount which is not affordable for them or just out of the limit from others can causes huge profits in rare and huge losses in often cases.

Actually, when you are already deep in gambling, and if you have the money, you can't see the logic behind spending huge amount of money. It is really addicting if you are gambling for so long already. But if you are a gambler that knows the limits, you will see clearly how much you can spend into this vice. It really depends on the gambler, and if one is a degenerate one, he can't see the fact that he is already spending huge amount of money, and I guess most of these greatest gambling losers are degenerate gamblers.

[erikoy]

Actually, when you are already deep in gambling, and if you have the money, you can't see the logic behind spending huge amount of money. It is really addicting if you are gambling for so long already. But if you are a gambler that knows the limits, you will see clearly how much you can spend into this vice. It really depends on the gambler, and if one is a degenerate one, he can't see the fact that he is already spending huge amount of money, and I guess most of these greatest gambling losers are degenerate gamblers.

Losses actually made the logic of overspending in gambling. As the gambler losses money and once it accumulated over time then that would be relatively huge loss. And because of this a gambler will tend to spend more to overcome the losses being made. Bigger losses means spending more to get the money back. But, the casino would not want that to happen except if you are being lucky. This is why there were some gambler who are having huge losses that others will tend to sell their valuable things to use in their betting activities.

[Silberman]

The case of Terrance Watanabe is very interesting. He used to gamble all the time and act like an asshole to the casino staff, but they kept being polite to him and allowing him to do all he wanted as long as he paid for it. When he lost all his money he sued them for not stopping him and allowing him to gamble on credit.

I know they took advantage of his addiction but he acted like a child who can't accept the reality. He played around with the big boys, got hurt and went to tell mommy on them.

According to what I read the Caesar’s palace was fined 225k for allowing him to keep playing while intoxicated, and while this is without a doubt a low move by them we need to be very direct, the only one that cares about keeping your money in your pockets is yourself, everyone wants a piece of the money you are holding and it is our responsibility to keep our eyes open in the case something like this happens, in fact this is very common in bars in which if you are intoxicated it is not rare to be overcharged so we need to always keep our guard up especially if you have hundreds of millions of dollars at your disposal like this guy.

[Saint-loup]

Actually, when you are already deep in gambling, and if you have the money, you can't see the logic behind spending huge amount of money. It is really addicting if you are gambling for so long already. But if you are a gambler that knows the limits, you will see clearly how much you can spend into this vice. It really depends on the gambler, and if one is a degenerate one, he can't see the fact that he is already spending huge amount of money, and I guess most of these greatest gambling losers are degenerate gamblers.

Losses actually made the logic of overspending in gambling. As the gambler losses money and once it accumulated over time then that would be relatively huge loss. And because of this a gambler will tend to spend more to overcome the losses being made. Bigger losses means spending more to get the money back. But, the casino would not want that to happen except if you are being lucky. This is why there were some gambler who are having huge losses that others will tend to sell their valuable things to use in their betting activities.

I don't think there is some kind of conspiracy from the casino houses to ruin their customers, it's a very bad publicity for them indeed.
And you can see exactly the same behaviors in gambling games against other players like mutual betting or poker, when a player is in a losing spiral he no longer pays attention to what worth the amounts he's gambling, he just wants to win back his lost funds whatever it takes.

[STT]

There's nothing wrong about learning new a game or strategy, but be cautious and try to bet gradually.

Great rule, not all losses and wins are in purely money.  Losing while learning could be a cheap lesson for later on higher stakes, its all valuable experience at some point.   Until I feel I have a grasp on a game or how I want to play then I wont risk alot or even spend that much time, I just go back on a regular basis and maybe one day I have the right mood to learn alot and so gain from the experience of playing.   Eventually if I've gained enough feel for the game, I often have the confidence to play without fearing losses exactly.

[reliable]

I can’t believe that there are players that would really go this far, if I were to put myself in their shoes, I can’t imagine if how will I take it if I lose these huge amounts. I would probably be devastated and won’t gamble for a time.

Not everyone see the lost amount in the same way moreover the affordability changes from each persons, so one who can afford will go for it and the remaining will stop their gambling activities.But some people using amount which is not affordable for them or just out of the limit from others can causes huge profits in rare and huge losses in often cases.

Actually, when you are already deep in gambling, and if you have the money, you can't see the logic behind spending huge amount of money. It is really addicting if you are gambling for so long already. But if you are a gambler that knows the limits, you will see clearly how much you can spend into this vice. It really depends on the gambler, and if one is a degenerate one, he can't see the fact that he is already spending huge amount of money, and I guess most of these greatest gambling losers are degenerate gamblers.

Essentially the solution for this is to have the spreadsheet where you record the win and loses so that on monthly basis you are aware of the win/loss at the end of month. Just like we have balance sheet to measure the individual earnings done throughout the year same way I believe it an effective method to do in gambling as well.

[KTChampions]

According to what I read the Caesar’s palace was fined 225k for allowing him to keep playing while intoxicated, and while this is without a doubt a low move by them we need to be very direct, the only one that cares about keeping your money in your pockets is yourself, everyone wants a piece of the money you are holding and it is our responsibility to keep our eyes open in the case something like this happens, in fact this is very common in bars in which if you are intoxicated it is not rare to be overcharged so we need to always keep our guard up especially if you have hundreds of millions of dollars at your disposal like this guy.

Some kind of nonsense in my opinion. What if they tried to test him for alcohol/drugs? After all, the casino does not have such powers.
He could only sue them for attempting such an action. I think this decision is absolutely illogical and illegal. If a person takes drugs / alcohol, then this is his own problem.

[Silberman]

According to what I read the Caesar’s palace was fined 225k for allowing him to keep playing while intoxicated, and while this is without a doubt a low move by them we need to be very direct, the only one that cares about keeping your money in your pockets is yourself, everyone wants a piece of the money you are holding and it is our responsibility to keep our eyes open in the case something like this happens, in fact this is very common in bars in which if you are intoxicated it is not rare to be overcharged so we need to always keep our guard up especially if you have hundreds of millions of dollars at your disposal like this guy.

Some kind of nonsense in my opinion. What if they tried to test him for alcohol/drugs? After all, the casino does not have such powers.
He could only sue them for attempting such an action. I think this decision is absolutely illogical and illegal. If a person takes drugs / alcohol, then this is his own problem.

I think the same I am just stating what I read about the case and that is what happened, but we must understand that this kind of behaviour will become even more common in the future, people are not willing to accept the responsibility that comes from their freedom and they want to blame someone else when they make mistakes and since those same people are the ones that end up in the government we are bound to see more fines and laws with similar principles even if they do not make sense at all.

[carlfebz2]

Everything is fine as long as you are losing your own money! When you lose money you loaned you are getting yourself into huge problems!
These guys are losing millions, but I am somehow sure they have the money for that. High rollers have awesome wins, how not with high stakes gambling, but they as all other gamblers have their bad days, losing streaks, etc… when things simply don't work in your favor.
I am far from these guys, like most of us, but it's nice to see that side of the gambling story, the same it's nice to see big wins!

The morale of this topic is to not risk more capital than you have. Don't get into debt just to go big on a bet which you can never be certain you'll win.

And this is also common sense among non-addicted gamblers, or at least that's what the consensus is.

Some of the original points in this thread about not going big when entering new territories can also be classified as a mistake some people make when they're confident that with their skills, but let's be honest, not all casinos play by the same rules so the strategies should be adjusted accordingly.


One fun, rule book for gamblers which is fun to read can be found here where some of these common mistakes previously outlines by others are also touched on.

Easy to say and mention when it comes to moral thing but this had been always been neglected or forgotten when people is already on the field or when the time they do already play.Realizations do always come to the end when the time comes that they had already experienced hardship.

Never ever consider on spending the amount that you cant afford to lose which is a common line or suggestion but still people do fail to follow up this basic stuff.For people who are financially capable then theres no surprise on betting multi millions but we do know that they would be fucked
up a thousand more when they lose.

Same goes for small timer ones but damage wont really be that severe.As long you dont put yourself into deep debt and do compromise life savings
then you are still on the good side.

[ethereumhunter]

I think the same I am just stating what I read about the case and that is what happened, but we must understand that this kind of behaviour will become even more common in the future, people are not willing to accept the responsibility that comes from their freedom and they want to blame someone else when they make mistakes and since those same people are the ones that end up in the government we are bound to see more fines and laws with similar principles even if they do not make sense at all.

It's already happened in many places. I think people now don't know how to fix their mistakes instead of blaming other people. But if the casino still allows people to drunk while playing gambling, I think the casino needs to tell that person to stop gambling for a while, and they should take a rest for a while. They don't need to continue playing gambling when they drunk because that can make other people get trouble from him.

[glowing10]

I can’t believe that there are players that would really go this far, if I were to put myself in their shoes, I can’t imagine if how will I take it if I lose these huge amounts. I would probably be devastated and won’t gamble for a time.

At times even if you lose like 100$ it is so much stuck at times in head so just imagine what would have happened for those who like lost millions of dollars. Though it is their own fault as they never knew when to stop and knowing that in gambling losing is very easy than winning it. So playing just for entertainment helps at this times because after certain time you will be able to stop when you lose a considerable amount.

[matchi2011]

I can’t believe that there are players that would really go this far, if I were to put myself in their shoes, I can’t imagine if how will I take it if I lose these huge amounts. I would probably be devastated and won’t gamble for a time.

At times even if you lose like 100$ it is so much stuck at times in head so just imagine what would have happened for those who like lost millions of dollars. Though it is their own fault as they never knew when to stop and knowing that in gambling losing is very easy than winning it. So playing just for entertainment helps at this times because after certain time you will be able to stop when you lose a considerable amount.

You can say that if you have really good control of your emotions, many gamblers start from that mindsets, saying that they are capable of losing such amount and they are just doing it to have some fun, but in the long run where to much participations took place this habit to be entertained changes to aggressive types of gambling where chasing losses always taking place.