25 Year Old Gambling Parents' Fortune

Published: Sunday, June 18, 2006 Online-Casinos.com

25 YEAR OLD ONLINE CASINO PLAYER GAMBLES PARENTS' FORTUNE

Son from hell gambles away GBP 158 000 in 50 minutes at William Hill before attempting suidcide

Scots sheriff Kevin Veal called for tighter control over Internet gambling this week after hearing how an addicted 25 year old online casino gambler lost GBP 158 000 belonging to his parents in just 50 minutes.

Richard Mahan (25) pleaded guilty to illegally used his parents' 13 credit cards to run up the colossal debt in a gambling spree at William Hill sites that only came to an end when all the cards were maxed out. Mahan then tried to kill himself.

After hearing the evidence, Sheriff Veal warned the fraudster that he faces a jail term. And he added: "If GBP 150 000 plus can be lost in 50 minutes under clandestine conditions in the early hours of the morning, it is an issue so great that it needs to be addressed by the wider community. It is a social issue."

Mahan logged on to a computer at his wealthy parents' mansion to go on his disastrous gambling spree. He began by winning more than GBP 90 000, but by the end of the early morning session, he was GBP 68 000 in debt, and within an hour, he started to lose money heavily until the credit cards ran dry and he ran up the debt.

Mahan's parent's were faced with a terrible choice. The credit card companies told his father that unless the matter was reported to the police, the insurance cover would not come into play and they would have to pay back the money themselves. They chose to report.

Mahan's defence lawyer said the case highlighted the need for proper regulation of online gaming. He added: "This case also raises questions about the wisdom of credit card companies allowing borrowing levels to be raised without any real checks."

Sheriff Veal deferred sentence until next month pending reports on the accused.