How to recover from a big gambling loss?

Do you have a gambling problem? If so, it is important to understand how to recover from a big gambling loss. Read the biggest gambling losses of all time.

Do you have a gambling problem? If so, it is important to understand how to recover from a big gambling loss. The first thing that you can do is make sure that your finances are in order. This will help you avoid any potential problems down the road. In this article, we will discuss the top 6 biggest gambling losses of all time.

How to recover from a big gambling loss?

Every gambler has their own set of personal reasons for gambling and the loss of money. Do you play in a Live casino in Singapore? Well, there is no one-size-fits-all solution to recovering from a big gambling loss. A huge part of recovery will be identifying what triggered the losses. Why you lost so much money in such a short amount of time in an online casino in Singapore? Also, deciding how to change your behaviors going forward.

Another important piece is learning how to deal with any negative emotions brought up by recalling your past behavior. The most important thing is finding out what worked for other people who have been through something similar. Then, you should try different strategies until you find some that work for you! We hope the information helps get you started on the path to getting back on track financially!

Top 6 Biggest Gambling Losses in History

Do you want to know the largest gambling losses in history? If you are to look on the internet, you will discover that it is all the same old stories.

From the snooker star Jimmy White up to the high roller Terrence Watanabe, there are many gambling stories from the high roller. You will be amazed that many billionaires squandered more money in casinos than any of us would ever make in a lifetime. Nevertheless, these were rather routine gambling losses. It didn’t even damage the net worth of these high rollers in certain situations. That is why we share these famous gambling loss experiences with you.

Most Money Lost at a Casino #1: Charles Barkley – £14 million

How to recover from a big gambling loss?
How to recover from a big gambling loss?

Charles Barkley, an eleven-time NBA All-Star and the 1993 NBA MVP. He is popular to have a gambling problem. Aside from having a highly successful career as a Power Forward, he is also one of just 14 players in NBA history to have more than one jersey retired.

Despite this, he managed to squander nearly all of the millions he earned throughout his 16-year career.

The legendary Philadelphia 76ers player had a major gambling problem. He, on the other hand, didn’t see it as an issue. He admits to losing roughly $10 million (nearly £7 million) gambling in an interview with ESPN. Also, he admits to losing $2.5 million in one blackjack session. During his tenure with the Houston Rockets, a Reddit user claimed to have seen the NBA star wager up to $60,000 on a single roulette play.

Since he could afford it, Charles Barkley didn’t think it was an issue. He then gambled in several casinos and loved a range of games, including:

  • Baccarat
  • Blackjack
  • Dice
  • Roulette

He was more interested in the excitement of the action than in earning large sums of money. He was aware that defeats were an unavoidable aspect of the game.

However, things go out of hand when Wynn Las Vegas casino filed a case against him in 2008. It is due to the reason that Barkley fails to settle a gambling debt of $400,000.

So, how did he recover from a big gambling loss?

Charles Barkley says that he will cease gambling for the next couple of years after settling his debt.

In 2015, when asked about his gambling habits again, he said that his losses in Vegas were about $20 million. He was able to manage his condition now, and he gambled in moderation. He continues to lose more money in a year than any of us, yet he keeps his finances under control.

Losing at the Casino #2: Maureen O’Connor – $13 MILLION

Maureen O’Connor is the only female on this list, and she was the mayor of San Diego at the time of her massive gambling loss!

Although $13 million is a large sum of money, given that she wager over $1 billion, it is very amazing that she manages to keep her losses to such a low level. O’Connor’s gambling problem was so severe that she borrow $2 million from her second husband’s charity organization, only to blow it all playing Video Poker.

Maureen O’Connor: How to recover from a big gambling loss?

If we just remember O’Connor for her huge losses, we are doing her a disservice. She did a great job as mayor and accomplished a lot in her career because of her hard work and dedication. She also paid off her gambling debt completely, which was no minor achievement.

How to recover from a big gambling loss #3: Michael Vick – $20 million

Michael Vick had a heavy influence, much of which he created himself. Vick is undoubtedly one of the gamblers who has lost everything, but not in the traditional sense. The former NFL quarterback, who was one of the finest quarterbacks the Philadelphia Eagles had ever employed, had a gambling problem.

How does Vick lose everything from gambling?
How does Vick lose everything from gambling?

The tale of Michael Vick is well-known in the United States. However, it is not as well-known in other parts of the world. He is a former NFL player who lost not only a large quantity of money. However, he also lost his freedom and reputation as a result of illegal gambling. Thus, he is also the ‘proud’ owner of the title of ‘biggest gambling loss.’

When the Atlanta Falcons quarterback gets arrested for funding and organizing an illegal dogfighting ring known as the Bad Newz Kennels. Then, he got himself into a tremendous problem that took him ten years to clear out. He pleaded guilty to accusations of funding the ring’s gambling side and having a key role in the fights’ organization.

How to recover from a big gambling loss?

Aside from that, after pleading guilty, he’s immediately suspended from the NFL without pay. In addition, the Falcons sued him, asking that he repay a large amount of his signing bonus. Finally, the court determined that he owed the team $19.97 million (just over £14 million), which he was able to pay.

Vick filed for bankruptcy in 2008, while still in jail, claiming to owe between $10 million and $50 million in debt. He then began to liquidate all of his assets in an attempt to repay everyone. According to ESPN, the former NFL player paid the last payment of $1.5 million in November 2017, resolving $17.4 million in obligations, or 99.9% of his total debts.

Michael has atoned for his previous mistakes. Moreover, he is also once again in the public eye. FOX as a studio commentator for the NFL, a job he thoroughly merits, hired him. Michael Vick, on the other hand, is undoubtedly one of the most renowned gamblers who lost everything.

Worst Gambling Losses #4: Wayne Rooney – £500,000

Wayne Rooney, the Manchester United and Everton striker is a well-known gambler. However, in May of last year, he went one step further at Manchester’s 235 Casino.

How Rooney lost all his money gambling?
How Rooney lost all his money gambling?

How I lost all my money gambling?

According to reports, the player entered the casino about midnight. Then, he spent £500,000 in less than two hours. As a result, he has earned a spot on our list of the worst gaming losses.

Rooney was able to lose so much money by playing only two games:

  • Blackjack
  • Roulette

According to an unnamed witness, Rooney was wagering a lot on red while playing Roulette. Although it looks completely acceptable, he is also making long-shot bets on individual numbers.

Therefore, he continues losing and encourages him to wager more to chase his losses.

How did Rooney recover from a big gambling loss?

Coleen, his wife, was said to be upset once she found out. Furthermore, the Daily Star stated the day after the story emerged that she may block a prospective move of Rooney to China. So, she may keep a closer check on him. As most of you are certainly aware, the rumored move to China never materialized, but we still do not know if Coleen was to blame.

In any case, while his then-fiancée was not at home, Rooney acknowledged betting out of boredom. His half-million-dollar losing run occurred while she and their children were on vacation. As a result, Coleen must not abandon the renowned footballer for an extended time.

How to recover from a big gambling loss #5: Harry Kakavas – £11 million

The list of the biggest gambling losses in history will not be complete without the terrible story of Harry Kakavas.

Why is Harry Kakavas renowned to be the biggest gambling loss in history?
Why is Harry Kakavas renowned to be the biggest gambling loss in history?

Harry has spent almost £1,000,000,000 (yes, a billion) playing casino games over 15 months. That is why this former Australian millionaire is perhaps the most renowned gambling loss in history. He did not lose them all, but he did waste £11 million, which was considerably more than he could afford.

Harry Kakavas, who built his wealth selling real estate on Australia’s Gold Coast, is one of the world’s most famous high rollers. After spending $300,000 each hand, he lost $164 million in five and a half hours.

After years of dealing with problem gambling, Kakavas suffered a massive setback. The real estate entrepreneur was sentenced to four months in prison in 1998 for cheating a big Australian business out of approximately £160,000. In addition, he uses the money to support his gambling habit.

Biggest Gambling Debt: How does he solve his gambling problem?

In an attempt to break his unhealthy habit, he also self-excluded himself from Melbourne’s Crown Casino in the same year.

He lost a large sum of money in the same casino six years later. The Crown Casino was furious when he was seen on video losing millions of dollars in Las Vegas. The waiters tried all they could to persuade Kakavas to return to their original tables, and they were mostly successful.

Kakavas finally went to court to seek restitution for his losses. He and his legal team claimed that the casino was aware of Kakavas’ condition and exploited it. While the judge accepted that this was the case, he went on to say that Australian courts have a history of refusing to recompense compulsive gamblers.

Kakavas is back in the real estate industry after a long and arduous court battle, but he’s now a few million dollars poorer. Regardless, he told the Gold Coast Bulletin that he accepts the court’s decision and that he is now “doing OK.”

Most Money Lost in Vegas History: Terrence Watanabe – $127 Million

Terrance Watanabe was the son of a renowned businessman. When his father died in 1977, he inherited the Oriental Trading Company. However, he was more interested in gaming than business, and in 2000, he sold the firm to focus on:

  • Baccarat
  • Blackjack

Watanabe went on a year-long gambling frenzy in Vegas, mostly at Caesar’s Palace, in 2007. He staked a whopping $835 million and lost $127 million. Watanabe’s dreadful losing run is said to be the longest in Las Vegas history.

Losing big at the casino?

Terrance was known to gamble for 24 hours straight and lose up to $5 million in a single day, according to casino staff. Terrance was also permitted to play three hands of blackjack at the same time, thus, breaking casino restrictions.

In addition to gambling, Watanabe suffered from a variety of addictions. He was drinking two to three bottles of vodka every day. At the same time, consuming more dangerous drugs like cocaine, according to witnesses.

Caesars Entertainment Corporation, the company that runs Caesars Palace, was fined $225,000 for enabling Watanabe to gamble while intoxicated. Watanabe owes $15 million to the government and threatens jail time if he does not pay.

Terrance refused to pay the casino the $14.7 million credit he was given. Thus, he claims that the casino intentionally boozed him up and supplied him pain medicine so he would keep gambling. Terrance Watanabe was charged with four felony charges of intent to deceive and steal by the Clark County District Attorney’s office in April 2009.

Before a court could rule on the matter, the casino and Terrance Watanabe resolved their disagreements. Terrance Watanabe acknowledged having a gambling issue, and his family encourages him to get help, which he did.

What is Terrence Watanabe's net worth?
What is Terrence Watanabe’s net worth?

What is Terry Watanabe’s net worth?

Terrance Watanabe’s net worth is USD 150 million. Terrance “Terry” Watanabe is an American businessman. Watanabe was born in Omaha, Nebraska. He is the son of Harry Watanabe who is the founder of the Oriental Trading Company, Inc.

Watanabe became CEO of the plastic party favor and trinket firm when he was 20 years old, and grew the Nebraska-based company into a successful $300 million-a-year mail-order party supplies, favors, and decorating industry. Watanabe quit as CEO and President in 2000 after selling his full share in the company to Brentwood Associates of Los Angeles.

How to Recover from a Big Gambling Loss FAQs:

How do you deal with gambling losses on a psychological level?

After a significant gambling loss, you must follow some guidelines and keep in mind. If you’ve lost a lot of money, it’s best to stop gambling for a while. Moreover, before returning to a casino, it is necessary to have clear objectives in mind. Also, you should prepare a budget to determine how much money you may spend on gambling each month. This practice will help you minimize the losses.

How to deal with gambling urges?

It’s natural to feel compelled to gamble. However, fighting urges will become simpler as you develop healthy habits and a solid support system. When you have a gambling urge, it is better to avoid isolation. At the same time, try to postpone gambling to become your urges become weak enough to resist.

Also, consider what would happen if you succumb to the temptation to gamble. Consider how you’ll feel once your money is gone and you’ve once again failed yourself and your family. Moreover, distract yourself from your gambling addiction by going to the gym. Alternatively, you can watch a movie, or performing a relaxation technique.

Should I try to recoup my losses from gambling?

If you are playing in an online casino in Singapore, we suggest that you stop chasing losses. If you have a strategy in place before you begin gambling, you may include chasing losses into your strategy in a way that preserves at least a portion of your bankroll while still allowing you to score a big gain now and then.

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