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Archie Karas

Archie Karas (born Anargyros Karabourniotis; November 1, 1950 – September 2024) was a Greek-American professional gambler and poker player renowned for his extraordinary winning streak in Las Vegas casinos during the early 1990s, dubbed "The Run," in which he transformed $50 into more than $40 million before losing the entire fortune in a matter of weeks.^[1] Born in Greece in 1950, Karas immigrated to the United States as a teenager and began his gambling career as a pool hustler and poker player, experiencing repeated cycles of wealth and bankruptcy, including becoming a millionaire several times before going broke.^[2] In December 1992, with only $50 to his name after losses in Los Angeles card games, Karas drove to Las Vegas and began "The Run" at Binion's Horseshoe casino, starting with a $10,000 loan that he repaid swiftly.^[3] Over the next three years, he amassed $40 million through high-stakes games of razz poker (with blinds up to $200/$400), seven-card stud, Texas hold'em (blinds reaching $8,000/$16,000), craps (bets of $100,000 per roll), and pool, defeating legendary opponents such as Doyle Brunson, Chip Reese, Stu Ungar, Puggy Pearson, and Johnny Moss.^[3]^[2] His streak, considered the longest and most profitable documented in casino gambling history, ended abruptly in early 1995 when he lost the $40 million in just 21 days, primarily to losses in craps, baccarat, and poker games against players like Reese and Chan.^[4]^[2] Karas's later years were marked by legal troubles related to alleged cheating in blackjack, including multiple arrests for card marking between 1988 and 2007, a 2013 conviction for which he was sentenced to three years' probation and ordered to pay about $6,800 in restitution, and placement on Nevada's Black Book of excluded persons in 2015, barring him from state casinos.^[3]^[5] He also competed in the World Series of Poker, finishing 26th in the 2013 Seven Card Razz event for $4,759 and fourth in the 2005 Seven Card Razz for $30,120.^[3] Karas died in September 2024 at age 73, leaving a legacy as one of gambling's most iconic and volatile figures.^[1]

Early Life

Childhood in Greece

Anargyros Karabourniotis, later known as Archie Karas, was born on November 1, 1950, in Antypata on the island of Cephalonia, Greece.^[6] He grew up in a modest, impoverished family as one of four children to parents Mariana and Nikolaos Karabourniotis.^[7] His father worked as a home builder, struggling to provide for the family amid post-World War II economic hardships on the island.^[8]^[4] Karas's childhood was marked by poverty, with limited resources shaping his early experiences. He often recalled shooting marbles with neighborhood children, betting small sums like a few drachmas to win enough money for bread, an activity that introduced him to the thrill of risk and competition from a very young age.^[7]^[9] These informal games, common in rural Greek communities, fostered his competitive spirit and laid the groundwork for his later affinity for high-stakes wagering.^[4] He also assisted his father in construction work, gaining a sense of responsibility amid the family's financial constraints.^[10] By his early teens, Karas's exposure to these local challenges and games had ignited a persistent interest in testing his luck and skill against others, behaviors that defined much of his formative years before he sought opportunities abroad.^[11]

Immigration and Early Work

At the age of 15 in 1965, motivated by the poverty of his childhood in rural Greece, Anargyros Karabourniotis—later known as Archie Karas—left home after a dispute with his father and joined the crew of a cargo ship as a waiter, earning $60 a month.^[9] He traveled internationally for approximately two years, docking in ports such as India and Japan before the ship reached Portland, Oregon, in 1967.^[12] Without legal documentation, Karas jumped ship in Portland and hitchhiked to Los Angeles to join a relative, settling there permanently at age 17.^[13] To support himself, he took low-wage jobs as a waiter in local Greek restaurants, often working long hours in establishments near bowling alleys and pool halls.^[14] During his time on the ships and in his early days in Los Angeles, Karas began experimenting with low-stakes gambling, playing poker and pool against fellow crew members and locals to hone his skills.^[15] These informal games helped him develop an intuitive feel for the games while supplementing his meager income from restaurant work.^[9]

Gambling Career

Early Ventures and Skills

After immigrating to the United States as a teenager and settling in Los Angeles around 1967, Archie Karas worked as a waiter in a Greek restaurant adjacent to a pool hall, where he began honing his billiards skills as a side pursuit.^[9] By the 1970s, he had transitioned to professional pool hustling, defeating local players in straight pool and other formats to earn a comfortable living in underground LA scenes.^[16] His growing reputation as a formidable "pool shark" deterred many opponents from challenging him, as word spread of his ability to outmaneuver experienced hustlers through precise shot-making and psychological pressure.^[16] This period marked the foundation of his gambling expertise, with Karas often relying on informal matches in pool halls to build small bankrolls amid the city's immigrant gambling culture. As pool opportunities dwindled in the early 1980s due to his notoriety, Karas shifted to poker in Los Angeles card rooms, starting with low-stakes games like five-card draw and California games in venues such as those in Gardena.^[9]^[2] He learned the nuances of the game from fellow Greek and immigrant players, experiencing frequent swings—occasional big wins followed by busts that left him broke multiple times—but without achieving a sustained bankroll.^[2] These experiences in dimly lit card rooms sharpened his intuitive sense for betting odds and opponent tendencies, fostering a high-risk style characterized by aggressive raises and fearless all-ins.^[9] Karas made his first notable trips to Las Vegas in the late 1980s, venturing beyond LA's limits to test his skills in dice and card games at casinos, where he secured modest wins but often returned penniless after extended sessions.^[12] His background of poverty in Greece, where he once shot marbles for food money before leaving home at 15 to work on ships, instilled a resilience that allowed him to embrace the volatility of gambling without emotional attachment to losses.^[2] Through these early ventures in pool halls and card rooms, Karas developed a reputation for reading tells and exploiting weaknesses, traits honed in high-pressure, informal settings that prepared him for larger stakes.^[9]

The Run (1992–1995)

In December 1992, Archie Karas arrived in Las Vegas with just $50 in his pocket after suffering heavy losses in high-stakes poker games in Los Angeles.^[9] He immediately borrowed $10,000 from a fellow gambler at the Mirage casino, using it to play high-stakes Razz poker, where he quickly turned the stake into $20,000, repaid the loan, and retained $10,000 to continue.^[13] This marked the beginning of what became known as "The Run," a legendary streak recognized by Guinness World Records as the largest documented winning streak in gambling history, transforming his modest starting capital into an estimated $40 million fortune by early 1995 through skill in poker, pool, and casino games like craps and baccarat.^[17] Karas's poker phase in late 1992 and early 1993 showcased his prowess against some of the era's top professionals, primarily at the Mirage and later Binion's Horseshoe. He defeated world champions including Doyle Brunson, Chip Reese, and Stu Ungar in heads-up matches of Razz and Seven-Card Stud at stakes up to $16,000 per round, amassing over $7 million in poker winnings alone during a six-month period.^[13] Against Reese, considered one of the best cash game players at the time, Karas won $2.2 million across multiple sessions.^[11] He also bested Ungar for approximately $1.2 million, first $500,000 in Razz and then $700,000 in Seven-Card Stud, contributing to Karas's bankroll swelling to around $17 million by mid-1993.^[9] These victories against 15 elite opponents, including Puggy Pearson and Johnny Chan, established Karas as a dominant force in high-stakes poker, where he emphasized psychological edge and fearless betting.^[13] Transitioning to pool in 1993, Karas challenged and defeated a wealthy anonymous opponent known as "Mr. X" in a series of nine-ball matches, winning $1.2 million over three months and further boosting his bankroll toward $7 million.^[18] Building on his earlier hustling experience in Los Angeles, these wins solidified his versatility across games of skill.^[9] From 1993 to 1994, Karas shifted to casino table games at Binion's Horseshoe, where he dominated craps and baccarat with aggressive, high-limit bets. He won millions at craps, including sessions netting $4 million, and at one point held every $5,000 chip in the casino, totaling about $18 million in winnings stored on-site.^[19] In baccarat, he capitalized on favorable streaks to contribute significantly to his growing fortune, while also playing roulette.^[17] By mid-1994, his cumulative winnings across poker, pool, and casino play peaked at an estimated $40 million, including informal loans extended to casinos to keep games running at his preferred limits.^[3] During this streak, Karas maintained a relatively low-key lifestyle despite his wealth, reinvesting the majority of his winnings back into gambling to sustain high-stakes action. He indulged in some extravagances, such as purchasing luxury jewelry and cars, and generously gifting money to friends and associates, once giving away $500,000 to a single acquaintance.^[13] However, his focus remained on the thrill of the game rather than material excess, viewing the fortune as a means to continue competing at the highest levels.^[9]

Downfall and Losses

Karas's legendary winning streak came to an abrupt end in early 1995 when his fortunes reversed dramatically at the high-stakes tables of Binion's Horseshoe in Las Vegas. After peaking with a bankroll estimated at over $40 million from his earlier successes, he began suffering substantial losses starting with craps, where he dropped $11 million in a short period amid a series of unfavorable rolls.^[9]^[20] Seeking to recover, Karas shifted to baccarat, but the house edge proved unrelenting, as he surrendered another $17 million to the casino over subsequent sessions. These baccarat setbacks, combined with the prior craps defeats, resulted in total losses exceeding $30 million within just three weeks, effectively dismantling his entire fortune.^[9]^[21] Several factors contributed to this rapid collapse, including Karas's characteristic overconfidence—epitomized by his frequent assertion that he had "no fear" of losing—which led him to persist with maximum wagers despite mounting deficits. Casinos, having extended him significant credit during his winning phase, began calling in loans as his bankroll dwindled, exacerbating the pressure and forcing continued play to cover obligations. By mid-July 1995, his funds were completely depleted, leaving him penniless once more.^[22]^[2] In the immediate aftermath, Karas departed Las Vegas for a brief stint in Greece, where he took on odd jobs to sustain himself before inevitably returning to the gambling scene, unable to resist the allure of the tables.^[21]

Later Streaks

Following his catastrophic losses in 1995, Karas persisted in high-stakes gambling, achieving several seven-figure winning streaks at casinos including the Horseshoe, Desert Inn, and Gold Strike.^[9] These successes were typically short-lived, as Karas quickly returned to the tables and lost the gains on games like baccarat and craps, often borrowing funds from friends and fellow players to sustain his play.^[9]^[1] In the early 2000s, Karas experienced brief wins of $1 million to $2 million in craps and blackjack across various Las Vegas properties, but these were followed by rapid busts that echoed his earlier patterns.^[9] He frequently relied on loans from acquaintances and casino markers to rebuild his bankroll, perpetuating a cycle of temporary highs and deep lows.^[19] During the 2010s, Karas shifted some focus to poker tournaments and cash games, participating occasionally in high-stakes events like the World Series of Poker (WSOP). He cashed six times at the WSOP for total earnings of $139,174, with notable finishes including fourth place in a 2005 $1,500 Seven Card Razz event ($30,120) and 26th in a 2013 $2,500 Razz event.^[23] His overall live tournament earnings exceeded $200,000 across multiple venues from 2004 to 2013, including a fifth-place finish for $53,783 in the 2009 $10,000 No-Limit 2-7 Lowball Draw Championship, though these provided no lasting financial stability.^[24] Reduced access to casinos limited his action in later years.^[19] Over decades, Karas's post-1995 career featured dozens of smaller streaks, collectively involving millions won and lost in poker, dice, and table games, cementing his legacy as an archetypal boom-or-bust gambler who estimated wagering over $1 billion lifetime.^[19]

Personal Life

Family and Relationships

Karas was born Anargyros Karabourniotis on the Greek island of Kefalonia in 1950, one of four children in a family facing financial hardships.^[25] He maintained close bonds with his siblings and extended family who remained in Greece, regularly staying in touch via phone calls.^[22] Karas made annual visits to Greece to see his relatives, and his mother, Mariana, traveled to visit him in the United States during his time in Las Vegas.^[26]^[22] During his notable winning streaks, Karas demonstrated generosity toward his Greek family by bringing them to the US for visits and providing financial support.^[27] These gestures underscored his strong familial ties despite his nomadic gambling pursuits. Karas married twice in the United States, but both unions ended in divorce. He attributed the failures to the incompatibility of his gambling lifestyle with married life, stating that "gambling and marriage don't mix."^[19]^[15] Karas had one son from a previous relationship, with whom he had lost contact, and led a largely solitary existence later in life, prioritizing his career in gambling.^[19]

Cheating Allegations and Bans

Throughout his gambling career, Archie Karas faced multiple investigations and arrests for suspected cheating at blackjack, primarily involving card marking. The Nevada Gaming Control Board arrested him four times— in 1988 at the Flamingo Reno, in 1992 at the River Palms in Laughlin, in 1996 at the California Club in Las Vegas, and in 2007 at the Aquarius in Laughlin—for allegedly marking cards to gain an advantage.^[3] In each case, Karas entered plea bargains that reduced the felony charges, and he was never sentenced to jail time for these incidents.^[5] Karas's cheating allegations culminated in a 2013 incident at Barona Resort & Casino in Lakeside, California, where surveillance captured him marking the backs of playing cards during a blackjack game. Using a hollowed-out gambling chip filled with dye, he applied tiny smudges to identify high-value cards such as aces, tens, and face cards, allowing him to win approximately $8,000 from the casino.^[28] He was arrested in Las Vegas in September 2013 and extradited to San Diego County, facing felony charges of burglary (for entering the casino with intent to cheat), winning by fraudulent means, and cheating at a gambling establishment.^[29] In November 2014, Karas pleaded guilty to one count of felony burglary in El Cajon Superior Court. Judge Daniel Goldstein sentenced him to three years of probation, ordered him to pay $6,800 in restitution to Barona Casino, and imposed fines, while noting Karas's prior Nevada arrests as aggravating factors in the sentencing.^[5] After one year on probation, he became eligible to petition for reduction of the felony to a misdemeanor.^[30] The Barona conviction led to severe repercussions for Karas's gambling access. He received a lifetime ban from Barona Casino and was added to Nevada's List of Excluded Persons—commonly known as the Black Book—on September 17, 2015, by the Nevada Gaming Commission, prohibiting him from entering any casino in the state due to his history of cheating offenses involving moral turpitude.^[31] This statewide exclusion effectively barred him from Las Vegas Strip properties and other major venues, limiting any further play to select off-Strip or out-of-state locations, and tarnished his reputation as a legitimate high-stakes gambler.^[3]

Health and Death

In his later years, Archie Karas faced significant health challenges that limited his once-high-stakes lifestyle. In 2020, he suffered a brain aneurysm, which he attributed to the stresses of his gambling career, though he recovered physically but was deeply affected emotionally. After recovering, he learned that his long-lost son had passed away shortly before the aneurysm, an event that deeply affected him emotionally.^[7]^[32] This health event, combined with chronic issues from decades of intense play, including the physical toll of long hours at tables, contributed to his declining mobility and overall vitality in the 2020s.^[19] Karas's gambling activities diminished substantially due to these physical limitations and his 2015 placement on Nevada's Black Book, which barred him from state casinos following earlier cheating allegations—a factor that further isolated him from the high-roller scene he once dominated. He lived modestly in Los Angeles, relying on support from his longtime girlfriend, Voula Balason, who assisted with daily needs like phone bills. In a 2021 interview with Soft White Underbelly, one of his last known public reflections, Karas expressed mixed regrets about his life, stating he had "not much" to be proud of, yet affirmed he would gamble boldly again if given the chance, underscoring his unyielding nature as a gambler.^[1]^[7]^[33] Karas passed away on September 7, 2024, in Los Angeles County at the age of 73 from natural causes related to his long-term health decline; the exact cause was not publicly disclosed. There were no details released about a public funeral or memorial service.^[7]^[32]^[11] In the poker and gambling community, Karas is remembered as an enduring icon of fearless play, despite his personal flaws and controversies, with tributes highlighting his legendary "Run" as a testament to raw audacity in the face of extreme risk.^[11]^[34]

References

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Archie Karas dies at 73; Las Vegas gambler was famous for 'The Run'
Oct 1, 2024 · Archie Karas, famous for once turning $50 into $40 million during an infamous Las Vegas gambling hot streak in the 1990s, has died at age 73.
[2]
Archie Karas, Notorious Greek Gambler, Passes Away
Oct 1, 2024 · The legendary Greek gambler of Las Vegas Archie Karas passed away at age 73. He took the moniker “The Greek,” and has been compared to another high-stakes ...Missing: reliable | Show results with:reliable
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Archie Karas: The $40M Gambling Run and the Legacy of 'The Greek
Oct 27, 2024 · The world of poker and gambling lost a legend in Sept 2024 with the passing of Archie “the Greek” Karas. Karas turned $50 cash and a $10K ...Missing: reliable | Show results with:reliable
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Gambler Karas, known for 'the Run,' placed in Nevada's Black Book
Legendary gambler Archie Karas, famous for once turning $50 into $40 million during an infamous Las Vegas hot streak in the 1990s, was placed on Nevada's List ...Missing: sources | Show results with:sources
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https://www.latimes.com/local/lanow/la-me-ln-gambler-cheat-casino-20141113-story.html
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Archie Karas, a Gambling Legend Who Made—and Lost—a Fortune, Dies at 73
### Summary of Archie Karas's Childhood, Family, Birth, Education, Early Life in Greece
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The End of 'The Run': Archie Karas Dies at 73 - Action Network
Feb 26, 2025 · Legendary Greek gambler Archie Karas has passed away at the age of 73, casino writer Dave Grendzynski discusses his legacy in the industry.
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The Amazing Story of Archie Karas - Upswing Poker
Nov 18, 2021 · Born in Greece in 1950, Archie Karas departed from his home country at the age of 15. His earliest gambling exploits saw Karas shoot marbles to ...Missing: reliable | Show results with:reliable
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The Run - MicroCapClub
Oct 18, 2024 · Archie Karas was born on the island of Cephalonia, Greece. His father was a poor construction worker. Archie remembers shooting marbles when ...
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Legendary Gambler, Poker Player Archie Karas Passes Away
Sep 29, 2024 · Famed gambler and avid poker player Archie Karas has passed away at age 73. Anargyros Karabourniotis, his birth name, famously went on a heater simply referred ...
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Archie Karas: The Greek Legend - Yosh Nakano
May 30, 2024 · Archie Karas was born on November 1, 1950, on the island of Cephalonia in western Greece while Europe was still under reconstruction from the ravages of World ...Missing: reliable | Show results with:reliable
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Tables of Dreams | Cigar Aficionado
In December 1992, Archie had lost nearly $2 million in high- stakes card games at the legal casinos in the Los Angeles area. For the billionth time in his life ...Missing: reliable | Show results with:reliable
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Archie Karas: The Rise And Fall Of The Ultimate High-Roller
Nov 18, 2020 · He paid for his passage to Portland by working on the ship as a waiter, earning $60 a month. Upon his arrival in LA, he found a job in a ...Missing: immigration | Show results with:immigration
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Vegas Legend Archie Karas Reflects in One of his Last Interviews
Oct 14, 2024 · Where are you from originally? – I'm originally from, Greece. – You grew up in Greece? – Yes. – You had both your parents?<|control11|><|separator|>
[15]
The Man Who Had No Fear of Losing - by Bob Waldman - Substack
Oct 7, 2024 · Born Anargyros Karabourniotis in Greece, he ran away from home at age 15 and found work as a cook aboard a freighter ship. Two years later he ...Missing: childhood | Show results with:childhood
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Largest winning streak | Guinness World Records
By early 1995, he had turned this into US$40 million by playing pool, poker and dice. It's the largest winning streak in history, and even has its own name in ...Missing: straight 14.1 continuous
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The Time A Professional Gambler Turned $50 Into $40 MILLION ...
Apr 26, 2016 · It all began in 1992, when Archie Karas (born Anargyros Karabouniotis in Greece) drove to Las Vegas with $50. He was 41 years old and had made ...Missing: dishwasher | Show results with:dishwasher
[18]
Archie Karas, legendary Vegas gambler and poker player, passes at ...
Sep 30, 2024 · Karas suffered from poor health for the past few years and passed away on September 29 at the age of 73. You can hear Karas talk extensively ...
[19]
Biggest Gambling Losses: $105M Lost in Hours! - Casino.org
Jun 27, 2025 · First, he lost $11 million playing craps. Then he dropped another $17 million on baccarat. By 1995, his entire $40 million fortune was gone.Missing: downfall | Show results with:downfall
[20]
Legendary gambler Archie Karas passes away at 73 - SiGMA World
The legendary “Run” Archie Karas in the 1990s. In December 1992, Karas arrived in Las Vegas with only $50 to his name, but what followed was one of the most ...
[21]
The End of “The Run”: Archie Karas, Famed Las Vegas Gambler ...
Jul 2, 2025 · Anargyros Karabourniotis, known to the gambling world as Archie Karas, has passed away at the age of 73. The Greek-American gambler, ...Missing: reliable | Show results with:reliable<|control11|><|separator|>
[22]
Archie Karas | USA - WSOP.com
Archie Karas has won 0 bracelets and 0 rings for total earnings of $139174. See all events where they placed in-the-money.
[23]
Archie Karas - Hendon Mob Poker Database
Tournament Spotlight ; 20-Jul-2010, United States, $ 335 No Limit Hold'em. The Guaranteed Million Dollar Tournament, Los Angeles ; 10-Jun-2009, United States ...Missing: 2000s | Show results with:2000s
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Archie Karas Poker Legend has passed - Wizard of Vegas
Oct 19, 2024 · The professional gambler Archie Karas arrived in Las Vegas in December 1992 with $50 to his name. He borrowed $10,000 from a friend and over ...Missing: loaned | Show results with:loaned<|control11|><|separator|>
[25]
Life of Famous Gambler Archie Karas - Rise and Fall - Gambling Sites
Apr 16, 2024 · Archie Karas: The Amazing Greek Gambler. Author Avatar. By Kevin ... When Archie isn't visiting his family in Greece, he continues to ...
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Archie Karas Net Worth – Legendary Vegas Poker Player
May 24, 2023 · Archie Karas – The Man Who Turned $50 into $40 Million Gambling on Poker ; Full Name. Anargyros Nicholas Karabourniotis ; Net Worth. $1-5 million.
[27]
Famous gambler gets probation for cheating at California casino
Nov 13, 2014 · He was arrested in 1988, 1992, 1996 and 2007 by the Nevada Gaming Control Board on suspicion of cheating at blackjack in casinos in Reno ...
[28]
Gambler who once turned $50 into $40 million arrested for marking ...
Sep 29, 2013 · Karas allegedly used a gambling chip that had been hollowed out and filled with dye at the Barona Resort and Casino in Lakeside, Calif., this ...
[29]
Gambling pro Archie Karas charged with defrauding casino - Reuters
Sep 27, 2013 · But authorities said Karas has been accused of cheating before. "The Nevada Gaming Control Board has investigated Karas ... 1992 to 1995 ...
[30]
Archie Karas Receives Probation for Cheating at Barona Casino in ...
Nov 14, 2014 · On Wednesday, Karas was found guilty and sentenced to three years of probation. According to the L.A. Times, Karas, 63, plead guilty to a ...
[31]
Gambler who turned $50 into $40 million added to Nevada 'black ...
Sep 17, 2015 · Karabourniotis is known for a three-year gambling streak in which he reportedly turned $50 into $40 million, which he subsequently lost.
[32]
Archie Karas, 'Gambling Legend' Featured in WSJ, Was 73
Oct 20, 2024 · Born Anargyros Karabourniotis on November 1, 1950, on the Greek island of Kefalonia, Karas grew up in poverty and left home at 15 to work on a ...Missing: family education
[33]
Legendary Gambler Archie Karas Emerges in 'Soft White Underbelly ...
Apr 20, 2021 · Archie Karas was diagnosed with a brain aneurysm in 2020, which he blames on the pressures of his high-risk gambling lifestyle.
[34]
WSJ pays tribute to Archie Karas following gambling icon's passing
Oct 21, 2024 · Archie Karas, a prominent figure in the world of poker and gambling, passed away at 73 last month, leaving behind a significant legacy in ...