Kerry Packer: The King of High Rollers

Kerry Packer: The King of High Rollers

Kerry Packer was an Australian man who grew up defying all odds to become a force to be reckoned with in both the media and gambling industry. To date, we remember him as one of the greatest Australian punters of all time. Casino managers during his time were often on the edge when he showed up, but the staff were huge fans of him because he was a big tipper.

Mr. Packer can make a casino big or break the house within a few minutes of an awesome money game. For example,  in 1994, after the Golf Pro-Am held at the Las Vegas Invitational, Packer went to the small casino attached to the Golf Resort. He lost 8 million dollars that night. A small casino getting 8 million was a big win. However, the next evening, he won a whooping $57 million.

Before he died in 2005, Kerry had already accumulated billions of Australian dollars from playing cricket, gambling, and numerous businesses. How do we define gambler Kerry Packer? What was this man made of? How did he become one of Australia’s greatest businessmen and gamblers of all time? Read this casino news to find out.

Kerry Packer: Media Magnate Turned Casino King

Kerry Packer was born in Sydney, Australia, on December 17th, 1937, to a media tycoon father, Sir Frank Packer, and mother, Gretel Bullmore, the daughter of popular Scottish rugby player Herbert Bullmore. He had an elder brother, Clyde Packer, who was considered their father’s favorite. Sir Frank Packer owned two famous establishments in Australia: Australian Consolidated Press and the Nine Network.

Growing up was tough for Kerry. He suffered from a continued polio illness that led to his usage of an iron lung for nine months at just the age of eight, his early academic years. As a child, Kerry Packer didn’t find much love under the stern eye of his father. To worsen it all, he struggled with dyslexia. He was labeled as ‘the family idiot’ and a ‘boofhead.’

In a surprising twist, two years before Sir Frank died in 1974, Kerry inherited the family’s estate, which was valued at $100 million. This happened because of an intense fight between his elder brother, Clyde, and his father, which led to the removal of Clyde’s name from the will. However, despite initial doubts about his capabilities, Kerry led Publishing and Broadcasting Limited (PBL) to unprecedented success, surpassing his father and brother’s expectations.

A Supposed “Family Idiot” Turned Business Tycoon

Kerry Packer inherited a colossal AU$100 million media empire in 1974, marked by TV and radio stations, newspapers, and the nation’s largest magazine publisher. Taking charge at 37, Packer expanded into property development and cattle ranching but stayed rooted in the live and online casino and the media scene. His strategic prowess shone through when he sold The Nine Network for AU$1 billion to Alan Bond in 1987, buying it back three years later for AU$200 million, yielding an AU$800 million profit. Packer’s astute business moves crowned him Australia’s wealthiest person, with a peak net worth surpassing $5 billion and extensive land holdings.

Kerry Packer: The King of High Rollers

Kerry Packer is undoubtedly a titan in the online casino real money business world, but he’s also remembered as a sensational gambler with a penchant for high-stakes bets. His immense wealth allowed him to make groundbreaking industry bets. He goes all in when he decides to play, in which he can win or lose it all.

Packer’s played many casino games online as well as live, but his first choice was often baccarat. He sometimes does blackjack, but Jacks or better are off his radar. Also, his preferred venues included Bellagio, MGM Grand, and London’s exclusive Crockford’s. In May 1995, MGM permitted Packer to bet above $200,000 a hand on blackjack. He wagered the amount on six hands each, won $26 million, and exited.

Kerry Packer’s gambling sprees could sway a casino’s fortune. In 1999, he had a three-day straight loss in London that cost him a staggering A$28 million ($16.5 million). It was the largest reported gambling loss in British history. Canceling out the loss, In Desert Inn Casino, he won $52 million in one day and insisted on a cash payout.

Like many others, you might wonder how he coped with some of his losses and winnings. To answer this, here is one of his casino innovation quotes: “Betting is like a disease, which is not understood by those who do not have it.”

Final Thoughts

Kerry Packer was a big-time gambler known for winning huge sums and losing massive amounts. His daring bets showed that he didn’t use the Martingale Strategy in his games. Instead, he was bold at table games, eventually leading to his lasting impact on the gambling industry.

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