Greatest Gambling Losers

[mindrust]

I think creating a list about the biggest losses of losing streak of people would be slightly advantageous to the people who are addicted to gambling. I also do think it is a way of convincing the public about the dangers of gambling addiction and the costs associated with it.

Some millionaires do gamble for the sake of having fun due to the adrenaline experienced on betting huge amounts of money. Though some rich people do it for fun, others do it primarily for gaining profit. They would rather choose to bet against the odds even if the chance of winning is 50/50.

I would look with great interest at confirmed losing streaks in real casinos or bookmakers. Many people use Martingale not only when playing red/black, but also when betting, I think it would be useful for them to look at the losing streak of 10-15 bets long, which turned out with bets with odds of 1.6 (which are considered more or less reliable).

People use martingale almost on everything nowadays. Not only gamblers, but traders also use it. If your current position lost 50% of its value, double your position. You double your position whenever a 50% drop happens. Just like in gambling it is a dumb move in trading. The idea is still the same and it is still stupid. Doubling down on losses don't make sense.

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[Dragonfund]

I will never use the word Greatest in this part , Losers never become greatest mate that is a contradicting word 

but those are surely the worst gamblers recorded and not greatest 

The topic piqued my interest, how could one loss be the greatest, that should be like worse loser as the topics misrepresented the contents.

On the contrary, gambling is a mystic addiction that is always difficult to overcome, I still find it difficult to accept a loss on my $20 deposit on every spinning in an online casino, let alone betting thousands and millions of dollars, I will collapse if I am in any of their shoes, but I trust myself because I know my risk limits.

[Fortify]

Many believes that winning always favor the houses, but there's still many who believes that in a certain point and chance, they could take the win. There's nothing wrong with that, what is wrong is when we have a losing streak but still continues to play anyway.

Have you ever wonder what happens if someone bets a huge amound of fund, the same way as those who betted all in in a casino game then loses? This topic could help us understand why we should be disciplined enough, and why we should learn how to stop at certain point in gambling.

I've read this artcile What Happens to the Biggest Gambling Losers? stating some instances of biggest gambling losers.

-snip-

3. Omar Siddiqui - Lost $121 million

Even as he earned $225,000 a year, he once lost $8 million in a day.

He played at the Venetian and MGM Grand while having a multi-million dollar debts from other casinos at the same time. It was also said that he used $65 million from his company in gambling. If we could think of a way to pay out debts, gambling is not the best idea, as it could put us down to deeper debt if we didn't succeed.

2. Zhenli Ye Gon - Lost $125 million

Between 2004 and 2007, Zhenli gambled away over $125 million – in cash. He was among the largest up-front cash-only players at the Venetian and in Las Vegas in general.

After losing $125 million in gambling, in 2007, Zhenli's home in mexico was raided and authorities found out a huge amount of drug money. It's a big learning for us to always use a clean money in gambling. That's why sometimes, casinos have bad images, since movies are showing big gamblers who gets their money from illegal activities.

1. Terrance Watanabe - Lost $127 million

Terry Watanabe said he bet more than $825 million, losing $127 million in Caesars Palace and The Rio casinos in 2007.

He was said to lose for about $5 million a day playing 24 hourse in casinos and with this, he was burried to dept. IMO, it impacts his health allot with the lifestyle he lived, that he got a cancer. As a gambler, we should take good care of ourselves and spend a most of our time than gambling. Money isn't always the solution for happiness, perhaps, bonding with our family is better and building memories with them are the treasure that we can keep forever.

That is a very interesting list and just goes to show that all the money in the world cannot buy intelligence to keep it. I suspect almost all of these players were using inherited money, at the very least to be able to get access to that sort of credit. It's a damn shame to think that one of their distance relatives, most likely their parents, had worked extremely hard to build the fortune that these people may have wasted away in the span of just a few short weeks. It is these sort of whales that benefit the casinos the most - just keeping one happy at your tables could keep a place in vegas open for many years. These are the people who should never get any sympathy really, as they had more than 99.99% of people in the world will see in a lifetime and they threw it all away in a desire for more.

[Mahanton]

I will never use the word Greatest in this part , Losers never become greatest mate that is a contradicting word 

but those are surely the worst gamblers recorded and not greatest 

The topic piqued my interest, how could one loss be the greatest, that should be like worse loser as the topics misrepresented the contents.

On the contrary, gambling is a mystic addiction that is always difficult to overcome, I still find it difficult to accept a loss on my $20 deposit on every spinning in an online casino, let alone betting thousands and millions of dollars, I will collapse if I am in any of their shoes, but I trust myself because I know my risk limits.

As long you do know your risk limits then it should be fine but if not then for sure you would really be experiencing some problems later on this is why you should really be aware of your actions specially when
you do deal or get engage with gambling.When it comes to losses then this would really be a very long or never ending lists since people are different in terms of financial capacity which simply means that
losing amount would really vary and it would be sky is the limit.Losers is much more in terms of number compared to winners and this is the reality of gambling field.

[bL4nkcode]

In fact, I think the bigger your loss is, the bigger you learn not to try that strategy or route. Except for some people who never learn but rather keep on gambling till they are sucked dry.

Then sometimes the more they learn a new strategy the more they loss coz sometimes it doesn't work like that, and still keep repeating it.

Gamblers (the addicted one) doesn't stop when they lose they will try another one to keep it rolling, until they found out that's the last bet they could do, then find another source of funds just to do gambling.