Famed Gambler, Poker Player Archie Karas Dead At Age 73

Poker participant and gambler Archie “The Greek” Karas has died at age 73. He’s identified for one of many largest runs in playing historical past after driving to Las Vegas from his residence in Los Angeles with simply $50 and finally turning that into $40 million by 1995 with the assistance of a $10,000 mortgage.

By 1996, all the cash was gone, however “the run” grew to become part of playing lore. Karas mentioned rising up in poverty in Greece meant that he had a unique view of threat than others and successful and shedding tens of millions of {dollars} didn’t have an effect on his psyche.

“You’ve received to grasp one thing,” he informed Cigar Aficionado in 2008. “Cash means nothing to me. I don’t worth it. I’ve had all the fabric issues I may ever need. The whole lot. The issues I would like cash can’t purchase: well being, freedom, love, happiness. I don’t care about cash, so I’ve no worry. I don’t care if I lose it.”

Working It Up

Born on Nov. 1, 1950, Karas’s household struggled financially and he left residence at age 15 to work on a cruise ship, incomes $60 per 30 days. He later moved to L.A. and labored as a waiter and pool hustler.

As his billiards motion dried up, Karas moved into poker and have become a daily at L.A.-area card rooms. Nonetheless, his bankroll was passed by 1992 and his epic journey to Las Vegas started. After reaching Sin Metropolis, a pal loaned him $10,000 and he started taking part in high-stakes poker, craps, and different video games, reportedly constructing his bankroll as much as greater than $7 million inside three months.

At Binion’s Horseshoe, Karas squared off in nosebleed stakes towards poker greats like Stu Ungar, Chip Reese, Puggy Pearson, Johnny Moss, Johnny Chan, Doyle Brunson, and others. His bankroll reached $17 million throughout this era and he had no downside placing it on the road with big video games of craps on the property. By the tip of his streak, Karas was as much as $40 million.

Downfall

Issues modified in 1995 when he misplaced a lot of what he’d gained in a three-week span. That included dropping tens of millions in craps and on the poker desk to Reese. He additionally shed $30 million taking part in baccarat earlier than finally getting all the way down to his final million.

That additionally went away after a heads-up match with Chan and Lyle Berman (who rotated taking part in within the recreation) in L.A. Whereas he received the match, Karas gambled the remaining {dollars} away on the craps and baccarat tables over the following few days.

After a life in playing, Karas suffered a black mark on his repute in 2013 when he was discovered responsible of dishonest at blackjack in a San Diego on line casino by marking playing cards. That led to Karas getting banned from all Nevada casinos and being listed within the state’s “black ebook” of excluded gamers.

All through his life, Karas took satisfaction at playing at among the highest stakes.

“I’ve gambled more cash than anybody within the historical past of the planet,” he informed Cigar Aficionado. “What most gamblers make of their complete life I gamble in a single roll of the cube. Except the casinos determine to lift their limits after I’m gone, I don’t suppose anybody will ever gamble greater than I’ve. I’m the most important ever.”