I read an article the other day and was amazed how much money this guy gambles with. In reading this, I learned about some interesting casino games and extremely high stakes games that I never thought even existed! Basically, a famous PGA golfer known as John Daly is one serious high roller and you could say he played with too much money that he couldn’t afford to lose. The original article was on Yahoo.com titled: Rich Athletes Who Lost it All.
Daly lost as much as $50 to $60 million all at the casinos over a period of about 12 years. The article talked about him losing $1.65 million dollars over a period of 5 hours at the casino and he also lost $1.2 million in less than two and a half hours at a casino in Vegas! The problem was that he has a gambling addiction problem that he publicly discloses, meaning he is losing more money that he can afford to lose.
In the end, he had to foreclose on a $1.6 million house, which is almost as much money as he gambled away with in that 5 hour stay at the casino. One way he is cutting back is by playing on the $100 and $500 slot machines, basically a few hundred bucks per spin. Note that he is just cutting back. Originally, he used to play at the $5000 slot machine! Quite frankly, I never even knew such a thing existed except for some rumors about the internet based Slotland Casino that allows exclusive high stakes players and high rollers into 3 tiers of their exclusive VIP Club.
The real lesson here is that casino gambling should just be for entertainment and to get a rush. You can even play like this guy as long as you don’t spend money you can’t afford and if you are a millionaire of course! It’s never fun losing money that you are also not willing to lose either. Gambling is not exactly the best form of financial investment, even though it’s high yield and high risk. Always play and expect to lose at a casino since the odds are already against you and you’re just there for entertainment, along with a chance for profit at the same time.