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Archie Karas

Archie Karas
Nickname(s)   The Greek
Residence   Las Vegas, Nevada
Born   Anargyros Nicholas Karabourniotis
November 1, 1950 (age 68)[1]
Antypata, Greece
World Series of Poker
Bracelet(s)   None
Money finish(es)   7
Highest ITM
Main Event finish   None
World Poker Tour
Title(s)   None
Final table(s)   None
Money finish(es)   None

Anargyros Nicholas Karabourniotis (Ανάργυρος Καραβουρνιώτης, born November 1, 1950), commonly known as Archie Karas, is a Greek American gambler, high roller, poker player, and pool shark famous for the largest and longest documented winning streak in casino gambling history, simply known as The Run, when he drove to Las Vegas with $50 in December 1992 and then turned a $10,000 loan into more than $40 million by the beginning of 1995, only to lose it all later that year. Karas himself claims to have gambled with more money in casinos than anyone else in history and has often been compared to Nick the Greek, another high-stakes gambler of Greek origin.

Early life

Karas was born on November 1, 1950 in Antypata on the island of Cephalonia, Greece. He grew up in poverty and had to shoot marbles as a teenager to avoid going hungry. His father, Nickolas, was a construction worker who struggled financially.

Karas ran away from home at the age of 15 after, in a rage, his father threw a shovel at him, barely missing his head. He never saw his father again. Nickolas died four years later.

Karas worked as a waiter on a ship, making $60 a month until the ship arrived at Portland, Oregon. He would later move to Los Angeles, where he would gamble his bankroll up to $2,000,000 before losing it playing high-stakes poker.

Gambling Career

He worked at a Los Angeles restaurant, which was next to a bowling alley and a pool hall. There he honed his pool skills and eventually made more money playing pool than he did as a waiter. When his victims from the pool hall thinned out, he went to Los Angeles card rooms to play poker. Karas claims to have gone from broke to millionaire and back several times. Later, he became an astute poker player, building his bankroll to over $2,000,000. Professional poker players such as Chip Reese and Doyle Brunson, had played and considered Karas a weaker poker player often giving Karas handicaps to play. In December 1992, Karas had lost all but $50 playing high-stakes poker. Instead of reevaluating his situation and slowing down, he decided to go to Las Vegas in search of bigger games. The next three years would go down in legend as the greatest run in casino gambling history.

You've got to understand something. 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.

The Run

Karas' initial run lasted for six months when he drove to Las Vegas with $50 and turned a $10,000 loan into approximately $17 million playing poker and pool. It started in December 1992 when, after losing his entire bankroll, Karas drove to Vegas with his car and $50 in his wallet. After arriving at The Mirage, Karas recognized a fellow poker player from the Los Angeles scene and convinced him for a $10,000 loan. Karas quickly turned the loan into $30,000 playing $200/$400 limit Razz. Karas returned $20,000 to his backer, who was more than content.

With a little over $10,000 in his pocket, Karas went to a bar with a pool table adjacent from the Liberace Plaza on East Tropicana. There he found a wealthy and respected poker and pool player. Karas refused to reveal his name for the sake of his opponent's reputation; he simply referred to him as "Mr. X". They started playing 9-ball pool at $5,000 a game raising the stakes as games progressed. After Karas won several hundred thousand dollars, they raised the stakes to $40,000 a game. Many gamblers and professional poker players watched Archie play with stakes never seen before. Karas ended up winning $1,200,000. The two decided to play poker at Binion's Horseshoe where Karas won an additional $3,000,000 from Mr. X. Karas was willing to gamble everything he made and continued to raise the stakes to a level few dared to play at.

With a bankroll of $4 million, Karas gambled his bankroll up to $7 million after spending only three months in Vegas. By now, many poker players had heard of Mr. X's losses to Archie. Only the best players dared to challenge him. Karas sat at the Binion's Horseshoe's poker table with 5 of his 7 million dollars in front of him, waiting for any players willing to play for such stakes.

The first challenger was Stu Ungar, a three-time World Series of Poker champion widely regarded as one of the greatest Texas hold'em and gin rummy player of all time. Stu was backed by Lyle Berman, another professional poker player and business executive who co-founded Grand Casinos. Karas first beat Stu for $500,000 playing heads-up Razz. Karas then played Ungar in 7-card stud, which cost Ungar an additional $700,000. The next player was Chip Reese, widely regarded as the greatest cash game player. Reese claims that Karas beat him for more money than anyone else he ever played. After 25 games, Reese was down $2,022,000 playing $8,000/$16,000 limit.

Karas continued to beat many top players, from Puggy Pearson to Johnny Moss. Many top players would not play him simply because his stakes were too high. The only player to beat Karas in the first round during his run was Johnny Chan, who beat him for $900,000, though Chan did lose to Karas frequently, before and after the streak. By the end of his six-month-long winning streak, Karas had amassed more than $17 million. Karas said that Doyle Brunson was the only player able to win playing Razz during his winning streak.

The poker action for Karas mostly dried up due to his reputation and stakes. He turned to dice, for $100,000 per roll. Karas was allowed to make pass line and come bets of up to $300,000, but with no odds.[9] Jack Binion capped Karas' buy bets on the 4 and 10 at $100,000. At one point, Binion raised Karas' 4 and 10 buy bet limit to $200,000. Karas quickly won $920,000 under these conditions; then Binion immediately lowered the limit back to $100,000. Karas said that he could quickly win $3 million on dice, while it would take days to weeks with poker. Karas stated, "with each play I was making million-dollar decisions, I would have played even higher if they'd let me."

Transporting money became a hassle for Karas, as he had several million dollars in his car every day. He carried a gun with him at all times and would often have his brother and casino security guards escort him. At one point, Karas had won all of the Binion's casino's $5000 chips, the highest denomination at the time. By the end of his winning streak, he had won over $40 million.

Downfall

Karas's odds-defying two-and-a-half-year streak came to an end in 1995 when he lost most of his money in a period of three weeks. He lost $11 million playing dice and then lost the $2 million he won from Chip Reese back to him. Following these losses, he switched to baccarat and lost another $17 million, for a total of $30 million. With approximately $12 million left and needing a break from gambling, he returned to Greece. When he came back to Las Vegas, he went back to the Horseshoe, shooting dice and playing baccarat at $300,000 per bet, and in less than a month, lost all but his last million.

With his last million, he went to the Bicycle Club and played Johnny Chan in a $1,000,000 freezeout match. This time, Chan was backed by Lyle Berman, and they took turns playing Karas. He preferred playing both of them, instead of just Chan, as he felt Chan was the tougher opponent. Karas won and doubled his money, only to lose it all at dice and baccarat, betting at the highest limits, in just a few days.

Mini-streaks

Since he lost his $40 million, he has gone on a few smaller streaks. Less than a year later, he turned $40,000 into $1,000,000 at the Desert Inn. He then went back to the Horseshoe and won an additional $4 million before losing it all the next day.

A few years later, Karas went on another streak at the Gold Strike Casino, 32 miles outside Las Vegas. He went with $1,800 and lost $1,600 until he was down to just $200. Then after getting something to eat, he decided to gamble the rest of it. He shot dice and ran his $200 into $9,700 and then headed to Las Vegas. He stopped at Fitzgeralds Casino & Hotel and won another $36,000, betting $1,000 with $2,000 odds. He went back to Binion's and won another $300,000 at the Horseshoe and by the third day, had won a total of $980,000 from a low of $200.

Personal life

Karas currently resides in Las Vegas. His family lives in Greece. Karas stays in touch with his family by phone, and tries to travel back to Greece at least once per year. He brought his mother, Mariana, to Las Vegas for six-month visits when he was on his winning streak.

Karas's story was documented in Cigar Aficionado by American author Michael Konik and also was featured, along with Stu Ungar, in an E! documentary special called THS Investigates: Vegas Winners & Losers. Konik also wrote an article about Karas which was featured in a book about Las Vegas gamblers called The Man With the $100,000 Breasts.

He was interviewed, along with poker player Tony G, by Tiffany Michelle during the 2008 World Series of Poker.[16] He was also a featured player on ESPN's coverage of the 2008 WSOP.

Cheating

Karas was arrested on September 24, 2013 after being caught marking cards at a San Diego casino's blackjack table by the Barona Gaming Commission. He was arrested at his Las Vegas home and extradited to San Diego to face charges of burglary, winning by fraudulent means and cheating. He was found guilty and sentenced to three years probation.

[8OR9]

Interesting follow up to Archie Karas...........good example of the ups and downs in the gambling world.


https://www.youtube.com/watch?v=UpiVPJkGZ5k

[KungFuBac]

Thx for posting 8OR9--Good interview.



Continued success,

[KungFuBac]

After watching the YT video by 8or9 I then read the bio by Alrelax.

The Karas story is certainly very interesting. I've researched him in past couple days and really intrigued with his story.

I would watch a Karas movie in a heart beat. Its difficult to imagine why no one has produced one(that Im aware of).
Has any forum member played with him? Know him? Additional info ??

From Alrelax Post:
"...With a little over $10,000 in his pocket, Karas went to a bar with a pool table adjacent from the Liberace Plaza on East Tropicana. There he found a wealthy and respected poker and pool player. Karas refused to reveal his name for the sake of his opponent's reputation; he simply referred to him as "Mr. X".

     A classy move by Karas.

...They started playing 9-ball pool at $5,000 a game raising the stakes as games progressed. After Karas won several hundred thousand dollars, they raised the stakes to $40,000 a game. Many gamblers and professional poker players watched Archie play with stakes never seen before. Karas ended up winning $1,200,000. The two decided to play poker at Binion's Horseshoe where Karas won an additional $3,000,000 from Mr. X. Karas was willing to gamble everything he made and continued to raise the stakes to a level few dared to play at...."

"...With a bankroll of $4 million, Karas gambled his bankroll up to $7 million after spending only three months in Vegas. By now, many poker players had heard of Mr. X's losses to Archie. Only the best players dared to challenge him. Karas sat at the Binion's Horseshoe's poker table with 5 of his 7 million dollars in front of him, waiting for any players willing to play for such stakes...."


     Gotta love it.



re:His arrest/ probation, banned from Nevada casinos,...etc.

There seems to be a little more to this story. Possibly more has been published /I simply couldnt find it.  I can't see them prosecuting him for such an alleged crime and then not going for some of his assets, pushing for more punitive consequences,..etc, and then after all the hoopla just settling for the ban/probation. Im not insinuating he is an angel and did no wrong. I also think the cas had an intense desire to get him out of the casinos.

I also don't buy the part that he is broke. When he was up 20mil or 40M , or whatever it was, driving around with 5M in cash,...etc. I can't help but think he was sending stacks of cash back home with his mother, burying in his back yard, buying antique cars, Gold coins,...etc. Something with intrinsic value.  My thinking also is that he didn't choose to continue residing in Vegas (because of the weather or its such a great livable city).

Maybe he backs other players,...etc. Maybe he claimed he was broke so casino/IRS wouldn't go after him with frivolous accusations.

Though I do think he likely gambled back the largest part of his winnings. I also consider the likelihood Karas has been showing us a poker face in recent years to avoid heat from a variety of sources. Some of his concerns could have merit/some may be a little paranoia on his part.

Just wondering/ pondering as I have become very intrigued with him.




Continued Success,

[8OR9]

The gambling world is just like the world of the CIA/KGB/GRU/MI6/NSA  spy services  ...it's all smoke and mirrors.........you do not know who is lying, who is telling the truth, you do not know who is your friend  or who is your enemy........you do not know what to believe or not to believe.........you do not know what is the truth and what us a lie.