Mary-Kate and Ashley Olson, featured in a number of video films, had to declare bankruptcy last week after inadvertently wagering billions of their life savings on Bravo's "Celebrity Poker" (see also our Disclaimer below)

Olson twins squander their life savings playing Bravo's "Celebrity Poker"

Thinking they were playing with house money for their favourite charity, the Mary-Kate and Ashley Olson sisters, had to declare bankruptcy last week after inadvertently wagering billions of their life savings on Bravo's "Celebrity Poker," www.hollywoodpulse.com reported.

While "Celebrity Poker" is played for charity, some entertainment stars occasionally make side bets with their own cash. Not realizing this, the Olson sisters continued to bet aggressively hand after hand. Before they realized they were wagering their own money, their vast empire had come crumbling down.

"They just kept raising and raising, regardless of how bad their hands were," said host Kevin Pollack. "They were apparently under the impression that they were just playing with fake chips, but everybody who signs up to do this realizes that real money does exchange hands under the table."

Matthew Perry of "Friends" fame was sitting at the table with the Olsons and said he was shocked that they kept betting.

"It was obvious that they didn't know they were losing their own cash, because they made some of the stupidest bets I've ever seen," he said. "It's one thing to be reckless when you're playing for charity and have nothing to lose, but they needed to be a lot smarter when they started to wage their own cash."

A spokesperson for the twins said they had no idea they were squandering their life savings.

"Nobody ever told them that they were betting their personal money," he said. "They are both devastated by this. It's bad enough that their movie bombed last week, but now they have to face the fact that they have not one penny left between the two of them. To think that they could lose billions of dollars in a celebrity poker game is absolutely mind-boggling."

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