By: Samantha Williams
Every now and then you come across a casino story that captures the interest of everyone. Benny Binion’s story is just such a story. He was a visionary in Las Vegas and the first to offer a fair gamble to the man in the street. It took hard work for him to make his casino free of limits, but he did it and the outcome was pretty remarkable.
The son of a horse trader, he was seriously ill as a child, so his father took him with him on business. The fresh air did him good but he never went to school. He learned poker and gambling from other horse traders and it interested him such that this was to be his education.
His partner in business did not want to raise limits in their casino, but Benny saw the opportunity not only for himself but for his gambling public. He went out on his own, opened the Horseshoe Casino and raised the maximum bet from $50 to $500 on craps. Other casino owners hated this but the public loved it and flocked to Binion’s casino.
When he wanted to raise Keno limits to $500 too, he was threatened by Dave Berman so he didn’t. Eventually he worked it out with Dave Berman, but this was the only time he ever backed down and didn’t do something he wanted right away, he obviously took this death threat seriously, but he did get his way to raise keno limits.
Over 40 years in this industry he raised limits ever higher, to $10 000, but his dream of a casino free of limits was no longer a dream. He invited players to place higher wagers if they pleased as long as it was only the first bet.
One notorious incident saw a gambler called Bergstrom asked Binion if he could place $1 million bet. Binion agreed, as long as he stuck to the first bet only. Bergstrom returned a few months later (in 1980), had a suitcase filled with $777 000, apologizing for not raising the whole million. They didn’t convert the cash to chips, just laid it down on the craps table on a “don’t pass line” bet.
The shooter rolled and 7’nd out in three rolls. Binion counted out $777 000 more to Bergstrom, and personally escorted him to his car. Bergstrom made a few more bets like this in the following years and returned with $1 million in 1984. Binion’s son Ted took the bet when Bergstrom again went to the craps table and placed $1milion on the “don’t pass line” on a come out roll. It came out ace six and it was all over.
Bergstrom was an inveterate gambler, and a few months later, he gambled the ultimate wager; his life. Played Russian roulette, and lost to the grim reaper – obviously not a casino free of limits! However, myth has it he died for love, not money!
