Archie Karas – A Greek Legend, Ruler of Casino Games
Las Vegas is a place where people go to have fun for a weekend or a little longer. They keep the hope of winning something, even though we all know that casinos are the ones winning at the end. Still, even if you win, there is a big chance to lose it all when trying to score even higher. How about stretching that weekend to several years, making a fortune and keep going? That is how the Archie Karas story developed.
The following paragraphs contain information on Anargyros Nicholas Karabourniotis, a Greek card shark with a wild Las Vegas journey. This fearless gambler made a fortune in about three years. Many say that his incredible story is even worthy of a Hollywood movie. Check out how Archie Karas started, which games were his path to success, his net worth, and how much did he lose at the end. Let’s dive into this high-roller’s surreal life story.
Archie Karas Story – From Greece to Las Vegas, NV, USA
Karas started his life in Antyapa on the Greek island Cephalonia. He was born in 1950. That was the period after WWII, which was a bad time for Greece. His family had low to no income and lived in hunger and poverty. When Archie was a teenager, he managed to earn some money on the street by wagering on shooting marbles. His father was a construction worker but providing for the family was almost impossible back then.
The teenager had run away from home several times, causing his father’s frustration. At the age of 15, while running away again, a shovel almost hit him in the head. His father was so angry that he had thrown it out of spite. That accident made Karas leave and never come back.
Once out of the village, he ended up working as a waiter on a cruise ship for $60 a month. That was enough to wager every month on poker. Later, Archie moved to LA and started working at a Greek restaurant next to a pool hall and bowling alley.
That was the beginning of Archie Karas story – the desire for improving his pool skills. Later on, the gambler moved to LA card rooms to play poker and gain more experience. The first winnings came soon after. The self-taught player turned the few prizes into $2 million before losing it all playing high-stakes poker. That is when Archie Karas net worth began to formulate in his mind.
Karas Went from LA to Las Vegas with Only $50
Archie Karas has always been a gambler at heart, starting with marbles back in the day. The problem, though, is that a true gambler’s mindset has the potential to get you broke. Karas has experienced such feeling many times in his life. In LA, he was making far more at hustling pool than at waiting tables. With time, fewer people were willing to donate their money to him. He didn’t become a shark right away, but he managed to develop strong poker skills.
More gamblers started their gaming journeys from Los Angeles. One of the most famous was the glamorous poker player Molly Bloom. The Greek started similarly with a net worth of $10 million gained in LA. Archie had accumulated it while shooting down pros like Chip Reese and Doyle Brunson. These two skillful players, alongside others, knew they were better than Archie and gave him handicaps to continue playing. That is what Karas did, which cost him the money. The newbie lost it all, took it as a sign, and headed to Las Vegas with only $50 left in the pocket.
The Lucky Streak – How Was the Poker Legend Born?
In 1992 Karas reached Sin City with only 50 dollars on him. He couldn’t do much with that, which led him to a vital step towards the most incredible poker run of all time. The Greek gambler ran into an old friend at the Mirage Hotel and Casino and asked for a loan. The poker player loaned him $10,000. Archie hit the tables, and in few hours at the Razz tables, he tripled the money and managed to pay back the friend’s loan. It was the night a poker legend was born.
Many might think that Archie Karas’ cheating was the main reason for his winnings. That is still not completely clear. Let’s say it was only the combination of remarkable skill and luck that helped with the wild ride.
During the winning streak, some of the most famous gamblers were afraid to sit at the same card table as the new high-roller.
Mr. X – Archie’s First Million on Poker
After killing it at the Razz tables, Archie dived into pool poker table games. There he found his next victim – Mr. X. The player’s identity remains unknown, which was made clear by the Greek in all of his interviews. Both started at a nine-ball pool with low stakes of $5,000 per game. That amount rose to $10,000, and the last stakes on the table were $40,000 a game. The session ended with a $1.2 million win for Karas.
“I’ve gambled more money than anyone in the history of the planet.”– Archie Karas
After that big win, Archie and Mr. X moved their gambling relationship to Binion’s Horseshoe Casino. The poker game turned out to be more lucrative for the Greek, winning an additional $3 million. Karas played aggressively and took advantage of the gameplay as the stakes continued to increase. Archie Karas net worth at that time was $4.2 million. That amount increased to $7 million throughout the gameplay within the first three months in Las Vegas.
Archie Karas Against the World’s Top Players in Las Vegas
There was only one problem at that time for Karas and his winning streak story – it was getting hard to find opponents. One of them was the three-time WSOP Main Event poker champion Stu Ungar. He was unafraid to face Karas and challenged him over a friendly game of Heads-up Razz. Stu ended up losing over half a million dollars. The gambler within made him rechallenge Archie. This time it was to a 7-card stud game. The Greek won an additional $700,000.
“Money means nothing to me. I don’t value it. I’ve had all the material things I could ever want. Everything. The things I want, money can’t buy: health, freedom, love, happiness. I don’t care about money, so I have no fear. I don’t care if I lose it.”– Archie Karas
With over 7 million dollars, Karas was not even thinking of retirement. Money meant nothing to him. He would occasionally leave $5 million in chips on the gaming table, stand up and go to the bar. It looked like he didn’t even care about it. That was something psyching out the rest of the players. That did cause enough of a stir to pique the interest of some of the biggest poker stars of the day—an excellent chapter worthy of an Archie Karas movie plot.
Archie Karas and the Big Sharks
After defeating Stu Ungar, there were several more intrigued by this Greek poker phenomenon. You will see names famous in the card world, championship winners, poker wonders, and more. They helped Karas gain an additional $10 million by winning using skills or, as some might say, even cheating. Here are the famous poker victims who have fallen along with Archie’s triumph:
- Stu Ungar – the best Texas Hold ‘Em player ever.
- Chip Reese – one of the youngest players into the poker hall of fame.
- Johnny Chan – won the World Series of Poker main event consecutively.
- Johnnie Moss – the first WSOP winner.
- Doyle Brunson – two times WSOP champion and a hall of fame member.
- Puggy Pearson – WSOP main event winner.
Karas was continuously raising the stakes against his opponents, which scared almost every high roller in Sin City instead of enticing more players. One of them, though, managed to beat him only once in this lucrative six-month marathon – that was Johnny Chan. However, one defeat and a net worth of $17 million scared nearly every shark in Nevada. Here are some of his winnings in money amounts:
| 💰 From Mr. X | $4.2 Million |
| 💰 From Stu Ungar | $1.2 Million |
| 💰 From Chip Reese | $2 Million |
| 💰 From Craps | $3 Million |
Even with all those legends in his pocket, Archie Karas was able to lose it all. He kept on going without thinking about the money at all. The poker shark wanted to play and to win. That thrill kept the Hollywood scenario going for three years until a pair of dice and angry casino owners placed a significant milestone in the story.
Archie Karas Movie-Like Turn of Events
With way over 50 dollars, the Greek poker star ended up facing no card game volunteers to try and take his fortune. The combination of poker skills and high stakes left him wondering for a bit. These three years circled a record-breaking winning streak that came to be known as ‘The Run’. There are many stories and rumors along the way, keeping this Archie Karas movie-like lifestyle intriguing. One of them includes stowing millions in his car and keeping most of his cash on him.
After three glamorous years, the Greek had the perfect opportunity to cash out. The gambling addiction, as many describe it, made Archie seek the thrill elsewhere. He turned to craps, as no poker table or pool was available for him. The gambler in Karas pushed him further away from quitting. The stakes kept the high values, and the craps tables accepted Archie’s worth between $100,000 and $200,000. In that period, Benny Binion, a known casino owner, didn’t allow Karas to back pass line bets with odds. Still, the high roller won $1 million right away.
The Breaking Point – The Loss of Arhie Karas Net Worth
1995 was the peak of the winning streak. Then, Karas had luck on his side and won $23 million on the craps tables at the Horseshoe. That was almost half of the Archie Karas net worth of $40 million. That is the most extraordinary run in gambling history. But it all ended in three weeks. The irony of it all is that the downsizing began at the same Binion craps tables. It started with an $11 million loss, followed by an eye-watering $17 million loss on a single baccarat game. Archie Karas lost $30 million in just a few days!
“My attorney lied to me. I got terrible counsel. They didn’t have no proof that I did it.”– Archie Karas
Just like in a plot from the best gambling movies, the moment Archie managed to beat great opponents with his last million, jail time came into the picture. It all went downhill in 2013 with the first arrest, when he was accused of cheating and marking cards in blackjack games. In 2015 Karas was added to Nevada’s ‘Black Book’, meaning he is banned from all casinos in the Silver State. Sadly, one of the greatest gamblers of all time will no longer visit casinos in one of the world’s biggest gambling cities. He lives in Las Vegas but cannot play.
Frequently Asked Questions
The Archie Karas story is something players and people outside the gambling world can learn from. Years after the ban, we are still referring to the most famous run in the world of gambling, wondering what he could have done to prevent the events. Still, Karas was all in for the thrill. He still believes casinos were fabricating all accusations. Here are the most frequent inquiries related to the high-roller:
