Charles Wells (1841-1926), gambler and confidence trickster, is one of the men that broke the bank at Monte Carlo, made famous by the song. Joseph Jagger was the first famous gambler to get publicity in 1873 but the song was not written until 1892 and so it seems that Wells is a more likely inspiration for the song. Jump to: navigation, search 1873 was a common year starting on Wednesday (see link for calendar). ... Jump to: navigation, search 1892 was a leap year starting on Friday (see link for calendar). ...

François Blanc, the owner of Monte Carlo's casino, wanted the publicity from stories of big winnings. In French, if a gambler wins more than the chips on the table, he was said to have "faire sauter la banque", which was translated as "breaking the bank". A black shroud was placed over the table until replacement chips were brought in. However no gambler has come close to winning the whole reserves of the casino. Monte Carlo is a very wealthy section of the city-state of Monaco known for its casino, gambling, beaches, glamour, and sightings of famous people. ...

In July 1891 Wells went to Monte Carlo with £4000 that he had defrauded from investors in a bogus invention, a "musical jump rope." In an eleven-hour session Wells 'broke the bank' twelve times, winning a million francs. At one stage he won 23 times out of 30 successive spins of the wheel. Wells returned to Monte Carlo in November of that year and won again. During this session he made another million francs in three days, including successful bets on the number five for five consecutive turns. Despite hiring private detectives the Casino never discovered Wells's system. He later admitted it was just a lucky streak. His system was the martingale, doubling the stake to make up losses. In probability theory, a (discrete-time) martingale is a discrete-time stochastic process (i. ...

In April 1892, Fred Gilbert wrote a popular song, The Man Who Broke the Bank at Monte Carlo. The song was popularised by the music hall star, Charles Coburn. The song helped Wells to become a celebrity. He explained that his success was because he was a brilliant engineer, who had also invented a fuel-saving device for steam-ships. He persuaded many wealthy people to invest in his invention. He made another trip to Monte Carlo in the winter of 1892 with his mistress in a large yacht. Well's explained that the yacht was to test his device. Wells broke the bank six more times but then lost his money and that of his investors, some of whom had sent additional money that he said were needed for "repairs" to his device. Jump to: navigation, search 1892 was a leap year starting on Friday (see link for calendar). ... Jump to: navigation, search 1892 was a leap year starting on Friday (see link for calendar). ...

Wells was arrested at Le Havre and extradited to England. He was found guilty of fraud at the Old Bailey and given eight years. Later Wells served another three-year sentence for fraud and emigrated to France, where a financial scam earned him another five year sentence. Le Havre is a city in Normandy, northern France, on the English Channel, at the mouth of the Seine. ... The Old Bailey by Mountford (1907) The Central Criminal Court, commonly known as The Old Bailey (a bailey being part of a castle), is a Crown Court (criminal high court) in London, dealing with major criminal cases in the UK. It stands on the site of the mediaeval Newgate Gaol...

Wells died in poverty in Paris in 1926.