Archie Karas (born Anargyros Karabourniotis on November 1, 1950) is a Greek-American gambler widely recognized for arguably the longest and most successful winning streak in gambling history, known as "The Run." Over a period from December 1992 to early 1995, he parlayed a starting capital of $50 into an estimated $40 million playing high-stakes poker, pool, and dice games in Las Vegas.
Early Life and Background
Karas was born in Antypata, Kefalonia, Greece. He ran away from home at the age of 15 after an argument with his father and worked as a waiter on a ship. He later immigrated to the United States, initially settling in Los Angeles. He began his gambling career playing poker and pool, quickly gaining a reputation for his aggressive style and ability to win large sums. By 1992, despite having accumulated millions over the years, he had lost most of his fortune, arriving in Las Vegas with just $50 in his pocket.
"The Run" (1992-1995)
Karas's legendary winning streak, dubbed "The Run," began in December 1992.
- Initial Stake: He started with $50 and quickly borrowed an additional $10,000 from a friend, which he used to win $10 million playing high-stakes Razz and seven-card stud poker against some of the world's best players.
- Poker Dominance: He defeated legendary poker players such as Stu Ungar, Chip Reese, Doyle Brunson, and Puggy Pearson, often winning millions from each. His reputation grew as he seemed invincible.
- Beyond Poker: With his poker opponents wary, Karas shifted to high-stakes pool games, accumulating an additional $7 million. He then moved to casino games, primarily craps and baccarat, playing for incredibly high stakes, sometimes betting $100,000 to $300,000 per hand.
- Peak Fortune: By early 1995, Karas had amassed an estimated $40 million, holding virtually all the high-denomination chips in Las Vegas casinos. His fortune was primarily stored in safety deposit boxes at various casinos.
The Loss of "The Run"
Karas's incredible streak ended almost as quickly as it began. Within a few weeks in 1995, he lost virtually all of his $40 million fortune.
- Baccarat Losses: He lost $11 million playing baccarat.
- Craps Losses: He then lost an additional $17 million playing craps.
- Poker Losses: The remaining $12 million was lost in high-stakes poker games, including a series of matches against an unnamed opponent who took most of his remaining fortune.
Karas later attributed his losses to boredom, a lack of worthy opponents, and his own belief that he could always win it back. He famously stated, "You've got to understand something. Money doesn't mean anything to me. I could lose $40 million tonight, and it wouldn't make a difference."
Post-"The Run" Life and Legal Troubles
After losing his fortune, Karas continued to gamble, often winning and losing millions again. However, he never replicated the sustained success of "The Run." His post-Run gambling has been punctuated by legal issues:
- Cheating Allegations: Karas has been arrested multiple times for cheating at various casinos. In 1988, he was arrested for marking cards at a blackjack table in Reno.
- Nevada Black Book: In 1992, he was added to the Nevada Gaming Control Board's "Black Book," officially known as the "List of Excluded Persons," which bans him from all Nevada casinos. This occurred after he was caught marking cards at a blackjack table in San Diego in 2013, violating a parole agreement from a previous conviction.
- Arrests and Convictions: His arrests for cheating at blackjack tables continued in various states, leading to jail time and probationary periods.
Legacy
Archie Karas remains a legendary figure in the gambling world. "The Run" is often cited as a testament to the extreme highs and lows possible in high-stakes gambling, serving as both an inspiration and a cautionary tale. He embodies the high-risk, high-reward lifestyle of a professional gambler, known for his relentless pursuit of action and his unique ability to win seemingly insurmountable sums, only to lose them just as quickly.