I run a live gaming information portal at Livedealer.org and have been learning a great deal about this industry through research and general business dealings over the last 12 months or so.
Gambling is a very interesting animal. It taps into that very basic human trait of greed and the desire to get something for nothing and exploits it unashamedly. It is condemned in many circles as predatory and encouraging of addition...and I guess in many circumstances it is and this is unfortunate (the addiction not the condemnation).
It was recently reported in a number of publications that a wealthy Nebraska businessman who had grown his family business into a concern worth hundreds of millions of dollars, went on the largest losing streak in Vegas history in 2007. Terrence Watanabe lost $127 million playing at a number of Vegas casinos in the space of a year - the lions share of it to Caears Palace. The mind boggling loss has only been made known to the public because of a legal dispute over a portion of it that remains unpaid - the casino wants Watanabe to cough up on markers and Watanabe is counter suing claiming that the casino encouraged him to gamble by plying him with pain killers and alcohol.
Interestingly, when Watanabe played at one of Steve Wynns properties, his playing habits were soon identified as those of a severe problem gambler and Wynn himself barred Watanabe from his casino. He played 'house' games like slots and roulette that high rollers rarely play because of their high house edge, and played them to ridiculous excess - 24 hr sessions dropping up to $5 million.
It's amazing that an astute businessman, with a mind for intricate details and presumably reasonably numerate, can continue to sink money into a losing streak of this magnitude.
This is an extreme case, but the fact remains, high rollers have for centuries punted astronomical amounts on casino games, and they will no doubt continue to do so. I suppose the thrill of a gamble, while to varying degrees present in us all, is a powerful force for those whose very fortunes were built on an ethos of rolling the die day in day out for big bucks.
As circumstance has it, recently I was introduced to just such an individual. He is a self made multi-millionaire who has apparently made bucket loads of money from property development. He asked what it was that I did and I told him that I run live casino portal. Interested but thoroughly confused (not exactly IT savvy) he asked a number of questions and I explained and demonstrated the concept to him thinking nothing of it - certainly not suspecting I may be talking to a gambler.
A few weeks later he sought me out and asked if any of the casinos I work with would take a big bet on roulette. 'Sure' I said, recalling some of the higher limit tables at certain casinos take bets in the multiple thousands per spin. 'What about a million?' he asked.
I grinned stupidly, naturally assuming he was joking. Reading my expression he looked through me with eyes that said wipe that stupid look off your face and assured me he was serious - a single even money bet of $1 million on one of the live roulette games listed on my site. My next instinct...again not exactly sales and marketing 101, was to launch into a diatribe about how this was not a smart bet. Aside from the ridiculous amount involved, I talked him through the odds of winning such a bet (18/27, or around 48.6%) against the even money payout resulting in a house edge of over 2.5% and that there were better returning games blah blah blah. He knew this and didn't care and asked that I set things up (ie find a casino willing to take the bet) and let him know when we're good to go.
That was a week ago - and arrangements have been made and a casino willing to accept the bet found. All that remains now is for this high roller to place the bet. And he continues to assure me he will, but (and here's the cracker) he's waiting to have the dream that tells him whether to bet on red or black!
No comments:
Post a Comment