Archie Karas, the audacious gambler and at times a casino cheat, famed for what many consider the most legendary winning streak in Las Vegas history, has died at the age of 73.
Known in the gambling world as “The Greek,” Karas had reportedly been in poor health for some time. Born Anargyros Karabourniotis on the Greek island of Kefalonia in 1950, Karas left home as a teenager after a fallout with his father. He eventually found work as a waiter on a ship, which brought him to the United States.
In Los Angeles, he worked at a Greek restaurant adjacent to a pool hall, discovering his knack for the game and sharpening his skills during his free time. This led him into the vibrant LA poker scene, where by the early 1990s, he had amassed $2 million. However, by the time he arrived in Las Vegas in early 1993, he had lost everything and was down to his last $50.
Once in Las Vegas, Karas began winning at the poker tables and convinced an acquaintance to lend him $10,000 to play at higher stakes. Rapidly, he won $30,000 playing $200/$400 Razz and repaid $20,000 to his friend. He then challenged a wealthy pool and poker player, rumored to be 1978 World Series of Poker champion Bobby Baldwin. Over two months, Karas bested his opponent in pool and poker, amassing a staggering $4.2 million.
Karas had established himself as a proficient high-stakes poker player, though not necessarily the best. However, with millions burning a hole in his pocket, top players in Las Vegas queued up to face him. Legends like Stu Ungar, Chip Reese, and Doyle Brunson all succumbed. Only Johnny Chan managed to secure a victory, walking away with $900,000, a minor dent in Karas’ fortune as he had accumulated $17 million by then.
With poker games dwindling, Karas turned to craps at Binion’s Horseshoe, wagering $100,000 per roll. Incredibly, he amassed $40 million, depleting the casino’s highest denomination chips. But Karas’ fortune took a dramatic downturn when he lost $30 million in three weeks. He took a break, returned to Greece, but upon his return to Las Vegas, he lost the remaining amount. “The Run” became legendary, documented in numerous gambling history books.
Yet, Karas’ glory was marred by controversy. In 2015, the Nevada Gaming Commission unanimously voted to exclude him from all Nevada casinos for “ongoing and grievous offenses against the casino industry,” citing multiple infractions since 1988 related to advantage play and cheating at blackjack tables. This tarnished his legacy and cast doubt over the legitimacy of his legendary streak.
Despite dying broke, Karas led a life rich in experience. “Money means nothing to me, I don’t value it,” he once told Cigar Aficionado. “I’ve had all the material things I could ever want. Everything. The things I want money can’t buy: health, freedom, love, happiness.”
