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Australian high roller loses $1.5 billion on casino gambling games and sues


The most common advice given to gamblers who lose at casino gambling games is to move on and learn from their mistake. It is definitely not usual practice for players to insist that a casino refunds gambling losses but it does happen from time to time.

 

In general, high rollers tend to prefer to play specific casino gambling games. Many choose to play blackjack since it is a game that involves skill as well as luck but another game that has always appealed to high rollers is baccarat. It could be said that choosing to risk a lot of money on a game like baccarat is unusual in itself, given that the game is entirely based on luck and no amount of strategy can actually increase a player’s odds.

 

Earlier this year, an Australian real estate salesman named Harry Kakavas took the Melbourne Crown Casino to court after he lost an unbelievable $1.5 million (AUD) at their casino over a period of just 14 months. Harry, who has been described by some as the “highest of high rollers” claims that the casino was fully aware that he had a gambling problem and is insisting that a fraction of his losses be returned to him.

 

His favourite among casino gambling games was baccarat and the court heard that he would bet astronomical amounts. It has been reported that in one single session in May 2006, he was betting hands of up to $300,000 on baccarat and lost $164 million in just five and a half hours.

 

The court was also told that Harry served a brief prison sentence for the theft of $286,000 and had borrowed millions from banks, family and friends to continue feeding his habit. He is said to have taken several trips to Las Vegas and Macau. On one trip to Macau, he is said to have lost over $4 million (USD) in one single day.

 

He has previously taken legal action against the casino at Victoria’s Supreme Court in an attempt to recover $20.5 million of his losses. Having lost the case and its subsequent appeal in May 2012, his legal team are now asking the Supreme Court to consider his addiction to casino gambling games and contend that the Crown Casino was fully aware and took advantage of this.

 

The case is similar to a case taken against the Caesar’s Palace and Rio Casinos in Las Vegas by Terrence Watanabe, who had lost almost $127 million over a similar period. He claimed that the casino management knew he had a serious drinking and gambling problem. At the time, Watanabe’s losses were labelled as the biggest losing streak in history but Harry Kakavas’ losing streak surely beats this record!