An Aussie gambler is attempting to reclaim his financial losses from a casino.

In a span of just over a year, an Australian gambler who lost an enormous sum of $1.5 billion is now trying to recuperate part of those losses by taking legal action.

From a respected figure in finance to someone struggling with gambling issues.

Harry Kakavas, who earned substantial wealth through real estate on the Gold Coast, is pursuing legal action against Melbourne's Crown Casino, accusing them of exploiting his compulsive gambling habits, according to Daily Mail.

Reports from the Canberra Times indicate that the individual engaged in high-stakes gambling on baccarat, losing staggering amounts like $164 million within just five hours in May 2006. He placed bets as high as $300,000 each and traveled frequently to gambling hubs like Las Vegas and Macau, sometimes wagering $4 million in a single day. It's ironic that someone so adept at selling properties faltered significantly in the gambling realm.

The Opposing from His Lawyer

Kakavas’ attorney argues that the casino was aware of his gambling dependency but continued to lure him into gambling, fully aware of his predisposed vulnerability. 'He struggles with self-control, and Crown exploited this,' the lawyer stated.

Harry Kakavas, addicted to gambling at 42, faces severe financial troubles. Despite his debt, he received a $1 million loan from Crown. From 2005-2006, he lost a total of $18.5 million, within which he squandered over $1.2 million in just 45 minutes of baccarat gambling. Kakavas has taken legal steps to claim over $12 million from Crown Casino, accusing them of manipulating his addiction.

No Abuse

The court, however, did not side with Kakavas, deciding that he must repay the $1 million he borrowed from the casino. Judge David Harper remarked, 'Crown did not take advantage of him illegally. He was not so blinded by his gambling habits that he fell entirely under the casino's influence without hope.'

Seduce

Kakavas failed to convince Crown that he wasn't as affluent and high-stakes as they believed. Even though the judge reprimanded Crown in their quest for exploiting Kakavas, sending welcoming gifts like substantial starting funds and flying him from the Philippines to gamble, the reality is Kakavas still faces significant debt and owes significant interest on his $1 million debt to Crown. Additionally, he has substantial debts in Las Vegas.

The gambling community closely watched the case's outcome, reacting with relief as the ruling avoided setting a precedent that could lead to numerous similar claims from others.