Patron Sues Casino After Gambling Away $23.5 Million
A South Korean businessman says he lost over $23 million in three years gambling at a casino, and he wants it back. The man, whose identity is hidden by the courts and referred to only as Chung, is appealing a lower court settlement which awarded him $2 million, saying the sum is insufficient.
Chung lost the money at the Kangwon Land Casino, the only casino in South Korea permitted to entertain natives. He says casino management allowed him to place bets well above the legal limit, and should be punished for accelerating his downfall.
Chang admits hiring surrogate bettors to avoid the restrictions of the betting limitation, which was about $6000. Using as many as five accomplices, Chung bet as high as $36,000 per play.
Chung is convinced he could have won his money back by raising his bet, and still says he could recover, if allowed to bet high enough. The fallacy of maturing odds, the concept that if one keeps doubling up sooner or later a win will be due, is a road many gamblers have followed to disaster.
Lawyers for the casino told the JoongAng Daily that Chung's losses were completely voluntary, and that his subterfuge in betting past the limit prevented the purpose of betting limits, to protect problem gamblers.
Although he testified he is receiving weekly treatment for gaming disorders, Chung told the paper, "I still get the feeling that I can win back the money at the casino."
Apparently the treatment is not going so well.
