Losing all your fortune with just 3 years

[Beparanf]

I’m not sure if this story was already shared here but I just recently watch this gambler sad story from social media that is really heartbreaking.

The subject is Terrance Watanabe which is a successful businessman who has a huge business and money that becomes addicted on gambling. He lose a total of 127M which is all his fortune that he earn from his business. Imagine all your hardworking was turn out to nothing after a few years of gambling addiction.

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.


Source: https://www.cbsnews.com/news/gambler-lost-127m-in-2007-sues-casino/

[Cantsay]

Jeez man, that’s a lot of money. These are the type of cases that usually lead to the victim doing something stupid like committing suicide because of the shame, pressure and regrets he’ll face from his family.

I just did a quick scan through the article you shared and one part caught me attention.



This is insane - losing $5 million in a single day is not something that someone that is with us sane mind would pull off.

[salad daging]

This is how if he is addicted to gambling and while drunk he will lose his consciousness without thinking about how much money he has bet during gambling while drunk, so for me this is really tragic with a huge fortune only running out within 3 years, meaning he is now poor.

The effort and hard work that was built up to be rich is just gone, try to imagine betting $825 million within a year for me it's really crazy and he might not realize what when he reached a bet of $500 million? Or below?

Remember that gambling while drunk is not recommended because of the loss of consciousness when you bet a large amount, he might just chase losses until he doesn't realize he has spent all his fortune.

[Hispo]

I’m not sure if this story was already shared here but I just recently watch this gambler sad story from social media that is really heartbreaking.

The subject is Terrance Watanabe which is a successful businessman who has a huge business and money that becomes addicted on gambling. He lose a total of 127M which is all his fortune that he earn from his business. Imagine all your hardworking was turn out to nothing after a few years of gambling addiction.

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.


Source: https://www.cbsnews.com/news/gambler-lost-127m-in-2007-sues-casino/

Actually, I have not read about this case, and you are right, it is completely hearthbreaking. Thought the most disturbing detail about it is how that casino he gambled on decided to use such a low strategy as getting their high rollers drunk, so they could gamble recklessly and get all their money in a faster pace... At the very least, I would have expect a reliable and trustworthy casino to refuse to sell me chips if they realize I am drunk enough not to be able to tell I am gambling out my control.
Is there no some legal instance in which a casino is forced by law to stop providing their services to a gambler who is obviously in a state of drunkness? You know, something similar to one can see at bars and pubs in anglo countries.

Anyways, if there is anything to learn from this story is that it does not matter the size of your pocket, gambling addiction can lead anyone, both the rich and the poor to financial ruin.

Does anyone know if this guy is receiving some kind of psychological rehabilitation or counseling?

[Wapfika]

According to this article https://g2g.news/gaming/gambling-whale-the-story-of-terrance-watanabe-who-wagered-800-million-in-a-year/#:~:text=The%20case%20was%20eventually%20settled,rights%20on%20the%20life%20Watanabe.

The case he filed against the casino was settled probably on his favor but the damage is too much for the mere settlement for his case. The guy is once the richest man in Nebraska then blow up everything with a few years of high stake gambling.

I believe the casino should be party responsible to this since they knew how huge the money this guy lose yet they continue to offer him a huge credit line to gamble even though the intoxication is clearly visible.

[Oshosondy]

So sorry for the man. I wish something like this should never happen. But this is a lesson for people to know that gambling should be done with just little amount of money. Probably if the man is on a forum like this and reading from what we are posting on gambling discussion board, he might have learned some lessons from here instead of going through this hard time.

[mindrust]

I can't be sorry for these people somehow. A person what has hundreds of million dollars should be smarter than this or else it only means he never deserved to own that much money in the first place. If he earned all that money himself, then he should have known how dangerous gambling can be if you are not cautious. Since he lost all that money to gambling, it only proves my point and he didn't know shit about risk management. Maybe he inherited all that wealth from his parents. It happens all the time. The parents earn everything and when they die, their children fuck everything up because the parents couldn't raise them properly. If that's the case then I am sorry for the parents. Not for the dumb kid.

[acroman08]

I wonder if there is an update to this, especially on the investigation that Nevada's Gaming Control Board launched against the casino because of the allegation Terrence Watanabe made. also, reading that the current and former employees of the casino at the time said that their managers told them to keep Terrence Watanabe betting despite being visibly drunk clearly shows that the casino preyed on the guy. Anyway, that being said, the guy is still a moron for losing that much money to gambling, but on the bright side, according to the article the guy was admitted to a rehab facility by his sister.

[Rruchi man]

The sad part here was that he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

Alcohol and wrong decision making are almost 5 and 6, and a strategy that some offline casinos may use to keep gamblers gambling is to keep giving free alcoholic shots to gamblers as they gamble. The chances of making wrong decision while drunk are higher than when decision are made in a normal sober state. This is why gamblers who cannot control themselves and their decisions when they are drunk are advised to avoid taking alcohol or any related substance while gambling so they can make better decisions.

[swogerino]

I’m not sure if this story was already shared here but I just recently watch this gambler sad story from social media that is really heartbreaking.

The subject is Terrance Watanabe which is a successful businessman who has a huge business and money that becomes addicted on gambling. He lose a total of 127M which is all his fortune that he earn from his business. Imagine all your hardworking was turn out to nothing after a few years of gambling addiction.

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.


Source: https://www.cbsnews.com/news/gambler-lost-127m-in-2007-sues-casino/

Apparently the casino did not have any rakeback offer for him and jokes apart it is only his responsibility that he lost all,no one forced him to go to the casino as when someone has a whopping 127 million dollars there is no logical sense to go to the casino and lose it all,you can go and have fun with some money but never overdo it.Unfortunately is a vicious cycle which never looks like it has gone to make anyone happy as I don't know someone who increased their fortune through gambling.

[Zoomic]

Addiction! Who gambles for 24hrs straight? One interesting thing about Terrance Watanabe is that after his first losses, he didnt stop there, he kept gambling until he lost everything. This is how dangerous gambling can be if not done rightly. He is sick and needs help. If he had such amount of money,  what else was he looking for gambling like he desperately needs to make millions overnight. I feel sorry for him and I just hope he got help.

With stories like this circulating the media, many gamblers will still not Learn until it happens to them and then they learn the hard way. These are issues that can lead One to commit suicide or fall into a long time depression. These misfortunes can be avoided if gamblers can protect themselves by gambling safe.

[Frankolala]

Someone with such business that worth 127M what is he looking for from gamble, because I would not say that he is gambling for fun due to the amount of money he stakes  and the length of hours he spends gambling in a casino. Addiction is bad for all, especially the wealthy ones, as they will loss everything and remain a puppa.

Addiction is like a plague and that is what every gambler should put in mind that gambling is a game that you must lose, no matter how much money you have or you use to gamble, and no matter how long you spend in the casino, it doesn't change anything and this is why we need to gamble responsible by using only the amount that we can let go after having fun with our bets. Gamble with caution to avoid getting wrecked due to addiction.

[GxSTxV]

This is a story that should be taken as an example. Whenever I remember stories like that I reconsider my gambling actions a lot. Gambling addiction is a very serious issue.

This doesn't mean everybody will go through the same thing this man did, it only depends on how weak someone can be in front of risky things like gambling. This guy went completely broke and with this big amount of fortune just because of something like alcohol and gambling. If you are a mature responsible person you wouldn't let yourself go that down.

[joniboini]

I believe the casino should be party responsible to this since they knew how huge the money this guy lose yet they continue to offer him a huge credit line to gamble even though the intoxication is clearly visible.

I don't recall seeing casinos stop people from gambling even though addiction signs are there. Maybe they will do that when a regulation asks them to do so, but I doubt any business will block a user when he brings them a lot of money. I remember having this same discussion on another thread, with more or less the same topic as this one. What OP shared is definitely one of the biggest losses that I've read so far.

[SamReomo]

It's first time I'm hearing that and I truly feel bad for that guy. Gambling addiction is so bad that it somehow blocks all your nerves and you don't understand what you're doing.

The addicts are unaware that they're destroying their lives with gambling addiction. $127M is a cumbersome amount of money one can have but that guy lost all of it within 3 years.

That's why one should learn and understand about gambling responsibility, because a gambler who doesn't gamble with responsibility end up losing everything.

[dothebeats]

When casinos are being overly friendly, it just means that they want your money and they don't really care for your well-being at all. They just want to suck you dry off your money and get it for themselves. It's unfortunate for the man to not read the signs and avoid this outcome early on. He already lost millions, he should have stopped when he still has the time and the money and call it quits even if he's a loser.

If I have that kind of money, perhaps I will look at gambling as a form of leisure and not as a form of a money-making venture. I don't get why these millionaires still look at gambling when they managed to expand their businesses and make huge amounts of money off of it. Humans can never be contented at all, I guess.

[cabron]

Kinda like Dana White thread who drank himself while gambling. And in the morning he thought he only lost 80k but it was actually $3M. The casino is playing tricks on these guys into drinking and then allowing them to bet as high as possible even when they are obviously intoxicated.

127M is a lot of money. People would leave gambling forever upon making 1/4 of this amount just to relax somewhere in the Bahamas. It's insane how the guy still ends up addicted to gambling when he is already rich.

[ethereumhunter]

That's a big lose for someone who playing gambling. With all of his lose, he must learns that playing gambling too much can makes him lose big money. If he drunk while playing gambling, he will not realizes what happens to him because he will lose his minds and can't thinks clear about what he's doing. He will only follows his desire to playing gambling without thinks about losing his money and that can be a big lose for him. That's an important lesson for us that we don't have to drinks until drunk while playing gambling because that can gives a big risks to us whether we can playing gambling aggressively and not thinks about how much money we will spends in playing gambling. We can lose all of the money from our hardworking in gambling and there is no big chance for us recovers our lose in gambling.

[Dr.Bitcoin_Strange]

I guess this particular story has not been shared on this board, but a different, similar sad story like this one has been shared here before. 

The cause of this kind of action from a gambler is particularly because they allow the lifestyle of other gamers to influence them, and they also allow greed to wallow them. 

I remember I have talked about one civil engineer in my place who got deceived by another gambler, and he ended up using the money that was meant for a house project that he was handling for someone to gamble. He staked with all that money, and the bet gut busted, so he ran away. The man who had the project started looking for him with the police. 

I don't just know why some gamblers will allow themselves to be at this phase. 

[darkangel11]

The more you have the more you can lose. This reminds me of that story about Dana White, who lost a lot of money while playing drunk and he didn't even remember that. It wasn't even a million, but more than most of us ever bet or will bet. For him it was just one night at a casino.
We all live in a bubble and in that bubble we have our small worlds, friends and families and we don't compare ourselves to people from other parts of the world but mostly to people in our own bubble. That bubble defines what we find as living standard and what we see as expensive. A billionaire will feel like buying an island or a town is expensive, but for someone in a poor country a used motorcycle will be a large purchase. I'm sure for Watanabe betting $5 million wasn't big.