Topic: Greatest Gambling Losers - page 6. (Read 2783 times)

My greedy nature will always exist in people who gamble but I think if you are greedy you will experience your own losses because sometimes you cannot control our emotions and are affected by the conditions of the gambling place which ultimately make us addicted and have difficulty getting away from the gambling place, even though You have been able to get as much profit as you have mentioned, but I am sure that at this time you are having difficulty getting that much profit again because the gambling place will always be improved the script so that it will be more difficult to win games at the gambling place.

Well, greed is always a part of the gamblers. From my little years in gambling thousands of losers are those who can't shun greed while gambling. Sometimes, greed can be to the advantage of the gambler but mostly sometimes end in disadvantage. I have made some good greed while I ended up in advantage, still remember that: I was able to make closely $100 profit back in 2019. Though, this was purely base on luck and not on my skills as i can remember. Conclusively, having a greed isn't bad but ensuring to have self control over your greed.

There is too much gambling craze and it will not end. Victory, defeat, addiction, family problem, economy, bankruptcy, being laughed at, humiliated and these are the thing that stick to the gambler whose addiction has gone beyond normal limit.

Of course that is one of the gambling behavior that are considered bad by many people. I know that some highly addicted gambler will continue to gamble even on borrowed money. They borrow money and gamble with the aim of winning more money and covering previous losses. I think this is a misperception because if a gambler continues to chase wins to compensate for losses then I believe in the end it will only add to the losses.

That's very true. Greed is often the reason for huge losses and only Self control can help us overcome greed.
Having self control is key a concept in gambling because that is what helps us control our losses.
Many gamblers are incapable of this and end up losing more than they could afford. It is the Greed that overcomes their capability.
I have myself encountered losses but I try to control myself from over gambling and this certainly helps me to limit my losses.

So it is important for each player to first know how much they can afford to lose and play accordingly. Just by reading somebody won so much etc and feel that even they can also win the same or more might not happen. Each one has different luck and skills so judge yourself and check your own position and then gamble because once lost big money then nothing else is left later other than regretting it.

There is too much gambling craze and it will not end. Victory, defeat, addiction, family problem, economy, bankruptcy, being laughed at, humiliated and these are the thing that stick to the gambler whose addiction has gone beyond normal limit.

Of course that is one of the gambling behavior that are considered bad by many people. I know that some highly addicted gambler will continue to gamble even on borrowed money. They borrow money and gamble with the aim of winning more money and covering previous losses. I think this is a misperception because if a gambler continues to chase wins to compensate for losses then I believe in the end it will only add to the losses.

It's fine chasing wins as long as you had managed your funds in most efficient, least risk, and much safer way.
You don't want to be bankrupted and lose all your fhnds just because you are chasing and hoping that ou will win in the next rounds.

Improper management of funds, as well as emotions, will most likely lead to bankruptcy.
Use the most successful strategy.

They borrow money and gamble with the aim of winning more money and covering previous losses. I think this is a misperception because if a gambler continues to chase wins to compensate for losses then I believe in the end it will only add to the losses.

yes, that's crazy.

In some cases the losses were above 100% as those people asked for loans to keep gambling basically ruining their lives in the process, however as you say everything needs to be put into perspective, if a person lost 30 million dollars on gambling that would seem like a huge amount to all of us but if that person had 3 billion dollars on wealth then that is just 1% of his total net worth and it is not cause for worry for him, but most likely it will still get him some bad press.

the main thing is still:
not gambling more than one can afford to loose.

it's intresting to know about the greatest losers and all, but I'd be curious to know what was the % of the loss in relation to their total wealth.

keep it as less than 3% and it'll be much easier to survive.

Why they lost millions of dollars money is very important to our life and not unlimited because once a person did not know how his limitations or on how to spend his money they possible to lose it all. I hope they using their money for right thing because better to have plan on it I wiuld say that playing gambling is not good but in moderation just spend thousands dollars maximum is enough to fullfill their happiness because mostly rich people their reasons why they are playing gambling is to make happy or they enjoy playing. But it depends on them because they are using their own money not mine Im only giving my suggesstion of what is I think is good for them.

When you have made gambling a way to make money, then problems will soon come. You don't have to gamble to make money even in small amount. I knew that I had been gambling for years and it was because of money, and finally I had to realize that I was spending time and money just to make money. This is a big mistake in my gambling, and maybe I should change it for a better gambling experience.

Always pay attention to gambling problem that must be avoided and if they cant be controlled then I think we must immediately solve the problem with the help of others.

So far I'm not like those gamblers because I'm just a small-time gambler who would like to earn just a single penny and enjoy and make some enjoyment in gambling.

because they have too much money to spend in gambling simple as that,if they have no amount how could they afford to lose that huge amount?

what made me think is what happen to their family if they lose everything and even their businesses?
this is something only fool can do(my own opinion)because for me?i will never let my reputation and family at risk just because of gambling.

To be honest, I think their mindset was clouded with bad judgement since they can gamble and afford to loss the resources. The problem is their addiction in the whole gambling game. These people are considered rich and they have gambled almost all of their resources with the hope of recovering what they loss in the process.

I just hope that people here learn from their lesson as they only regretted it once they have already lost everything. If one does not have the discipline to control their addiction, I highly suggest to seek help and support from your peers or family members.

Actually there is no need to get away from gambling just to avoid into gambling addiction. Gambling is one way to get involved in socializing, having fun and excitement and sometimes gaining profit.

The fun should not be avoided. The only to get out of gambling addiction ia to change mindset. A good mindset for gambling is that casino do always win in gambling. Gambling is just for leisure and socialization meeting new friends outside.

Do this mindset could apply to solve gambling addiction? I think so!

If someone just cannot control themself or lack the discipline they should stay away from gambling else it is going to be difficult for them because greed is something which cannot be control and in gambling everyone thinks it is a very quick way to make money from it. Which may become true for few people but not for all.

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.

10. Chun Lei "Samrostan" Zhu - Lost $15 million
There's nothing wrong about learning new a game or strategy, but be cautious and try to bet gradually.

9. Akio Kashiwagi - Lost $19 million
Spending too much in a casino especially putting yourself into a huge debt from a variety of casino could risk even your life. Learn to bet an amount that you can afford to lose from your own pocket and do not risk funds that you aren't sure if you have the capacity to pay.

8. Gus Hansen - Lost $21.7 million
We all have our favorite casino and, online and physical casinos differ depending on how used we are to it. By changing our platform, this doesn't mean that we can apply our strategies and be wild in betting already. It's a new environment and it's better to start leaning again.

7. Kerry Packer - Lost $30 million
Despite of his huge loss in gambling sprees, Kerry Packer is known to still have huge assets and $30 million is just a small amount for him. This is the ideal gambler for me, since he know that he could still live in peace even if he lose a huge amount.

6. Michael Jordan - Lost $? million
Knowing that we have a very popular image, becoming a gambler could impact how the way people see us in public. Perhaps, being a politician or a person who handles financial insitition could induce doubts for people to believe on us even if we really don't have an intention to gamble even a part of funds that doesn't belongs to us.

5. Archie Karas - Lost $40 million
He was believed to turned $50 dollars into $40 million by playing poker. With years of playing, he lost it all and found out that he was cheating in casinos. There's nothing wrong with losing because there's always a time to stand up again and play. But there's no hope if we got banned from casinos through cheating.

4. John Daly - Lost $55 million
After losing, John Daly switched from $5000 slot machines to $25 ones. There's nothing wrong by playing in moderation, it means that we are learning from our mistakes and it is a way to stop the impact of a huge losing streak. Our goal in gambling is not just to be rich but to experience the fun in it. $25 slot machine is still a slot machine right?

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.

We all realize that the main cause of loss in gambling is greed, indeed the only way to prevent greed is self-control.
Without self control we can become greedy when playing gambling. Especially when we win in a row, this will lead to
the desire to continue playing gambling, which in the end we can lose all the profits that have been made. So we have
to be disciplined to control ourselves, do not greed over us. We must immediately stop playing gambling as soon as we
get a profit.