Whether you’re playing poker, taking a punt on a horse race or trying your luck at the casino, you’re well advised to play conservatively within your bankroll, avoid chasing your losses and look to play for the enjoyment rather than the potential big win.
However, there have been many people rich or crazy enough to throw caution to the wind, and put their money into some outrageous bets.
Inflated with overconfidence, he went on to make a series of bad bets on the stock exchanges, and eventually found himself so badly down that his only way out was to go for one massive bet to win it all back. He chose to place that bet on futures in the Japanese stock market.
Unfortunately for Leeson this was followed promptly by the Kobe Earthquake, which lost him the entire sum. Desperately Leeson pumped even more money into the market to shift investor sentiment, and lost £850 million by the time he was apprehended by police.
Karas proceeded to beat several of the finest poker players at that time, including the legendary Stu Ungar. Once he’d cleaned up at the poker tables, he tried his hand at craps and went on to break the bank at the casino.
Karas’ winning run did end eventually, but he still managed to walk out of the casino with a profit of over $17 million.
In 2001 Mickelson was part of a betting pool that bet $20,000 on the Baltimore Ravens to win the Super Bowl at 28-1 and $20,000 on the Arizona Diamondbacks to win the World Series and 38-1.
Incredibly both long shots came off as the Ravens put away the New York Giants in the Superbowl and the Diamondbacks defeated the New York Yankees in the World Series, returning a combined profit of $1,32 million.
After spending a couple of days begging friends for a loan, Ungar was loaned the WSOP main event buy-in by a friend. Struggling with the effects of drug addiction, Ungar came close to calling it quits on the first day of the tournament.
He was persuaded to keep playing, and went on to amass a massive chip lead which he never surrendered, going on to win the $1 million prize. After splitting the prize money with his friend, Ungar blew the rest on drugs and sports betting and died penniless a year later.
However, Packer’s most famous bet was never matched. While gaming at the Stratosphere Casino, Packer came across a Texan oil tycoon. Packer asked the oilman how much he was worth, and when he got a reply of $60 million, offered to toss a coin for the amount. The Texan oilman declined, evading what would have been one of the most sensational bets in history.
It’s better to read about the big gambles made by some of the legends of the gambling world than to try them out for yourself. Our advice is to play smart, and play online at a top online casino.
However, there have been many people rich or crazy enough to throw caution to the wind, and put their money into some outrageous bets.
Nick Leeson
Nick Leeson holds the distinction of making the biggest gamble and loss in history, making every mistake a gambler can make along the way. Working for Barings Bank in Singapore he found himself in charge of a private investment portfolio after having made a bundle for his company.Inflated with overconfidence, he went on to make a series of bad bets on the stock exchanges, and eventually found himself so badly down that his only way out was to go for one massive bet to win it all back. He chose to place that bet on futures in the Japanese stock market.
Unfortunately for Leeson this was followed promptly by the Kobe Earthquake, which lost him the entire sum. Desperately Leeson pumped even more money into the market to shift investor sentiment, and lost £850 million by the time he was apprehended by police.
Archie Karas
Archie Karas’ run at Binion’s Horseshoe Casino in Las Vegas is the stuff of legends. An immigrant from Greece, who was employed as a waiter, he decided to borrow $10,000 and see if he could dig himself out of poverty by playing some high stakes poker games.Karas proceeded to beat several of the finest poker players at that time, including the legendary Stu Ungar. Once he’d cleaned up at the poker tables, he tried his hand at craps and went on to break the bank at the casino.
Karas’ winning run did end eventually, but he still managed to walk out of the casino with a profit of over $17 million.
Phil Mickelson
Best known for his exploits on golf courses, Phil Mickelson is also responsible for winning big on two of the most outrageous long shot bets in history.In 2001 Mickelson was part of a betting pool that bet $20,000 on the Baltimore Ravens to win the Super Bowl at 28-1 and $20,000 on the Arizona Diamondbacks to win the World Series and 38-1.
Incredibly both long shots came off as the Ravens put away the New York Giants in the Superbowl and the Diamondbacks defeated the New York Yankees in the World Series, returning a combined profit of $1,32 million.
Stu Ungar
Stu Ungar is one of the legends of the game of poker – a tragic figure responsible for some of the most sensational achievements in gambling history. His third WSOP title was probably the most famous of these.After spending a couple of days begging friends for a loan, Ungar was loaned the WSOP main event buy-in by a friend. Struggling with the effects of drug addiction, Ungar came close to calling it quits on the first day of the tournament.
He was persuaded to keep playing, and went on to amass a massive chip lead which he never surrendered, going on to win the $1 million prize. After splitting the prize money with his friend, Ungar blew the rest on drugs and sports betting and died penniless a year later.
Kerry Packer
Australian billionaire Kerry Packer is renowned for his gambling exploits, which include having lost 28 million Australian dollars over three weeks at London casinos and 15 million pounds in a single evening of roulette. He also put together some impressive winning streaks, including win of A$33 million at the MGM Grand Casino in Las Vegas.However, Packer’s most famous bet was never matched. While gaming at the Stratosphere Casino, Packer came across a Texan oil tycoon. Packer asked the oilman how much he was worth, and when he got a reply of $60 million, offered to toss a coin for the amount. The Texan oilman declined, evading what would have been one of the most sensational bets in history.
It’s better to read about the big gambles made by some of the legends of the gambling world than to try them out for yourself. Our advice is to play smart, and play online at a top online casino.