Wealth: $40 million
The world of gambling is full of mysterious, terrifying and fascinating stories, from bizarre bad hits to horrific robberies, murders and even ghosts. But when it comes to beating blackjack, the story of professional poker player Archie Karras — who turned $50 into $40 million — comes to mind.
He started out as an expert pool player and made a lot of money before discovering that he was also a natural poker player. By the time he was in his thirties, a large sum of money had passed through his hands.
$40 million fortune during a record three-year poker winning streak from 1992 to 1995
However, Karas is best known for amassing a $40 million fortune over three consecutive years of record poker wins from 1992 to 1995. Also known as “The Run,” these winnings came not only from poker, but also from baccarat, craps, and blackjack. . And a blessing.
early life
Karas, whose real name was Anargyros Karaporniotis, left home at 15 and ended up working as a sailor for two years. He left home after an argument with his father over his refusal to apply cement after burning his finger.
While working at sea, Karas worked as a waiter, earning little money. At the age of seventeen, his life took a turn when he sailed to America, landing in Portland. From there, he made his way to Los Angeles, where he worked as a waiter at a local restaurant and pool hall.
During his spare time, Karras took up billiards, and became good enough to beat his opponents for money. When he ran out of opponents willing to part with their money, he turned to poker.
Over the next 20 years, Karas made more than $2 million at the poker tables, but by the end of 1992, Karas had lost almost everything.
Arrival to Las Vegas
In 1992, Karas arrived at Les Vegas, with $50 to his name. Here the 42-year-old earned the title of “Greek” in high circles and would change the course of his life.
Karas was able to repay his friend $20,000 while keeping $10,000 for himself
When he arrived, a friend loaned him $10,000. Within hours of receiving the loan, Karas was able to repay his friend $20,000 while keeping $10,000 for himself. Eager to build his fortune further, Karas turned to billiards, finding a willing opponent to play for $5,000 a game.
This particular game turned into a three-month long competition with the stakes rising to $40,000 per game. They eventually stopped when Karas received $1.2 million. Returning to poker, Karas then took a $3 million cut from a competitor at Binion’s Gambling Hall & Hotel, then called Binion’s Horseshoe.
Karras will remain a regular at Binion’s with $5 million always on the table in front of him, ready to take on anyone. He later hit Binion’s craps tables, betting as much as $200,000 at times, a limit the casino increased. Due to Karas’ winning streak, the casino reduced this number again to $100,000.
Taking the best
Throughout his winning streak, Karas has faced off against some of the best poker players in the region.
These include Stu Ungar, an American professional poker, blackjack and gin rummy player. Both men competed at Razz and Seven Card Stud. Ungar, arguably the best poker player in the world at the time, left after losing $1.2 million in both games.
He also couldn’t beat Karas and ended up losing $2 million
Chip Reese, another American professional poker player and considered by many pros to be the greatest all-around poker player in history, was next to face Karas. He also couldn’t beat Karas and ended up losing him $2 million.
Others who have faced Karas include poker legends Doyle Bronson, Johnny Chan, Johnny Moss and Boogie Pearson. Only Chan and Bronson were able to outlast Karas, who ended up taking home $17 million in total.
The ultimate fall
Despite winning this huge fortune, Karas reportedly lost most of those winnings in gambling and dice games over a three-week period in 1995.
Baccarat dealt the biggest blow, with Karas losing $17 million.
Out of $40 million, he found himself with only $1 million left. The decline began when he lost $11 million at the craps tables, followed by a $2 million loss to Chip Reese. Baccarat dealt the biggest blow, with Karas losing $17 million.
Having cut his losses while he was still able to, Karas returned to Greece. When he returned to Las Vegas, he tried to resume his gambling winning streak, but it didn’t happen, and he ended up losing all but $1 million of his previous fortune.
An unfair advantage
Karas’ gambling career effectively ended in 2013 when he was arrested for marking cards at a blackjack table in California.
According to prosecutors, Karas was observed on a surveillance camera marking the cards. He was able to do this with a hollow gambling chip that he used to pass the deck, marking kings, queens, jacks, and aces.
Before he was arrested, Karas won more than $8,000 from the casino. A search warrant at Karas’ home found more hollowed-out casino chips.
He was arrested five times for defrauding casinos in California and Nevada, and in 2013 was sentenced to 73 days in jail. In 2015, Karas ended his gambling career after his name was included in the infamous Black Book.
As a result of his blacklisting, Karas can never enter a Las Vegas casino again.
