Monday, May 24, 2010

19 year old Malaysian teenager RM 8 Million gambling debts!!!

This could be the youngest gambler in the world with huge gambling debts - to the tune of 8 Million Malaysian Ringgit or roughly USD 2.5 Million!!! Yet that teenage heavy gambler is only 19 years old. He started gambling when he was 16 and still attending college. In 3 years, he lost RM8 Million or roughly USD 2.5 Million dollars.

He was financially supported by his rich millionaire father. He was also influenced by his father's compulsive and heavy gambling habit!!!

Like father like son hah!!!

Top Malaysian English language newspaper, the Star reported that the boy's compulsion for betting was so great that he came to be known as the Little Dragon.

According to the Star, the teenager grew up watching his father gamble and at the age of 16, he began to gamble after gambling agents gave him a credit line of RM100,000 or roughly USD 32,000.

Each time he was buried in debt, his father would bail him out. Over these 3 years, there have been several bail-outs.

However when the accumulated losses came to RM8 million, it was the last straw for the father. The man, in his 50s, barred him from gambling and stopped his son from attending college. He now works with his father.

According to the newspaper, the teenager who was pursuing an Australian degree programme at a college in Petaling Jaya near Kuala Lumpur had on several occasions used college fees to settle his debts and extend his credit line.

He would lie to his father that college fees needed to be paid and use the money to pay the gambling agents.

On occasions when he could not settle the debt, the agents would send Ah Long or illegal money lender to collect from the father.

Gambling agents were the culprits who went after teenagers from rich families.

Most times, these agents would go to ‘high-end colleges’ and look for these rich kids.

Gambling does not pay.

But sometimes it does pay like these cases here :

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