Losing all your fortune with just 3 years

[redsun114]

Easy money never stays long in our hands, that is how I observed many stories in my country who win millions in lottery tickets but all of it has gone too fast not even last a year.

And I know why he ended up like that, an empty pocket because he never knows how to manage their funds in the right way. What is in his mind is to keep on gambling, have everything he wants, and enjoy life. Yes, it is just one day when all the money is gone will realize what he did and remorse.

Maybe if we also win that amount, we also end up like that. We can't really feel the feeling of winning millions after several years of gambling, you will certainly be saying I deserved these things.

It depends on the winner's financial management skills. A person who doesn't know how to manage money and has never had or even thought of having a large sum of money would surely not be able to manage it if they win a lottery or hit a big win from gambling all of a sudden because they never had any plan or thought of doing specific things if they got this much money, so now when they have it, they get confused and out of that confusion, they spend that money recklessly.

A responsible person with good financial management skills would make great use of the money they have won. The first thing they would do is probably to start a business that they know can run very well because that will be something which will keep generating money for them. They can make investments and stuff and at the end, they might buy a house or whatever they need for themselves.

[Yaunfitda]

Imagine you are now close to having your stable life, and just because of your gambling addiction, you are suffering; it's hard to judge him, possibly because of his mindset that he can have a monthly salary and have their own business he has the backup plan of supply for his gambling activity and with that large amount seems he has a large bet every game, with the high-risk return gameplay which is possible a greedy gameplay too not all the time it works with the gambler. Even with that large money feels sorrow ideal if he make a cut loss with his gambling and not chasing too much.

Yeah, but if you have to look at it, and if you are trying to be smart, then you can be set for life if you just used your winnings for like investing in other assets and not just give it back to the casino itself. But as you have said, it's very different, individually, there could be gamblers who's mind is closed already and just wanted to continue with their gambling, hence they fall on the category of addiction.

But then again, perhaps a small percentage of gamblers who knows that their winning is not going to last and so it's better to invest and create more money and then not go back to gambling itself as they might be tempted to just push everything they have for that one big win that might not happen.

[Woodie]

This is what I don't understand, people win but still want to be at the table playing..people lose they still remain at the table to keep playing , then when do they really get up and leave that table because there is no fun losing  money and the longer you play at the table the more likely you are to lose money??? I know most people can easily be carried away from gambling but when you feel lucky isn't on your side, there is no shame in walking away and trying your luck on a different day!!!

Some sad story of gambling your life away indeed, and clear evidence of winners know when to stop..how do you lose a fortune that took you years to build within minutes  hope our friend is back on his feet trying to make his fortune back and maybe stay of gambling or play with smaller wagers...

[Strongkored]

This can make someone crazy losing 127 million dollars  and the sad part is that this is His hard earned money and His whole life and maybe of His family also .
and 3 years? maybe he battle a long trying to chase his losses and sadly ending him losing everything.

Terrance Watanabe is a very rich man but he is known as a heavy gambler and he is used to gambling in gambling houses in Las Vegas, and in fact he has been banned from gambling, it's just that there are gambling houses that still allow him to gamble, and he can gamble as long as 24 hours, so clearly he is an addict. Maybe the money he spends while gambling is not commensurate with his income in business but still it can lead him to bankruptcy, and if you check his name on Wikipedia he is known as a high roller in Vegas
https://www.celebritynetworth.com/richest-businessmen/terrance-watanabe-net-worth/

If there is a person who has an ordinary income and has been saving for years but loses it in gambling, of course, it would be a very stupid act because it would really affect his mental state and could lead to other problems that would be detrimental.

[mamesso]

~Snip~

No one wants to be addicted consciously but many gamblers are addicted. Recently I saw a friend of mine lose over 6 months of savings in betting within two days. He is so addicted that he considers gambling a part of his job. But unfortunately after losing that money he is behaving humanly unbalanced. When he shared his loss with me, I told him directly that he was addicted. But the interesting thing is that he does not admit that he is addicted. There are many gamblers who are addicted to gambling who do not even realize they are addicted. At some point they lose all their money due to addiction.

Addiction arises by itself without the gambler realizing it, he starts betting with full awareness, but the situation and atmosphere while playing will lead them to enter the subconscious which makes it difficult to stop even though they are losing continuously. Addiction should be avoided by being a responsible gambler to prevent losing all his money which can lead to depression.

The gambler never felt he was addicted, but his attitude and behavior showed that it was very difficult for him to stop gambling. Addiction will always have negative results on the gambler's attitude and also his finances. A person who is addicted to gambling needs to be monitored and advised continuously so that he can reduce his habit to prevent unwanted things from happening to him.

[zuzie]

If there is a person who has an ordinary income and has been saving for years but loses it in gambling, of course, it would be a very stupid act because it would really affect his mental state and could lead to other problems that would be detrimental.

Yes and it is really concerning after hearing such news, we work hard to collect money for years and those savings are gone so quickly and easily in just a matter of minutes.
I imagine that person must have experienced quite severe depression and could even think of ending his life immediately because it is not easy to accept the loss of a lot of money with the results of such great struggle and sacrifice and lost due to the mistakes and carelessness that he has made.

[taufik123]

-snip-
If there is a person who has an ordinary income and has been saving for years but loses it in gambling, of course, it would be a very stupid act because it would really affect his mental state and could lead to other problems that would be detrimental.

He should have a clear goal why he should save for many years.
If the initial purpose of saving is to buy the desired item or to go on vacation, it should be used for that purpose.

But some people are tempted to get into gambling that ends up using their savings little by little, then putting it all in.
It is about how control over money must be carried out strictly.

A foolish act that would make you lose money that has been saved for years should not happen if someone is not interested in something.
Maybe he sees a gambling ad or sees someone hit a jackpot of up to millions of dollars, then he tries to get the same result.

[Roseline492]

This can make someone crazy losing 127 million dollars  and the sad part is that this is His hard earned money and His whole life and maybe of His family also .
and 3 years? maybe he battle a long trying to chase his losses and sadly ending him losing everything.

Yeah sometimes that could be the course because most people always continue chasing there lost hoping they could get back what they lose and before they no everything they have is all gone and if in a case that the person is already 60 years of age starting all over will be very difficult because he no longer have the strength to start building afresh again, so perhaps like I already mentioned on my previous quote here, that's one of the reason why most people will choose to commit suicide because they cannot endure the pain and blames from people and families. So actually there are some certain risk that are not worth taking at all no matter how much they had already lose.

[ethereumhunter]

If there is a person who has an ordinary income and has been saving for years but loses it in gambling, of course, it would be a very stupid act because it would really affect his mental state and could lead to other problems that would be detrimental.

Yes and it is really concerning after hearing such news, we work hard to collect money for years and those savings are gone so quickly and easily in just a matter of minutes.
I imagine that person must have experienced quite severe depression and could even think of ending his life immediately because it is not easy to accept the loss of a lot of money with the results of such great struggle and sacrifice and lost due to the mistakes and carelessness that he has made.

That's why we should stay away from gambling if we can't control ourselves when playing gambling. Playing gambling can tempts us to keeps playing many gambling games without stops for a while and we just use more money to feels the excitements. The lose that we gets from gambling games will not gives us understanding that gambling is just for fun. That person will depress seeing what happens to him, especially if he lose everything he had.

Many people lose their money and other things they had and that makes them end their life without thinks that still have a chance to solves their problems. At that moments, those people will not see the chance instead everything is dark and end his life is the solution. That's why if you wants to playing gambling, you must have self control and many other things that will helps you to stay aware from the temptation.

[DubemIfedigbo001]

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.

isn't this manipulation on the part of the casinos or are the rights of physically stimulating and manipulating people to gamble irresponsibly part of the government approved policies for them. Targeting rich drunk and vulnerable clients to gamble out of their way should be an offense and such that the gambler should be able to sue the casino for taking undue advantage of him while he was drunk and get the casino to pay for the damages they caused him.

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 sounds too easy, I know he had also lost more in the process of recovering his loss, but finally the media only reports the successful result and not the roadmap to it. congratulations to him for the recovery and I hope he stopped leaving himself to the mercy of the casino, else he would loose everything back and start all over again.

[adpinbr]

I also want to contribute this as much as this is a huge amount it can also happen to some smaller gamblers that usually stick small amount and it happens that the person lose his or her fortune the couples of millions of dollars of personality and individuals or the person does and the person's income it not everyone that has up to a million so whatever you lost according to your income it's a fortune to you so this happened regularly every day I know it sounds so big because it's a couple of millions of dollars, so this is just how it is it's not because it's a meaning of dollars it's technically just the same thing like others and it's just an individual difference.

[entertheabyss]

I also want to contribute this as much as this is a huge amount it can also happen to some smaller gamblers that usually stick small amount and it happens that the person lose his or her fortune the couples of millions of dollars of personality and individuals or the person does and the person's income it not everyone that has up to a million so whatever you lost according to your income it's a fortune to you so this happened regularly every day I know it sounds so big because it's a couple of millions of dollars, so this is just how it is it's not because it's a meaning of dollars it's technically just the same thing like others and it's just an individual difference.

We have differences in the space but when it comes to profits and losses, we differs. We have made millions and also made huge losses which also affected our portfolio. We have nothing left except our shadows luring around, perhaps that's not the end because some of us summon courage to rise back up, while some didn't. We're always having numerous issues when it comes to gambling but we should also be extremely careful in the space.

[casinosfyi]

Yes you are right and no body wishes to be addicted some day but ones the habit of greed is installed in them, they will end up getting addicted to gamble. Gamble addiction is real yeah, it can also make a gambler to lose more money, it's important to know the kind of money/amount you can afford to risk instead of using the whole money you have to gamble and at the end of it all you lose everything.

In this story, it was of no small importance that the player allowed himself to play while drunk, in my understanding, dealing with finances while you are drunk should be taboo for any person. And here the person who managed to create such wealth, I don’t know if there is any point in blaming the casino, because this is a business, they make money when the player loses and they don’t care what condition you are in, as long as you are ready to give them your money. But if you have $127M, then allocate $1M to gambling and lose it if you want, but losing all the money is too much...

Playing or gambling why tipsy is very dangerous as situation or such mood can drain a labour of years to zero, it's one of the wrong step , the best is to avoid any gambling a moment one realize he has drunk because at that point everything appears infinitesimal and one can  
Make uncorrectable mistake.

Even at right mood is hard to win casino game as the possibility of wining is very low compared to that if the casino wining , to play such game when one is not in right mood is like death sentence as the loss with be uncountable. From op I concur it's very possible that one can loose all he labour if he happened to play gambling games under the influence of alcohol or wrong mood as it's not even possible to win easily with right sense if operations.

Gambling while drunk tend to damage the brain decision making acts and increase unreasonable risk taking.

[zuzie]

If there is a person who has an ordinary income and has been saving for years but loses it in gambling, of course, it would be a very stupid act because it would really affect his mental state and could lead to other problems that would be detrimental.

Yes and it is really concerning after hearing such news, we work hard to collect money for years and those savings are gone so quickly and easily in just a matter of minutes.
I imagine that person must have experienced quite severe depression and could even think of ending his life immediately because it is not easy to accept the loss of a lot of money with the results of such great struggle and sacrifice and lost due to the mistakes and carelessness that he has made.

That's why we should stay away from gambling if we can't control ourselves when playing gambling. Playing gambling can tempts us to keeps playing many gambling games without stops for a while and we just use more money to feels the excitements. The lose that we gets from gambling games will not gives us understanding that gambling is just for fun. That person will depress seeing what happens to him, especially if he lose everything he had.

Many people lose their money and other things they had and that makes them end their life without thinks that still have a chance to solves their problems. At that moments, those people will not see the chance instead everything is dark and end his life is the solution. That's why if you wants to playing gambling, you must have self control and many other things that will helps you to stay aware from the temptation.

That is the result if gamblers who have experienced losing a lot of money they certainly cannot accept the bad luck in their lives, frequent defeats and losing money easily and quickly make the feelings and minds of every gambler shaken terribly.
Instead of wanting to find a way out properly and quickly but not supported by the right common sense and of course he will take a shortcut like ending his life immediately.
It is better to play with the right limits so that the money we have collected over the years is not drained just for gambling.

[bangjoe]

I also want to contribute this as much as this is a huge amount it can also happen to some smaller gamblers that usually stick small amount and it happens that the person lose his or her fortune the couples of millions of dollars of personality and individuals or the person does and the person's income it not everyone that has up to a million so whatever you lost according to your income it's a fortune to you so this happened regularly every day I know it sounds so big because it's a couple of millions of dollars, so this is just how it is it's not because it's a meaning of dollars it's technically just the same thing like others and it's just an individual difference.

We have differences in the space but when it comes to profits and losses, we differs. We have made millions and also made huge losses which also affected our portfolio. We have nothing left except our shadows luring around, perhaps that's not the end because some of us summon courage to rise back up, while some didn't. We're always having numerous issues when it comes to gambling but we should also be extremely careful in the space.

Yes, it's still the same in my opinion, only the amount is different, but if you look at the percentage of money spent with a fair calculation, it will look the same where someone who only has $1000 in assets and then loses it in gambling, the case becomes the same, but the highlight is that the amount is large and comes from a well-known businessman, isn't it a very rare thing where that person must be much more aware of the world of finance and business but is still trapped in gambling and loses all his money.

Maybe there are others who are different like what you said because they know the risks and know how gambling can take a person to lose money that he cannot lose.

[piebeyb]

-snip-
If there is a person who has an ordinary income and has been saving for years but loses it in gambling, of course, it would be a very stupid act because it would really affect his mental state and could lead to other problems that would be detrimental.

He should have a clear goal why he should save for many years.
If the initial purpose of saving is to buy the desired item or to go on vacation, it should be used for that purpose.

But some people are tempted to get into gambling that ends up using their savings little by little, then putting it all in.
It is about how control over money must be carried out strictly.

A foolish act that would make you lose money that has been saved for years should not happen if someone is not interested in something.
Maybe he sees a gambling ad or sees someone hit a jackpot of up to millions of dollars, then he tries to get the same result.

Every beginner usually always takes shortcuts when they save to buy something but it takes a long time to collect it, so they try something new to get money faster, say by gambling for example, maybe they can see people on the internet wins big at gambling or is a streamer so he is lured into trying the gambling game without a guide, especially since he feels confident and even confident that he will win big at gambling, but in fact he actually loses a lot and experiences big losses, losing all his savings in just an instant.

Many people are trapped by what they see around them, not all of them win against the bookie, let alone win big at gambling, it takes luck to get it, besides, don't ever think and hope that gambling can make us rich quickly, let alone help us achieve success. what we want, never try gambling without any knowledge because it is the same as throwing away money without proper control. Any mistake should be an important experience so as not to repeat it again in the future.

[m2017]

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.

Will we ever hear casino stories that aren't sad?

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.

And some people here are still discussing with a serious look that rich gamblers can afford to lose.

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.

How did this happen? Did the casino itself give Terrance Watanabe alcohol?

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

If the casino is not a place to make money (these colossal losses prove that), then at least this gambler probably had a lot of fun.

[EarnOnVictor]

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.

By the way, what will the court do about this? So far the casino played by the rules and they are fair in other extra considerations of free will, I do not see how anyone can hold them accountable. The worst is to show compassion and give a rebate for his huge gambling activity. To start with, this was never gambled in a day to call them wicked by the court, it was done over time and I don't expect them to know his entire worth, especially if he is widely perceived as a rich man. This is a huge sum of money though and I am sincerely sorry for this guy, but it shows a lack of maturity, and foolishness at the same time, he actually perished in his own greed and irresponsibility and should be blamed entirely for this.

In between, what was done in a year, did the alcohol not clear at times so that he could retrace his step before it got this ugly? These are what the court would consider.

Do not go close to gambling if you do not have the nerves and senses for it, you are already rich, what else do you want to the extent that gambling now took hold of you? This is ugly! My rule with gambling is to have my plan before entering the house or opening the platform and abide by it, and if at all am under any intoxicant, I shall not take any extra action. He should have known better than that and I wonder what his PA, friends and associates are looking until he wrecked himself this much.

[TheUltraElite]

By the way, what will the court do about this?

The story is just a case, nothing sorry about it. A person who cannot control their drinking habits should not go near risky investment unless they sober up.

So you have two things adding up to a disaster recipe, alcohol and gambling, both of which are "bad" - mmkay?
This guy is well know for this drug addictions including cocaine.

Court or no court, the person is at fault here, however they might want to justify their suffering. I hope they can recover what they lost or at least a part of it.

[Mr. Magkaisa]

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.

         -    That's what's difficult when you gamble drunk, because you don't realize that you're using your entire savings to gamble without even knowing it. Then, when you're sober and your thinking is back to normal, you'll be surprised that it's gone and it's too late.

It is also not really good that you have an addiction to gambling because it has never brought anything good to any gambler. I haven't heard of any addicted gamblers who have had good help from their gambling addiction, have they?