The man who became famous for riding one of the most legendary hot streaks the gambling world has ever seen has died at 73.
Archie Karas, aka ‘The Greek" famously turned $50 into $40 million during the 1990s. His legendary Las Vegas hot streak became known as ‘The Run," which is still considered the biggest gambling winning streak ever recorded.
Karas explained that growing up in poverty in Greece gave him a unique perspective on risk. He said the fluctuation of millions of dollars did not affect his psyche. He took pride in gambling at some of the highest stakes.
Karas Grew Up Poor in Greece
Karas was born on November 1,1950 on the island of Cephalonia, Greece as Anargyros Karabourniotis.
Anargyros began gambling as a child. His father, Nickolas, a struggling construction worker, couldn’t make ends meet, so Anargyros played marbles to make enough money to buy food. He frequently bet on neighborhood games he created, often winning and earning a modest amount of pocket money.
With his family struggling financially, he came up with a new plan. He left home at 15 to work on a cruise ship, earning $60 a month. When one of the ships he was working on set sail for the United States, he got the idea to chase the American Dream.
After docking in Portland, Oregon, he later moved to Los Angeles and worked as a waiter and pool hustler.
He changed his name to Archie Karas, added poker to his pool playing, and became a regular at card rooms around southern California.
How Did “The Run” Start in Las Vegas?
By 1992, he had lost his bankroll and decided to head to Las Vegas with $50 in his pocket.
Once there, a friend loaned him $10,000, and he started playing high-stakes poker, craps, and other games. He tripled his money at the first table he ever sat at in just three hours. After repaying his friend, he continued playing. What followed was the longest winning streak in gambling history, known as “The Run.” A blend of luck and unparalleled skill sent Karas on a wild ride.
Within three months, he reportedly built his bankroll to over $7 million, and by early 1995, he had turned that first $50 into $40 million.
Everyone was talking about “the new Nick the Greek,” and Archie pursued his quest relentlessly. During this three-year period, he became the terror of all the big names, beating some of Vegas’ most famous gamblers like Stu Ungar, Doyle Brunson, Puggy Pearson, Chip Reese, and Johnny Moss.
What Happened to Archie Karas’ Millions?
Unfortunately, the Greek gambler lost the entire $40 million between 1995 and 1996. He gambled it all away.
In 1995, he lost most of what he had gained in just three weeks. He dropped millions playing craps and poker against Reese. He also lost $30 million playing baccarat, leaving him with only one million dollars.
He lost that last million after a heads-up match with Chan and Lyle Berman in L.A. Although he won the game, Karas gambled away the remaining money at the craps and baccarat tables over the next few days.
“You’ve got to understand something,” he told Cigar Aficionado in 2008. “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.”
Besides his gambling fame, Karas faced numerous accusations of cheating. In 2017, he was added to Nevada’s List of Excluded Persons, also known as the Black Book, making it illegal for him to enter any casino in the state.
A high roller through and through. Now, he’s a legend. Rest in peace, Archie.
