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Gambler Who Bet over $1 Billion Loses High Court Battle

Gambler Who Bet over $1 Billion Loses High Court Battle

Harry Kakavas, an Australian property mogul, has lost his lawsuit against Australia’s largest casino after he bet over $1 billion there and suffered losses of over $20 million.

Gambler Who Bet over $1 Billion Loses High Court Battle

Harry Kakavas lost his High Court fight with Melbourne’s Crown Casino for reimbursement after he lost over $20 million playing baccarat

Kakavas was suing Melbourne’s Crown Casino to try and recoup his losses. He claimed that the casino had drawn him in with gifts and private jet flights all the while knowing that he is a compulsive gambler who had been barred from other casinos.

Over the course of 16 months Kakavas bet $1.43 billion on baccarat and lost $20.5 million. He argued that the casino had exploited his “pathological urge to gamble.”

However, this week Australia’s High Court threw his case out.

The judges said that, “The court did not accept that the appellant’s pathological interest in gambling was a special disadvantage which made him susceptible to exploitation by Crown. 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.”

Kakavas was eventually banned from the Crown casino after he lost over $2 million in just 43 minutes back in August 2006.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.