Gambler loses £10m playing baccarat

[emad]

The Times
From Roger Maynard in Sydney

A HIGH-ROLLER from Singapore has lost A$25 million (about £10 million) in a two-year losing streak at a Melbourne casino.
Thomas Tay, who made his fortune shipping freight, incurred the losses by betting up to A$100,000 a hand on high-stakes baccarat tables.

Details of Mr Tay’s losing streak appeared in a confidential report, obtained by the Melbourne Herald Sun newspaper, into the activities of six Asian betting groups who took over the casino’s Mahogany Room in September.

Baccarat, the card game favoured by James Bond, involves betting against the total value of the bank’s hand.

Each of the millionaire gamblers would have had to turn over more than A$500,000 to qualify for special privileges, which gave them a rebate on their losses.
More:
http://www.timesonline.co.uk/newspaper/0,,171-1316893,00.html

[TheMightyFavog]

1. Just be lucky that he wasn't working for SMERSH like this guy.

Dr. Noah would not be pleased.

[SidDithers]

2. Similar story about Brian Malony...

in the book Stung by Gary Ross.

Malony was a middle manager at a Toronto bank during the mid 80's, who started creating credit lines for fake customers so he could embezzle money to feed his gambling habit. All told, he stole more than $10 million, and lost it all in Atlantic City and Vegas. Fascinating story, I highly recommend the book.

The book was later made into a movie called "Owning Mahoney" with Phillip Seymour Hoffman in the lead roll. Not a bad adaptation, but the book goes into much more detail.

Sid