Legendary gambler Archie Karas passes away at 73

Garance Limouzy October 1, 2024

SiGMA news

Legendary gambler Archie Karas passes away at 73

Archie Karas, famous for his extraordinary “Run” in the 1990s where he turned a mere $50 into $40 million, has passed away at the age of 73. Born as Anargyros Karabourniotis in Greece, Karas lived a life of extremes—winning astronomical sums at the poker and craps tables, only to lose it all in a spectacular fashion.

A gambler from the start

Karas, born on 1 November 1950, in Kefalonia, Greece, grew up in poverty. His childhood introduced him to gambling early on, using marbles to wager with friends. After a falling out with his father, Karas left home as a teenager, eventually finding his way to the United States. Settling in Los Angeles, he discovered his talent for pool and poker, quickly rising in the city’s gambling circles.

The legendary “Run”

In December 1992, Karas arrived in Las Vegas with only $50 to his name, but what followed was one of the most remarkable winning streaks in gambling history. After borrowing $10,000 from a fellow poker player, he multiplied it by playing high-stakes razz, repaid his backer, and embarked on a historic run. Within months, he was facing and defeating some of the biggest names in poker, including Stu Ungar and Chip Reese.

The winning streak continued as he transitioned to craps, where his luck didn’t falter. At his peak, he had accumulated $40 million by the end of 1995. His audacious betting style and fearless approach earned him the nickname “The Greek,” drawing comparisons to another gambling legend, Nick the Greek.

The downfall

Despite the immense fortune he amassed, Karas’ winning streak came to an abrupt halt. By the middle of 1995, he had lost $30 million in just three weeks at the craps and baccarat tables. A brief return to Greece didn’t change his fate—when he came back to Las Vegas, he lost the remaining portion of his fortune. His losses became as legendary as his wins, and he continued to gamble sporadically in the years that followed.

The later years

Karas’ relationship with casinos grew increasingly tense. In 2013, he was caught cheating at blackjack in a San Diego casino, leading to probation and a fine. A year later, he was added to Nevada’s “Black Book,” a list banning him from all casinos in the state. His fall from grace was complete, but his legacy as one of the most fearless gamblers in Las Vegas history remained intact.

Karas’ career also included six World Series of Poker (WSOP) cashes, and in 2013, he achieved his final WSOP result, placing 26th in the $2,500 Razz event. Despite his roller-coaster career, Karas’ attitude towards money remained unchanged. “Money means nothing to me,” he once said, explaining that his love for gambling transcended any financial gain.