Spanish Guy loses more than €500.000 in a crypto casino

[Don Pedro Dinero]

I would like to bring here a thread seen in a famous Spanish-speaking forum. I am going to translate part of the OP, but I would like to clarify first that throughout the thread the OP has clarified quite a few things and has provided evidence, so I, who have been in that forum for years, believe that the story is true.

Thread: I lost +500.000€ in the casino

Good morning.

The only thing I feel right now is pity, disappointment and frustration for having fallen into online betting.

I'm going to summarise a bit first of all.

A couple of years ago, being bored without too much work, I started to register in online houses to play slots or online roulette, but low amounts (100-400€) was not something too far-fetched. And in a few days when I lost about 800 or 900€, I self-excluded from casinos at the DGOJ [Spanish Gambling Regulator] so that I couldn't register at any other online casino ever again. So far so good, it's a manageable loss (all this in .ES and regulated casinos).

The thing is that last year, with my life savings, I started looking for websites where I could play blackjack online. And this is where my downfall began.

Being Spanish and living in Spain, no website would let me register and many of them would not even let me access (Spanish users can only play in regulated casinos .es in my case, I registered in a cryptocasino licensed in Curaçao because it had games that the Spanish one did not have, for example online blackjack).

The thing is that I found one that did let me.

And here, with the savings from all the time I have been working, I started to make deposits and more and more deposits (in cryptocurrencies).

It was around August 2023. And in one week, I lost approximately ~150.000€.

I ran out of money and had to take out a loan from the bank to keep my monthly expenses, which fortunately were low, slacking off.

Until a few days ago, specifically at the beginning of last week, I received €500,000 [in crypto] from a company that owed me money, and the first thing I did was to pay off the loan and start gambling again. Daily deposits of €50,000 - €100,000 or more.

I have a gambling problem and I didn't know how to stop in time, luckily I still have 1/3 of that payment in my possession.

I have been in contact with lawyers and they have recommended me to talk to the casino, as it is quite popular (I prefer not to say the casino for the moment, if the case arises I will say it and ask for your help, I will draw lots among those who can help).

I sent a private message yesterday to a member of another forum where all these online casinos are and where they mediate between problems that often arise, for example I have evidence that users who have had Spanish connections, have had all their winnings withdrawn and only their deposit refunded.

And this user is in constant contact with the co-founders of this casino that generates around €1m/day.

<...>

I am already in psychiatric and psychological treatment for this gambling addiction.

Apparently, users from Spain were not allowed to play/register but I was put on a white list as I was depositing a lot and at the same time losing it.

I am also in contact with the DOGJ.

Also when I asked them for my account information as I was retrieving as much information as possible, they have closed my account as they say I am in breach of the ToS as I am Spanish, I think they smell that I could not be playing and that is why they are closing it now.

I leave several proofs of deposits and chats with support, I delete logos and certain dates / IPs as it is sensitive information.

<...>

[teamsherry]

This is quite a huge amount to lose in gambling and from his story it was all his savings he had from work, I still wonder why people think gambling is a way to multiply their funds or take get rich quickly, this should serve as a warning that gambling us not a means to make money, it's all based on luck and it could ruin you, be cautious of gambling addiction.

[goaldigger]

Just another story of losing money from gambling addiction and borrowing money just to support this addiction.

Too sad many are still falling into this trap without learning from the experience of other gambler.

This is a huge amount of money honestly and I'd hope that he can still recover and live a normal life again. If you are on this kind of situation, better to seek professional help as early as possible.

[Davidvictorson]

The person in the story should focus on getting psychological help for his gambling addiction. That is called taking responsibility for one's life and the consequences of one's action. As for seeking legal means for recovering his losses which is what I understand, it is not going to end in his favor. Just as the casino has a house edge in your casino games they also have a house edge in this kind of legal matter. He read their Terms and Conditions before gambling. What's going to be his excuse. He has none.

[acroman08]

this might be a little intrusive on my part but is it possible to share the evidence the OP of that thread shared? I tried clicking the link you shared to see the evidence he provided but I was met with a message that I need to be registered on the forum for three months and has 100 written messages.

I am really curious about which casino the OP of that thread is talking about. Also, if the evidence he shared is sufficient enough, the casino that let him play because he is a big spender needs to be held accountable. the OP also needs to be accountable for his stupidity.

[Cantsay]

I have gone over the thread several times and I still don’t get the lawyer part. I don’t understand what he would gain by involving a lawyer to the issue, it’s clear that he has gambling issues and have even requested for self-exclusion in a different casino and now he’s back in a different casino to continue his activities, so what proofs was he speaking about?

 And also “Spanish users have their winning withdrawn and their deposits refunded” is still unclear to me - this sounds like a case that would work if his account was blocked after he won a huge bet but that’s not the case here so I don’t understand why he included it in his post.

@Don Pedro Dinero, please I’m a bit confused on the post I’d appreciate if I can get a better picture of what is happening - I tried accessing the link to see everything that transpired but I couldn’t due to some requirements.

[CryptoHeadlineNews]

It was around August 2023. And in one week, I lost approximately ~150.000€.

Daily deposits of €50,000 - €100,000 or more.

I have a gambling problem and I didn't know how to stop in time,
<...>

I just read the whole story given above, but I'm yet to understand what central message this user is trying to pass across to the gambling community. Or is he trying to seek for help to have access to his gambling account which got blocked for breaching the casino's ToS as been a Spaniard (i.e a person from Spain), or is he trying to seek for advice about ways to stop his gambling addiction? Because I'm yet to clearly understand what he wants and why he came up with this message, because judging from the amount he said he was deposit daily into his gambling amount, it's obvious he must be multi millionaire, which I'm sure will still keep gambling if he mistakenly sees more money today, hence, I think is the best solution to this man's problem is to restrict/regulate his access to his funds, because it's obvious, he is a chronic gambling addict who needs special immediate attention.

And the funny part is that this is the kind of persons casino owners will love to have gambling on their website.

[coolcoinz]

to play slots or online roulette, but low amounts (100-400€)

It looks like OP is quite rich. An average monthly salary in Spain is around 2,5k EUR, so OP could lose 10-15% of that at one time and say it's not a lot, meaning he comes from wealth.

I received €500,000 [in crypto] from a company that owed me money, and the first thing I did was to pay off the loan and start gambling again. Daily deposits of €50,000 - €100,000 or more.

Got 500k and decided to bet 100k a day just to lose it all fast? I don't get it. With that kind of money he could be gambling for years before running out.

have had all their winnings withdrawn and only their deposit refunded.

I've seen stories like that and I believe many casinos take advantage of people who break ToS. They are being scammed of their money for small infringements, like having more than one account.
One guy said he lost access to one account so he made another and the casino stole his money said he broke the rules.

[Stepstowealth]

As for seeking legal means for recovering his losses which is what I understand, it is not going to end in his favor.

This person did not get proper advice because these lawyers are hungry and are just seeking for ways to cheat him and collect their fees even though they know that this case will not end in their favor.
Casinos have experience with these kinds of people because they are new to the business and they know that these kinds of people always exist.
The casino must have it in their ToS that the gambler accepted before proceeding to gamble, there is usually no refund when you loose to a casino, it is business.

[taufik123]

-snip-
I've seen stories like that and I believe many casinos take advantage of people who break ToS. They are being scammed of their money for small infringements, like having more than one account.
One guy said he lost access to one account so he made another and the casino stole his money said he broke the rules.

Maybe only a few casinos that do not have good enough credibility carry out the scam,
so that customers with a lot of money are played to extort their money.

But customers with a lot of money like OP are always targeted,
because judging from the transactions made are quite large and always play even though they have suffered many losses.

They tried to violate the ToS that had been written, but were left by the rogue casino,
until in the end their account was held and could not be opened again with enough money left.

It is necessary to be careful to choose an Online Casino so as not to get caught up in such a case and not to violate the rules that are already written.

[nimogsm]

This is quite a huge amount to lose in gambling and from his story it was all his savings he had from work, I still wonder why people think gambling is a way to multiply their funds or take get rich quickly, this should serve as a warning that gambling us not a means to make money, it's all based on luck and it could ruin you, be cautious of gambling addiction.

the amount is impressive. But the most interesting thing is that for a long time the player was confident that he would win back and cover his losses and in total lost more than half a million. This is the clearest example that it is impossible to win back even with a large deposit in 99% of cases; he hoped for luck, but it let him down .

[wheelz1200]

Sad but this isn't an uncommon thing.  Happens with brick and mortar casinos just as much.  The easiest way is to self implement cool off periods that are extensively long.  With the time passing not being able to deposit or play more you get more rational about your decisions.  Do it before you make one bet and you will be safe.  Think ahead.

[Strongkored]

This is quite a huge amount to lose in gambling and from his story it was all his savings he had from work, I still wonder why people think gambling is a way to multiply their funds or take get rich quickly, this should serve as a warning that gambling us not a means to make money, it's all based on luck and it could ruin you, be cautious of gambling addiction.

Even in games that doesn't completely depend on luck, there is still a chance of losing everything. Drake lost a large amount in UFC betting and the loss he experienced in sports betting is not the first thing, but because his net worth is greater than the amount he lost, it is certainly not a problem for him.
We will indeed feel confused as to why anyone would want to risk the money they have worked hard for in gambling in the hope of doubling it, but in this case it looks worse because there are also results from debts that are lost in gambling.

He made the right decision by self-excluding, but unfortunately that wasn't enough to prevent him from losing a lot because he returned to gambling in a different place, so if you know you have a problem with gambling, asking for professional help to get out or recover from addiction is something you have to do if you don't want something worse to happen.

[Lanatsa]

This is quite a huge amount to lose in gambling and from his story it was all his savings he had from work, I still wonder why people think gambling is a way to multiply their funds or take get rich quickly, this should serve as a warning that gambling us not a means to make money, it's all based on luck and it could ruin you, be cautious of gambling addiction.

the amount is impressive. But the most interesting thing is that for a long time the player was confident that he would win back and cover his losses and in total lost more than half a million. This is the clearest example that it is impossible to win back even with a large deposit in 99% of cases; he hoped for luck, but it let him down .

People never ever learn not until they would be able to realize that they had spend up so much money on just trying out to chase up their loses or trying out to break even. On the moment that they've seen
that they have spend that much then this is where regrets would really be starting to kick in on which this should really have happened earlier but they have just let those hopes do keep pumpin and rollin
and this is why it had become so big. Well, each person does have that different threshold when it comes to the money that they could really be able to afford on losing but it is really just that a huge waste of money specially if there's something that you could really be make use in other means on which it might be something beneficial and more worth rather than on spending it all in gambling.

This is really something just that a common story on where gamblers would really be always ended up on being a loser. If you are someone whose really not that good when it comes to self control
then you would really be ending up on the same story just like on what other losing gamblers in the industry. If you wont really be that careful with your finances
then you would really be ending up on sleeping on the streets.

[acroman08]

I received €500,000 [in crypto] from a company that owed me money, and the first thing I did was to pay off the loan and start gambling again. Daily deposits of €50,000 - €100,000 or more.

Got 500k and decided to bet 100k a day just to lose it all fast? I don't get it. With that kind of money he could be gambling for years before running out.

if he is not addicted that money would not be running out because of gambling but sadly he is an addicted gambler(he mentioned himself in the quoted post Don Pedro Dinero shared) and the sudden surge of money just meant to him that he could gamble more with higher bets. gambling addicts usually don't have a sense of money management, they'd gamble for as long as they can per day with no worry about how much they have lost, as long as they still have money.

[GxSTxV]

Honestly, the first time hearing about self exclusion from all gambling casino including crypto and curacao licensed casinos also, I believe this feature is only available in limited regions. But how all these online crypto casinos would forbid someone from gambling just because he is self excluded from his country casino regulators.
These stories are getting worse day by day and it is scary for us as gamblers that someone who gain half a million should be smart enough to avoid this, however, gambling with moderation is very cautious, especially when you are in a possession of significant amounts of money.

Overall, I think getting in touch with that casino to regain that gambled money, is gonna be worthless.

[uneng]

I have been in contact with lawyers and they have recommended me to talk to the casino, as it is quite popular (I prefer not to say the casino for the moment, if the case arises I will say it and ask for your help, I will draw lots among those who can help).

I sent a private message yesterday to a member of another forum where all these online casinos are and where they mediate between problems that often arise, for example I have evidence that users who have had Spanish connections, have had all their winnings withdrawn and only their deposit refunded.

What does he want the casino to do? What is this problem he mentioned to have arised? The fact he lost money, the fact he is a gambling addicted or is there something else, like the casino freezing part of his winnings or deposits?

Sorry, but what this man has to do from now on is to treat himself to get rid of this gambling addiction and move ahead in his life. He has to work and build wealth once again through his labor or another sources of income he might have already. Moreover, he has to accept the consequences for his bad decisions in the past. It's his responsability after all as it's also his responsability to decide changing his behavior from now regards his personal finances.

€500,000 is a huge amount of money and unfortunatelly it's gone. Now he has to think how to act in present time, so his future won't get completely compromised...

[rachael9385]

This is quite a huge amount to lose in gambling and from his story it was all his savings he had from work, I still wonder why people think gambling is a way to multiply their funds or take get rich quickly, this should serve as a warning that gambling us not a means to make money, it's all based on luck and it could ruin you, be cautious of gambling addiction.

It's terrifies when you see someone lose such amount on bet, and you still noticed that he spent all his life savings on bets. However gamble is not a thing a gambler should put all their life savings on because it might ruin their life mostly when they lose the money that they can't afford to lose. Moreover it's not convincing to gamble with a lot of money. A kind of money that you will feel remorse when you lose it and even if you chase loss you won't win them back rather loss more. The Spanish gambler who lost his savings on bet is a kind of addicted type of gambler and he doesn't know how to gamble save.

[Potato Chips]

The whole ordeal is pretty obvious, OOP's lawyer probably looked at every angle to see where they could recoup some losses lol.

If OOP can proof they were intentionally whitelisted despite being from a banned country, maybe they have a chance and the casino may be fined though I doubt it's gonna be near 500k EUR. I'm not sure how do you prove this too.

Interesting case nevertheless. Hope we could get some updates on this!

[Adbitco]

In gambling we have to be disciplined on several areas which includes; how we managed our funds to gamble, how we taste to the increase our income, how to source for additional stream of income. When a gambler disciplined himself or herself towards then it could be hard for someone to easily fall into any gambling challenges especially that of addictions. While gambling you must put all your hope and trust into any game maybe thinking of hitting unimaginable amount from gambling and whenever a gambler began thinking about all these then you should know that greed has gradually started engulfing him.