Harry Kakavas was born in Melbourne, Australia in the 1970s and moved to the Gold Coast in 2001.
He was one of the Biggest Losers in gambling history as he lost over $1.5 billion at the Baccarat tables at Melbournes Crown Casino. This was over 14 months from June 2005 to August 2006.
The Early Years
Kakavas grew up in Melbourne Australia and worked as an Estate agent for Colliers Jardine. He began betting at sportsbooks in 1993, which led to a gambling addiction. To fuel his gambling addiction, he had his parents mortgage their house and borrowed money from his friends. In 1998 he served four months in jail for a $286,000 fraud that he committed for gambling funds.
He moved to the Gold Coast in 2001 where he became one of the Gold Coast’s Top Estate Agents. Moreover, by selling expensive properties on the prestigious Hedges Avenue.
His Gambling Addiction
His gambling intensified with the more properties he sold and the more money he made. He became a regular at The Crown Casino in Melbourne, and this is where he lost the $1.5billion betting $300 000 a hand on Baccarat. There were times that he won, but he always landed up putting it back and finally started borrowing from friends, families, lawyers and banks to fund his habit.
He was a smooth talker, and his friends believed they were investing in his property deals. They had no idea they were feeding his gambling habit.
The Crown Casino Court Case
Despite being banned previously by the Crown Casino, he threatened to sue them if they didn’t uplift the ban. They subsequently allowed him to play again and wined and dined him by flying him on holidays to the Philippines in private jets and handing him $50 000 in cash as “lucky money.”
Kakavas eventually lost all his money and tried to sue the Crown Casino for $35million, stating that they knew he was a compulsive gambler and exploited his addiction.
He lost his case at the Victoria Supreme court who ruled Australian Courts would not give gamblers their money back.
Where is he now?
Kakavas is back on the Gold Coast selling properties on Hedges Avenue again.