Archie Karas - Poker Player

Biography

Archie Karas was a stake gambler known for his winning streak from 1992 to 1995. In this tenure, he won over $40 million by playing various casino games like poker, baccarat, craps, blackjack, and pool.

This tenure, called The Run, is the most prominent winning streak and is famous in the gambling industry.

Background

Anargyros Nicholas Karabourniotis, commonly known as Archie Karas, was born on November 1, 1950, in Anargyros Karabourniotis, Greece. He was known for his larger-than-life figure and his fearless approach to gambling. Karas grew up in poverty and used to shoot marble to avoid going hungry. His father was a construction worker.

At 15, he fled home after a fight with his father. During the argument, his father throws a shovel at him and barely misses his head. He never saw his father again. He started working as a waiter on a ship as a waiter until the ship reached Portland, Oregon.

Poker Career

Before taking up pool as a side hustle, he started his professional career waiting tables. The pool helped him earn more money than the waiter job, but eventually, the opposition dried out. That is when he picked poker and built a bankroll of $2 million in the 1990s. Famous poker players like  Doyle Brunson and Chip Reese were unhappy with his game. In December 1992, he lost all his money and left with $50. He then decided to go to Las Vegas to play bigger games. The next three years are often denoted as ‘The Run’.

Archie Karas says, “You've got to understand something. 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.”

The Run

Karas lost his bankroll in December 1992 and left with only $50. He took that $50 and went to Las Vegas, where he convinced another poker player to lend him a $10,000 loan. He played with that money and converted it into $30,000 by playing high-stakes razz.

He then started playing pool in different places around town and went to the famous casino, Binion's Horseshoe, where the WSOP started. He faced a high-stakes gambler called Mr. X and started winning. Within a month, he had over $7 million.

The news of his defeating Mr X spread like wildfire, and players were scared to play against him. He sat at the Binion's Horseshoe's poker table with $7 million, waiting for players to play for such a stake.

The first challenger was Stu Ungar, who Lyle Berman and Chip Reese, the greatest cash game player, backed. Karas first defeated Ungar for $500,000 in heads-up Razz and $700,000 in 7-card stud. By the end of 25 games, Chip Reese was $2,022,000.

Karas continues to beat top players such as Puggy Pearson and Johnny Moss. Many players used to avoid playing against him because of the high stakes. However, Johnny Chan was the only player who beat Karas for $900,000. By the end of a six-month-long winning streak, Karas had made more than $17 million.

Players wanted to avoid playing against Karas because he was so good or the stakes were too high. The lack of players forced him to switch to Dice. He started playing dice and used to bet amounts up to $100,000 per roll. This forced casino owner Jack Binion to make a special rule for Karas. He was allowed to bet up to $300,000 but with restrictions to reduce his advantage. For example, he couldn’t take additional odds on bets. The owner also raised the limit to $200,000 for a short time.

By the end of his winning streak, he had made over $40 million. At one point, he was holding all the $5,000 chips from Binion’s casino, which was their highest-value chip.

Downfall

1995 was the year when Archie Karas's downfall started. In three weeks, he lost almost everything. First, he lost $11 million playing dice, then lost $2 million he had previously won. He tried baccarat and lost another $17 million. This all adds up to a $30 million loss.

He took a vacation with only $12 million and went to Greece. When he returned, he bet $300,00 and lost within a month, down to $1 million.

With that $1 million, he went to another casino and won against Johnny Chan, but within a few days, he played craps and baccarat and lost everything.

Archie Karas's Net Worth

Archie Karas had built a net worth of over $2,000,000.

Frequently Asked Questions

What is the movie about Archie Karas?

Archie Karas: World's Greatest Gambler. His story was also documented in Cigar Aficionado by American author Michael Konik.

Who is the world-renowned gambler?

Archie Karas is a world-renowned gambler.