Archie Karas is a legendary figure in Las Vegas, and gaming circles in general. Between 1992 and 1995 Karas went on what was later termed ‘The Run’ where he took his last remaining $50 to Las Vegas and turned it into $40 million before losing it all. Twenty years later he was arrested and banned from entering any Nevadan gaming establishment after cheating during a game of blackjack. His story is something all gamers can learn from.

Vegas or Bust

Archie Karas, born Anargyros Karabourniotis, was 42 when he headed to Las Vegas in December 1992 with only $50 to his name, having just lost everything else in a poker game in Las Angeles. The first casino he came across was Binion’s, where he spotted a friend and negotiated a $10,000 loan. This he swiftly turned into $30,000 on a Razz game, paying back the loan instantly. Over the following days he played pool and poker for ever-increasing odds and won almost every time, including defeating world champion poker players, to take his bankroll into the millions.

Upping the Stakes

Karas found that poker competition dried up once he began turning up with million-dollar wagers, and so he headed back to Binion’s. Frustrated by the low betting limits, Karas managed to convince Binion’s owner Jack Binion to raise his personal limit to $100,000 per bet, five times the standard. Eventually this ceiling reached an incredible $300,000 per bet, but Karas was still winning, taking his earnings up to $40 million. He ended up owning every $5,000 chip in the casino, with Binion’s minting $25,000 chips just for him. Karas’ incredible run had defied all imaginable odds, and he felt bulletproof. But, as always, his luck couldn’t hold.

End of The Run

Karas came close to bankrupting Binion’s, but his luck finally turned in 1995 and, over a three-month period, he bled three quarters of his bankroll back onto the casino floor, including $11 million in one day. With his last $10 million left Karas flew back home to Greece for a break, but it didn’t last long. He was soon back at the baccarat table placing his $300,000 bets, blazing through his remaining bankroll until he was left with nothing. Karas continued to play card games for a living, but began resorting to cheating to get an edge, resulting in him being arrested four times between 1988 and 2007. In 2013 Karas was arrested for marking high value cards with ink during a blackjack game at the Barona Casino in San Diego. He was found guilty, served 73 days in jail and was then entered into the Nevada Gaming Control’s black book, barring him from ever entering a casino in the state.

Karas’ tale is a message to all gamers that the moment you feel invincible is the moment you are actually the most vulnerable. In hindsight it is easy to say that Karas should have stopped at $40 million, but the absence of a clear strategy was his undoing, and a crash was therefore inevitable. This is why discipline remains one of the most underrated yet important weapons in a gamer’s arsenal. Karas’ experience represents a gamer’s dream and nightmare, and his story will serve as a cautionary tale for generations to come.