Archie Karas, a legendary gambler known for his incredible highs and devastating lows, has passed away at the age of 73. Born Anargyros Karabourniotis in Greece on November 1, 1950, Karas rose from poverty to become one of the most famous gamblers in history. His claim to fame was “the run,” a legendary streak in 1992 when he turned a $10,000 loan into $50 million before losing it all.
Karas started his gambling journey playing pool as a side hustle after working as a waiter. He quickly moved into poker and built up a bankroll of $2 million before losing it all in high-stakes games against poker legends like Doyle Brunson and Chip Reese. With just $50 left to his name, Karas drove to Las Vegas and convinced a friend to loan him $10,000 to play in Razz games.
Successfully paying back the loan, Karas built up his bankroll playing in various pool halls and eventually took on a mysterious high-stakes player known as “Mr. X” at Binion’s Horseshoe, winning $7 million. Seeking more action, Karas challenged some of the best poker players in the world, including Stu Ungar and Chip Reese, defeating them all except for Doyle Brunson. His hot streak culminated in a bankroll of over $50 million, marking one of the most remarkable gambling runs in history.
However, Karas’ luck eventually turned, and he lost most of his winnings in the pit, particularly in games like craps and baccarat. Reese also came back to claim his previous losses against Karas, defeating him heavily in more heads-up poker games. Despite some highlights where Karas turned $40,000 into $1 million, he ultimately lost it all, facing both highs and lows in his gambling career.
In 2014, Karas faced legal trouble after being caught marking cards at a blackjack table at the Barona casino in San Diego. He was sentenced to probation and fined, and banned from all Nevada casinos as a result. Despite his tumultuous gambling career, Karas remained philosophical about money, stating in a 1994 interview that material possessions held little value to him. He emphasized that true wealth lay in health, freedom, love, and happiness, things that money could not buy.
Archie Karas’ life was a rollercoaster of highs and lows, from his incredible gambling run to his eventual downfall. His story serves as a cautionary tale about the dangers of excessive gambling and the fleeting nature of fortune. In the end, Karas’ legacy as a legendary gambler will live on, remembered for his remarkable achievements and tragic losses in the world of gambling.