It has never been safe to gamble. Some individuals have become billionaires after leaving a casino, whereas others have gambled away all their money in just a couple of hours.
Biggest Gambling Losses of All Time in Casinos
1. Terrance Watanabe – Most Casino Money Ever Gambled Away
One of the most infamous gambling losses belongs to Terrance Watanabe, a wealthy businessman who lost $127 million in a single year. Watanabe, the former owner of Oriental Trading Company, was a known high roller in Las Vegas.
He gambled away his fortune primarily at Caesars Palace and The Rio, playing high-stakes blackjack and baccarat. His reckless gambling spree is regarded as one of the largest personal losses in casino history.
2. Harry Kakavas – The High-Roller Whale
Australian property tycoon Harry Kakavas lost $1.5 billion AUD (approximately $1 billion USD) over a span of just 14 months at Melbourne Crown Casino. A regular high roller, he bet as much as $300,000 per hand on the game of baccarat.
Kakavas later sued the casino, claiming they exploited his gambling problem, but his case was thrown out of court.
3. Archie Karas – From Zero to Zero
Greek-American gambler Archie Karas experienced both aspects of gambling – the thrill of winning and agony of defeat. Karas won $40 million from $50 during a legendary winning streak in the 1990s. However, his luck turned, and he lost everything in three years playing poker, craps, and baccarat.
4. Maureen O’Connor – The Mayor’s $13 Million Loss
Former San Diego mayor Maureen O’Connor lost $13 million betting on video poker. A widow of Paul Harter, the fast food mogul behind Jack in the Box, she was accustomed to having huge amounts available but lost them all due to a gambling addiction. O’Connor went on to find herself in legal difficulties after she used funds donated to charity to cover her losses.
5. Charles Barkley – The Sports Legend’s Costly Vice
NBA legend Charles Barkley does not sugarcoat his gambling losses, confessing to losing over $30 million throughout his life of gambling. Even though he has won millions, the losses eventually caught up with the wins. Barkley has since attempted to curb his gambling habits.
Greatest Casino Wins in History
1. Archie Karas – The $40 Million Streak
Before his collapse, Archie Karas had one of the biggest winning streaks in gambling history. His climb from $50 to $40 million remains one of the all-time best documented runs ever. He dominated poker and high-roller dice, shocking the Las Vegas gaming establishment.
2. Elmer Sherwin – The Megabucks Miracle
Elmer Sherwin, a World War II veteran, defied the odds to twice claim the Megabucks jackpot. In 1989, he won $4.6 million, and astonishingly, 16 years on, he collected $21 million at age 92. His story is the most incredible one in the jackpot annals.
3. Kerry Packer – The Billionaire’s $30 Million Win
Australian media mogul Kerry Packer was a flashy high-roller gambler. While he lost, he also won historically. One of his biggest nights was when he reportedly won $30 million playing blackjack and baccarat at MGM Grand in Las Vegas. His flashy way of gambling gained him one of the most famous whales in casino history.
4. Anonymous Software Engineer – $39.7 Million Jackpot
In 2003, a 25-year-old computer programmer won the largest slot machine jackpot ever, winning $39.7 million on a Megabucks slot machine at the Excalibur Hotel and Casino in Las Vegas. He had only wagered $100 before winning the life-changing jackpot.
5. Don Johnson – The Blackjack Mastermind
In 2011, blackjack guru Don Johnson outplayed Atlantic City casinos for $15 million. He negotiated special rules that gave him an edge over the house and played his way to multi-million-dollar wins. His skillful playing and self-discipline enabled him to become one of the greatest successful casino gamblers in history.
Gambling history is replete with appalling stories of highs and lows. Some gamblers win astronomical amounts of money, often playing casino US slots, while others leave casinos penniless.
FAQ
1. Which Gambler Lost the Most Money?
Terrance Watanabe is the largest money loser in a casino, losing $127 million in one year.
2. Who Is the Biggest Gambler of All Time?
There are numerous gamblers who have made it famous, but Kerry Packer is regarded as the biggest gambler for the high stakes that he placed and the mythological winnings and losses.
3. What Is the Biggest Win in Casino History?
The largest slot machine jackpot was $39.7 million, which was won by a mystery software programmer at the Excalibur Hotel in 2003.