High-stakes gambler Archie Karas from Greece pocketed an astounding $40 million fortune, but ultimately squandered every penny.
Title: From Pocket Change to Millionaire: The Rise and Fall of Archie Karas, the Legendary Greek Gambler
Date: 06-08-2022
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Author: Donna Amo
Failure to Fortune
The captivating saga of Archie Karas, a bona fide poker prodigy from Greece, is one full of fortune and misfortune, luck and loss, and triumph and turmoil. This tale begins where many fantasies do - with a destitute individual possesing an insignificant amount of cash and an ambitious dream. But unlike most stories, Karas' narrative took a shocking twist from rags to riches and back again, marking the end on a profoundly sour note.
Starting Small
Archie Karas, born Anargyros Karavourniotis on November 1, 1950, on the picturesque island of Kefalonia, Greece, displayed a knack for gambling from an early age. His father, a humble construction worker named Nikolas, struggled to make ends meet. Young Anargyros relied on gambling as a means to keep his stomach full. He'd play marbles for money, bet against his peers, and even create his own gambling games in his neighborhood. These escapades netted him an impressive income for a boy of his station.
Bored with the tedious nature of assisting his father in construction, Anargyros deserted his home at the tender age of 15. He spent the subsequent two years working aboard ships, serving as a waiter, and earning around $60 per month. Upon landing in Los Angeles, he secured a job in a restaurant and faced the harsh reality of loneliness, as he was unable to communicate in the local language. Their proximity to a bowling alley and pool hall, however, set the stage for Anargyros' journey to greatness.
A Leap Towards Greatness
Archie Karas' prowess at pool drew the ire of fellow players, who declined challenges against him, as the consequence was almost always defeat. With fewer opponents suitable for high-stakes pool games, Anargyros eyed another avenue to generate income. Enter poker.
Immersed in this newfound passion, Archie honed his skills, committing himself to mastering every aspect of the game. The young Greek was soon unstoppable, raking in over $2 million in winnings from underground poker games primarily through Texas Hold'em. Yet, defined by his competitive spirit and disregard for risk, Anargyros lost the entirety of his fortune by December 1992. With nothing left to lose, he made a brave gambit, heading to the casino hub of Las Vegas.
Las Vegas: The Stage for Legendary Comebacks
With a mere $50 in his pocket, Anargyros, who would eventually reborn as Archie Karas, asked a friend for a $10,000 loan with a 50% interest rate. His first game in Vegas was Razz, a lesser-known variant of poker. In just three hours on his inaugural table, Karas tripled his capital! This success allowed him to repay his friend in full and retain capital for further playing. This was, indeed, the birth of the legendary Archie "The Greek" Karas.
Over the following months, Karas embarked on the longest casino winning streak in history, popularly known as 'The Run.' By the start of 1995, Karas had transformed $50 into a stunning $40 million! This astonishing feat led many to compare him to Nick the Greek, another legendary Greek player. Karas' star continued to soar, as he became a feared opponent to all the major Razz and poker players of the time, like Stu Ungar, Chip Reese, Johnny Moss, and more.
Hubris and Heartbreak
However, the quicker he rose to the top, the more swiftly he plummeted. His streak came to an end in 1995, as he lost most of his earnings within just three weeks! First, he dropped $11 million gambling with dice, followed by $2 million he won from poker player Chip Reese back to him. With increasing losses, Archie resorted to playing baccarat, further depleting his bankroll. By the time he had lost $30 million, only around $12 million remained. Despairing, he returned to Greece for a brief respite from gambling.
Intrigue: Marking Decks, Legal Troubles, and Exclusion from Casinos
Little is known about Karas' gambling activities during his time in Greece. However, upon reentering Las Vegas, Karas found himself accused of marking blackjack decks to defraud casinos. His life subsequently fell into a series of legal trouble, with arrests in both California and Nevada. In 2013, he was sentenced to 73 days in prison and faced a hefty fine.
The case against Karas was bolstered by security footage revealing ink stains on blackjack cards. According to the indictment, the player had marked the cards to gain an edge in the game. This dark chapter in Archie Karas' life brought his great run to an end, and his name was forever etched in the infamous 'Black Book,' a list of individuals prohibited from participating in casinos.
Modern Times
Archie Karas, now 71, resides in Las Vegas, living as a recluse away from the limelight. His family remains in Greece. His life's story was chronicled by American author Michael Konik in the American magazine, "Cigar Aficionado." Recounting the life of this legendary, controversial figure leaves one pondering the fleeting nature of success in the gambling world.
- Archie Karas, the Greek gambler whose tale is filled with fortune and misfortune, showcased his proclivity for gambling from a young age, playing marbles for money and creating homemade gambling games.
- Despite the harsh reality of loneliness in Los Angeles, Archie found solace in the bowling alley and pool hall near his job, which set the stage for his future success.
- Marked by his extraordinary skill at pool, Archie turned to poker, where he honed his skills to become unstoppable, raking in over $2 million in winnings in underground games.
- Facing financial ruin in 1992, Archie ventured to Las Vegas with just $50 and managed to triple his capital in a short time, a move that marked the birth of the legendary Archie "The Greek" Karas.
- Archie's unprecedented winning streak, known as 'The Run,' catapulted him to the top, transforming $50 into a staggering $40 million in less than three years.
- Despite his previous success, Archie lost most of his earnings in just three weeks in 1995, falling victim to poor gambling decisions and legal trouble related to allegations of marking blackjack decks.
- Now 71, Archie Karas lives in Las Vegas, out of the spotlight, as his life became the subject of interest for sports betting enthusiasts, casino personalities, and those following gambling trends worldwide.
