KERRY PACKER GAMBLING STORY PROFESSIONAL

One story had Packer offering to toss a coin for a fellow player's entire $100 million fortune after becoming annoyed at his antics in a U.S. And with the mogul ever reluctant to grant interviews or respond in any public way to what was said about him, the apocryphal soon became juxtaposed with the accurate. That fearless gambling instinct became the stuff of legend as rumors of massive betting splurges circulated over the years. a fearless gambler who was prepared to take a punt on his instincts.' Ron Walker, chairman of newspaper publishers Fairfax - a longtime takeover target of PBL's - called Packer a 'very bold businessman with a very calculating mind. at the same time capable of great generosity to people and organizations in need.' 'He was a man who you could truly say was larger than life. 'He had an uncanny knack of knowing what people across the country were thinking,' Murdoch said. One longtime rival, News Corporation tycoon Rupert Murdoch, praised Packer as a lifelong friend and a tough competitor who was the leading businessman of his generation. Only last week, with his health already deteriorating, Packer was involved as the Nine network trumped its rivals with a $570 million bid for broadcast rights to Australia's domestic brand of football. That tactical acumen continued until the very end. 'You only get one Alan Bond in your lifetime,' Packer said at the time. When Bond's fortunes tumbled just three years later, Packer bought back the two stations and two more that Bond owned for just $150 million - one-fifth of his sale price. One of the most remarkable deals the man regarded as among the shrewdest businessmen in Australia ever made occurred when he sold the Sydney and Melbourne stations of his Nine television network to Australian entrepreneur Alan Bond in 1987 for $770 million, including shares.

The move into gaming was particularly astute - the casinos now generate nearly half of PBL's annual revenue.

KERRY PACKER GAMBLING STORY PROFESSIONAL

He diversified PBL's portfolio, amassing a formidable empire by expanding the company into the Internet sector and professional sport, as well as casinos. His business empire was built around Publishing and Broadcasting Ltd (PBL), which he inherited from his father Frank. He was 94th on Fortune's global rich list. Packer, who died in Sydney late on Monday, aged 68, was Australia's richest man with a fortune estimated at $5.1 billion. LONDON, England (CNN) - The late Australian media magnate Kerry Packer was a brilliant businessman with a talent for high stakes gambles, who was still negotiating massive deals even as he knew his death drew nearer.

Kerry packer gambling story