10 Biggest Gambling Losses Of All Time

Gambling is one of the unique styles of playing games and earning some real money. There is no doubt in the fact that people around the globe have made millions of money from gambling. Moreover, millions and millions of dollars are put on the stake each day at casinos and other gambling platforms. If someone wins money, someone others will have to lose it. This is the sole purpose of various gambling games like poker, baccarat, slot games, etc. Hence today, we are going to discuss the ten biggest gambling losses of all time. These were the situations where the wager money was lost due to listed reasons.

1. Aklo Kashlwagi ($11 Million)

To start with, Aklo Kashlwagi was known to be a renowned baccarat player. Mr. Aklo was fond of high stake games as he was quite confident about his skills. He even enjoyed playing other games like Blackjack and other high limit games. He would generally play a baccarat hand of $200,000 against his opponents. But unfortunately, he lost several games, and his death left the casino due to $9 Million. No one could have been forced to pay the remaining amount as the debtor was dead.

2. Archie Karas ($40 Million)

Almost every gambler knows this iconic person who always targeted big prizes. Archie was fond of taking huge risks and stake almost all of his money on several occasions. He was so indulged in gambling that once he won all the $5,000 denominations chips in a casino. Eventually, the casino was out of chips for the first time in their history. But later on, he managed to lose more than $40 million in three weeks. Thus, another milestone for Archie that makes him worth remembering.

3. Frank Sarakakis ($15 Million)

Frank was a car builder by profession and emerged as a multi-millionaire in the industry. He loves playing roulette and was known for his extremely managed skills. Mr. Sarakakis was a regular customer at Crockfords Casino situated in London, UK. According to the sources, he lost around $10 Million playing various games in 1994. Later on, he lost more amount the competitors at the casino. As an estimate, a loss of $15 million occurred that struck his well-established company as well.

4. Suicide due to $2.2 Million loss

An anonymous player ended up losing a lot of money to a casino in his town. Initially, he lost around $3 million but still didn’t give up. Eventually, he won $5.2 million more in the next couple of hours. But slowly, greed took over his senses, and he continues to play more. In the end, he lost all his earning and was in a loss of $2.2 million to the house. This scenario ended up with his suicide in the suite of the same casino. The suicide note he left behind stated that he was on the verge of bankruptcy. He had no other choice than to end his life.

5. Terry Watanabe ($204 Million)

Terry was like an ordinary American citizen with big dreams. He managed to gamble about $205 million in a single calendar year. The location was Las Vegas-based Harrah’s casino strip. No doubt he was a high stake gambler who didn’t fear taking huge risks in games. He would normally do a $50,000 hand while playing Blackjack and ended up losing $5 million per day. According to an estimate, within six months of playing, he lost $50 million. Another year passed, and his total losses counted up to $204 million.

6. Omar Siddiqui ($65 Million)

Omar was an electronics executive in the USA and earned around $205,000 per year. Strangely, he lost about $8 million in a day due to gambling games and practices. Casinos supported him due to his signatures, but he was not able to cope with his losses. He is still in debt of $22 million apart from paying his overall loss of $65 million.

7. Asian lost $10 million in a week

An Asian guy used to bet $600,000 per hand for a game of baccarat. His name remains anonymous, but he was a part of the VIP cub of a casino. He usually had millions of dollars in cash when he arrives at the casino. But he lost most of his money there as well. According to a dealer, he lost around $10 million in 3 weeks to various opponents.

8. Maureen O’ Connor ($1 Billion)

She was the mayor of San Diego but was in bad books due to her gambling hobbies. Due to this habit of hers, she lost around a billion American dollars in various games. But she was able to cope with them, and the final loss was only $13 million. This even affected her political career in the long run

9. Charles Barkley ($30 million)

Losing money in gambling was very frequent during the time of Charles. He was estimated to lose more than $30 million in gambling practices. He admitted gambling as a part of his addiction and want to get rid of it. However, he was able to pay back his debts and is a free man today.

10. Harry Kakavas ($1.5 Billion)

Australian player Harry Kakavas was able to gamble away cash around $1.5 billion within a couple of years. He mostly played Blackjack and baccarat, two games mostly preferred by gamblers dealing with high wagers. The whole amount was spent in Crown Casino in Australia itself. The casino filed a case against his debt, which Harry lost in 2013. The court declared all the actions to be the responsibility of Harry himself.

Conclusion

It is safe to state that gambling is not made for soft-hearted people. You have to be extremely determined about wagering money on these games. Some day you win, and other days have to face downfall. It is better to avoid spending all your money on playing complex games. Make sure to have a complete grasp on the table before you play the gamble. After all, gambling is all about trying your luck.

 

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