The infamous story of Archie Karas (he who wins it all and loses it all)
Every heard of the “The Run”? No, that’s not some hot Hollywood movie, or a latest pop song ravishing the radios. it’s what people in the gambling industry are calling the few years of fulminant ascension and gain for Archie Karas, a famous Greek casino player who’s made a lot of money, and then, well… simply lost it all.
Who was Archie Karas?
Imagine walking on a hot summer day on a beach in Kefalonia, a young boy is casually passing by, wearing poor clothes and having a sad grimace. Who would have imagined the boy will one day earn $40M in Vegas? Archie left his hometown in Kefalonia when he was only 15, where he had a struggled childhood and a violent father, then he went on working on a boat and left for the USA, where he soon started his gambling journey.
His story became legendary because of an epic run between 1992 and 1995, during which he turned $50 into over $40 million in Las Vegas.
Why was his story famous?
His story is perhaps more popular than others because it all begun with only $50. Keep in mind, this is not meant to inspire anyone who has $50 or similar. It wasn’t ALL about the $50. He shortly borrowed $10K from a friend and went to the Liberace Plaza, where he had met a gambler he liked to call Mr X, whose identity he hasn’t disclosed. After playing a 9 ball pool for $5K a game, they decided to raise the stakes to $40K a game. After playing some rounds of poker, Mr Karas has won more than $3M from Mr X.
Archie Karas made a bankroll of $7M during the 3 months he had spent in Vegas, in a marathon of glamourous casinos. Then the challenges began, or the challengers started rising. Everyone wanted to play against him and test their skills, or better even, their luck.
His run became legendary not only because of the massive amounts of money he won but also for his fearless betting style, he was always stating he does not care about money, and so he has no fear of losing. He often gambled millions of dollars in a single night, and his story captivated the gambling world as an example of both extreme luck and skill.
The downfall
However, like many gambling stories, Archie Karas’ tale took a turn. Over the next few years, he lost his entire fortune, mainly due to high-stakes craps and baccarat, proving the volatile nature of gambling. Carrying around a fortune was becoming a challenge though, it is said he used to carry bags of money in his car and driving around in Vegas for months.
He used to carry a gun at all times, and often his brother or security guards used to accompany him for protection.
He lost all his fortune in a very short timeframe, it all started with losing $11M while playing craps, then he changed to Baccarat games, where he lost another massive $17 million. With $12M left (still a solid fortune, right?) he decided to come back to his home country and enjoy life a bit. He went back to Greece for a while, and no, not for playing online casino games for real money, but just to chill! Not for long. He came back to Vegas, to Horseshoe, where played Baccarat with $300,000 per hand, and in less than a month, he lost almost everything. By 1995, his $40 million winnings were entirely gone.
Archie Karas has lived in Vegas until this year, when he sadly passed away. He was part some documentaries about gambling, such as THS Investigates: Vegas Winners & Losers, and most important, a biographical movie called “Archie Karas: World’s Greatest Gambler”. He’s also a character in a book about Vegas gamblers, called “The man with $10,000 breasts”
Mr Karas will always remain in history as one of the boldest and most enthusiastic gamblers, spicying things up for many fellow players along time.
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