Archie Karas

Archie Karas Profile Summary

Archie Karas' Net Worth in 2024: $1 million

Usually, a famed professional gambler will inspire many with their incredible gift to play the game. However, the story of Archie Karas is both an inspiring and cautionary tale. The Greek-American high stakes gambler was a successful poker player and pool shark. Kara’s claim to fame was the largest, longest documented winning streak he had, which made him a legend in the casino gambling world. 

The inspiring part to his story is he made the Guinness World Records for the largest winning streak in history. Known as “The Run,” Karas turned $50 into $40 million in three years, only to lose it all over the course of three weeks in 1995. 

Following many controversies and legal troubles - including a conviction for cheating in California and a lifetime ban from gambling in Nevada - sources have estimated that he has about $1 million left but this is unverified.

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 like health, freedom, love, happiness. I don't care about money, so I have no fear. I don't care if I lose it.

What Does Archie Karas Do?

Archie Karas became legendary for the longest winning streak in recorded history, stretching from 1992 to 1995. In three years, he made $40 million from poker, baccarat, craps, blackjack, and playing pool. He promptly lost most of his winnings by taking huge risks while playing casino games. 

When you look to official tournaments like WSOP, he didn’t bring any massive wins or earn a ring. However, his winning streak has never been matched. Karas is 70 now and lives in Las Vegas while his immediate family lives in Greece. 

How Did Archie Karas Get Rich and then Lose it All?

Archie Karas ran away from home, becoming a seaman and working on ships for two years as a waiter. One of the ships he worked on set sail to the US and at age 17, he landed in Portland, Oregon and continued on to go to Los Angeles. 

He worked in a restaurant in LA that was next to a pool hall, where he played all the time. He got to the point where he made more money beating people at pool than working at the restaurant. 

Karas said that he made money and lost it often. He would eventually get into poker and play against professional players with frequent wins. 

Karas Goes to Vegas

In December 1992, he was broke from playing high-stakes poker. He took his last $50 and went to Vegas. This is where “The Run” began. 

Upon arriving, he saw a fellow poker player he knew from Los Angeles and asked him for $10,000 and turned it into $30,000. He paid his friend back $20,000. With the $10,000 he had left, he went to a bar with a pool table against wealthy pool and poker player. This person’s name was never revealed but needless to say, Karas won $1.2 million. 

The two then played poker and Karas won an additional $3 million. His aggressive gambling tactics meant he was willing to gamble everything he would win. 

The Winning Streak Continues

Winnings of $4 became $7 million after three months in Vegas. Poker players heard how Karas had beat the undisclosed opponent and some dared to play against him. Those willing to challenge him included big names in professional poker like Stu Ungar and Chip Reese. 

Karas beat Ungar playing heads-up Razz and 7-Card Stud, winning $1.2 million. Chip Reese lost over $2 million. Beating top players was a common theme thereafter. Karas had a 6-month winning streak, earning $17 million.

From Poker to Craps

Eventually, other poker players didn’t want to play with him so his options to play the game dried up. He started playing craps at $100,000 a roll. He did win significantly at craps, making big risk bets. 

At the end of his winning streak, he had amassed $40 million. 

The End of Archie Karas’ Winning Streak

His incredible record-breaking win ended in 1995 fiercely when he lost most of his winnings over a three week period. He lost $11 in craps and $17 million in baccarat. He had $12 million left and at this point went back to Greece for awhile. He eventually came back to Vegas and played $300,000 bets on craps and baccarat. 

Karas lost everything but his last $1 million. He played a $1,000,000 freezeout match and doubled his money. He then lost it playing dice and baccarat in a few days.

He experienced some small streaks going forward but eventually got into legal trouble for marking cards on a blackjack table. He was arrested in Vegas and sent to San Deigo to face charges of burglary, cheating, and fraud. Karas was sentenced to three years probation, did 73 days in jail, and was fined over $8,000. He was never allowed to play in a Nevada casino again. 

How Does Archie Karas Like to Gamble?

Archie Karas focused on poker and was well known for being high-risk high-roller. This was beneficial for him at one point but also his downfall. Beyond poker, he was a pool shark, and played craps and baccarat. 

Karas wasn’t concerned about the big losses he had and this was reflected on the mass amounts of money he lost in a short amount of time. For nearly a decade he hasn’t gambled at all as he was banned for fraudulent play. 

How Much Did Archie Karas Win on “The Run?”

Archie Karas was most known for his massive winning streak of $40 million over a period of $3 million.

How Does Archie Karas Spend His Money?

Archie Karas gambled his winnings away. There is no documentation of how he spent his money, other than flying his family over from Greece to visit him when he was at the top of his game. He occasionally travels back to Greece as well. It’s unknown how much money he has to his name. 

Gambling Stats

• Biggest Win: $4 million 
• Biggest Loss: 17 million on baccarat 
• Karas is in the Guinness World Records for the largest winning streak in history

What We Can Learn from Archie Karas

Perhaps the most important things we can learn from Archie Karas is when to walk away. Responsible gambling is just as important as any other strategy when it comes to winning and losing. Karas is an extreme example of how volatile playing at casinos can be. 

He took big risks, which was to his advantage in the beginning. He was confident and understood the game of poker and bet huge amounts against the top poker players in the world. Miraculously, he did win for a long period of time. 

The part of Karas’ story that is inspiring to some is that he was aggressive and fearless. A lot of poker players today follow in his footsteps and are successful. This style of play requires a deep understanding of poker strategy, which Karas had. 

Don’t Try to Cheat the System

The story of Archie Karas is fascinating and has been documented through books, movies, and articles. In the end, he marred his name forever after getting caught cheating and being banned from all Nevada casinos. Being dishonest and unethical while gambling has major consequences as can be witnessed through Kara’s conviction. 

That being said, his winning streak is an extraordinary achievement that has never been duplicated. The tragic part is just how far he fell from greatness.