If you loved our first biggest casino losses list and wondered how rich people could be so stupid with their money, hold onto your chips. Here’s another five big casino losers for ya.
Archie Karas – Everyone dreams of turning a $50 casino deposit into big money. Archie Karas, who goes by the name The Greek, lived the dream in 1992, turning $50 into $40 million in a span of three years playing poker, pool, and random casino games. In true Greek financial crisis spirit, Karas went on to lose it all.
Frank Sarakakis – Speaking of Greek tragedies, in 1988, Greek millionaire Frank Sarakakis handed over millions to the Ritz casino playing roulette. You’d think a loss that big would scar you for life. Not Sarakakis. He lost more than £8m in just one year playing roulette in London.
Akio Kashiwagi – Most big losses happen over time. A few thousand here, a few thousand there. And if you have willpower, you can control those losses, walk away, come back later when you’ve refocused, and start winning again. Akio Kashiwagi clearly didn’t have that focus. In 1992, he recorded the biggest baccarat loss of all time when he dropped $10 million at the Trump Casino in one session.
Faoud-al-Zayat – What do you do when you lose £500,000 in just 15 minutes playing roulette at a UK casino? If you’re Faoud-al-Zayat, you drop another £500,000. And when that doesn’t go so well, you drop another £1.25 million. Over the span of just a few years, Faoud-al-Zayat found himself owing £4 million to the London casino he frequented.
Omar Siddiqui – Omar Siddiqui was a self-made millionaire with a hidden secret. He made his millions skimming money from the company he worked for through kickbacks. Rather than investing the money and living off the interest like any honest fraudster would do, Siddiqui took the cash and played $200,000 hands of blackjack. He lost over $65 million to casinos across America and he faced 140 years in jail for fraud before making a deal with the IRS.