Top 5 Biggest Gambling Losses in History

You’ll discover the same old tales if you look up the most considerable gambling losses in history on the Internet. Those of snooker star Jimmy White, high-rolling Terry Watanabe, and other media moguls who have squandered more money in casinos than any of us would make in a lifetime. However, they were rather typical gaming losses. They didn’t even reduce the gambler’s net worth in certain circumstances. An Australian media magnate, Kerry Packer is notorious for winning and losing tens of millions of dollars at table games. His net worth was still in the billions towards the end of his life. We thought we’d share some gambling loss tales you may not have heard before.

They may not have lost the most money in gaming history, but they are an excellent example of what not to do when visiting a casino. Chasing losses, refusing to accept you have a problem, or choosing to gamble on activities that are not just unlicensed but also illegal, might result in you losing more than you believe imaginable. If you don’t want to be on the list of the most considerable gambling losses, you should start playing at sites that don’t demand large quantities to have fun. The £10 deposit casino operators we have listed are a perfect example.

So, without further ado, here are five of our time’s most significant, fastest, stupidest, and overall worst gaming losses:

  • Charles Barkley (14 million pounds)
  • Vick, Michael (Everything)
  • Rooney, Wayne (£500,000)
  • No-Tipper (anonymous) (£250,000)
  • (£11 million) Harry Kakavas
  • Barkley, Charles “Not-a-Problem” (£14 million)

Charles Barkley, an eleven-time NBA All-Star and the 1993 NBA MVP, has a gambling problem. Despite having a very successful career as a Power Forward and being one of just 14 players in NBA history to have more than one jersey retired, he managed to squander almost all of the millions he earned over his 16-year career.

The Philadelphia 76ers great battled a significant gambling problem. On the other hand, he didn’t see it as an issue. In an interview with ESPN, he claimed to lose around $10 million (nearly £7 million) gambling. He also admits to losing $2.5 million in a single blackjack session. A Reddit member even claimed to have seen the NBA icon wager up to $60,000 on a single roulette spin while playing for the Houston Rockets. But, since he could afford it, he didn’t see it as an issue.

Gambling by Charles Barkley

However, the Wynn Las Vegas casino filed a lawsuit against the Hall of Famer in 2008 for failing to settle a gambling debt of $400,000. He indicated that he would cease gambling for the next couple of years after paying his debt. When he discussed his gambling habits again in 2015, he said that his losses in Vegas were over $20 million. He could handle his condition now, and he gambled in moderation. He continues to lose more money than any of us earns in a year, yet he keeps his budget in check.

  • Vick, Michael (Everything)

Michael Vick’s tale is well-known in the United States. However, it is not as well known in other parts of the globe. He is a former NFL player who lost a large quantity of money and his freedom and reputation due to illegal gambling. He is also the ‘proud’ owner of the ‘largest gambling loss.’

When he was incarcerated for funding and organizing a dogfighting ring, the Atlanta Falcons quarterback landed himself into a tremendous problem that took him nearly ten years to clear out. He pleaded guilty to accusations of funding the ring’s gambling side and having a substantial role in the fight organization.

Upon his plea, he was immediately suspended from the NFL without pay. Furthermore, the Falcons brought him to court and demanded that he repay a sizable chunk of his signing bonus. Finally, the court found that he owed the club $19.97 million (a little more than £14 million), which he could pay.

Vick, Michael

Vick filed for bankruptcy in 2008 while still in jail, claiming to owe between $10 and $50 million in bills. He then began making every effort to repay everyone by liquidating all of his possessions. ESPN reported in November 2017 that the former NFL great paid the last payment of $1.5 million, paying back $17.4 million, or 99.9 percent of his obligations, to different creditors.

The former football player is now a studio commentator for Fox Sports.

  • Wayne “Don’t-Tell-My-Wife” (£500,000) Rooney

Wayne Rooney, the Manchester United and Everton striker, is a well-known gambler. However, in May of last year, he took it a step further at Manchester’s 235 Casino. According to accounts, the player entered the casino at about midnight and spent £500,000 in less than two hours. It places him on our list of the worst gaming losses.

Rooney lost that much money playing just two games: blackjack and roulette. According to The Mirror’s unnamed witnesses, “he was wagering a lot on red while playing roulette – which looked reasonable – and was making long-shot bets on individual numbers.” He continued losing, but that just encouraged him to wager more.” For the record, Wayne Rooney is presently the manager of Derby County.

Wayne Rooney is a gambler.

Several media outlets speculated that his wife, Coleen, would be upset once she found out. Furthermore, the Daily Star said the day after the revelation surfaced that she would even oppose a future move of Rooney to China so she could keep a closer check on him. As most of you are undoubtedly aware, the rumored move to China never occurred, but we don’t know if Coleen was the cause for this.

Rooney admits to gambling out of boredom while his then-fiancée was not at home. His 500,000-loss streak occurred when she was on vacation with their children. As a result, Coleen should not leave the great player alone for too long.

  • No-Tipper (anonymous) (£250,000)

The tale from the horse’s mouth is about the dealer who accepted the money. It was presented in a series of remarkable stories from casino employees by a Reddit member known simply as Citymike.

Unknown Blackjack Player

Citymike was assigned to deal at a private table for a single high roller shortly after completing his six-week dealer training. The player paid with a duffel bag full of cash when he came, totaling $350,000 (about £250,000). He began playing blackjack with a $5,000 maximum stake each place, for $35,000 every round. “It was gone in 15 minutes,” wrote Citymike.

It is hardly the most significant gaming loss we’ve heard of. Neither is the fastest. However, what drew our attention was that this nameless high roller did not tip. He could have at least handed Citymike $5 or $10 after squandering $350,000.

  • (£11 million) Harry Kakavas

The terrible story of Harry Kakavas would be missing from any ranking of the most considerable gambling losses. The former Australian millionaire is possibly the most famous gambling loss in history, having squandered about £1,000,000,000 (yes, a billion) playing casino games over 15 months. He didn’t lose them all, but he did waste almost £11 million, which was considerably more than he could afford.

Kakavas’ massive loss occurred after years of suffering from pathological gambling. In 1998, the real estate entrepreneur was sentenced to four months in prison for cheating a giant Australian firm out of nearly £160,000. He used the money to feed his gambling habit. He also self-excluded himself from Melbourne’s Crown Casino that year to break his unhealthy obsession.

However, six years later, it was the same casino where he lost a fortune. He was initially seen squandering millions in Las Vegas, and the Crown Casino was none too pleased. The waiters did all they could to entice Kakavas back to their tables, and they were wildly successful.

Kakavas, Harry

Finally, Kakavas took Crown to court, attempting to recoup some of his damages. He and his legal team alleged that the casino was aware of Kakavas’s issue and took advantage of it. While the judge acknowledged that was the case, he also noted that Australian courts have a long history of not handing compulsive gamblers anything back.

So, a few years after the lengthy and laborious court struggle, Kakavas is back in the real estate business, but he’s also a few million dollars poorer. Despite this, he told the Gold Coast Bulletin that he has accepted the court’s ruling and is “doing OK.”

Finally, we’d like to remind out that gambling may be a two-edged sword, bringing you money while also taking it away. The reality is that, instead of visiting land-based casinos, many individuals are turning to online gambling sites. It filters the rumors and sounds that reach us about victories and some of the most considerable gambling losses since if you play from the comfort of your own home, you will have no one to tell the narrative of your gambling experiences. Of course, this does not exclude you from hearing about the most recent gambling losses and other intriguing gaming news. This and more may be found by reading our other blog postings.

Questions and Answers

It is theoretically impossible to discuss every single facet of a subject in an article. Because, in all honesty, who would dare to create tens of thousands-word articles? And, maybe more crucially, who will read it. It’s true, and we’re all aware of it. Anyway, the commonly asked questions area enables us to provide you with more information that people were interested in. It is concise and easy to navigate, and if you are not interested in anything, you can go on to the next topic. I hope you like it!

What exactly are gambling losses?

Gambling losses are simply the funds lost when gambling. It might be lost bets on a roulette wheel, a slot machine, a roulette table, or sports betting. Every coin lost when participating in gambling activity is referred to as a gambling loss.

How much money is lost each year in gambling?

It is an exceedingly difficult question to answer. It would need a collection of data from all land-based and Internet casinos throughout the globe and all sports betting companies. Still, although it may not be an exact amount, it determined that individuals spend around one hundred million dollars in gambling in one year. It is just for the large casinos, not local betting locations, etc.

Which celebrities have lost money gambling?

The list is almost limitless. No matter how wealthy and renowned they are, celebrities are not immune to gambling losses and, in most circumstances, lose more than ordinary people simply because they gamble considerably more. An excellent example is Manchester United and Derby County striker Wayne Rooney, who made our list of the most considerable gambling losses.

Which is the most significant gambling loss?

That is the tale of Harry Kakavas and his misfortunes. He is an Australian entrepreneur, businessman, and real estate mogul. He is also renowned as the guy who lost over a billion dollars in less than a year and a half.

How much money does the typical gambler lose?

This sort of data needs much too comprehensive analysis and knowledge to be monitored and computed globally. We may state that such a mathematical solution got developed in the United States in 2018. According to the statistics, casino income was $40.28 billion, resulting in a gambling loss of around $125 per individual.