Terrance Watanabe has a serious problem. The 52-year old man went into Harrah's casino, got drunk and blew over $127 million dollars in gambling losses. The run is believed to be one of the worst losing streaks in Las Vegas history and destroyed much of his personal fortune, earned over 20-years in his family business. Watanabe is now suing the casino, claiming that it should bear responsibility for some of his losses. He claims that the casino kept him pumped up on pain medication and alcohol the entire night, to encourage him to continue gambling.

If you ever want to go broke, gambling is a great way to do it. Here are some things you might want to think about:According to MyAddiction.com, 86 percent of all Americans have gambled, and one percent of all Americans show the symptoms of chronic gambling. The National Council on Problem Gambling states that 2 - 3 percent of all Americans show signs of serious gambling problems. As a college professor for the past 16-years, I've noticed that the growth in popularity of televised poker tournaments has led to a spike in gambling on college campuses.

Gambling addiction can ruin you for life, so you want to avoid falling into that trap or allowing someone else to destroy you with their poor choices. When it comes to gambling, here are some things you might want to consider:

1) How do you gamble anyway? If you find yourself gambling when you don't have the money, that's a sign of a serious problem. If you find that your heart rate increases and you become detached from reality when gambling, you might have a problem. If you lie in order to find more money to gamble with, that could be an issue as well. Learn how to notice the signs and be honest with yourself if there is an issue.

2) You don't have to be the one with the problem. Be careful about entering into relationships with people who gamble regularly. It could lead to a lifetime of heartache and stress, since you don't have financial security with a chronic gambler in the house. If you or your loved one is showing more than three signs of gambling addiction, seek help immediately.

3) Don't drink alcohol while you gamble. Casinos want you to drink as much as possible, since alcohol creates a false sense of confidence that can make you put more money on the line.

4) Don't bring the credit cards. The same way a drunk driver gives his/her keys to a responsible friend before entering the bar, you might want to give your credit cards away before entering the casino. Take a wad of cash with you (an amount you can afford), have fun and then walk away when you run out of money. That might be a great way to enjoy the casino without allowing the casino to enjoy you.

5) The odds are not in your favor. American casinos earn over $30 billion dollars in annual revenue, and the probability of walking away a winner is not very high. The longer you gamble, the greater the odds stack in the casino's favor. Don't think that you're going to win this terrible game.

Casinos are popping up in urban communities across America, and quite frankly, it's making me sick. Little old ladies who can't afford to pay the light bill are hopping on buses to take them to gamble away what's left of their dwindling bank accounts. While gambling is a legitimate leisure activity in some respects, I encourage you to remind your family members to avoid making the casino a regular habit. Casinos are not here to help you make money; they are here to take it.


Dr. Boyce Watkins is a Finance Professor at Syracuse University and founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.