Breaking the bank
Breaking the bank is a term commonly used in gambling and finance to describe a situation where a player wins more money than the casino or financial institution can pay out. This term can also be applied in various contexts where an entity exhausts its financial resources.
In Gambling[edit | edit source]
In the context of gambling, "breaking the bank" typically refers to a player winning a large sum of money, often exceeding the amount of cash reserves available at a particular casino table or even the entire casino. This can occur in games such as blackjack, roulette, or poker. Historically, some famous instances of breaking the bank have occurred in Monte Carlo, where players have won substantial amounts at the Monte Carlo Casino.
Notable Instances[edit | edit source]
One of the most famous instances of breaking the bank occurred in the 19th century when Joseph Jagger managed to win a significant amount of money by exploiting a bias in the roulette wheels at the Monte Carlo Casino. Another notable instance involved Charles Wells, who famously "broke the bank" at Monte Carlo multiple times in 1891.
In Finance[edit | edit source]
In finance, breaking the bank can refer to a situation where a financial institution, such as a bank or investment firm, faces insolvency due to excessive withdrawals or financial mismanagement. This can lead to a bank run, where a large number of customers withdraw their deposits simultaneously, fearing the bank's potential collapse.
Historical Examples[edit | edit source]
One of the most well-known examples of breaking the bank in finance is the Great Depression, during which numerous banks in the United States failed due to massive withdrawals and economic instability. Another example is the 2008 financial crisis, where several major financial institutions faced insolvency and required government bailouts to remain operational.
Cultural References[edit | edit source]
The concept of breaking the bank has been popularized in various forms of media, including films, television shows, and literature. It often symbolizes a dramatic and unexpected victory against the odds, capturing the public's imagination.
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References[edit | edit source]
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