Be it in movies, or the news, we always hear of high rollers betting everything, and inevitably winning the bet. However, what we don’t hear about are the bets that have lost the bettors everything.
Here are two punters who chewed off more than they could bite.
WILLIAM LEE MOUNTAIN STREAM
It’s impossible to know what would have happened if Revell had bitten it, but he certainly wouldn’t have wanted to use William Lee Bergstrom as a role model. Over the course of four years, Bergstrom made two craps bets , one that brought in $ 777,000 and another that brought in $ 538,000, the second happening on March 24, 1984.
Both times he dipped a suitcase full in old Binion’s Horseshoe Money on. This move earned him a nickname: The Suitcase Man. Then, eight months later, in November 1984, heartbreaking at the loss of his male lover, Bergstrom made a $ 1 million bet in the Horseshoe, and, well, all good things come in three. He lost the million and killed himself almost three months later.
Dead but not forgotten. Bergstrom left a farewell letter saying that he wanted to be remembered as the “phantom gambler in Horseshoe”.
Archie Karras didn’t kill himself, but the legendary gambler is dead for Las Vegas. From 1992 to 1994, Karras is said to have turned $ 50 into more than $ 40 million. Appropriately, his winning streak became known as “The Run”. In the course of his lucky streak, Karras defeated casinos, at least one pool slit, and poker masters such as Chip Reese, Doyle Brunson and Stu Unger. Then the inevitable happened: In 1995, Karras lost $ 30 million of his winnings in just three weeks. Much of the rest was wasted.
But that wasn’t the end for Karras. At the long-gone Desert Inn (where Wynn Las Vegas is now), he invested $ 40,000 in $ 1 million and raised his winnings up to $ 4 million before losing them the next day. Then, three or so years later, disappointed in his luck and with only $ 200 left at the gaming table, he increased the sparse sum to $ 980,000. He probably wasted it too. Fortunately for Karras, he is quite perplexed about the whole thing. As he told a reporter, “Money means nothing to me. I don’t appreciate it ”.
Hopefully he doesn’t appreciate his reputation either. In 2013, Karras was at a blackjack tableof Barona Casino in San Diego, California, caught card marking. He received three years of probation for this violation, but this turned out to be the last drop for the Nevada Gaming Commission. Before Karras was pinned down in the Barona, he had been arrested four times for fraud in Nevada, and the Commission used the Borona incident as a reason to include Karras in its notorious black book – officially known as Nevada’s List of Excluded Persons) – and forbid him from entering a state casino.
But if the 67-year-old plans to schedule a final run, it will likely have to happen in Atlantic City or something.
Gamble responsibly! A golden rule in gambling is to never bet more than you could afford to lose. The moment you place bets for money instead of entertainment or resort to breaking the rules to win is probably a good indication that you have a gambling problem and need to seek help.