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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]

William Billy Walters – most famous sports gambler in the word William Billy Walters was born on July 15th, 1946. Although many know him as Billy Walters, the sports bettor, his influence on the gambling industry reaches much further than that.

Gambling and criminals basically went hand in hand at various points in history. At times, gambling was considered an “underground” activity run by criminals. Nowadays, in general, things have changed for the better. With so much money involved in gambling, however, one might suspect that some gambling-related crimes still go on today. Charlie Sheen’s gambling addiction. One of the most famous celebrity gamblers – surely none of you will be surprised that controversial Charlie Sheen has also emerged amongst the gambling celebrities. His gambling only complements the collection of addictions that this famous actor suffers from. Charlie can definitely afford to bet.

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]

See also[edit]

References[edit]

1. ^'Anargyros Nicholas Karabourniotis'. Nevada Gaming Control Board. Retrieved 2016-10-07.
2. ^ ^abcdTom 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.
3. ^ ^abcdeMichael Konik (2008). 'Tables of Dreams'. Cigar Aficionado. Archived from the original on 10 February 2009. Retrieved 2009-03-02.
4. ^ ^abcHoward Schwartz (2008-06-21). 'Archie Karas, The Greatest Gambler'. Poker Works. Archived from the original on 20 February 2009. Retrieved 2009-03-02.
5. ^Paul McGuire. 'The Return of Archie 'The Greek' Karas'. Bluff Magazine. Archived from the original on 2014-02-20.
6. ^Tom Sexton (2008-02-18). 'Sexton's Corner, Vol. 32'. Poker News. Retrieved 2009-03-02.
7. ^ ^abcTom Sexton (2008-02-25). 'Sexton's Corner, Vol. 33'. Poker News. Retrieved 2009-03-02.
8. ^Tom Sexton (2008-03-03). 'Sexton's Corner, Vol. 34'. Poker News. Retrieved 2009-03-02.
9. ^ ^abTom Sexton (2008-03-17). 'Sexton's Corner, Vol. 36'. Poker News. Retrieved 2014-03-10.
10. ^Tom Sexton (2008-03-10). 'Sexton's Corner, Vol. 35'. Poker News. Retrieved 2009-03-02.
11. ^ ^abEmma Lacey-Bordeaux (2013-09-29). 'Legendary gambler Archie Karas accused of marking cards in San Diego casino'. CNN. Retrieved 2014-03-10.
12. ^Tom Sexton (2008-04-14). 'Sexton's Corner, Vol. 40'. Poker News. Archived from the original on 15 April 2008. Retrieved 2009-03-02.
13. ^ ^abTom Sexton (2008-04-14). 'Sexton's Corner, Vol. 37'. Poker News. Archived from the original on 14 February 2009. Retrieved 2009-03-02.
14. ^Tom Sexton (2008-03-31). 'Sexton's Corner, Vol. 38'. Poker News. Archived from the original on 14 February 2009. Retrieved 2009-03-02.
15. ^Karas, Archie (2008-06-13). THS Investigates: Vegas Winners & Losers (documentary). USA: THS.
16. ^Archie Karas in 2008 WSOP on YouTube

External links[edit]

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Being a gambler is an extremely risky proposition. There are some people that have pulled it off. Here are the richest gamblers in the world, including some tips on how to make money gambling.

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I’ve covered millionaire farmers, but now we cover a less straightforward approach to wealth… gambling

How to Make Money Gambling

Most casino games have a favorable advantage and you are playing against the odds. If you want to make money gambling, you have to focus on games that you can gain an edge. In order to make money gambling, you must be very disciplined and determined for success.

Professional gamblers are very keen on winning. They’ve studied what works well for them and what doesn’t. You can apply the same theories to anything you do.

In addition, pro gamblers have realized that they need to make consistent value bets, which mean that you put out money where you have a slight edge in winning. If you don’t follow this, your chances of winning consistently will be zero.

You have to approach investing the same way and I’ve covered that in my book Dividend Investing Your Way to Financial Freedom.

Games that are best to try to make money gambling:

1. Poker
2. Blackjack
3. Baccarat
4. Fantasy sports

I’ve been a big player of fantasy sports. While luck is a serious component, there is no doubt in my mind that skill is the majority. In addition, I’ve played poker and enjoy playing it. I will never turn down a good poker game.

Gambling is a tough way to make money, but you can make money instantly if you are good.

List of the Richest Gamblers in the World

Here, you’ll find a rundown of some of the most successful players at the tables, and you might get some top tips that will help you to improve your game. Pro gamblers continue to look for an edge in order to succeed.

There’s definitely a difference between rich and wealthy, but either way, these gamblers made out very well.

1. Bill Benter – Maths Genius Supreme

Bill is a perfect example of how to make money gambling. He used math and provide analytics to make money at the casinos.

Born in Pittsburgh, PA in 1957, Bill Benter is a self-proclaimed mathematical genius. Having studied physics at university, he put his skills to good use, learning how to count cards. Having honed the art, he headed to Las Vegas where he plied his trade at the blackjack tables.

He was so successful that he was finally banned from all the top Sin City casinos within seven years.

However, Benter wasn’t ready to call it a day. Instead, he relocated to Hong Kong and began working with Alan Woods on a formula to predict the most likely outcome in horse races.

The result was the first gambling operation in the world to be assisted by software, and it is still regarded as the most successful model today.

Benter is now believed to be raking in around $100 million every year thanks to his formula, and he has been rumored to have collected up to $10 million on just one race day.

2. Edward E. Thorp – Card Counter Extraordinaire

Edward E Thorp invented the skill we know today as card counting. Born in 1932 in Chicago, Thorp earned a PhD in maths at UCLA then began to work there as a professor.

Mr. Thorp was the first person to ever use computer simulation in the development of a strategy for blackjack, and he created a card-counting scheme which would improve the odds for the player.

He first tested his calculations in the casinos of Las Vegas, Lake Tahoe and Reno and thus proved his theories to be valid.

He then penned his book “Beat the Dealer”, still considered to be the definitive guide to the art of card counting.

Ahead of his time, Edward Thorp also invented the wearable computer in 1961 which he used at both blackjack and roulette tables for over two decades until it was finally banned in the mid-1980s.

His skills at the gaming table paired with his ability to predict the movements of the stock market have led to a fortune of approximately $800 million.

See Related: How to Watch Ads for Money

3. Zeljko Ranogajec – An Advantage Gambler

Ranogajec, the son of Croatian immigrants, decided to give up his university education in favor of a life of advantage gambling. With his impressive maths skills and a photographic memory, he began playing blackjack and soon found he could turn a $100 bet into a 7-figure win.

Soon, the Australian casinos got wise to his abilities, and he ended up being banned. Undeterred.

However, he turned his talents to the world of horse betting. His mathematical skill helped him to predict the outcome of the races, and he soon became a billionaire.

Although he has never publicly confirmed his fortune, it’s believed that he could account for as much as 8% of Tabcorp’s turnover. He has certainly known to have had a record Keno win in the 1990s in the sum of $7.5 million.

4. Billy Walters – A Serious Sports Bettor

Anyone who knows anything about sports betting knows about Billy Walters. Having had a humble start to life, Walters was the son of a poker player and the nephew of a professional gambler, so it wasn’t surprising that he began gambling at just nine years old.

Three decades later, he was fined for running an illegal bookmaking service and relocated to Las Vegas where he works with analysts to improve his decision-making.

Famous Sports Gamblers

It is reported that he makes around $15 million every year and is rumored to have scored up to $2 million in a single day.

He has an estimated net worth of $200 million.

While he is banned from betting in Vegas and barred from most bookmakers, he now uses celebrities like Ashton Kutcher and Bruce Willis to place wagers for him!

5. Alan Woods – A Pioneer in Horse Race Betting

Alan Woods is sometimes called the godfather of horse betting software. The Australian pioneer was born in 1945, and during the first few years of his gambling career, he was a card counter at the blackjack table.

During the 1980s, he relocated to Hong Kong where he got together with Bill Benter to develop horse racing software that could accurately predict the outcome of races based on form, weather and track.

When Woods died back in 2008, he was believed to be one of the world’s best and biggest gamblers with a fortune to his name of $670 million AUD.

See Related: Best Money Management Tips

6. Patrik Antonius – A Poker Star

Poker star Patrik Antonius has the honor of being the first poker player ever to win a seven-figure pot in an online poker game, having won a hand worth $1,377,000.

Born in Finland in 1976, the professional gambler continues to equally divide his gambling time between Monte Carlo and Las Vegas. Antonius wasn’t always set on a career in poker playing, in fact, he originally aspired to be a tennis player.

However, an injury to his back led him down a different path. When he was young, he enjoyed playing card games with friends, and later he traveled to Helsinki’s casino to play in tournaments.

Soon, he progressed to playing online poker and went professional a few years later in 2002. He relocated to Las Vegas and focused solely on the game. Just a year later, he ranked among Europe’s top internet poker players, and today he is believed to be one of the world’s best PLO players.

To date, Antonius is Finland’s all-time top moneymaker with total career earnings to date coming to more than $4 million.

See Related: List of Apps That Pay You Real Money

7. Phil Ivey – A Poker Icon

Phil is the riskiest version of how to make money gambling. He uses his skills but at the same time he’s taken on a lot of risk.

Having earned the title of the greatest poker player in the world, Phil Ivey is famous for having no less than 5 wins in the World Series of Poker Tournament before the age of 30.

Ivey is the same age as Antonius but was raised on the other side of the Atlantic in New Jersey. He learned to play poker at a very early age, with his grandfather teaching him how to play 5 card stud.

It’s no wonder, then, that Ivey’s professional move into gambling came at a very young age. He won the World Series of Poker title for the first time at the age of 23, beating famous players like Amarillo Slim and Phil Hellmuth.

His personal fortune has reached figures or more than $14 million, and he is believed to be one of the toughest players to beat. Unlike many of the other gamblers on this list, Ivey doesn’t use mathematical skill to win games.

He believes in taking risks, and it’s a strategy that’s paying off for him.

See Related: Jobs that Pay Cash Daily

Conclusion on Richest Gamblers in the World

Famous Gamblers In History

Have you been inspired to place your next wager? These gambling legends are proof that with the right skills and enough determination you can make your fortune at the gaming table or on the race track.

These are all far different than the traditional income opportunities for financial freedom.

What do you think of the richest gamblers in the world? Would you consider a career or side hustle in gambling? Let us know in the comments below. We’d love to hear from you!

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