Casino Bankrupted by Aggressive Martingaler

Has it happened?

We all know that even the biggest casinos impose table limits and have limited assets. Most of us know that they would be stupid to waive their table limits to a Martingaler or player that had a bigger bankroll than the casino. Some of us suspect that they might occasionally be greedy and stupid and unlucky, or lucky to survive.

So, I pose these open ended questions: -

What was the most successful, aggressive Martingale session ever held in a real casino, where there is reliable evidence to show what happened?

What was the least successful, aggressive Martingale session ever held in a real casino, where there is reliable evidence to show what happened?

I'm only really asking about Martingale progressive players where a wealthy player pitched his fortune repeatedly up against the casino ( or casinos ) and repeated until either he lost incredible amounts or all of a MASSIVE fortune, or where he was simply allowed to play that last game where he went away owning the casino.

I guess it must have happened with some rich young billionaire oils sheikh or property tycoon at some point in history.

I know there have been some whales like Don Johnson and Kerry Packer who played big and won big, but this question is specifically about real life progressive system players.

I was once playing blackjack in downtown Las Vegas and my friend Jeff told me, "I'm gonna go play some roulette."

He came back five minutes later and simply said, "I now believe in the concept of independent trials," and I knew immediately what had happened.

Now as it turns out, he had only gone three spins before he lost his nerve / gained some sense. Lost $25, $50, $100, then quit. But that's the record in my life. Three losses for -$175.

Pretty sure there is a story of someone who nearly broke the bank at monte carlo...

https://en.wikipedia.org/wiki/Charles_Wells_(gambler)#Breaking_the_bank

Don Johnson definitely Does not have the money to break a casino

Kerry packer 100 percent does- when he was alive - there was a story how he effected the reporting a for earning for the entire quarter late one night just before earnings period was over

Quote: MrGoldenSun

Lost $25, $50, $100, then quit. But that's the record in my life. Three losses for -$175.

My personal record for progressive crappiness was playing a progressive trying to get from £485 to £500 and busting out. I was actually far too chicken to full Marty, which is as well because it was a 14 long losing streak.
I expect there are bigger examples.
Pure Marty examples don't leap out of Google.

unless I'm missing something... how can a marty player bankrupt a casino?

When they finally win, they're really just getting back the sum of their previous losses.

You are 10000 percent correct on that

Why bring facts into this?

Quote: rsactuary

unless I'm missing something... how can a marty player bankrupt a casino?

When they finally win, they're really just getting back the sum of their previous losses.

You are missing something. He doesn't go home when he wins a hand. He rinses and repeats.

https://wizardofvegas.com/forum/gambling/betting-systems/21359-debunking-roulette-marty-with-pictures/

E.g. Base bet £1,000 Martingale until £1,000 won and then repeat thousands of times until entire fortune lost or until casino throws in the towel.

Or we could get a 'reverse Martingaler' who doubles his wager after a win.

Nothing close to a potential bankrupting of any casino was involved, but this got an awful lot of attention at the time, locally, nationally, and internationally. I would've guessed it would take something bigger to spark all the notoriety, but apparently not. Maybe because of the fellow's story, and it being all the money in the world as far as he was concerned. It was a London lad named Ashley Revell, who took his money for a spin at Binion's about ten or twelve years ago :

The Telegraph of UK: What it's like to bet everything you own on red

And CNN: Gambler: Roulette play 'just a mad thing to do'

Quote: Wizardofnothing

Don Johnson definitely Does not have the money to break a casino. Kerry packer 100 percent does- when he was alive - there was a story how he effected the reporting a for earning for the entire quarter late one night just before earnings period was over

That's seems to be accurate. But it does not appear that he used anything approaching Martingale:

"ALWAYS BET ON THE BANKER
Forget trends and always bet on the banker. The banker offers the lowest house odd on any form of casino gambling. The Banker's hand has the highest chance of winning with 45.8%. Banker house edge: 1.06%
HIT-AND-RUN
Quit when you're ahead. Take the money and go.
These two above strategies were successfully employed by Kerry Packer, The King of the Whales when he bring the casino to his knees on a couple of occasions." billionaire gambler

Quote: rsactuary

When they finally win, they're really just getting back the sum of their previous losses.

Ah, but you're forgetting about the $801,562,496,128.65 in comp points good for free cheeseburgers and themed fanny packs & 'Welcome to Las Vegas' clocks in the gift shop.

Quote:

It does not appear that ( Kerry Packer ) used anything approaching Martingale:
Quit when you're ahead. Take the money and go.

Considering how popular Martingale is, and how rich some tycoons are, then I'm amazed that google shows up so little and we are struggling to find examples.

Maybe we need to widen the question from 'Martingalers' to 'System betters', thus encompassing the 'hit and run guys' and 'target betters'. ( Rob Singer and Alan Mendelson need not apply )

Quote: OnceDear

You are missing something. He doesn't go home when he wins a hand. He rinses and repeats.

https://wizardofvegas.com/forum/gambling/betting-systems/21359-debunking-roulette-marty-with-pictures/

E.g. Base bet £1,000 Martingale until £1,000 won and then repeat thousands of times until entire fortune lost or until casino throws in the towel.

While theoretically possible, I'm going to have to say not realistic as the casino can back someone off at any time. And my bet is that it would be after a big player loss, not after a big player win. Said another way... they're not going to accept the bet if the casino is at stake.

Quote: rsactuary

Said another way... they're not going to accept the bet if the casino is at stake.

If they have any sense. I can imagine small charity 'casino events' could get destroyed if any such charity could be so careless and fall victim to a callous AP.

Maybe casino managers DO know what they are doing and DO have correct procedures in place.

Pity. It would make a great story.

"Casino win's next 50 years earnings from entire oil supply of a Middle East country after losing streak by young Prince"
Pit boss gets bonus!
or
"Young prince risks all and wins ownership of chain of Casinos"
Pit boss gets taken out and shot!

Quote: OnceDear

Considering how popular Martingale is, and how rich some tycoons are, then I'm amazed that google shows up so little and we are struggling to find examples.

Maybe we need to widen the question from 'Martingalers' to 'System betters', thus encompassing the 'hit and run guys' and 'target betters'. ( Rob Singer and Alan Mendelson need not apply )

Even ploppies may have a "system," or a strategy, as some prefer to call it. Even the uninformed and innumerate who play the lotteries have methods of playing, even if they're incorrect or don't make any sense in the least. Someone who supposedly does not employ a system would just be throwing chips willy-nilly on the table, and not even the most out-of-it bettor seems to do that.

Hmmmmm Here's a big whale I hadn't heard of before William Lee Bergstrom

Quote: various

Bergstrom walked into Binion's with a suitcase containing $777,000. He went over to the craps table and bet it all on the Don't Pass Line. He won.

Came back a while later and doubled a $590,000 wager, and later a $190,000 bet and lastly he won another $90,000.

He'd allegedly intended to commit suicide if he lost. Instead he won and traveled the world for several years.

He returned and placed a $1,000,000 bet. He lost.

He checked himself out of this world with a drug overdose.

https://en.wikipedia.org/wiki/William_Lee_Bergstrom

Ouch!

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.

Binion's policy used to be they would accept any sized bet, the only limit was the amount of your first bet.
Want to bet a million, bet it off the top. No double or nothing sort of bets.

It says that Bergstrom's $1 million bet remains one of the largest bets ever placed in a casino. Is there any source indicating what the single biggest bet ever placed was?

Quote: Deucekies

It says that Bergstrom's $1 million bet remains one of the largest bets ever placed in a casino. Is there any source indicating what the single biggest bet ever placed was?

I dunno, but in the 1996 movie [that I just saw] 'Indecent Proposal' high rollers make those kinds of bets all the time - so commonplace with their ilk nobody blinks an eye.

Yeah, that's a bitch from me about that movie.