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Archie Karas, a legendary gambler, is best known for his incredible poker run that took him from a mere $40 to nearly $17 million. Karas, who had honed his skills in the backrooms of bowling alleys, became famous for his boldness at the poker table.
He wasn’t afraid to challenge high-profile players, and in his early poker battles, he took on two businessmen with millions on the line, eventually walking away with their money.
His growing success drew attention, and soon many famous poker players were eager to face him. First, the renowned Stu Ungar took his chances and ended up losing around $1 million to Karas. Next, Chip Reese took a seat at the table, losing approximately $2 million.
Even poker giants like Doyle Brunson, Johnny Moss, and Puggy Pearson couldn't stop Karas, who continued to win.
By the end of this incredible streak, Karas had amassed almost $17 million, taking money from some of the most famous names in poker. However, Karas was about to meet his downfall.
Karas' downfall begins
Karas moved on from poker to the craps tables at the Horseshoe casino, believing he could strike it big with just one roll of the dice. At first, he won, but soon his luck turned, and he lost $11 million in a short period.
Trying to recover, Karas returned to poker, facing Chip Reese once more, but this time Reese had the upper hand, winning back $1 million from Karas.
Winning streak finally ends
The final blow to Karas' fortune came when he tried his luck at baccarat, where he lost everything. In total, Karas is said to have won and lost around $40 million in his career, making it one of the most famous tales in gambling history.
Though Karas' career was filled with controversy, including being banned from Las Vegas casinos for cheating, his skill as a poker player was undeniable.
He won six gold bracelets at the World Series of Poker, solidifying his place as one of the most skilled gamblers of his time. However, his career ended when he was placed on the infamous Nevada blacklist for card-marking, preventing him from ever gambling in Vegas again.
Karas died on September 7, 2024, at the age of 73.