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.
