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On a night out with team manager Alan Pardew, he lost the huge amount on craps - a game of dice - in a single session.

According to the Sun newspaper, at first the Toon boss hit a winning streak and scooped 130,000 after playing for a couple of hours, having started soon after arriving at around 11pm.

Owner: Mike Ashley lost 1m in a just a couple of hours playing craps

But, after saving 100,000 in his casino account, he rapidly lost the remaining 30,000 when he returned to the table in a second session - and then carried on playing.

The 47-year-old embarked on his disastrous run at around 2am, apparently losing the first 30,000 in just 'about ten minutes'.

A source told the Sun: 'He bet thousands at a time, tens of thousands sometimes, covering the table with bets.

'They finally left at 4am and by that time he had lost 970,000. It was amazing but he didn't seem bothered at all.

'He had a smile on his face and tipped the dealer 700, which is astonishing really because people usually only give a tip if they've won.'

Ashley is known for his love of gambling, and once apparently resolved a 200,000 legal bill with a game of 'spoof'.

His big night was at Aspers casino, near his club's St James Park ground but, despite the huge loss, it is unlikely to make much of a dent in his fortune.

Gamble: Craps gets its name from 'crapaud', the French for toad, which refers to how people crouched when they played the game

He made his money through his Sports World stores.

Founded in 1982, the chain went on to become the UK's largest seller of sporting goods.

According to the Sunday Times, at one point he was worth 1.9bn and was the UK's 25th wealthiest person. 

He pocketed 929m in a single day in 2007 when he floated a 43 per cent stake in the firm on the stock market.

The move also saw the company renamed Sports Direct International, although the stores were to remain under the Sports World brand.

A spokesperson for Aspers said: 'The privacy of our members is of paramount importance and it is our policy never to comment on any individual.'

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