John “Bet-a-Million” Gates (1855-1911) was an American businessman and speculator known for his daring personality and sharp financial acumen. Born in Turner Junction, Illinois, Gates grew up with a knack for salesmanship. After working as a hardware store clerk, he moved into the steel and wire industry, where he found his first major success. He introduced barbed wire to the American Midwest, helping to revolutionize fencing in the cattle industry, which earned him significant wealth.
Gates was also known for his love of high-stakes gambling, which earned him the nickname “Bet-a-Million.” He reportedly wagered massive sums on horse races, card games, and even business deals. His love of risk extended to the stock market, where he manipulated shares in a style characteristic of early 20th-century “robber barons.” Gates was instrumental in forming U.S. Steel in 1901, merging his wire company with Andrew Carnegie’s steel empire.
Despite his reputation as a gambler, Gates was a shrewd businessman who amassed an enormous fortune. His ventures in oil helped lay the groundwork for what would become Texaco. Known for his flamboyance and outsized personality, he lived lavishly and was admired and criticized for his bold financial moves.
Gates passed away in Paris in 1911, leaving behind a legacy as one of America’s most colorful and daring industrialists, remembered as much for his business acumen as his appetite for risk.
