Aug 22, 2018
Casino Blog

Harry Kakavas – The Men Who Lost 1.5 billion in One Year

Every gambler has heard stories about incredible loses. All of them but probably fade away in comparison with the story of Harry Kakavas. A real estate mogul who lost only in 14 months about 1.5 billion dollars. In addition, he also lost a long-standing trial with Australian Crown Casino, where he gambled most of his money.

Harry Kakavas was always a passionate player. But before he made his name in the most watched gambling trial in Australia, he was an extremely successful real-estate salesman in the golden coast. He came to this most prestigious area in 1999 and made millions there. Sadly, he gambled far more than that.

His gambling addiction started a couple years later, where he lost about 280 000 AUS$ in Crown Casino. He even was sentenced to jail because of financial fraud to feed his gambling habit. After this unpleasant experience, he asked to be banned from Crown Casino facilities for life. It was not the only ban ask for or was snap on him. In 2000 police in NSW police banned him and had self-exclusion order practically in every coast casino in Australia.

But just like all roads lead to Rome, all compulsive gamblers lead to Las Vegas. After he was spotted losing a hundred thousand dollars in one of Strip’s casinos, the manager of Crown Casino allegedly said: “Why is not spending his money here in Melbourne?

Higher Paths of High Rollers

Casinos know how hunt whales better than Captain Achab. Luxury apartments, free beverages and meals are just a drop in an ocean compare to benefits, which Kakavas got from Crown Casino. He got the private jet to manage his travels to Melbourne from his home and could use it to travel to exotic holidays. Sometimes the Crown Casino Gave him a box with 50 000 cash as a lucky money and many more.

According to estimates, Crown casino could spend more than 10 million AUD to keep Kakavas playing on their premises.

After that, Kakavas gamble in only 14 months over a 1.5 billion AUD. Kakavas, like most high rollers, play typically baccarat. On one occasion Kakavas bet 300 000 per hand until he lost over 30 million. Kakavas was able to gamble around 243 million at one week. On another occasion, he lost 2.3 million in only 28 minutes.

In result, Kakavas lost everything he earned as the real-estate salesman and up to that he borrowed millions from banks, investors and friends.

Kakavas vs Crown Casino

As the last resort, Kakavas decided to sue Crow Casino. He said casino lured him and exploited his severe gambling problem. Another reason why Kakavas had a good chance of success was ban from 2000 by NSW police. According to it, it was illegal to send Kakavas any promotional material. It was also illegal for him to gamble at any of Melbourne casino or keep winnings.

To great surprise, the High court decided: "He was able to make rational decisions in his own interests, including deciding from time to time to refrain from gambling altogether. Crown did not knowingly victimise the appellant by allowing him to gamble at its casino."

The whole trial was a highly viewed case because the contrary result could make a precedent in favour for players in all future similar trials.

According to the latest news, Harry Kakavas is not related to any casino or any gamble case since and today is again in the real-estate business.

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