7 Biggest Gambling Losses

Like & Follow Us On Facebook!

Losing in a casino is not new; most players who end up as overnight millionaires become bankrupt within a twinkle of an eye. With the worst gambling stories online, no player is immune to how much they can lose in a gaming session. Most punters do not know their limits or when to quit when push comes to shove.
As much as people have different bankrolls, it is imperative to set boundaries in the gaming arena. Otherwise, all the money will pour straight to the casino operators with ease. That is why we have a list of surprising casino losses from experienced players.

Harry Kakavas ($1.5b)

Harry is a well-known gambler who lost money at a casino in Australia. He did not shy away from making huge stakes in casino games. In 2005, he lost $1.5 billion within fourteen months on a high-stake baccarat game. Harry sued the casino later for taking advantage of his compulsive gambling problem, but he lost.

Maureen O’Connor ($1 billion)

Female gamblers are hard to come by, but Maureen is an exception. She was a public figure, the Mayor of San Diego, in 1985. However, little was known about her gambling addiction until she was charged with fraud. In 2013, reports revealed that she lost over $1 billion in numerous casinos in the country.

Archie Karas ($40m )

Archie is a high-roller, Greek-American gambler who made history in 1992. He used $50 stakes on a high-risk game of poker to get a whopping $40m. Using the cash reward, he continued to gamble on baccarat and craps while staking huge bets. After three weeks, Archie lost the entire stake. His story is among the biggest gambling loss with online records. Archie is a perfect example of gamblers who don’t know when to stop. He portrays the severe addiction that comes with gambling life. He was later arrested in 2013 for breaking casino rules at a blackjack game.

Charles Burkley ($14m)

Charles is a former NBA All-Star player who lost all his fortune on gambling. He disclosed that he gambled and lost $10 million in a gaming session and $ 2.5 million in a blackjack game. Other sources reveal that Charles lost more due to his addiction. Also, he lost $60,000 in one roulette session. He thought that he did not have a gambling problem since he could finance his bankrolls comfortably.

Terry Watanabe ($205m)

Terry was a high-roller gambler in America who gambled and lost a total of $205 million within one year. He used to play high-stake blackjack with $50,000 wager per hand. In one day, he would lose up to $5 million.

Frank Sarakakis ($12m)

Frank was a multi-millionaire from Greece affiliated with the famous car company, Saracakis Brothers. He was a roulette enthusiast who loved playing in London casinos. In 1994, he recorded the biggest roulette loss of $8 million.

Pete McMartin ($4000 per month)

Pete is a female gambler from Vancouver, Canada. Her gambling stint began in 1994 when she won $25 in a slot machine. It was downhill from there. She would gamble and lose $3000 in one sitting in the best online casinos in Canada. From 2000, she started gambling her entire paycheck of $4000 in casinos and losing it one night for five years.

Ultimately, gambling is a personal decision, but without control, it can lead to a murkier side that is far from luxurious. These gambling stories about losses are eye-openers for both the pros and beginners in the casino industry.
Now that gambling can either make or break a person, it is essential to know when to quit. Casinos do not favor the bold and ambitious; only the smart find their way to the land of fortune. Forget the glitz and glamour of Vegas and be vigilant when the fun suddenly turns into an addiction.