Brown the ground beef in a Dutch oven over medium-high heat. Once browned, drain the excess fat and return the meat to the pot.
Add the diced tomatoes, water, chopped yellow onion, minced garlic, chopped green bell pepper, bay leaf, chili powder, salt, crushed cumin seed, celery seed, ground cayenne pepper, and crushed dried basil to the pot with the browned meat.
Bring the mixture to a boil, then reduce the heat to a simmer. Leave the pot uncovered and simmer for about 3 hours, or until the chili reaches your desired thickness. Stir occasionally during this time.
If the chili becomes too thick, add water as needed to achieve your preferred consistency.
Season the chili with Tabasco sauce to taste, adding a few shakes for some extra kick.
Serve the delicious Wards Hearty Chili with crackers, shredded cheese, chopped onions, or any other favorite toppings of your choice.