Breaking The Bank & Busting a Myth

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Breaking the bank at Monte Carlo is something we all dream of at least once in a while. It represents a wonderfully luxuriant fantasy that draws on the unmistakable glamour of the Principality along with the fairytale simplicity of a life transformed by nothing more than the turn of a card. The Azure allure of the Mediterranean, sweeping palm-lined boulevards, yachts and limousines, movies stars and beauty queens…. no wonder it is such a Hollywood staple; who would not want a champagne lifestyle like that?

Life can be every bit as remarkable as fairytales sometimes, and every once in a while someone does disappear into the night with a fortune. A massive casino win is one of those dreams that occasionally really does come true. The glitz and the romance of Monte Carlo itself may not always be part of the story but, for those who win big, such a picturesque destination quickly becomes a realistic option.
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The Man who broke the bank…

The idea of actually breaking the bank at Monte Carlo all started in 1891 when English entrepreneur Charles Wells scooped an enormous roulette win in Monte Carlo’s Grand Casino to the tune of a million francs. Those were the days when a million francs represented a king’s ransom. His win became so renowned that a popular song was written in his honour. Whether it was the song itself or the dream it described, “The Man Who Broke the Bank at Monte Carlo” remained a music hall favourite from the 1890s well into the 1940s. Hollywood got in on the act as well in the form of a 1935 romantic comedy made to recreate Wells’ phenomenal win. That one in a million opportunity is one of those ideas that, it seems, no one can resist.

Wells is, indirectly at least, the most famous casino big winner, but he is not the only one. In 2000, humble cocktail waitress Cynthia Jay-Brennan enjoyed a return that was every bit as extraordinary. On a night out to celebrate her mother-in-law’s birthday, Jay-Brennan took a turn at the Megabucks slot machine, a state-wide lottery jackpot that had been rolling over for several weeks. On her ninth pull, she dropped the small matter of $34,959,458.56. At that point she was able to give up her waitressing job at – believe it or not – the Monte Carlo Casino in Las Vegas.

21st Century winners

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More recently, the online world has started producing a steady stream of gaming millionaires. In 2009, Finland’s Patrik Antonius won the (then) biggest ever online poker pot, pocketing a massive $1,356,947 in a single hand. And the world-renowned poker star Phil Ivey – ‘The Tiger Woods of Poker’ – was believed to have won close to $2million playing online – and that is in addition to the many millions the has picked up in person at some of the world’s most exclusive gaming rooms. And the roster of online winners keeps growing with popular weekly tournaments such as the PokerStars Sunday Millions

The Sunday Million has become one of the world’s biggest regular poker events. It is the online equivalent of the Monte Carlo Casino in your own front room. Every week, players from all around the world, including some of the biggest names in the professional game, are able to play together online for a guaranteed million dollar prize pool. It is a forum that allows everyone to turn that dream of a luxury lifestyle into reality. Low stakes qualifying tournaments are run throughout the week in the run up to the big event, with initial stakes as low as just one dollar. There is no bar to anyone with skill, judgement and knowledge of the game going all the way to that first prize. Perhaps not surprisingly, the Sunday Million attracts tens of thousands of players every week. And every week one of those players walks away with a massive first prize.

There are numerous other online tournaments, but none can match the scale of the Sunday Million. And, of course, there are gamblers who prefer alternatives to poker. Ivey is by no means the only high roller out there.

The world’s most famous ‘run’

Between 1992 and 1995, Archie “The Greek” Karas earned celebrity status in the US when he worked a meagre $50 up to a cool $40million. Karas’ feat was not achieved overnight. The one-time ship waiter’s win was the culmination of a series of increasingly extravagant bets that became famous as ‘The Run’. He combined betting on games of pool as well as a variety of more conventional casino games, but over the course of that incredible period he just kept winning bigger and bigger amounts. What was even more remarkable about Karas’ story is that he then went on to lose all of that money. He is, it goes without saying, an intriguing figure.

Karas has some justification when he claims to have played with more money than anyone else alive, but he attributes his success to a paradoxical relationship with his wealth. Famously, he has declared, “Money means nothing to me. I don’t value it… The things I want, money can’t buy: health, freedom, love, happiness. I don’t care about money, so I have no fear.”

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Following in the footsteps of Wells, Karas’ story is set to be given the Hollywood treatment. Hollywood just cannot resist the extravagant allure of someone breaking the bank. But as Karas’ example shows, a big win is not an end in itself; it is merely one part of a wider story. Living happily ever after is all well and good in fairy stories and it makes perfect sense for Hollywood scriptwriters, but real life is invariably a little more complicated. What we say we want and what we really want may not be the same thing.

An unromantic observation

F Scott Fitzgerald, author of the Great Gatsby and Tender is the Night – both books that deal with the romantic allure of the rich – famously took the Hollywood view of wealth. Perhaps not entirely coincidentally, the phenomenal success of Gatsby in the 1920s had turned Fitzgerald into an overnight millionaire. He was the jazz age equivalent of a modern star like Benedict Cumberbatch.
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During a summer sojourn in the South of France, he once shared a famous exchange with his contemporary and friend Ernest Hemingway. It is a conversation that offers a telling backdrop to that fantasy idea of breaking the bank. “The rich are different from the rest of us” Fitzgerald had whimsically suggested. “No,” was Hemingway’s pithy reply, “They just have more money.”

Hemingway’s characteristically sharp put-down casts the whole Monte Carlo fantasy into a very different light. Hemingway, it is fair to say, would have had some time for the unsentimental and objective way that Karas appears to deal with his changing fortunes. Like Karas, Wells’ Monte Carlo millions did not last long. When Wells returned to England the money he had won stayed with the casino. He had played it all away. It is the sort of story Hemingway would have relished.

The poker lesson

As wise – or as cynical – as Hemingway was in his exchange with the starry-eyed Fitzgerald, he was clearly on the same page as the likes of Phil Ivey. Within the cold-eyed world of professional poker, money is divorced from its day-to-day utility. Instead, it becomes merely a part of the game, a means to play for bigger stakes and even greater wins. Building a bankroll is not about living the Monte Carlo lifestyle, it is simply a matter of demonstrating the quality of a person’s skill at the game.

And that wholly practical logic is the antidote to the ‘happy ever after’ sentimentality that is the stuff of music hall songs and Hollywood happy endings. We may all fantasise about breaking the bank at Monte Carlo but whilst the tangible reality of a mountain of cash is wholly achievable, realising the glamorous fantasy of a life of ease and enduring good health and happiness is something else altogether. Breaking the bank at Monte Carlo or picking up the Sunday Million will not make any of us a different person. It will just mean we have more money.