Unstoppable Run: From $50 to $40 million
Archie Karas, a native of Greece, came to Las Vegas in 1992 with his last $50 in his pocket. What followed has become part of gambling history. He met a friend in Vegas and borrowed $10,000 from him. He paid him back double that very day, after winning 30 grand by playing $200/$400 limit razz. He used the remaining 10 grand to bet in pool against a reputable player, whom he wouldn't reveal his name and referred to only as "Mr. X". After winning $1,200,000 from him, they moved to the poker table, where Karas won another $3 million from Mr. X.
Karas steadily increased his bets and in three months increased his bankroll to $7 million. He destroyed his opponents with his cold-blooded play and tremendous risk-taking courage. At this point, he presented a dangerous challenge that only the best poker players were willing to accept. The legendary Stu Ungar lost $500,000 to him playing heads-up Razz and another $700,000 in 7-card stud. Next in line was Chip Reese, who later declared that he had never lost more money to anyone in his life than to Archie.
Other poker greats like Doyle Brunson, Johnny Moss and Puggy Pearson also also fell short. After battling poker legends, he had a bankroll of $17,000,000, but no one wanted to play with him anymore. So he switched to craps, where he played one roll for $100,000 and, as he put it: "I'd play for more if the casinos would let me." His fearless approach earned him a place among the world's richest gamblers, as his winnings climbed to $40,000,000.
Cruel Fall: When Fate Turns the Cards
As quickly as the money came, it was gone. Karas went into a losing spiral a few years later, and his legendary bankroll gradually evaporated. While at one point he owned $40 million, eventually he had almost nothing left. He lost almost everything, but he didn't stop playing. He became a slave to his own reputation and his quest for a comeback.
This is evidenced by Karas' own statement, "Money means nothing to me. I don't value them. I had all the material things I ever wanted. Everything. The things I want money can't buy: health, freedom, love, happiness. I don't care about money, so I'm not worried. I don't care if I lose it.
Since everything in the casinos at the time was dealt in cash, Archie carried a huge amount of cash on him at all times. It was common for him to have several million dollars in his car, so he walked everywhere with a gun. Later, his brother, who worked as a security guard at the casino, accompanied him everywhere.
The blackjack scam
In 2013, Karas made headlines again. This time not as a poker king, but as a cheat. He was accused of marking cards in a blackjack game at the Barona Casino in California. He was using tiny marks on the cards to gain an unfair advantage. The $8,000 he defrauded the casino of seems laughable compared to the millions he owned a few years ago.
When the scam was discovered, he was arrested and sentenced to three years probation in 2015. For Karas, however, the bigger punishment was a lifetime ban from all Nevada casinos, which meant the end of his gambling career. Karas died last September at the age of 73.
The story of Archie Karas is an example of the extremes that gambling offers. On the one hand, he is fascinating because he accomplished something that seemed impossible. But on the other hand, his downfall shows how quickly luck can turn its back. And if you try to gain an advantage by illegal means, sooner or later it will catch up with you. Karas was proof that you can win big at the casino - but you can lose just as much.
Source - Wiki, YouTube, Poker Listing
