Daily Lessons from Life 20 August 2010 - S$26m Lost in 3 Days!

Sorry I missed posting the blog last night as I was too tired and could not focused on finding a worthy issue to comment upon!

It then daunt on me that the 'sensational news of a Singapore businessman losing S$26m in 3 days' is a good issue to comment on! So, here it is:

The loser is suing the casino for extending 'unlimited' credit limit to him and hence induced him to continue gambling beyond his means or did not take reasonable care to ensure that he is creditworthy for such an amount. This despite that fact that his 'girlfriend' cried and pleaded with the casino staffs NOT to extend anymore credit to him!!

Lessons for me are:

1. you can lose your cool when you gamble. This is especially so if you are a novice to the game. With each hand worth S$400k, it is easy to win or lose a couple of millions in an hour let alone 3 days! So, just like 'buyer beware', it is really: 'gambler beware'!;

2. at the same time there is a law that required the casino to take reasonable care to ensure that it does not extend credit recklessly leading a gambler to gamble 'beyond' his or her means. The contention that he was 1st granted a S$500k limit that was subsequently and rapidly extended to S$2m and beyond are grounds that the loser intended to fight his legal case on. His lawyer(s) advised him to find an amiable way to settle with the casino. From the sound of this advice, the lawyer(s) is/are already conceding that the case is weak!!;

3. this businessman's reputation is ruined in my opinion as he had gambled away a part, not sure if it is a big part, of his fortune that potentially can be scorned upon as 'sour loser', or worst, an idiotic man who had no control over his own gambling urge!! I just hope that he still has some millions to continue his multi-million seafood trading/processing business and that he will considering donating or starting a charitable fund to help the needy. It is better than losing in 3-day to a casino! Of course, it is my hope and his decision!! :-)

The skeptics said: what if he had won S$26m? Would he had sued the casino for letting him win so much money? Indeed, gamble at your own risk. At your own target, own pace, carry on!!