Losing all your fortune with just 3 years - page 10.

Aanuoluwatofunmi

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Quote from: Beparanf on May 12, 2024, 12:25:28 PM

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.

In his own case, at least he still manage to wager about that much and a the end then realizes that what he lose was not enough to compare to what he wager for gambling, which means, he is not expected to even feel bad about every of his decisions made concerning gambling and the amount of money involved, he is being able to afford for that kind amount, what if he couldn't, there is no how he could have raised to such amount to wager for gambling purpose if he had not been capable.

aioc

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Quote from: Beparanf on May 12, 2024, 12:25:28 PM

The subject is Terrance Watanabe which is a successful businessman who has a huge business and money that becomes addicted on gambling. He lose a total of 127M which is all his fortune that he earn from his business. Imagine all your hardworking was turn out to nothing after a few years of gambling addiction.

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.

If you love to drink and bet and you're frequenting a casino expect to lose your fortune in a short period of time people are so daring when they are drunk that they bet more than they want to bet, just like what happened to Dana White who unknowingly bet and lose $3 million when he only remembers his bet to be $80k, he learned his lesson well that he will never drink and bet.
Terrance Watanabe could have stopped if he was monitoring his finances. I guess gambling has hooked on him, and he ignored all the warning signs.

Gaza13

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Quote from: Negotiation on May 12, 2024, 09:49:29 PM

It's normal for gamblers to experience losses when gambling but it's difficult for gamblers who can't stop themselves from losing after all the losses. Try to control yourself and be careful people learn from mistakes and move forward since you have lost everything, try to recover yourself before taking more risks as luck may not be on your side. Apart from gambling choose other alternative ways to get success. The person who lost in the gambling game will gamble again because of the loss of money. Gambling is the worst and worst addiction in this world. There are many who have become great through gambling but I have never heard of anyone who became great through gambling.

In my opinion, there is no great person who can control the gambling round, it is just a hallucination for the players who seem as if they have the skill or ability to play. This is human nature, they find it difficult to control their emotions when they experience defeat from gambling and this makes them continue to play and chase previous losses, which makes them addicted to the gambling table.It is difficult to overcome gambling addiction. Of course, addiction will have a bad impact on them, they could do things that are not good, such as committing crimes.Agree with what you said, we have to learn what has happened in our lives while at the gambling table and there are many other ways to earn money besides at the gambling table.

STT

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Its a sad story but I dont feel sorry for a millionaire who couldnt handle it. That much isnt a rare story really, he grew up rich which was a different story to his parents I guess and so his skills were not the same to run that business.

I feel sorry for people born poor and struggle just to feed themselves. I dont know they'd handle millions better either but they'd surely feel lucky every day if they got that far so usually those who earnt their riches have had a good reason to value things highly and so they keep the money better.

Buffet was born during the great depression, he wasnt a poor kid but I presume during growing up he learnt money is easily lost. Its an interesting story, I hope Terrance can scrape back some worth via his story and give a warning to others.

Su-asa

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Quote from: bakasabo on May 15, 2024, 03:30:24 AM

Quote from: Assface16678 on May 14, 2024, 09:46:50 AM

Quote from: bakasabo on May 14, 2024, 02:29:37 AM

Quote from: Slow death on May 13, 2024, 11:11:46 AM

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

That is truly shocking. The person has been with "business, money and strategy" for ages. His must have been really good with money management since he has managed to build such a successful company and earn that much. And it shocking how he managed such amount of money in a single game session. And maybe I am from a different planet, but how come banks, management or whatever or whoever are responsible for him money, did not stop the deal, money transfer, no limit warning. As if he was able to place $127 millions in a single bet, and banks would give a green light for such transaction.

Well, its because the bank account owner is still the one that has the access to its money, so banks or lawyer doesnt have a say on what will the owner does to its money

Banks or lawyers indeed have nothing to say or suggest how I am spending my money. But I can not go to my bank account, click on MAX and transfer everything. First there are daily and monthly limits. First I need to adjust my daily or single transaction limit to be able to send everything. Moreover, this is not an instant action. And in addition, when a person makes one huge or multiple transactions like that guy who has lost $127 millions, a personal bank manager would give that person a call. Just to be clear if he really is spending that much, or this is someone just stealing money from him.

Every account have daily transaction limit, ones a bank costumer exceeds his daily limit he can no longer make a transaction because the account will be restricted for 24 hours. However that's a good thing that can help an addicted gambler, if a gambler who's addicted to gamble want to help him self he have to go to the bank and reduce his limit so that he will not bite more than he can chew by finding an amount that he can't afford to risk. every rich person have a personal account manager, so if any rich person want to fund all the money he have on bet account, the manger will not hesitate to call because he's a person account manager, so if anything happens to the account he's managing then there will be a problem. Even if a suspicious amount want to go out from the account he won't hesitate to make a call

bakasabo

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Quote from: Assface16678 on May 14, 2024, 09:46:50 AM

Quote from: bakasabo on May 14, 2024, 02:29:37 AM

Quote from: Slow death on May 13, 2024, 11:11:46 AM

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

That is truly shocking. The person has been with "business, money and strategy" for ages. His must have been really good with money management since he has managed to build such a successful company and earn that much. And it shocking how he managed such amount of money in a single game session. And maybe I am from a different planet, but how come banks, management or whatever or whoever are responsible for him money, did not stop the deal, money transfer, no limit warning. As if he was able to place $127 millions in a single bet, and banks would give a green light for such transaction.

Well, its because the bank account owner is still the one that has the access to its money, so banks or lawyer doesnt have a say on what will the owner does to its money

Banks or lawyers indeed have nothing to say or suggest how I am spending my money. But I can not go to my bank account, click on MAX and transfer everything. First there are daily and monthly limits. First I need to adjust my daily or single transaction limit to be able to send everything. Moreover, this is not an instant action. And in addition, when a person makes one huge or multiple transactions like that guy who has lost $127 millions, a personal bank manager would give that person a call. Just to be clear if he really is spending that much, or this is someone just stealing money from him.

justdimin

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Quote from: bakasabo on May 14, 2024, 02:29:37 AM

Quote from: Slow death on May 13, 2024, 11:11:46 AM

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

That is truly shocking. The person has been with "business, money and strategy" for ages. His must have been really good with money management since he has managed to build such a successful company and earn that much. And it shocking how he managed such amount of money in a single game session. And maybe I am from a different planet, but how come banks, management or whatever or whoever are responsible for him money, did not stop the deal, money transfer, no limit warning. As if he was able to place $127 millions in a single bet, and banks would give a green light for such transaction.

A lot of people have this psychological issue at heart that they are pouring into addictions. I have seen great business people end up in drug addiction as well, not exactly the same because one ruins your health and the other ruins your wealth, but it is both addiction and you should consider the fact that you are going to end up with some issues.

A lot of people could work very hard and do very well when it comes down to working, but they may hide some pain behind their eyes, and those people will end up getting into addiction and just abusing their own situation as well. This is why I believe that we are going to end up with a trouble, we need to realize that the best thing to do would be focusing on how to get better and getting some help from a professional.

Mia Chloe

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Quote from: Oshosondy on May 12, 2024, 12:47:34 PM

So sorry for the man. I wish something like this should never happen. But this is a lesson for people to know that gambling should be done with just little amount of money. Probably if the man is on a forum like this and reading from what we are posting on gambling discussion board, he might have learned some lessons from here instead of going through this hard time.

At my very first sight of this post Immediately I read the heading of the post I kind of already concluded within me that someone who lost all his fortune to Gambling is obviously an addict. Now to start with, what happened to the phrase "stake what you can afford to lose" ? Now I'm saying this because there is no way you would end of going bankrupt if you stake what you can afford to lose because if staking something of such worth would make you go bankrupt then it isn't worth staking in the first place.
Some gamblers make the dangerous mistake of over staking above their means with the mindset of hitting a high and potential jackpot forgetting that the chances of them losing the bet still exists. As a gambler you should not allow the wager determine how much you stake because nice huge wagers will likely make such gambler end up over staking.

Renampun

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Quote from: Beparanf on May 12, 2024, 12:25:28 PM

...

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.

Source: https://www.cbsnews.com/news/gambler-lost-127m-in-2007-sues-casino/

Wow, this is really a heartbreaking story, the money he had been looking for for years finally just disappeared at the gambling table, I also highlight what the casino owner did here, it is very clear that he actually deliberately let the victim gamble while drunk. so that the victim fails to think clearly and rationally, I know there are many people out there who don't want to learn from other people's life stories, you need to remember that gambling while drunk is the worst stupidity, your money will just run out before you are fully conscious.

lienfaye

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Rich can spend more in gambling because they have lots of money but it can also lead to losing their fortune since gambling is not an activity to assure someone to double his money. Although the story is sad, this all happened because of his choice. Spending money in gambling, drunk while playing, which is not a good behavior because he is already out of control and continue betting without even thinking of the outcome.

Often, we will only realize and regret our actions after losing our money. It's really hard to earn but it's easy to spend. If you don't value your earnings then this can possibly happen.

Mahanton

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Quote from: Sunderland on May 14, 2024, 02:06:33 PM

Quote from: Assface16678 on May 14, 2024, 09:46:50 AM

Well, its because the bank account owner is still the one that has the access to its money, so banks or lawyer doesnt have a say on what will the owner does to its money, and maybe the business man in the story put a lot of debt or loan in order to play gambling and that's why he lost a very huge amount of money, well its given for a rich man or wealthy man to be addicted to gambling because they have a lot of money to gamble with and without them knowing they are losing too much money and keep on playing thinking that they have infinite money with is opposite, the thing is losing a lot of money is faster for a rich man than those who has an average life style or status of living, its because they know they are rich so they can spend more and more without thinking.

No, he has sold his business since 2000 and he started gambling in 2003.
From what I read, he received luxurious services and incentives at some of the casinos, that must be one of the reasons why he became increasingly addicted to drinking and gambling.

Maybe we will only know the real story about him after the book or video is published by a media company that has the exclusive rights to Watanabe story since 2022.

It would really be just that common sense for a casino to give out those all possible conveniences and perks for their losing gambler on which these business does really know that someone is already that on that addiction state on which they would really be taking advantage of that. They would really be offering on whatever they could offer as if they do really making themselves look that generous but in the end of the line they are the ones who would really be benefiting out the most. On the time that a certain person/gambler lost it all then this is where you would really be seeing their true colors. They would really be just dumped you like a trash. Wink

Doesnt matter if you are a multi-millionaire or billionaire on which on the time that you are already that selling out your properties or any posessions then this is a solid indicative sign that your addiction is severe.
Sooner or later you would really be finding yourself that sleeping on the streets and this is the only time that you would really be making out those kind of realizations. You should have done this earlier
so that you do able to avoid yourself on experiencing such devastating condition.

iv4n

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Quote from: Beparanf on May 12, 2024, 12:25:28 PM

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.

When we consider his bankroll I think we can't say that he wagered a lot... just x6.4 of his bankroll. With some luck and better playing people wager a lot more than just a little over x6 with their bankroll.

I guess this man started losing and at one point he decided to up the stakes (it's happened to all of us at some point) just to get back the millions he lost... but unfortunately, he was unlucky and lost it all.

Because of these things, bankroll management is very important, $10, $10k, or $100m is the same if someone bets more than 10-20% of their bankroll. When we lose what we have because of reckless gambling there's no point in complaining and blaming others for that. We are responsible for everything we do.

Silberman

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Quote from: Beparanf on May 12, 2024, 12:25:28 PM

I’m not sure if this story was already shared here but I just recently watch this gambler sad story from social media that is really heartbreaking.

The subject is Terrance Watanabe which is a successful businessman who has a huge business and money that becomes addicted on gambling. He lose a total of 127M which is all his fortune that he earn from his business. Imagine all your hardworking was turn out to nothing after a few years of gambling addiction.

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.

Source: https://www.cbsnews.com/news/gambler-lost-127m-in-2007-sues-casino/

On the past I have seen stories like this about people losing even more money than that, but it is still astonishing, after all even if I am in pro of gambling and think that everyone should gamble as much as they want, I cannot help to wonder what was that person thinking? Since at some point he must have realized he had a problem and even if he could not stop himself from gambling, he could have asked a person close to him to safeguard his money so he did not lost his entire fortune, but for some reason he refused to do this and now he is paying the consequences of that mistake.

harapan

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Quote from: Oshosondy on May 12, 2024, 12:47:34 PM

So sorry for the man. I wish something like this should never happen. But this is a lesson for people to know that gambling should be done with just little amount of money. Probably if the man is on a forum like this and reading from what we are posting on gambling discussion board, he might have learned some lessons from here instead of going through this hard time.

I feel so sorry for him and I presume most people are not aware of the huge effects gambling has on their total wellbeing and when you're not gambling with an amount you can afford to lose you end up falling a victim of such circumstances.
I wonder how he's gonna make it to regain such money again it might take him years to even gather up such an amounts again.sometimes to some people it seems like holding such money controls them to gamble more not thinking they might loose it in 1 Minutes.

Sunderland

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Quote from: Assface16678 on May 14, 2024, 09:46:50 AM

Well, its because the bank account owner is still the one that has the access to its money, so banks or lawyer doesnt have a say on what will the owner does to its money, and maybe the business man in the story put a lot of debt or loan in order to play gambling and that's why he lost a very huge amount of money, well its given for a rich man or wealthy man to be addicted to gambling because they have a lot of money to gamble with and without them knowing they are losing too much money and keep on playing thinking that they have infinite money with is opposite, the thing is losing a lot of money is faster for a rich man than those who has an average life style or status of living, its because they know they are rich so they can spend more and more without thinking.

No, he has sold his business since 2000 and he started gambling in 2003.
From what I read, he received luxurious services and incentives at some of the casinos, that must be one of the reasons why he became increasingly addicted to drinking and gambling.

Maybe we will only know the real story about him after the book or video is published by a media company that has the exclusive rights to Watanabe story since 2022.

Fortify

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Quote from: Beparanf on May 12, 2024, 12:25:28 PM

I’m not sure if this story was already shared here but I just recently watch this gambler sad story from social media that is really heartbreaking.

The subject is Terrance Watanabe which is a successful businessman who has a huge business and money that becomes addicted on gambling. He lose a total of 127M which is all his fortune that he earn from his business. Imagine all your hardworking was turn out to nothing after a few years of gambling addiction.

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.

No. It is not heartbreaking. This was driven by pure greed and he frankly didn't deserve to keep them money. He was already wealthy enough that he could have simply spent 1.5 million per year and never had to work another day in his life. He made a choice to waste away his massive fortune, instead of being content with what he had already. He could of spent a tiny fraction of that on seeking help and trying to remedy his addiction. Personally, with those sort of funds I could find a million other more exciting things to do than sit in a casino handing over money to make someone else rich, it's not entertaining in the slightest and there are better thrills to be had elsewhere.

Marykeller

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The cause to earn more has put many people into heartbreaking losses of their fortune. How will someone be able to explain how they were once rich, and later became poor, just because they want to get bigger money from the amount they already have which is supposed to make them feel more comfortable to expand their businesses than wanting to engage in quick money like gambling that is solely on luck, which got so many gamblers to end at loss. I wonder where some people get their inspiration from, that gambling is an easy gateway to more wealth.

Fortunately, people find themselves in something that, they lost their money to, and they become comfortable with it without finding ways to quit than continuing.

It's someone for someone to lose huge money in gambling for the first day, the second day, continuously up to three years and they refuse not to quit during those times they experience the huge loses. However, I don't pity this kind of people who lose hugely in gambling because I believe that their friends or family members must have warned them of their addiction habit to gambling and to neglected their advices, hoping to recover their loses someday.

SmartGold01

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There are things people must do if they want to avoid addiction or don't want to lose more along the lines since people don't always control themselves when they are drunk, gambling while being drunk could cause serious damage to our lives that is why I tried as much as possible to avoid some things that could cause more damage; avoid gambling while already being drunk, avoid gambling when you are not emotionally stable such as heart break or disappointment from partner it could be a business partner, avoid gambling while you are busy and wanting to catch up someone both in working hours or place of work.

Assface16678

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Quote from: bakasabo on May 14, 2024, 02:29:37 AM

Quote from: Slow death on May 13, 2024, 11:11:46 AM

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

That is truly shocking. The person has been with "business, money and strategy" for ages. His must have been really good with money management since he has managed to build such a successful company and earn that much. And it shocking how he managed such amount of money in a single game session. And maybe I am from a different planet, but how come banks, management or whatever or whoever are responsible for him money, did not stop the deal, money transfer, no limit warning. As if he was able to place $127 millions in a single bet, and banks would give a green light for such transaction.

Well, its because the bank account owner is still the one that has the access to its money, so banks or lawyer doesnt have a say on what will the owner does to its money, and maybe the business man in the story put a lot of debt or loan in order to play gambling and that's why he lost a very huge amount of money, well its given for a rich man or wealthy man to be addicted to gambling because they have a lot of money to gamble with and without them knowing they are losing too much money and keep on playing thinking that they have infinite money with is opposite, the thing is losing a lot of money is faster for a rich man than those who has an average life style or status of living, its because they know they are rich so they can spend more and more without thinking.

bakasabo

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Quote from: Slow death on May 13, 2024, 11:11:46 AM

What is most shocking is that he is a businessman and was playing with large amounts of money, ignoring bankroll management. even if the guy was addicted, they gave him obscure things or alcohol to continue playing without being in his right mind, he still ignored bankroll management, a person who is a businessman has a minimum of knowledge of finance management, planning and money management. risks, and after leaving the casino and being lucid, he could realize the serious mistakes he was making and could correct himself, but apparently the addiction took over his brain to the point where he no longer thought rationally. I also don't understand where his family and advisors were so they didn't stop him from reaching the bottom

That is truly shocking. The person has been with "business, money and strategy" for ages. His must have been really good with money management since he has managed to build such a successful company and earn that much. And it shocking how he managed such amount of money in a single game session. And maybe I am from a different planet, but how come banks, management or whatever or whoever are responsible for him money, did not stop the deal, money transfer, no limit warning. As if he was able to place $127 millions in a single bet, and banks would give a green light for such transaction.

Topic: Losing all your fortune with just 3 years - page 10. (Read 1696 times)