Topic: Greatest Gambling Losers (Read 2835 times)

In fact, I think the bigger your loss is, the bigger you learn not to try that strategy or route. Except for some people who never learn but rather keep on gambling till they are sucked dry.

The topic piqued my interest, how could one loss be the greatest, that should be like worse loser as the topics misrepresented the contents.

On the contrary, gambling is a mystic addiction that is always difficult to overcome, I still find it difficult to accept a loss on my $20 deposit on every spinning in an online casino, let alone betting thousands and millions of dollars, I will collapse if I am in any of their shoes, but I trust myself because I know my risk limits.

Many believes that winning always favor the houses, but there's still many who believes that in a certain point and chance, they could take the win. There's nothing wrong with that, what is wrong is when we have a losing streak but still continues to play anyway.

Have you ever wonder what happens if someone bets a huge amound of fund, the same way as those who betted all in in a casino game then loses? This topic could help us understand why we should be disciplined enough, and why we should learn how to stop at certain point in gambling.

I've read this artcile What Happens to the Biggest Gambling Losers? stating some instances of biggest gambling losers.

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3. Omar Siddiqui - Lost $121 million
He played at the Venetian and MGM Grand while having a multi-million dollar debts from other casinos at the same time. It was also said that he used $65 million from his company in gambling. If we could think of a way to pay out debts, gambling is not the best idea, as it could put us down to deeper debt if we didn't succeed.

2. Zhenli Ye Gon - Lost $125 million
After losing $125 million in gambling, in 2007, Zhenli's home in mexico was raided and authorities found out a huge amount of drug money. It's a big learning for us to always use a clean money in gambling. That's why sometimes, casinos have bad images, since movies are showing big gamblers who gets their money from illegal activities.

1. Terrance Watanabe - Lost $127 million
He was said to lose for about $5 million a day playing 24 hourse in casinos and with this, he was burried to dept. IMO, it impacts his health allot with the lifestyle he lived, that he got a cancer. As a gambler, we should take good care of ourselves and spend a most of our time than gambling. Money isn't always the solution for happiness, perhaps, bonding with our family is better and building memories with them are the treasure that we can keep forever.

I will never use the word Greatest in this part , Losers never become greatest mate that is a contradicting word 

but those are surely the worst gamblers recorded and not greatest 

I would look with great interest at confirmed losing streaks in real casinos or bookmakers. Many people use Martingale not only when playing red/black, but also when betting, I think it would be useful for them to look at the losing streak of 10-15 bets long, which turned out with bets with odds of 1.6 (which are considered more or less reliable).

I think creating a list about the biggest losses of losing streak of people would be slightly advantageous to the people who are addicted to gambling. I also do think it is a way of convincing the public about the dangers of gambling addiction and the costs associated with it.

Some millionaires do gamble for the sake of having fun due to the adrenaline experienced on betting huge amounts of money. Though some rich people do it for fun, others do it primarily for gaining profit. They would rather choose to bet against the odds even if the chance of winning is 50/50.

I think this does not implies in gambling. Once you lose so big in gambling its hard to recover your loss. Gambling Is different from other professions where experience does not matter much.
Even the most experienced gamblers can lose a lot of money if they do not do money management. Greediness is another factor of high losses in gambling.

Do you know anyone who achieved greatness without failing? If you want to make money, it'll cost you. It could cost money, it could cost time, or even losses but depending on who it is, they can learn from their losses. In fact, I think the bigger your loss is, the bigger you learn not to try that strategy or route. Except for some people who never learn but rather keep on gambling till they are sucked dry.

No, losing is still bad, especially for those who lose too big money. Their feeling will be disappointment and regret, no matter if they have a lot of money to gamble. But if they like gambling, they will not stop even if they already lose too much money. We do not know what happens to them. Maybe some of them can not rise up and getting stress for the rest of their life. It needs a big effort to rise after getting lost too big money and they can not do that alone because they need other people to help them and drag them out from gambling.

Yes there are professional gamblers who wage millions but there are only a few that does that in a professional way. From what i saw in a documentary those who do professional gambling in sports, they are not even allowed to wage in any bookies because they know they are bad business for them and they usually shut them out and these professional gamblers would hire people to wage a bet on their behalf. It is a tricky game but those are a selected few that does these and the rest are just casuals .

This would be a great idea, especially for those who are about to fall into addiction, it would be a style of help and warnings of what can happen, it would also be contributing a lot so that people do not fall into it. You have not thought of creating a thread for it? to raise awareness? I am sure that if you do a thread of that style it will have a lot of support, it is a way of contributing to the forum for all those who at this moment have problems of that style, also we do not know the extent of the people who can help.

I think creating a list about the biggest losses of losing streak of people would be slightly advantageous to the people who are addicted to gambling. I also do think it is a way of convincing the public about the dangers of gambling addiction and the costs associated with it.

Some millionaires do gamble for the sake of having fun due to the adrenaline experienced on betting huge amounts of money. Though some rich people do it for fun, others do it primarily for gaining profit. They would rather choose to bet against the odds even if the chance of winning is 50/50.

Losing isn't a bad thing. I don't know if OP is being sarcastic but you can call them greatest depending on their storyline.
Losing millions of dollar isn't easy. It's a big thing to face such circumstance, also, losing builds you and teaches you the strategies that aren't working.
The people OP mentioned, do you know about their after-life?
Maybe they spend more and eventually recovered what was lost and even more.

I will never use the word Greatest in this part , Losers never become greatest mate that is a contradicting word 

but those are surely the worst gamblers recorded and not greatest 

~
They've lost a lot and that makes them worst because of the mental breakdown that it has given them. But for those totally rich gamblers that are losing thousands to millions, it's just another typical day for them.

Gambling is never win-win thing. No matter how it seems so, just as there is a probability for you to win, so is the probability for you to lose. These losses are actually what makes you emotionally stronger. I'm sure those who survived the loss can take it again. Also, I think Terrance Watanabe had issues with his self control. Losing $127 million on a daily basis sound like he kept trying to recover what was lost, and instead of recovering, he kept on losing more. I'm also wondering how this could cause cancer instead of health issues like mental illness.

I will never use the word Greatest in this part , Losers never become greatest mate that is a contradicting word 

but those are surely the worst gamblers recorded and not greatest 

You got a point there, biggest flops in gambling would be an appropriate title  . If you are gambling then you are bound to be in that position as you cannot expect to win all the time. I have lost $1000 whenever i gamble and then there are time when i win huge amounts as well and there is no consistency in which you win. It all depends upon how well you guess the outcome and nothing else.

I will never use the word Greatest in this part , Losers never become greatest mate that is a contradicting word 

but those are surely the worst gamblers recorded and not greatest