Losing all your fortune with just 3 years

[Lanatsa]

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/

When it comes top potential loss then gambling could fucked you hard if you wont be that aware about its risks but since we are just humans and on the time that we are already that too addicted by it then
it is really that not easy on saying such things when you are on such condition on which the primary thing that you do have in mind on that particular time is that you should play even more, plus there are things which could affect your decision with those things like being drunk or being offered by something that interesting by those casinos and other schemes. There's no such thing about unlimited fund in gambling on which on the time that you do put up yourself on such condition then potential loses would be enormous if you dont have that kind of control because you could really be losing all the things that you do have
no matter how rich you are or how much money you do have.

Gambling could fucked you up hard if you would be letting yourself having no moderation or control towards your finances. It is really just that too sad that
there are people who are really that losing it all and would be having that regret in the end of the line.

[alastantiger]

I have seen a story like this before but I did not give it attention you do to the fact that there are many similar stories just like this. Who do we blame for this the casino,  or the Gambler? Well this is not a time to apportion blame rather to look for solutions to prevent the next person from losing his life fortune. I will always advocate for an increased awareness of gambling addiction help campaigns on social media, television, radio, newspaper ,billboards, and any other channels that can be used to reach the general public no matter where the are.

[Oilacris]

I have seen a story like this before but I did not give it attention you do to the fact that there are many similar stories just like this. Who do we blame for this the casino,  or the Gambler? Well this is not a time to apportion blame rather to look for solutions to prevent the next person from losing his life fortune. I will always advocate for an increased awareness of gambling addiction help campaigns on social media, television, radio, newspaper ,billboards, and any other channels that can be used to reach the general public no matter where the are.

It would be a never ending story as long that gambling industry would really be existing and as we all know that this industry is really that progressive and something
that generate huge revenue year by year which basically means that there are tons of people who do keep on depositing and losing their money. Besides, if we do look around on how many
websites/platforms or physical gambling places that stood up? Then this clearly shows on how many people do keep on playing gambling despite of the risks that it do give out. 3 years or even shorter or simply there's no specific time for that on which gambling could mess up your life if you wont be having that moderation with your spending. Just like on what you have said that these kind of stories would really be continuing to pile up even more or something that would be called as an ordinary day as long it do exist there would really be these kind of stories that would surfaced out.

[STT]

This guy is famous, Ive heard of him many times and mostly as just a big gambler not this more recent story of losing it all.  He no doubt did alot of partying and got carried away but its not a singular fault imo.

Terrance Watanabe which is a successful businessman

Anyone big in business to the extent of earning millions will feel bereft just stepping away from their company to spend the money, taking the time off and not managing the company alone could result in a vast change of fortune possibly.   That whole dynamic of business management is a gamble that could have led to losses.

I would consider all angles to this, the likely drinking problem and the lack of work ethic replaced by entertainment and gambling is unfortunate.  If it was in the majority a family business, perhaps more of this wealth should have been held in trust to last more then just one generation.

I cant say I'd be any better in my performance given all the temptations and free gifts with fabulous hotels he was given, I would at least half my bets when consuming alcohol as its the simplest action to take and alters the game not at all.

[Fivestar4everMVP]

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/

I have across stories of this same sorts several times in previous times, and one thing very sure is that, they are always very touching, making one feel very sober and pity the victim, but you know one thing?
I usually don't believe such stories to be true, or to not be completely true because the amount of money is that usually involved is always exorbitant, for I personally can not imagine myself gambling until I go completely broke and my businesses collapsing in the process after I have made and counted in millions of dollars before or in previous times..

But on the other hand, I understand how terrible being addicted to something can be, most especially, addiction to gambling, but I still consider those who are victim to this as foolish people and do not pity them at all (this is if their story is usually true by the way), because If I was in their shoes, seeing what being addicted to gambling is doing to me and the possibility of losing all my wealth, I will rise and seek for solution, ways to help myself get free from the addiction before I lose everything, this is why I usually don't believe such stories to be true, or maybe victims to such tales as this usually do not think.

[bitbollo]

if it is true that the casino staff provided painkillers (very powerful drugs that can only be used on prescription) it is actually really bad problem.

For the rest, unfortunately, although some casino marketing policies are to be condemned, I believe that unfortunately the victim also had his serious problems in this matter, gambling was just one of the problem. I find it surprising how friends, family, staff have not taken drastic solutions to avoid what happens...

[Juse14]

Terrance Watanabe's tale represents a tragic case study that portrays the calamitous repercussions of succumbing to a gambling addiction. An individual who had attained success in his business ventures and amassed wealth through diligence and ingenuity only ends up squandering it all due to his involvement with gambling. It serves as a demonstration of the potent force that an addiction to gambling can evolve into, as well as its capability to wreck an individual’s life within a short span of time. The most poignantly sorrowful facet of this narrative is how Watanabe becomes ensnared by a pernicious ploy orchestrated by the casino.

This account underscores the significance of being cognizant of the risks associated with gambling, it also underscores the need for heightened protection towards those vulnerable to detrimental practices propagated by casinos. Let this also serve as a reminder for each one of us concerning the perils that addictions entail, prompting us to extend help if we, or someone within our circles, are entrapped within an unhealthy vortex of gambling without realizing its adverse effects on their life.

[Franctoshi]

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/

This story just reminded of a thread I came across here which titled rich Men who gamble are those that are addicted to gambling, Could this now suggest that this is truly? Well, I still don't think so.

Back to the topic of discussion, sometimes isn't addiction, it's greediness, because what would make that man risk/bet such an amount of knowledge fully well that this is the money he has made over the couple of years from his Business just lost within a twinkling of an eye, let forget about addiction, because what usually leads gamblers into becoming gamble addict is greed, which later graduates to addiction. As its always being said gamble with an amount of money you can afford to lose period.

[ChiBitCTy]

While I certainly have a heart for anyone that is struggling with any sort of addiction, and gambling addiction is no different, I'm not sure you can really blame the casinos here for this man losing this massive fortune.  I mean sure they could be using "suspect" tactics to lure people in to their casinos, but no one HAS to gamble at their casinos, and everyone has free will to come and go as they please.  Still, very sad.

[Alphakilo]

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.

True words which I agree to. Makes me think how people can gamble when drunk. Usually a casino is not a place where you go alone. From experience, you go with friends and when you are drunk and want to place a bet those friends should be able to stop you from doing something stupid because they know you are going to lose. But this doesn't happen.

While I certainly have a heart for anyone that is struggling with any sort of addiction, and gambling addiction is no different, I'm not sure you can really blame the casinos here for this man losing this massive fortune.  I mean sure they could be using "suspect" tactics to lure people in to their casinos, but no one HAS to gamble at their casinos, and everyone has free will to come and go as they please.  Still, very sad.

We have free will. Casino is just a business place and they are not their customers mothers. They have their own measures that prevents people from gambling and I don't expect them to force anyone to abide by them. I agree with you that the casinos cannot be blamed for the loss of anyone's fortune. The world needs more people to be accountable.

[rahmad2nd]

In the last link you shared, at the end of the story the Journal noted that the Nevada Gaming Control Board had opened an investigation into allegations that Harrah's violated gambling regulations. So, this story is old and I'm not trying to find out the results of further investigation. However, there is something interesting to me in the story shared in this thread. It is written that this 52 year old man from Obama has gained wealth by running his family's business. It is important to note that this man indeed had the privilege of wealth belonging to his family.

The main thing I want to discuss in this article is not about how this case happened, especially regarding his defeat and the involvement of the casino. yeah, it was the privilege he had before that ultimately trapped him in the damage he caused. whatever the cause, whether he was drunk, became a victim of a casino scheme or something like that. The point is, he himself was the one who got him into a problem that he himself created. Based on the link, he seems to be a man who likes to give away a lot of money. I don't know the real truth, but based on the story from the link. It is clear that he is not a generous figure, but the opposite. His style and lifestyle, the privileges he has, create a lack of appreciation for the hard work his predecessors put into their family business. I compare myself, I work hard to meet my family's basic needs. Even if I gamble, it is important for me that the money does not involve money that should be used to meet the needs of my children and wife. I appreciate every drop of sweat I shed, especially for the people at home who are waiting. As for gambling, the money I budget is only a certain percentage. and even then on condition, with limits that I can afford.

What does this have to do with this case, it is clear that there is a gap between the two of us. he doesn't hesitate to spend money as he pleases, whereas I have to manage it first so that no one is harmed, especially the family. Regardless of the casino scheme that attracts its users, the users themselves are fully responsible for their actions. why, because he has a choice as a free human being. he can play, or not, he can stop, or continue. and most importantly, regardless of the truth, IMO, he does not appreciate the results of his own sweat by running his family business, even how the family built the business, which he spends at the gambling table.

[Die_empty]

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.

This event happened in 2009 but the moral is evergreen. This story is a reminder that one can lose a fortune on gambling if there is no control. We don't have to wait until we suffer the same situation which will make us regret later, it is time to have a gambling budget and gamble responsibly. His greatest undoing was gambling under the influence of alcohol and illicit drugs. At this point, he would have totally lost control of his ability to reason which would lead to continued losses.

His favorite casinos also contributed to his losses. Since the state law states that anyone under the influence of alcohol shouldn't be allowed to gamble, these businesses failed to obey the law. Rather they gave him more drinks, and drugs and made him comfortable so that he would keep gambling. I never knew that such a law existed because I have seen drunk people in casinos gambling heavily without any restrictions.

[Odusko]

This is a bad outcome and a case of high addictions the man may have some order underlying mental issues that may have resulted into him making such decisions of gambling uncontrollably, because for him to haveade such fuetun show's that he is a wise person because without financial Wisdom one can not succeed in business.
But to give it all up within a space of three years is somehow absurd and a rear case to be properly analysed in other not to blame the outcome on just gambling addictions.

[alani123]

It's so weird to hear someone lose so much in a casino.

It's pretty frequent to hear someone losing all their money but very few people have millions and millions in cash. So really this story just makes me wonder what kind of casino allows such large wagering for someone to go through millions. The fact is that if a casino allows you to wager any amount they should also pay out the full winnings.

The case of this specific individual would probably mean that he was going back to the casino many many times and kept losing. He should have had a wake up call, someone from his family intervening or something. The casino just did its job in this case. Turning over money generating volume and in the end winning as it always does. It's not that complicated. So to sue the casino is an option to pursue something but probably will amount to nothing. If there was a law that would allow those suing a casino to get something back then there would be no casinos probably.

[Gozie51]

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.

Well if he settled out of court with Caesars Entertainment on the matter of his losses and being inebriated by the alcohol made available to him by the owners of the casinos, it means he has a case and was able to prove that he didn't intentionally go that far with uncontrollable gambling. Like you don't settle out of court if you actually don't have substantive case. I guess the casino didn't want him to blow up the issue on the way they took advantage of him, perhaps.

This to me is also part of the negative aspect of being an addictive gambler. Someone can take advantage of that like in offline gambling too especially, some friends can continue to gamble with you if they realized you have been on a losing streak and no longer able to control yourself yet you have enough bankroll, so they want you to continue gambling  

[ShowOff]

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.

There is no limit to how much money a gambler is willing to spend to satisfy his desires at land-based casinos, unless the government has set specific rules. I don't know if there is such a rule where gambling has been legalized, but if there is then it will certainly help a seriously addicted gambler to stop midway when he has reached his limit in a day or in a month.

Online casinos have asked and told their customers to gamble responsibly in their TOS. Customers need to read it to be aware of the signs of addiction and how to minimize it, but addiction problems are the most common among regular gamblers. Losing such a large amount of money is very sad, but in this case who is to blame?

[Wexnident]

~

Why does it look like it'd take more time to handle the issue, there's even witnesses and even the staff themselves have said that they let Watanabe gamble under the influence of alcohol. I was about to question why it's not a law that they shouldn't gamble under its influence but it seems like it's already a thing. And jesus christ, being the sole source of 5.7% of a casino's total profit in a year is freaking insane. I'm just weirded out how it took that much for him to notice that something was going on.

I hope he wins the case

~

There is no limit to how much money a gambler is willing to spend to satisfy his desires at land-based casinos, unless the government has set specific rules. I don't know if there is such a rule where gambling has been legalized, but if there is then it will certainly help a seriously addicted gambler to stop midway when he has reached his limit in a day or in a month.

Online casinos have asked and told their customers to gamble responsibly in their TOS. Customers need to read it to be aware of the signs of addiction and how to minimize it, but addiction problems are the most common among regular gamblers. Losing such a large amount of money is very sad, but in this case who is to blame?

.

If it was pure addiction then yeah, the fault lies among the gambler. But it seems like this addiction was under the influence of alcohol, and trusting the article, it seems like the Casino law itself states that it's not allowed.

From the article:

Now he has filed a civil suit, claiming casino staff regularly plied him with alcohol and painkillers in order to keep him gambling. Casino rules and state law both say anyone who is visibly intoxicated should not be allowed to gamble.

[iBaba]

This event happened in 2009 but the moral is evergreen. This story is a reminder that one can lose a fortune on gambling if there is no control. We don't have to wait until we suffer the same situation which will make us regret later, it is time to have a gambling budget and gamble responsibly. His greatest undoing was gambling under the influence of alcohol and illicit drugs. At this point, he would have totally lost control of his ability to reason which would lead to continued losses.

I honestly don't still understand why people drug themselves while gambling when they are fully aware that gambling has to do with money and a wrong decision could cause someone his financial life. Imagine if you're going into a business and signing a contract when you are drunk. How do you ensure you are taking the right decision during such period?

I like to see gambling like that especially when money is involved. Although it is a past time for people, but a chunk number of people who play gambling today are absolutely after making the profits therefore playing it with all their intellects and energy to win.

The advice I will give to any one already deeply into gambling is not to gamble when they are depressed or when they are drunk and must always gamble responsibly especially with what they can afford to lose.

[Cantsay]

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.

Well, the fact that this happened in 2007 and still not many people heard about it and learned from it only shows how much stories that talks about gambling ruining people’s lives are not being pushed to the surface of the internet.

If this story was about how someone gamble with a penny and won millions you’ll see the news still in circulation despite being old but those that are meant to educate the masses are being kept away from them. It just pathetic how the contents bloggers are now spreading to younger viewers.

[AmoreJaz]

This event happened in 2009 but the moral is evergreen. This story is a reminder that one can lose a fortune on gambling if there is no control. We don't have to wait until we suffer the same situation which will make us regret later, it is time to have a gambling budget and gamble responsibly. His greatest undoing was gambling under the influence of alcohol and illicit drugs. At this point, he would have totally lost control of his ability to reason which would lead to continued losses.

I honestly don't still understand why people drug themselves while gambling when they are fully aware that gambling has to do with money and a wrong decision could cause someone his financial life. Imagine if you're going into a business and signing a contract when you are drunk. How do you ensure you are taking the right decision during such period?

I like to see gambling like that especially when money is involved. Although it is a past time for people, but a chunk number of people who play gambling today are absolutely after making the profits therefore playing it with all their intellects and energy to win.

The advice I will give to any one already deeply into gambling is not to gamble when they are depressed or when they are drunk and must always gamble responsibly especially with what they can afford to lose.

And to think that after a year, if you are already seeing losses, you should already be aware of what's going on with your financials. But if it will continue, then, it means, you are being delusional as you for sure already know what's going on and yet, you are not doing anything. You won't reach to that level - losing multi-million of dollars, if you are sober and have the awareness of your actions. Or you are too stubborn to change your lifestyle because addiction and drugs are already in your system.