Losing all your fortune with just 3 years

[Hewlet]

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/

he is first off, not a good business person. He should have been wise enough to know that you don't mix business money with your personal money. You don't even gamble above a certain rate from your personal money and you want to go to the extent of gambling with a business money? That's really crazy.

I don't want to be too harsh on him and wouldn't also pity him that much cause if we're being realistic, most addict sees all the signs and red signals but still choose to walk along with it. Once you're addicted, anything can happen and we've had worse off cases when people had even stolen thier bosses money to gamble and end up being sacked and wrecked. The best way to go about any form of addictive lifestyle is to set a limit, stick with it and ensure regardless of the pressure and urge to continue gambling, you don't go above it.

[Jawhead999]

Why Harrah's didn't return the money to Watanabe? they broke Nevada's gambling regulations, so they need to responsible with all the losses. Even though Watanabe is the one who placing the bet, but if Harrah was kick him out from the casino, Watanabe will not lost all of his money.

It's clear we see a double standard here.

When the gambler hit the jackpot, the casino will use any strategy to not pay the winnings, one of the ways is accusing the gambler use tainted money, so he's not able to withdraw, instead they will return the deposit amount.

But when the casino made mistakes, they didn't want to bear it instead they blame the gambler.

[Odusko]

For Watanabe the guy in this situations to have lost $5m and still be confrotable indeed shows the level of his deep addictions, although the most important thing right now is to make sure the once successful business man didn't go into depression now that he hard lost his entire life furtun because situations like this are what triggered depression and possibly suicidal thoughts which could be a dangerous state if the guy find himself lonely.
So family and close associate need to rely round him at this point, this is when he needs Their support the most because this is a highly trying time for him since he has addiction to fight and also loses to recover from.

[Findingnemo]

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.

It's mainly happened due to the addiction but there are other factors here that reduced his decision-making ability which is getting drunk while he should be crisp and clear so he could also be an alcoholic telling this from my experience.

Indeed 127M dollars is huge money which won't even be possible if most of the people work their asses of their entire lifetime. I just wonder how come someone successful in his career busted everything off in that way which means he took this gambling as an escaping way that he struggled in his personal life.

Moral of this story: Don't gamble when you're emotionally weak and drunk.

[Aanuoluwatofunmi]

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.

Should we be influence by others from the way we gamble in other that after the deeds has been made, we will be left with the consequences on our actions, friends or other peoples influence in the way we gamble should have limits, we cannot accept every advise given to us by people around us when we don't even have an idea of what is at stake if we go by their advise, because at the end of the day, we will be left alone to bear the consequence by ourself.

[Accardo]

For Watanabe the guy in this situations to have lost $5m and still be confrotable indeed shows the level of his deep addictions, although the most important thing right now is to make sure the once successful business man didn't go into depression now that he hard lost his entire life furtun because situations like this are what triggered depression and possibly suicidal thoughts which could be a dangerous state if the guy find himself lonely.
So family and close associate need to rely round him at this point, this is when he needs Their support the most because this is a highly trying time for him since he has addiction to fight and also loses to recover from.

Don't be surprised that if a player wins such an amount he'd still wager it back to the house. It's quite a sad story for a wealthy business man to self inflict brokenness to himself. I'd always remind people of the negative impact of gambling for both the rich and poor. People think of the rich being immune to gambling problem. Yet same thing happens to all of us with a brain. What was he actually thinking? One would ask, to have lost all that money within few years. He's rich why then does he go after losses. It's sad, but it largely or broadly levels the notion of excessive gambling not only a habit for the low rollers or low income players.

As you said, the did has been done, and his health should be the next move from his family and friends. Because such a man would be undergoing some anxiety and depression currently. And such a situation is not familiar to him, maybe he wasn't experienced in gambling and got caught up with the compulsive gambling syndrome. Unfortunately, people who stay around wealthy men don't actually advise them, because the rich always appear intelligent. This is the right time to help him through and effective advise, reminding him of the further pains he could face if he's not prepared to stop.

[Dr.Bitcoin_Strange]

For Watanabe the guy in this situations to have lost $5m and still be confrotable indeed shows the level of his deep addictions, although the most important thing right now is to make sure the once successful business man didn't go into depression now that he hard lost his entire life furtun because situations like this are what triggered depression and possibly suicidal thoughts which could be a dangerous state if the guy find himself lonely.
So family and close associate need to rely round him at this point, this is when he needs Their support the most because this is a highly trying time for him since he has addiction to fight and also loses to recover from.

Those that have to stay around him now to avoid depression, like you said, should have stood by him to caution him from the start while he was still throwing his money away gradually on gambling. Those kinds of people need help from the early stages, when they have not deeply been wallowed by gambling. That amount is really huge, and the fact that it took him three years to spend it all on gambling is what surprises me. He should have been stopped in the first or second year. 

[danherbias07]

Two faces.
1. They are letting Watanabe play even if he is drunk.
2. The casino is just letting him enjoy gambling.

It's hard to tell if Watanabe's claim is true but since it's Vegas, then getting drunk is always a part of it and I bet the casino knows he is drunk so they took advantage of him.
But if a person is fighting against a big company like that, I doubt he will win his case. True, they investigated more but I bet the casino can just let go of his debt if proven guilty and that may sum up everything without any punishment for the casino itself.

The real question is who is at fault?
Will we blame the gambler for enjoying too much since everything is there? From good hotel rooms, good drinks, and a gambling game that he loves.
Or is the casino that lacks at obeying the law to stop gamblers from betting more when they are obviously to and make more mistakes and regret it when they wake up?

Surely, this is a case that needs more investigation, but the article is old (2009) I bet a decision was already made.
Wiki

Caesars Entertainment Corporation was fined $225,000 by the New Jersey Gaming Commission for allowing Watanabe to continue gambling in a highly intoxicated state, though Watanabe's losses occurred in Las Vegas.

[dimonstration]

…..

Those that have to stay around him now to avoid depression, like you said, should have stood by him to caution him from the start while he was still throwing his money away gradually on gambling. Those kinds of people need help from the early stages, when they have not deeply been wallowed by gambling. That amount is really huge, and the fact that it took him three years to spend it all on gambling is what surprises me. He should have been stopped in the first or second year. 

dealing with this kind of people is very hard to do because they are difficult to approach due to their financial status. Watanabe is a rich guy so obviously he will not hear other people suggestion to him when regards to money or other people will don’t even dare to lecture him on how to control his gambling expenses because he accumulated his money through his own business.

Also this type of people has a huge ego so correcting them is very hard to do unless they already suffer on great failure. It’s very hard to believe that a successful businessman will fall to a trap of casino though.

[ajiz138]

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.

If under the influence of alcohol then it will spend more without realizing it because he does not realize how much bets have been spent, even if he is addicted to gambling maybe he will not spend so much because seeing the numbers at stake he might realize even though he is addicted.

But this is indeed like it has been deliberately by the casino staff to continue to be given alcohol so that it can affect their minds to be empty to not remember anything even though they are gambling, so this is a complex problem for me gamblers still want maybe he is also a big lover of alcohol.

[Slow death]

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

Cases like these show how we always need to be moderate in the things we do, this guy was rich, he wasn't playing to make money, he was playing because he likes to take risks, he thought he was invincible and when he started losing, he didn't want to accept defeat, That's why he continued playing in search of recovering what he lost and in the end he became addicted and lost everything. If he had focused on having fun with other things in the real world, not just hanging out at the casino, then he would hardly have lost it all

[GideonGono]

Imagine being successful on your business, managing your funds, capital, and income.
But couldn't escape from being addicted to gambling, the emotion, thrill and excitement that it gives that drives most of us gambler to keep on coming back till we couldn't control it anymore.
This just shows us how our life could easily turn upsidedown if we couldn't properly manage or control ourselves.

[Fivestar4everMVP]

Imagine being successful on your business, managing your funds, capital, and income.
But couldn't escape from being addicted to gambling, the emotion, thrill and excitement that it gives that drives most of us gambler to keep on coming back till we couldn't control it anymore.
This just shows us how our life could easily turn upsidedown if we couldn't properly manage or control ourselves.

To be honest with you, I can't count the number of times I've sat down to really imagine what its like, or feels like to be addicted to Gambling, and to be sincere with you, even up and until now, I still sometimes feel that this gambling addiction thing is not real, but then, I've seen people who took their own life with their own hands due to their obsession with gambling, being addicted to gambling, and having looked for all means to stop, and can't bring themself to stop, they just felt like the only way to stop was to end their life.
Having both seen this happen here in my area, and reading about the ones that happen in other places and parts of the world, made me believe indeed that addiction is real, and should be avoided at all cost.

Like I stated in one of my previous comments, gambling can be so fun, but like it's commonly said that whatever is sweet can also kill, it's important for every gambler to know and understand the darkside of gambling too much, this should keep everyone on their toes, helping to make sure that what ever style of gambling that will eventually lead to addiction, is avoided.

[rachael9385]

However, this is heartbroken but it's the gamblers fault because he allowed himself to be carried away by gamble, this is a good lesson to everyone that's gambling when they are drunk just because they have the money to spend. Moreover, I feel pity for the gambler because it won't be easy for him now that he has lost all the money that he have. Gamble is a game of fun for the wealthy people but I have been thinking that many wealthy people today gamble anyhow because they have the money. I don't see any reason why a wealthy man/woman will gamble to make money when they already have a lot of it. From my opinion I think the reasons why Terrance Watanabe wagered 127M is because he has lost more than that secretly then he now decided to weger 127M ones thinking he could win and recover his previous lost bets.

[Maus0728]

That's just so fuckin' sad because if that were my money, I would've probably done an early retirement and the desire to gamble is probably not in my body anymore but this man chose to be greedy and lost more money than his total net worth, that's one hell of a way to be addicted into gambling. I'm saying this as a conspiracy but I feel like Watanabe is specifically targeted not just by anyone though, it's probably a Yakuza thing too, I mean a businessman of that status, you probably should have some level of control of yourself, my theory is that this never started as gambling but it started with drinking, that's how they get you, alcohol lowers your inhibitors meaning that you're probably going to let your self-control get weaker and in this case, Watanabe was successfully conned by these people that works for the casino into losing everything.

I can wholeheartedly agree that this is a sad story but I have to add that this is a really good story to keep you vigilant with how you spend your money when you're gambling, you never know if you're becoming a sucker for these people so be careful. Note that, I'm not referring exactly to Yakuza, it's just that this style of losing money is akin to how they operate.

[Nwada001]

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.

First, it was the Nava gambling board that investigated the matter and ended up fining the casino $225,000 for allowing him to play even knowing his condition, which the casino can gladly pay considering the amount they made out from him only. 
 
According to the same article, it was also noted that he demanded only a $20 million refund, which is not up to the amount he wages on a weekly basis in that casino, and then took the case off the court to settle, which is another clear indication that the casino won't pay him even up to that amount and they want things to remain confidential. 
 
I'm just wondering how someone who was said to be part of the richest during his time can make such a big loss and get addicted without his close allies and family rendering him a helping hand. 

[bakasabo]

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

That is truly shocking. The person has been with "business, money and strategy" for ages. His must have been really good with money management since he has managed to build such a successful company and earn that much. And it shocking how he managed such amount of money in a single game session. And maybe I am from a different planet, but how come banks, management or whatever or whoever are responsible for him money, did not stop the deal, money transfer, no limit warning. As if he was able to place $127 millions in a single bet, and banks would give a green light for such transaction.

[Assface16678]

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

That is truly shocking. The person has been with "business, money and strategy" for ages. His must have been really good with money management since he has managed to build such a successful company and earn that much. And it shocking how he managed such amount of money in a single game session. And maybe I am from a different planet, but how come banks, management or whatever or whoever are responsible for him money, did not stop the deal, money transfer, no limit warning. As if he was able to place $127 millions in a single bet, and banks would give a green light for such transaction.

Well, its because the bank account owner is still the one that has the access to its money, so banks or lawyer doesnt have a say on what will the owner does to its money, and maybe the business man in the story put a lot of debt or loan in order to play gambling and that's why he lost a very huge amount of money, well its given for a rich man or wealthy man to be addicted to gambling because they have a lot of money to gamble with and without them knowing they are losing too much money and keep on playing thinking that they have infinite money with is opposite, the thing is losing a lot of money is faster for a rich man than those who has an average life style or status of living, its because they know they are rich so they can spend more and more without thinking.

[SmartGold01]

There are things people must do if they want to avoid addiction or don't want to lose more along the lines since people don't always control themselves when they are drunk, gambling while being drunk could cause serious damage to our lives that is why I tried as  much as possible to avoid some things that could cause more damage; avoid gambling while already being drunk, avoid gambling when you are not emotionally stable such as heart break or disappointment from partner it could be a business partner, avoid gambling while you are busy and wanting to catch up someone both in working hours or place of work.

[Marykeller]

The cause to earn more has put many people into heartbreaking losses of their fortune. How will someone be able to explain how they were once rich, and later became poor, just because they want to get bigger money from the amount they already have which is supposed to make them feel more comfortable to expand their businesses than wanting to engage in quick money like gambling that is solely on luck, which got so many gamblers to end at loss. I wonder where some people get their inspiration from, that gambling is an easy gateway to more wealth.

Fortunately, people find themselves in something that, they lost their money to, and they become comfortable with it without finding ways to quit than continuing.

It's someone for someone to lose huge money in gambling for the first day, the second day, continuously up to three years and they refuse not to quit during those times they experience the huge loses. However, I don't pity this kind of people who lose hugely in gambling because I believe that their friends or family members must have warned them of their addiction habit to gambling and to neglected their advices, hoping to recover their loses someday.