The End of “The Run”: Archie Karas, Famed Las Vegas Gambler, Dies at 73

Who Is Archie Karas: From Poverty in Greece to Poker Fame

Archie Karas was born on November 1^st, 1950, in Antypata on the island of Cephalonia, Greece. Growing up in poverty, Karas learned early on the struggle for survival. At 15, after a heated confrontation with his father, he ran away from home, vowing never to return. His journey led him to work as a waiter on a ship, earning $60 a month, and eventually to the United States.

Karas settled in Los Angeles, where his fortunes began to change. Working as a waiter in a restaurant next to a pool hall, he discovered his skill for the game, turning pool into a lucrative hustle. When his pool opponents dried up, Karas shifted to poker, quickly making — and losing — millions in the card rooms of LA. By December 1992, with only $50 to his name, he headed to Las Vegas in search of bigger opportunities.

The Run: Turning $50 into $40 Million

Archie Karas’ legendary journey to Las Vegas in 1992 marked the beginning of an unprecedented streak that would come to be known simply as “The Run”. With just $50 in his pocket, Karas convinced a fellow player to lend him $10,000. In typical Karas fashion, he quickly turned this loan into $30,000 playing $200/$400 Razz and paid back his backer.

Karas then headed to a pool hall on East Tropicana, where he found a wealthy and respected player known only as “Mr. X”. The two played 9-ball pool for increasingly high stakes, and Karas came out on top, pocketing over $1.2 million. Their next battle moved to the poker tables at Binion’s Horseshoe, where Karas won an additional $3 million from Mr. X.

With a bankroll now in the millions, Karas set his sights on the biggest names in poker. He faced off against legends like Stu Ungar, Chip Reese, Doyle Brunson, and Johnny Chan, reportedly defeating all but Brunson during his winning streak. Karas would later say that he had amassed over $17 million by the end of his initial six-month-long run. As the poker action dried up, he turned to craps, where he wagered staggering sums of up to $300,000 per roll, eventually building his bankroll to over $40 million.

A Sudden Downfall and Controversial Later Years

For Karas, losing was as much a part of the journey as winning. By 1995, his incredible streak came to an end, and in just three weeks, he lost $30 million at the craps and baccarat tables. Still unfazed, he returned to Greece for a brief respite, only to lose the remainder of his fortune upon his return to Las Vegas.

Despite a few smaller winning streaks later in life, the days of “The Run” were behind him. In 2013, Karas was arrested for cheating at a San Diego casino, marking cards at a blackjack table. He was sentenced to three years of probation and subsequently banned from all Nevada casinos in 2015, becoming the 33rd person added to the state’s infamous “Black Book”.

Archie Karas’ Personal Life and Legacy

While Karas’ life was dominated by gambling, he maintained close ties with his family in Greece. His mother, Mariana, visited him during his winning streak, and he stayed in touch with family members via phone calls. He lived in Nevada but also had ties to Los Angeles and Portland in his early adult life. Though he faced personal and financial ups and downs, Karas lived without regret. In his own words:

“Money means nothing to me. I don’t value it. I’ve had all the material things I could ever want. The things I want, money can’t buy: health, freedom, love, happiness.”

Karas’ story has been the subject of numerous articles and documentaries, including features in Cigar Aficionado and the E! documentary special, “THS Investigates: Vegas Winners & Losers”. His journey, both in victory and defeat, continues to fascinate many. His place in the gambling world — as a man who turned $50 into $40 million and lost it all — is unmatched, but his controversial actions in later years did cast a shadow over his achievements.

Remembering a Fearless Gambler

Archie Karas, often compared to fellow Greek gambler Nick the Greek, lived a life driven by a relentless desire to gamble — to risk it all, win or lose. Known for quotes like “I have no fear. I don’t care if I lose it”, Karas truly embodied the spirit of gambling, for better or worse.

Though he passed away with little to his name, the story of Archie Karas will forever be remembered in gambling lore as one of the greatest — and most cautionary — tales of all time.