Archie Karas: The Legendary Greek Gambler Who Turned $50 Into $40 Million and Lost It All

Archie Karas, born Anargyros Karavourniotis on November 1, 1950, in Cephalonia, Greece, became a legendary figure in the gambling world. Known as “The Greek,” his life journey from humble beginnings to the pinnacle of gambling success is a story of ambition, risk, and loss.

Early Life and Path to America
Growing up in a poor family, Karas' father was a construction worker, and young Archie often gambled with marbles to avoid hunger. At 15, after a conflict with his father, Karas left home and worked as a seaman for two years. His path to the U.S. began when he arrived in Portland, Oregon, eventually making his way to Los Angeles at the age of 17.
In Los Angeles, he worked as a waiter and discovered his talent for pool, where he won significant sums by betting on games. His reputation grew, and he transitioned to poker, a game that would change his life forever.

The Legend of Archie Karas
Karas’ most famous achievement came in the 1990s when, after losing his entire fortune, he traveled to Las Vegas with just $50 in his pocket. Borrowing $10,000 from a friend, Karas went on an unprecedented winning streak. Over the next three years, he transformed that $50 into $40 million, winning at poker and Razz, making him a legend in the gambling world.
During this period, his skill and fearless approach made him a feared opponent at the table. His run, known as "The Run," became the stuff of legend, and Karas was compared to other great Greek gamblers like Nick the Greek and John Taramas.

Spectacular Fall and Casino Scandals
However, as fast as Karas rose, he fell just as hard. By 1995, he had lost the entire $40 million he had won. Karas continued gambling and encountered legal trouble later in his career. He was accused of marking blackjack decks and defrauding casinos, leading to his arrest in 2013. His name was eventually added to the infamous "Black Book," permanently banning him from all casinos.
Despite his downfall, Karas’ legend endures. He was never driven by the pursuit of money but by the thrill of the gamble. As he once said, "The good things you can't buy with money. A good friend you can't buy."
Archie Karas passed away in October 2024 at the age of 73, leaving behind a complex legacy as one of the most famous gamblers in history.

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Archie Karas, born Anargyros Karavourniotis in 1950 in Cephalonia, Greece, is a name forever etched in gambling history. Known as “The Greek,” his journey from humble beginnings to an unprecedented rise in the gambling world is a story of risk, reward, and ultimate loss.

From the Streets of Greece to the Land of Opportunity
Growing up in a poor family, young Archie had to gamble with marbles just to stave off hunger. At 15, he left home and became a seaman, eventually making his way to Los Angeles by 17. Working as a waiter, Karas discovered his knack for pool hustling, betting on games, and eventually, he found poker — the game that would change his life forever.

The Epic Run: Turning $50 Into $40 Million
In the 1990s, Archie Karas hit the Las Vegas Strip with just $50 in his pocket and a borrowed $10,000. Over the next three years, he performed what would become the most legendary winning streak in gambling history, turning his meager $50 into an astounding $40 million. His daring and fearless approach at poker tables and games like Razz made him one of the most feared opponents in Vegas.

Nicknamed "The Run," this streak turned Karas into a mythic figure, drawing comparisons to other Greek legends like Nick the Greek and John Taramas. But, as fate would have it, his luck wouldn't last.

The Fall from Grace and Scandals
By 1995, Karas had lost all of his $40 million fortune. Despite his monumental rise, his downfall was equally spectacular. After his losses, Karas continued gambling, but his name became tainted by scandals, including an arrest in 2013 for marking blackjack decks, which led to him being banned from all casinos. His name was added to the notorious "Black Book," permanently marking his exile from the gambling halls that made him a legend.

The Man Beyond the Money
Despite his turbulent life, Archie Karas wasn’t driven by money but by the sheer thrill of gambling. "The good things you can't buy with money," he once said, "A good friend you can't buy." Karas lived life on his own terms, and his legacy remains a testament to the wild risks and rewards of the gambling world.

Archie Karas passed away in October 2024, at the age of 73, but his legendary status in the gambling community will endure forever.