Regardless of being an average person or one of the world's wealthiest, everyone can find gambling enjoyable and attractive. Gambling games includes sports betting, casino games, or online casino betting.
For the richest individuals, their wealth allows them to place astonishing bets. Many of them wager big just for the excitement, the sense of pride, or simply to earn more money.
But sadly, this can sometimes lead to massive gambling losses. Stay tuned to learn about the highest losses ever made in gambling industry by the wealthiest people. The amounts lost are incredibly high. They are thousands, or even millions, of times larger than what an average person usually bets.
5. Jim McIngvale: Approximate $18 Million
Jim McIngvale is also known as "Mattress Mack". He owns Galley Furniture company. The company once faced tough times, but grew into a massive enterprise. As a dedicated sports enthusiast, McIngvale bet millions from his business earnings on sports. His losses mounted to over $15 million, as reported by AmericanFootballInternational.
However, the total amounts could now be nearing $18 million or more. CBS Sports indicated in its news that McIngvale lost $3 million again when he had bet on TCU in the 2023 College Football Playoff National Championship. Hence, his losses betting against Georgia in the last two Championship Games exceed $9M.
4. Charles Barkley: $20 Million
Charles Barkley is an ex-NBA player. In 1996, he was titled one of the 50 greatest players. His fantastic court skills led to millions in earnings. He made money not just playing, but also through sponsorships with companies. These included Nike, Coca-Cola, and McDonald’s.
Sadly, Barkley's affinity for gambling resulted in million-dollar losses. The losses accumulated and eventually totaled to $20 million. This fact was highlighted in the Lineups article which discusses Barkley's gambling addiction and his league time with Michael Jordan.
3. Archie Karas: $40 Million
The story began incredibly but turned into one of the worst gambling tales. Archie Karas was born in Greece, in poverty. His father had once thrown a shovel at him, so he left home.
Then, he moved to Los Angeles. He waited on pool tables and honed his pool skills there. Soon, he became a skilled pool shark. At first, he made a decent living from these skills. But people started catching on and his pool winnings started to decline.
He shifted focus to playing cards. Over time, he became a skilled card player. A successful gambling stint started for him in 1992 and lasted until 1995. During this period, Karas earned himself an additional $40 million.
However, people became reluctant to play against him again. So, he started participating in games purely dependent on luck. Unfortunately, luck was not in his favor. In just a few weeks, he lost $11 million in craps and $17 million in baccarat. He paused but returned to gambling promptly. He gambled away his remaining fortune trying to replicate his 1992–1995 success.
2. Terrance Watanabe: $204 Million
Terence Watanabe is an American businessman. He acquired the Oriental Trading Company from his father. The business traded in goods like arts and crafts, party supplies, school supplies, and toys. In 2000, Watanabe sold his shares in the company to Brentwood Associates. It's a private equity firm. Instead, he decided to live as a philanthropist.
Watanabe was unfortunately overcome by his passion for gambling. This resulted in a colossal gambling loss of $127 million in 2007 at Caesar’s Palace and The Rio. An article on PokerListings titled “Poker’s Greatest All-Time Whales: Terrance Watanabe” states his annual losses. His losses that year amounted to $204 million.
1. Harry Kakavas: Almost $1 Billion
The maximum loss on the list is attributed to Harry Kakavas. Harry is an Australian real estate agent. He earned a lot by selling properties on the Gold Coast. But, for Kakavas, his real estate successes came with higher losses at casinos.
An article in The Sydney Morning Herald titled “Casino did not exploit man who spent $1.5b, rules High Court,” reported on Kakavas. It said Kakavas wagered A$1.47 billion at the Crown Casino in slightly more than a year. Within a single gambling session of five and a half hours, Kakavas disbursed A$164 million at the casino. This amounts to roughly US$105 million.
Michael Jordan: Unknown
Michael Jordan's fondness for gambling is widely known. In the documentary "The Last Dance", the topic of gambling was discussed. Jordan admitted to having a competition issue. He expressed that he sees gambling as a hobby that he enjoys. He stated, "I enjoy it, it’s a hobby." He refuted the idea of having a serious problem. "If I had a problem, I’d be starving," he explained. He said that he would pawn his watch and championship rings or sell his house if there was a problem. His wife would have left him or would be impoverished, he added. He reiterated, "I do not have a problem. I enjoy gambling.”
Jordan clearly enjoys gambling. There's no official tally of his gambling losses. However, According to SportsGamblingPodcast article - “Michael Jordan’s Worst 5 Gambling Losses,” has some estimates. He's lost $5 million on craps, according to the article. In golf bets, he's lost hundreds of thousands, possibly even millions. He even lost $100,000 in a rock, paper, scissors game. Yet, it's plausible that Jordan's financial managers may have recuperated gambling losses. This would lessen the effect of his gambling hobby.
Participating in Gambling Rationally
Gambling is a way for people to have fun and entertain themselves, it should not become a tool for us to go bankrupt. Therefore, we should really regard gambling as a game and participate in it rationally:
- Set a budget for gambling and stick to it. Never gamble more than you can afford to lose.
- Understand the game rules thoroughly. Knowing rules can help minimize losses.
- Avoid drinking alcohol when gambling. It can impair our judgements.
- Know when to stop. If you're on a losing streak, take a break.
- Remember gambling is for fun. It should not be used to earn money or solve financial problems.