Terrance Watanabe said he bet more than $825 million and lost nearly $127 million of it in Caesars Palace and the Rio casinos in 2007, believed to be the biggest losing streak in Vegas history. "It's a tragedy, Mr. Watanabe's a tragedy," his lawyer, Pierce O'Donnell, told "Good Morning America" today.
By the way, does anyone win at gambling?
On any given day, the chances of emerging a winner aren't too bad—the gamblers won money on 30% of the days they wagered. But continuing to gamble is a bad bet. Just 11% of players ended up in the black over the full period, and most of those pocketed less than $150.
In all cases, how do you win at casinos every time? 10 Tips to Beat the Odds at the Casino
So, why do I keep losing at the casino?
The answer is simple. The games are designed mathematically in such a way that the house always has a mathematical edge over the player. Any time there's risk involved, you might lose. But with casino games, the odds are set up so that you'll lose more often than you'll win.
How do I stop myself from going to a casino?
Relax and focus on staying calm. Take some deep breaths to slow yourself down and refocus on what you can do now. Try to distract yourself with an activity to keep calm, such as a shower or a bath. Or you may read a book, cook or watch a TV show to stop thinking about gambling.