Losing all your fortune with just 3 years

[Viscore]

I could never loss that big but I could be bankcrupt if I let myself addicted in gambling. just to bad for him, he was smart enough to become successful in his business but too fool to fall on the trap of gambling addiction. if he is really good in business, he can climb from being drown and be successful again, but I wonder how that experience in his life would affect his thinking, some people might have result to committing suicide, I hope he'll stay strong.

This may not happen to us but we can always learn from that news, as long as we are gambling, we are all at risk of getting addicted, but knowing the consequences of addiction will help us minimize the risk of getting into that low life level.

[Dr.Bitcoin_Strange]

Finally, rich people have a clear knowledge on how to spend their money, so I can say that no rich gambler can lose all his money with a clear eyes. Although, it's easy to lose money on gamble but it's very rare for rich gamblers to use all their money and gamble all of them at ones. It's very obvious that he lost all his hard works just in one day because he was drunk. However, most rich gamblers don't listen to advise mostly if they sees the person given them advice like someone that's not up to their standard. They won't listen and they will ask you this question.

If they don't spend the money on a clear eye, then what do you think is the case? Are you thinking voodoo? That's not what it is, bro. 

In this case, the gambler wasted the money in three years. Perhaps something has happened to him that just made him so addicted to gambling, and gambling addiction is something that is very difficult to stop, mostly when the victim doesn't agree he or she is addicted and also when it's an addict that doesn't allow anyone to advise them. You know that it's not any kind of person that can just walk up to a rich man and advise them; they usually have their circle. 

[Webetcoins]

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.

That's exactly how I think about such things.

Someone who builds an empire from scratch cannot be as reckless as this guy who loses all his wealth in gambling. A hard-working person knows what it takes to earn money and to become financially stable or independent, and such a person can never spend all their money on useless things.

I know the guy was addicted to gambling, but he wasn't addicted initially, he could always back off knowing that he is spending way too much money on it. I'm pretty sure he was in his senses in the initial stage when he started gambling, and no one gets addicted to gambling so quickly, it takes some time for them to reach that state.

[blckhawk]

I could never loss that big but I could be bankcrupt if I let myself addicted in gambling. just to bad for him, he was smart enough to become successful in his business but too fool to fall on the trap of gambling addiction. if he is really good in business, he can climb from being drown and be successful again, but I wonder how that experience in his life would affect his thinking, some people might have result to committing suicide, I hope he'll stay strong.

This may not happen to us but we can always learn from that news, as long as we are gambling, we are all at risk of getting addicted, but knowing the consequences of addiction will help us minimize the risk of getting into that low life level.

You will never know for sure until this happens to you, that's the thing about this one. Even if we try to relate and put our feet on Watanabe's shoes, we still can't fathom what we should do next, that much money would probably make some of us think that we've got an infinite money, that's why I believe that even if the case where we're put into that situation, it will probably come to the same end. Also, addiction isn't something that you would know that you've contracted, it will manifest without you noticing it and by the time someone points it out, you're already addicted so it's for this reason why I don't think that he's a fool for falling for the gambling trap, some people are just too obsessed that it just clouds their judgment. Knowing is one thing but actively preventing and having the discipline to not get addicted to something or just straight up saying no is another thing.

[Mr. Magkaisa]

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.

        -    5 million dollars in a single? man! that crazy, really crazy mate. It's a lot of money. In our currency here in the country I'm in, that's equivalent to 275 million in our money. My family can live for up to five generations. That gambler is definitely very rich; well, that's their money, and they're just enjoying their lives, and they saw that when they played at the casino here with cryptocurrency.

While I have never earned 1 million dollars in my entire life because I am not rich, how much more can 5 million dollars be? It's crazy, to be honest.

[Julien_Olynpic]

Who is to blame for a person playing while drunk? I think there is no one to blame for this. No one forces a person to drink, no one forcibly pours alcohol into him. The fact that he made a lot of money from the business is cool, but he apparently played not for fun, but to increase his capital. The desire for quick wins and easy money ruined him. Of course, it’s a pity that most likely he won’t be able to get his money back. This is a harsh lesson not only for him, but also for many other businessmen and players. You can lose everything if you take your bets lightly. If you don’t know probability theory well, then don’t consider casinos and sports betting as income.

[summonerrk]

I could never loss that big but I could be bankcrupt if I let myself addicted in gambling. just to bad for him, he was smart enough to become successful in his business but too fool to fall on the trap of gambling addiction. if he is really good in business, he can climb from being drown and be successful again, but I wonder how that experience in his life would affect his thinking, some people might have result to committing suicide, I hope he'll stay strong.

This may not happen to us but we can always learn from that news, as long as we are gambling, we are all at risk of getting addicted, but knowing the consequences of addiction will help us minimize the risk of getting into that low life level.

I think the problem of gambling addiction is not that common, but if someone becomes a ludomaniac, it's always a disaster. I am convinced that awareness of the danger of gambling addiction is already half the success.
If a person understands how dangerous gambling can be for the development of addiction, then he is already on the right track to protect himself from this threat. It is important to pay attention to the signs of addiction and not allow gambling to cause serious problems in life.

But I think that discussing this issue helps everyone to stay strong against gambling addiction. After all, everyone here remembers that taking care of one's own health and well-being should be a priority in all circumstances.

[ethereumhunter]

For them, rich people gamble more than anything because they are really looking for satisfaction and adrenaline which is much more desired, many rich people don't care about the risks and losses they can incur when gambling but in the end they still lose large amounts and disappointed.
Anyone will definitely regret it if they spend quite lot of the money they have just for gambling, especially if it drains all their wealth then in state of collapse they will become like crazy people or lose their enthusiasm for life.
All of this should be able to be minimized from the start of entering gambling, but however, when you first enter gambling there will definitely only be excitement, curiosity and also emotional increases that are unstable and lead to many mistakes.

Limitation in time and finances are the main factors in context like this, isn't it very sad when someone works or does business at any time in several years and has to be destroyed because of ephemeral pleasure and satisfaction.
Maybe after something like this happens they will be able to think properly and that is the experience that is called the most useful teacher.

If rich people don't care about the risks and losses, they will lose much money or all of their money. Playing gambling must have control to avoids the big lose so no matter if they have much money, they must not use big money to gamble. It's better they use their money to create a new business that can gives them profit than just playing gambling. Using the big money to playing gambling is never suggested because that can drain their wealth fast without they can realizes. When they see that they already lose some money, that will be the time to stops their gambling activity and leave the casino. There will not be a good decision if they deposit more money just to keeps playing gambling because that can cause them lose big money.

Yes, limitation will be the key to prevents the big lose but they can still enjoy playing gambling. With limited money and time, they will not have to worry with losing much money because they can knows how much money they will use to playing gambling. We all have bad experience while playing gambling but we can fix that so that will not happens again.

[Outhue]

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/

As a gambler who likes visible-located casinos, don't ever take any free drinks or food from the casino, you can be a target without you knowing that you are.

Especially people who are rich like this man, they will want to get the best of him for sure, he let his guide down and got stung, I will blame the casino for these losses, they are preying on him to make him lose.

I also don't get why many rich men like this person will decide to gamble with millions, I have friends who told me that if they can get some amount every month as salary they will stop gambling forever.

The reason why many people are into gambling is to make money, and the other few are here to have some fun, many will choose to walk away from gambling if they are already worth millions in dollars.

[Litzki1990]

The amount of money he had earned hard throughout his life and the position he had built up in the society, he had lost in no time. In this case I must call him a fool because how can a person who can run his business in such a good condition get addicted to gambling and how can he get addicted and lose all his money. It is certainly a sad case but the person you mentioned must be very greedy and very stupid because if he was not extra greedy or stupid he would never have gambled away his entire business money. His incident will be a lesson for some traders. There is no problem if you have a habit of gambling but don't let the habit become an addiction because whenever the habit becomes an addiction it will bring its own destruction.

[coin-investor]

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 article was written in 2007, and the update on the case was

Caesars Entertainment Corporation was fined $225,000 by the New Jersey Gaming Commission for allowing Watanabe to continue gambling in a highly intoxicated state,

In 2017, Watanabe announced he had prostate cancer and he began a GoFundMe campaign to raise $100,000 for an operation. In 2022, Foundation Media Partners acquired the exclusive rights to Watanabe's story.[

https://en.wikipedia.org/wiki/Terrance_Watanabe

The moral of the story here is even if you are the wealthiest man in the world, you can blow everything or lose everything you worked with on gambling it takes a year to lose everything that you've worked hard all your lifetime, so draw the line with money that you can afford to lose and don't let your ego play and if you're drinking a lot do it at home not in a casino, because casino might take advantage of you during your weakness or when you're drunk.

[boyptc]

That's a serious f*** up story from that businessman. Whoever gets to enjoy his wealth but then suddenly falls into gambling will have to deal with the consequences.

He worked hard for his assets and what he's got then it will turn out to be gone easily.

I can't imagine how painful it was for him and to the people that are caring to him most.

[Zigabel]

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 is why we have always advised that gambling should be done on the basis of having fun and aswell if you must gamble, make sure to risk that which you can afford to loose and not that which will cost you a fortune because most gambler end up in situations as this that they get to loose their fortune to the casinos and it turns out the casinos don't refund Even if you have lost a fortune neither do they compensate you for loosing a certain amount at a particular time because they know if it were you who got to win such amount, you most likely wouldn't even ask the casinos to keep some of the funds you will rather take all and even more if possible.

The casino happens to make profits when they get such big losses from their customers, it's always advised even by the casino that one should always try to stay responsible as much as possible at the casino by gambling with only that which they can afford to loose basically it was just the fact thst that man lacked discipline and at some point greed that got him to that point in his gambling habit.

[STT]

Both alcohol addiction and even gambling can be considered an illness which does seem to indicate he has some leverage in his court case to argue his poor health and unsuitability to gamble.   

I would expect a settlement of some kind to occur, you could even consider it some form of cashback or return on his losses.  Casino already sometime give back bonuses on that basis so they might be more amiable then first appears.

   Obviously somebody is advising Terrance and giving legal representation.   If he is broke they are taking a cut of whatever earnings from the court case come forward so they are confident in being paid, I expect some payment tbh.

[madnessteat]

~snip~

Uh-huh. Alcohol is evil, so it's best not to use it when money is involved. It doesn't matter whether you are in business or gambling. Do it sober, and then get drunk if you want. Alcohol and drugs can stupefy the mind, and we all understand that to leave the casino with a winnings in such a state is very difficult. I do not understand why this person after the first major loss did not realize that to repeat this experience is clearly not worth it. Or he continued gambling without sobering up?

[rodskee]

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/

That is not  sad story  in which forme a stupid story instead ?

who is in his right mind that will let His all time earning to lose just like that? where in the world .

Sorry to say that but i am not for here to sympathize because he do not need that .

and also that is the casino scheme but that is our own decision to make to gamble while we are drunk.

[Poker Player]

On the one hand I want to say that he is a fucking idiot who could have lived a life of luxury for himself and his descendants and has screwed up because he is an idiot. But on the other hand, I understand that there is a big problem of addiction and compulsive behavior behind it.

That is not  sad story  in which forme a stupid story instead ?

who is in his right mind that will let His all time earning to lose just like that? where in the world .

That's why I say, you have to be crazy, you have to have a deep psychological problem to do such a thing.

[milewilda]

That's a serious f*** up story from that businessman. Whoever gets to enjoy his wealth but then suddenly falls into gambling will have to deal with the consequences.

He worked hard for his assets and what he's got then it will turn out to be gone easily.

I can't imagine how painful it was for him and to the people that are caring to him most.

We do know that there's no such thing about unlimited money on this world. No matter how wealthy or rich you are but the chances on losing it all would really be still there. It might take up some time specially
if you do have that income sources but on the time that you are already spending which is more that on what you do earn then this do really shows or putting up the tendency or probability that you would be losing it all.
Just like been said earlier that there's no such thing about unlimited fund on which is that using up on gambling or the amounts involved talk about which is more than on what you are earning that messing up your life with is something that would really be already next in line. It would really be just that a waste if someone would be losing all his/her wealth because of unresponsible gambling.

Regret do always comes at the end and not earlier. It is really just that impossible that you wont really be able to notice that you are already spending that much but since you are confident because you are rich
and having that multiple income source then that confidence would really be leading into demise. Imagine it did take 3 years which is already long but losing all the money or wealth that you have established yourself for too long and vanished into thin air just because you had made yourself that become that irresponsible on the actions that you are making. Gambling is really just that for fun and not for making more money.
Once you do have that kind of mindset and impressions towards gambling then sooner or later you would really be ending up on a disaster.

[bubilas]

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 think we need to be able to appreciate what is given to us. If he had that much money, he could just stay away from work all his life and enjoy his vacation.
But this man decided that he needed even more money. Either he was jealous of other rich people, or he wanted some expensive purchases, but so really heartbreaking.

In general, with his huge money, he could hire good doctors and psychologists who would get rid of his addiction.

[Julien_Olynpic]

There is a very good proverb: “Greed leads to poverty.” Very well said, in my opinion. Most smart investors and businessmen become more conservative as their capital grows. And this is quite rational behavior: in fact, why risk most of your capital when you are already rich and will have enough money for the rest of your life? But, apparently, this is a special form of gambling addiction. So to speak, the gambling addiction of rich people who go crazy with their money.