This post is kind of radiating with the energy of mythological gods, haha, I’ll explain why I feel this way later. For now, Karas was a gambler whose moves were as explosive as a terrorist’s. I’m not even sure if the world has ever witnessed winning streaks of the magnitude he commanded.
Cast that doubt aside because Guinness World Records confirms that Karas holds the record for the largest streak, aptly named “The Run.” Quite a title. The ending, however, wasn’t as amusing, which is why it’s been tucked away deep within this post. You’ll get to savor the fascinating parts before you stumble upon it.
Karas, with his terrifying reputation as a high roller, poker player, and pool shark, managed to turn a tiny amount into millions. He wagered thousands of dollars, a spectacle so grand that even his 20th-century counterpart, Nick the Greek, must have gasped at Karas’ audacity.
Karas’ story is nothing short of extraordinary. Despite his struggles in his early days, his philosophy was clear: “Money is useless to me. Of zero value to me.” Hmmm. I feel as if I’m beginning to ramble.
Off we go into Karas’ story before I get struck by “lightning” for talking too much.
Ah, Greece, Greece, Greece. The birthplace of our protagonist, Anargyros Nicholas Karabourniotis, or as the world came to know him, Archie Karas. Born on November 1, 1950, in the quaint town of Antypata on the island of Cephalonia, Karas was destined for a life far from ordinary. His father, Nikolas, was a humble bricklayer serving poor villages. Naturally, this didn’t bring in much wealth. Poverty was as inescapable as quicksand. For them, securing a meal was as complex as quantum mechanics.
Tensions ran high in the Karabourniotis household, with Nikolas often venting his frustrations on young Archie. A stressful situation, indeed.
However, survival was the name of the game for Archie. He resorted to shooting marbles to earn Drachmas (the former currency of Greece), just enough to afford half a loaf of bread. Winning wasn’t a choice; it was a necessity for survival. And win he did; otherwise, we wouldn’t be discussing his story today.
A life-and-death moment in Archie’s life came when he was assisting his father at a construction site. On this fateful day, he complained about the discomfort of cement on his hands. Quite ironic, considering his father was a builder. Perhaps Archie was a Greek god, with cement being his kryptonite (what I said I would tell you).
The cement-discomforting-on-hand comment by Archie didn’t sit well with his father, who, in a fit of irritation, hurled a shovel at him, narrowly missing his head.
That was the last straw for Archie. It was time for a change, a redraw of his life’s map. He found employment on a ship, taking a modest $60 paycheck home each month (home?! He lived on the ship!). This continued for two years until the ship docked in Portland, Oregon, when Archie was 17.
Archie Karas, a man of determination, had to teach himself English, a challenge he tackled head-on, just as the gambling career that awaited him. After some time, he found his way to “Los” Angeles. But he didn’t get “Los(t)”. Instead, he found a new opportunity as a waiter. Karas wouldn’t just stop serving dishes.
His workplace was conveniently located next to a pool hall. This wasn’t a mere coincidence. It was here that Karas sharpened his skills, or rather, his “sword” at the pool table, swiftly becoming a good player. Even his boss at the restaurant dared to challenge him, only to be defeated by Karas.
Money started flowing in for Karas. His job as a waiter soon became nonsense to him. His flair at the pool table was so prestigious that he found himself without opponents. Soon they became afraid to face him. Quite understandable, considering how “hard” it is to get money.
When the pool hall no longer offered him the financial opportunities he sought, Karas turned his gaze towards poker. Soon enough, he found himself a regular at the nearby card rooms; it became evident just how naturally gifted he was at the game. He built his bankroll to over $2 million, even as professional poker players such as Chip Reese saw him as a powerless player. They couldn’t have been more wrong.
However, in late 1992, Karas experienced a great knock. He suffered a massive loss, leaving him with only $50 in his purse. He was not deterred; this loss only fueled his ambition. He decided to head to Las Vegas in search of something better. This decision marked the beginning of what would become known as “The Run,” a period that saw Karas turn $50 into more than…
Karas persevered despite his situation. It paid off when he bumped into a friend. He persuaded them to lend him $10,000. With this loan, Karas quickly flipped the script, flipping the $10,000 into $30,000 while playing $200/$400 limit Razz.
During “The Run,” Karas’ strategy was a unique combination of exceptional skill, a fearless attitude, and an uncanny ability to manage risk — qualities not all of us possess. He capitalized on his strengths, exploited his opponents’ weaknesses, and read the game with astonishing accuracy. Always one to play aggressively, he often took his opponents by surprise, capitalizing on opportunities to build up his winnings.
Throughout “The Run”, Karas played a variety of games. He started with high-stakes pool, then transitioned to poker. Facing off against poker’s elite, he conquered formidable opponents including Chip Reese, Stu Ungar, and Doyle Brunson. You could often find him at the tables with the highest stakes, his eyes always on the big prize.
A notable moment during this period was when Karas played against a wealthy and respected poker and pool player, cryptically referred to as “Mr. X,” at a bar with a pool table near Liberace Plaza in East Tropicana. Their 9-ball pool matches began with a $5,000 stake per game, but as they continued playing, they gradually escalated the stakes. Once Karas had notched up wins in the hundreds of thousands, they decided to bump up the stakes to $40,000 per game. Karas ended up pocketing a cool $1,200,000.
The reactions to Karas’ incredible winning streak were ambivalent. The casino industry and other gamblers watched in awe as Karas made the fresh daredevil moves. His success was so unprecedented it was as if he was printing money. He truly made a fortune off his opponents.
A poignant detail to recall is that Karas, sadly, never had the opportunity to reunite with his father after leaving Greece. His father, Nikolas, succumbed to cancer a mere four years later. Karas was just 19 then.
Karas and Mr. X decided to switch casinos. They went to Binion’s Horseshoe. There, it seemed the beast in Karas was let loose. He took the game more seriously and pocketed another $3 million from Mr. X.
His bankroll swelled to $4 million and soon ballooned to around $7 million after several more rounds of gambling with various players over his three months in Vegas.
News of such spectacular wins and losses spread just as wildfire. People were curious to know who this big winner was, leading to more players stepping up to challenge Karas.
The first to feel the heat after the fresh recharge was Stu Ungar, a legendary three-time World Series of Poker (WSOP) titleholder. He thought he could extinguish Karas’ fiery streak.
Ungar lost $500k to Karas in Razz, followed by an additional $700k in 7-card stud. Next up was Chip Reese, a renowned cash game player, who ended up losing more money to Karas than to any other player. After several games, Reese was down by over $2 million.
Karas continued his winning streak, defeating more top players. After his streak ran for six months, Karas had accumulated over $17 million.
Karas began to feel unbeatable. Poker began tasting bitter to him. He turned to craps, betting up to $100k per roll. Karas in no time won $920k.
There was a moment when Karas swept up every last $5k chip in Binion’s casino. To even carry money (lots of ’em) home wasn’t easy for Karas. He had won over $40 million. Just wow!
However, “The Run” Ran. The year was 1995. Karas lost most of his money within three weeks. He lost $11 million playing craps and another $2 million to Chip Reese. Karas’s overconfidence must have surprised him.
Next stop, Baccarat. Here, Karas lost another $17 million. Oh no. With just $12 million left, he flew back to his fatherland, Greece.
He still returned to Vegas, though, which was another colossal mistake. In less than a month, he had blown through all his wealth, leaving only a lone million behind.
That last million was painfully on its way to oblivion. He contested with Johnny Chan in a $1 million freezeout match. Okay, Karas was winning, nonetheless, wait for what the coming days brought. They “brought” a cast net, scooped up all of Karas’ million bucks and became yesterday, two days ago, three days ago, a week ago and weeks ago with it. Karas now had $0 to his name.
There was a point when Karas saw cheating as a possible way to turn things around. September 2013 became the month he was exposed for card marking at a blackjack table in a San Diego casino. Soon after, authorities came knocking at his door in Las Vegas, flinging him away to San Diego to answer for his actions. He was sentenced to three years probation. Honestly, I didn’t expect him to resort to cheating. That just rubs salt into the wound.
Hmmm, what a streak. I won’t blame you if there is a tear in your eye. Karas’ story is truly one-of-a-kind, forever alive in minds, articles (e.g., “Tables of Dreams” by American author Michael Konik, on Cigar Aficionado), documentaries and books.
A story shining brightly on a golden page in the history book of gambling.
Karas’ saga stands as an aide-memoire of the potential rewards AND GARGANTUAN RISKS of high-stakes gambling. His swift rise to fame and fortune, followed by his dramatic downfall, stiffens the incontestable truth that we must know when to walk away from the table.
The madness has somewhat cooled off. Today, Karas still calls Vegas home. His family remains in Greece, but Karas makes sure to stay in touch with them. His mother, Mariana, his little sister, Dionysia, his older brother, Pete, and his older sister, Helen. Karas makes an effort to visit Greece annually, keeping his ties strong. During his triumphant days, he went the extra mile, bringing his mother along for six-month stays in Vegas. Karas’ family was there for him through it all.
Karas expressed, “I consider myself fortunate to have a family that’s always been there for me. I realize that for many who have experienced life’s highs and lows as I have, family bonds might disappear. Despite the fact that I went to the pinnacle of success and back, losing a fortune along the way, my family has remained my constant support. My mother, in her unique way, would recite a Greek poem to me. It essentially means, ‘When you’re a towering mountain and the snow melts once a year, prepare yourself for two more massive storms.’ She’s always been a beacon of wisdom, granting me the freedom to carve my own path in life. I’ve always cherished her for that, and I always will.”
Beautiful. Honestly, I find myself wondering how money became meaningless to Karas despite his struggles in his early years. Maybe it was because of the constant influx of money, or maybe that’s just who he was. However, it shouldn’t be that way. Money shouldn’t be treated so lightly because such a winning streak might never happen again.
From a teenager unfamiliar with English to adding more numbers to $50 to make $40,000,000 and then subtracting them again to get back to $0, today, Karas is fluent in three languages: Greek, English, and Spanish. I don’t know, it’s just another feather in his cap, in addition to his name being etched on the golden page of the history book.
