High Stakes Gambler Archie Karas' Metoric Rise and Subsequent Downfall
In the glittering heart of Las Vegas, a legendary figure stands out among the high-stakes gamblers, a man who went from rags to riches and back again. Archie Karas, famously known as "the Greek," is one of the city's most notorious figures, a man who arrived with just $50 and turned it into over $40 million, only to lose it all and more.
Born in 1950 on the Greek island of Kefalonia, Karas's journey began humbly. As a teenager, he left his home to work on a ship and earn passage to Portland. After settling in Los Angeles, he found work in a restaurant and discovered his talent for poker. This skill would prove to be the catalyst for one of the most extraordinary gambling stories in Vegas history.
In 1992, Karas, now going by Archie, arrived in Las Vegas with a dream. He embarked on a three-year streak, known as 'The Run,' that would make him a legend. During this time, his net worth exceeded $40 million, a record-breaking feat. His wins were not just limited to poker; he was also renowned for his exceptional skill in games like craps and baccarat, engaging in high-stakes battles with other famous gamblers, including Stu Ungar.
However, Karas's story is not just about the staggering scale of his fortune. It is also about the dramatic losses that wiped him out completely. In just 48 hours, he lost $11 million on a craps game and $17 million on a baccarat game, totaling a loss of $30 million. This means he will never be allowed to participate in the World Series of Poker again and will face charges if he enters another Nevada casino.
Karas's gambling career was characterized by financial ups and downs. His most famous scalps include poker hall-of-famers Stu Ungar, Chip Reese, Doyle Brunson, and Puggy Pearson. Yet, he also lost significant portions of his winnings in high-stakes games.
In 2013, Karas was arrested for cheating at blackjack, caught on camera marking cards with dots of dye from a hollowed-out casino chip. For his crimes, he has earned a place in the Black Book, also known as the Nevada List of Excluded Persons. Despite the ban, Karas continues to live in Las Vegas.
Despite his criminal conviction and reputation as a cheat, Karas's story remains a captivating one. The THS Investigates: Vegas Winners & Losers documentary chronicles his rise and fall, offering a glimpse into the thrilling but perilous world of high-rolling in Las Vegas. As of now, there are no plans for a movie about Archie Karas, but his legend lives on in the annals of Vegas lore, a testament to the unpredictable nature of high-stakes gambling.
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