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Who lost the most money gambling?

Who lost the most money gambling?

Each year, millions of people visit casinos with one dream and one aim, to win big. The fact that the casino always has an upper hand does not deter their efforts. While there have been stories about the winners, there are many more who have lost big while gambling. Who lost the most money gambling?

This is not a record anyone wants to hold we are sure!

 

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Who lost the most money gambling?

While there have been countless gamblers who might have lost huge sums, some stories are well known, while some are never known to the public.

However, one of the most famous losers in modern-day gambling history is Harry Kakavas. Kakavas was a well-known real estate salesman from Australia, who made a fortune scoring great real estate deals on the Gold Coast. However, he was more famous for his gambling addiction. It is said that in 14 months starting from mid-2005, he made bets worth a whopping $1.5 billion dollars at the Crown Casino in Melbourne.

His favorite game was baccarat, where he would bet as high as $3,00,000 on a single hand. In one famous instance, he is known to have lost $2.3 million in less than 30 minutes on the floor. He eventually ended up losing more than $30 million to the casino.

And the casino spared no efforts to ensure that he kept returning, offering him luxury accommodations, limo rides, food, and drinks, all free of cost. They even offered him free private jet transfers to and from his Gold Coast home to the casino, and thousands of dollars in cash as `lucky money┬┤.

Conclusion

Who lost the most money gambling? No matter how good you think you are at gambling, over the long run, the `house edge┬┤ always eats into your winnings. One should always gamble within limits, and should always know when to leave the table.

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