Biggest Gambling Win In Las Vegas

4/10/2022

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Biggest Casino Win In Las Vegas
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Biggest Gambling Win In Las Vegas Casinos

Archie Karas
Nickname(s)	The Greek
Residence	Las Vegas, Nevada
Born	Anargyros Nicholas Karabourniotis November 1, 1950 (age 70)^[1] Antypata, Cephalonia, Greece
World Series of Poker
Money finish(es)	7

Anargyros Nicholas Karabourniotis^[2] (Greek: Ανάργυρος Καραβουρνιώτης, born November 1, 1950), commonly known as Archie Karas, is a Greek-Americangambler, high roller, poker player, and pool shark famous for the largest and longest documented winning streak in casino gambling history, simply known as The Run, when he drove to Las Vegas with $50 in December 1992 and then turned a $10,000 loan into more than $40 million by the beginning of 1995, only to lose it all later that year. Karas himself claims to have gambled with more money in casinos than anyone else in history^[3] and has often been compared to Nick the Greek, another high-stakes gambler of Greek origin.^[4]

Early life[edit]

Karas was born on November 1, 1950 in Antypata on the island of Cephalonia, Greece. He grew up in poverty and had to shoot marbles as a teenager to avoid going hungry. His father, Nickolas, was a construction worker who struggled financially.^[2]

Karas ran away from home at the age of 15 after, in a rage, his father threw a shovel at him, barely missing his head. He never saw his father again. Nickolas died four years later.

Karas worked as a waiter on a ship, making $60 a month until the ship arrived at Portland, Oregon. He would later move to Los Angeles, where he would gamble his bankroll up to $2,000,000 before losing it playing high-stakes poker.^[2]

Gambling career[edit]

He worked at a Los Angeles restaurant, which was next to a bowling alley and a pool hall. There he honed his pool skills and eventually made more money playing pool than he did as a waiter. When his victims from the pool hall thinned out, he went to Los Angeles card rooms to play poker. Karas claims to have gone from broke to millionaire and back several times. Later, he became an astute poker player, building his bankroll to over $2,000,000. Professional poker players such as Chip Reese and Doyle Brunson, had played and considered Karas a weaker poker player often giving Karas handicaps to play. In December 1992, Karas had lost all but $50 playing high-stakes poker. Instead of reevaluating his situation and slowing down, he decided to go to Las Vegas in search of bigger games. The next three years would go down in legend as the greatest run in casino gambling history.^[2]

You've got to understand something. Money means nothing to me. I don't value it. I've had all the material things I could ever want. Everything. The things I want, money can't buy: health, freedom, love, happiness. I don't care about money, so I have no fear. I don't care if I lose it.^[3]

The Run[edit]

Karas' initial run lasted for six months when he drove to Las Vegas with $50 and turned a $10,000 loan into approximately $17 million playing poker and pool. In December 1992, after losing his entire bankroll, Karas drove to Vegas with his car and $50 in his wallet. After arriving at The Mirage, Karas recognized a fellow poker player from the Los Angeles scene and convinced him to lend him $10,000. Karas quickly turned the loan into $30,000 playing $200/$400 limitRazz.^[3] Karas returned $20,000 to his backer, who was more than content.^[5]

With a little over $10,000 in his pocket, Karas went to a bar with a pool table adjacent from the Liberace Plaza on East Tropicana. There he found a wealthy and respected poker and pool player. Karas refused to reveal his name for the sake of his opponent's reputation; he simply referred to him as 'Mr. X'. They started playing 9-ball pool at $5,000 a game raising the stakes as games progressed. After Karas won several hundred thousand dollars, they raised the stakes to $40,000 a game. Many gamblers and professional poker players watched Archie play with stakes never seen before. Karas ended up winning $1,200,000. The two decided to play poker at Binion's Horseshoe where Karas won an additional $3,000,000 from Mr. X. Karas was willing to gamble everything he made and continued to raise the stakes to a level few dared to play at.^[6]

With a bankroll of $4 million, Karas gambled his bankroll up to $7 million after spending only three months in Vegas. By now, many poker players had heard of Mr. X's losses to Archie. Only the best players dared to challenge him. Karas sat at the Binion's Horseshoe's poker table with 5 of his 7 million dollars in front of him, waiting for any players willing to play for such stakes.^[7]

The first challenger was Stu Ungar, a three-time World Series of Poker champion widely regarded as one of the greatest Texas hold'em and gin rummy player of all time. Stu was backed by Lyle Berman, another professional poker player and business executive who co-founded Grand Casinos. Karas first beat Stu for $500,000 playing heads-up Razz. Karas then played Ungar in 7-card stud, which cost Ungar an additional $700,000.^[7] The next player was Chip Reese, widely regarded as the greatest cash game player. Reese claims that Karas beat him for more money than anyone else he ever played. After 25 games, Reese was down $2,022,000 playing $8,000/$16,000 limit.^[7]

Karas continued to beat many top players, from Puggy Pearson to Johnny Moss. Many top players would not play him simply because his stakes were too high. The only player to beat Karas in the first round during his run was Johnny Chan, who beat him for $900,000, though Chan did lose to Karas frequently, before and after the streak. By the end of his six-month-long winning streak, Karas had amassed more than $17 million. Karas said that Doyle Brunson was the only player able to win playing Razz during his winning streak.^[8]

The poker action for Karas mostly dried up due to his reputation and stakes. He turned to dice, for $100,000 per roll.^[4] Karas was allowed to make pass line and come bets of up to $300,000, but with no odds.^[9]Jack Binion capped Karas' buy bets on the 4 and 10 at $100,000. At one point, Binion raised Karas' 4 and 10 buy bet limit to $200,000. Karas quickly won $920,000 under these conditions; then Binion immediately lowered the limit back to $100,000.^[9] Karas said that he could quickly win $3 million on dice, while it would take days to weeks with poker. Karas stated, 'with each play I was making million-dollar decisions, I would have played even higher if they'd let me.'^[3]

Transporting money became a hassle for Karas, as he had several million dollars in his car every day. He carried a gun with him at all times and would often have his brother and casino security guards escort him. At one point, Karas had won all of the Binion's casino's $5000 chips, the highest denomination at the time.^[10] By the end of his winning streak, he had won over $40 million.^[11]^[12]

Downfall[edit]

Karas's odds-defying two-and-a-half-year streak came to an end in 1995 when he lost most of his money in a period of three weeks. He lost $11 million playing dice and then lost the $2 million he won from Chip Reese back to him. Following these losses, he switched to baccarat and lost another $17 million, for a total of $30 million. With approximately $12 million left and needing a break from gambling, he returned to Greece. When he came back to Las Vegas, he went back to the Horseshoe, shooting dice and playing baccarat at $300,000 per bet, and in less than a month, lost all but his last million.^[13]

With his last million, he went to the Bicycle Club and played Johnny Chan in a $1,000,000 freezeout match. This time, Chan was backed by Lyle Berman, and they took turns playing Karas. He preferred playing both of them, instead of just Chan, as he felt Chan was the tougher opponent. Karas won and doubled his money, only to lose it all at dice and baccarat, betting at the highest limits, in just a few days.^[13]

Mini-streaks[edit]

Since he lost his $40 million, he has gone on a few smaller streaks. Less than a year later, he turned $40,000 into $1,000,000 at the Desert Inn. He then went back to the Horseshoe and won an additional $4 million before losing it all the next day.

A few years later, Karas went on another streak at the Gold Strike Casino, 32 miles outside Las Vegas. He went with $1,800 and lost $1,600 until he was down to just $200. Then after getting something to eat, he decided to gamble the rest of it. He shot dice and ran his $200 into $9,700 and then headed to Las Vegas. He stopped at Fitzgeralds Casino & Hotel and won another $36,000, betting $1,000 with $2,000 odds. He went back to Binion's and won another $300,000 at the Horseshoe and by the third day, had won a total of $980,000 from a low of $200.^[14]

Personal life[edit]

Karas currently resides in Las Vegas. His family lives in Greece. Karas stays in touch with his family by phone, and tries to travel back to Greece at least once per year. He brought his mother, Mariana, to Las Vegas for six-month visits when he was on his winning streak.

Karas's story was documented in Cigar Aficionado by American author Michael Konik^[3] and also was featured, along with Stu Ungar, in an E! documentary special called THS Investigates: Vegas Winners & Losers.^[15] Konik also wrote an article about Karas which was featured in a book about Las Vegas gamblers called The Man With the $100,000 Breasts.^[4]

He was interviewed, along with poker player Tony G, by Tiffany Michelle during the 2008 World Series of Poker. He was also a featured player on ESPN's coverage of the 2008 WSOP.^[16]

Cheating[edit]

Karas was arrested on September 24, 2013 after being caught marking cards at a San Diego casino's blackjack table by the Barona Gaming Commission. He was arrested at his Las Vegas home and extradited to San Diego to face charges of burglary, winning by fraudulent means and cheating. He was found guilty and sentenced to three years probation.^[11]

References[edit]

^'Anargyros Nicholas Karabourniotis'. Nevada Gaming Control Board. Retrieved 2016-10-07.
^ ^a^b^c^dTom Sexton (2008-02-11). 'Sexton's Corner, Vol. 31: Archie Karas, The World's Biggest Gambler'. Poker News. Archived from the original on 19 February 2009. Retrieved 2009-03-02.
^ ^a^b^c^d^eMichael Konik (2008). 'Tables of Dreams'. Cigar Aficionado. Archived from the original on 10 February 2009. Retrieved 2009-03-02.
^ ^a^b^cHoward Schwartz (2008-06-21). 'Archie Karas, The Greatest Gambler'. Poker Works. Archived from the original on 20 February 2009. Retrieved 2009-03-02.
^Paul McGuire. 'The Return of Archie 'The Greek' Karas'. Bluff Magazine. Archived from the original on 2014-02-20.
^Tom Sexton (2008-02-18). 'Sexton's Corner, Vol. 32'. Poker News. Retrieved 2009-03-02.
^ ^a^b^cTom Sexton (2008-02-25). 'Sexton's Corner, Vol. 33'. Poker News. Retrieved 2009-03-02.
^Tom Sexton (2008-03-03). 'Sexton's Corner, Vol. 34'. Poker News. Retrieved 2009-03-02.
^ ^a^bTom Sexton (2008-03-17). 'Sexton's Corner, Vol. 36'. Poker News. Retrieved 2014-03-10.
^Tom Sexton (2008-03-10). 'Sexton's Corner, Vol. 35'. Poker News. Retrieved 2009-03-02.
^ ^a^bEmma Lacey-Bordeaux (2013-09-29). 'Legendary gambler Archie Karas accused of marking cards in San Diego casino'. CNN. Retrieved 2014-03-10.
^Tom Sexton (2008-04-14). 'Sexton's Corner, Vol. 40'. Poker News. Archived from the original on 15 April 2008. Retrieved 2009-03-02.
^ ^a^bTom Sexton (2008-04-14). 'Sexton's Corner, Vol. 37'. Poker News. Archived from the original on 14 February 2009. Retrieved 2009-03-02.
^Tom Sexton (2008-03-31). 'Sexton's Corner, Vol. 38'. Poker News. Archived from the original on 14 February 2009. Retrieved 2009-03-02.
^Karas, Archie (2008-06-13). THS Investigates: Vegas Winners & Losers (documentary). USA: THS.
^Archie Karas in 2008 WSOP on YouTube

External links[edit]

Retrieved from 'https://en.wikipedia.org/w/index.php?title=Archie_Karas&oldid=1009632055'

In high stakes gambling, there are two terms which you should understand:”whale” and “high roller”. Generally, it’s assumed that a high roller is someone with a gambling budget of $100,000 to $1M for a regular 3-day weekend visit to the casino.

The casino will consider you a whale if you begin to get over the $1M bankroll mark. Whales have a normal budget of $1M to $20M and could easily be up or down millions in a weekend. Their bets are usually more than $25,000 per hand and take delight in the very best freebies, comps, and other perks from the casino.

Biggest Casino Win In Las Vegas

Approximately, there are probably less than 200 mega whales, whose bankroll is more than $10M, throughout the world. That’s why many casinos are aggressively competing to win this market segment to achieve a large effect on their profits every quarter. Below we’ve compiled a list of the biggest whales of all time.

List of Well Known Las Vegas High Rollers

Adnan Khashoggi

Adnan is the son of the personal physician to the Saudi King and a global arms dealer. In the 1980s, he has spent more than £12M in the Ritz Casino in London. He’s known to spend long amounts of time playing on the casinos in London. He mainly played Baccarat during his gambling sprees.

Archie Karas

When he arrived in Las Vegas, Archie had only $50 in his pocket. He somehow managed to run this up to more than $40m before losing it all. His fascination with Craps allowed him to make a huge run, though he’s an ardent poker player. He had made multiple visits to casinos in Las Vegas until to this day.

Akio Kashiwagi

Akio is perhaps the largest gambler to ever visit Las Vegas during the 1970s-1980s. He was a brave Baccarat player that won’t hesitate to spend $100,000 to $200,00 per hand during his sessions. In 1992, he was found murdered in his house in Japan and his death was linked to organized crime.

Charles Barkley

Former NBA star Charles Barkley is a self-professed gambler who loves to play Blackjack. Throughout his gambling career, he lost close to $30m. He usually stays on the main open floor of the Wynn Casino and allows people to watch him play.

“Sir Charles” opens up about his gambling.

Don Johnson

Don became popular after the media reported on how he won close to $15M from two different casinos. It became apparent that the casinos made a mistake and provided Don a comp plan that essentially flipped the house edge to his advantage. This unexpected luck allowed him to collect large winnings playing blackjack.

Fouad al-Zayat

Known as “The Fat Man” Fouad is estimated to have lost more than $42M on his 12-year gambling spree. This Syrian businessman had visited some of the top casinos in London for more than 600 times during his gambling spree. One casino sued him for bouncing a checks for millions in gambling debt- according to him he’s stopped now.

Kamel Nacif

Nacif is a prominent businessman in the textile business in Mexico and he’s known to take trips to Las Vegas many times every year. As with most whales, he mainly plays Baccarat, wagering as high as $200,000 per hand. He’s famous for his hair-trigger temper every time his luck turns out bad during his sessions.

Kerry Packer

Packer is an Australian business magnate and known to be one of the most fearless gamblers of all time. He’s not afraid to risk tens of millions on each session he played. He won a lot and his estimated winnings reached $9m from Hilton Las Vegas in 1992. It’s also rumored that he won $33m on this particular session at MGM.

Larry Flynt

Founder of Hustler adult magazine, Larry is a frequent visitor to Las Vegas for decades. His main game is Blackjack and risks up to $50,000 per hand in every session. He moved to Hard Rock and other hotels when new hosts of Las Vegas Hilton courted his action with generous comps.

Mo Chan

Mr. Chan went on a notorious run in Australian casinos amassing $10M from the table playing Baccarat at $300,000 to $500,000 per hand. This Chinese native high roller apparently had a falling out with the casino when they restricted his game and he promised never to come back.

Phil Ivey

Big Win Casino Las Vegas

Phil Ivey is the personification of a true gambler and possibly, the best poker player of all-time. He’s known to take “crap tours” worldwide where he visits more than five casinos in various places. He gambles more than $100,000 per roll on the craps table and is said to play Baccarat up to $200,000 per hand.

Phil Ivey video on beating casino for $30 million!

Ramon DeSage

Ramon DeSage is perhaps one of the most prominent gamblers of all time to ever visit the Strip. This very famous whale was charged in a Fraud scheme by the US Government. From the money he obtained from his frauds, he wagered and lost almost $175M in different Las Vegas casinos.

Sultan Of Brunei

This monarch is known to be a passionate gambler in London and Las Vegas. He’s known to lose $1M daily inside casinos. He mainly played Baccarat and go on secret trips where he would spend a long time playing at the tables and enjoying all the comps given by the casinos.

So where do these big dogs play? While some are discreet, others enjoy these high limit Vegas card rooms. You never know who you will run into in Sin City.