Poker player and gambler Archie “The Greek” Karas has died at age 73. He is known for one of the biggest runs in gambling history after driving to Las Vegas from his home in Los Angeles with just $50 and eventually turning that into $40 million by 1995 with the help of a $10,000 loan.
By 1996, all the money was gone, but “the run” became a part of gambling lore. Karas said growing up in poverty in Greece meant that he had a different view of risk than others and winning and losing millions of dollars didn’t affect his psyche.
“You’ve got to understand something,” he told Cigar Aficionado in 2008. “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.”
Running It Up
Born on Nov. 1, 1950, Karas’s family struggled financially and he left home at age 15 to work on a cruise ship, earning $60 per month. He later moved to L.A. and worked as a waiter and pool hustler.
As his billiards action dried up, Karas moved into poker and became a regular at L.A.-area card rooms. However, his bankroll was gone by 1992 and his epic journey to Las Vegas began. After reaching Sin City, a friend loaned him $10,000 and he began playing high-stakes poker, craps, and other games, reportedly building his bankroll up to more than $7 million within three months.
At Binion’s Horseshoe, Karas squared off in nosebleed stakes against poker greats like Stu Ungar, Chip Reese, Puggy Pearson, Johnny Moss, Johnny Chan, Doyle Brunson, and others. His bankroll reached $17 million during this period and he had no problem putting it on the line with huge games of craps at the property. By the end of his streak, Karas was up to $40 million.
Downfall
Things changed in 1995 when he lost much of what he’d gained in a three-week span. That included dropping millions in craps and at the poker table to Reese. He also shed $30 million playing baccarat before eventually getting down to his last million.
That also went away after a heads-up match with Chan and Lyle Berman (who rotated playing in the game) in L.A. While he won the match, Karas gambled the remaining dollars away at the craps and baccarat tables over the next few days.
After a life in gambling, Karas suffered a black mark on his reputation in 2013 when he was found guilty of cheating at blackjack in a San Diego casino by marking cards. That led to Karas getting banned from all Nevada casinos and being listed in the state’s “black book” of excluded players.
Throughout his life, Karas took pride at gambling at some of the highest stakes.
“I’ve gambled more money than anyone in the history of the planet,” he told Cigar Aficionado. “What most gamblers make in their whole life I gamble in one roll of the dice. Unless the casinos decide to raise their limits after I’m gone, I don’t think anyone will ever gamble more than I have. I’m the biggest ever.”