Life of poker player who turned $50 into $40million – and then gave it all back again

The poker world said goodbye to legendary gambler Archie Karas this year. Karas, whose birth name was Anargyros Karabourniotis, passed away in September at the age of 73. He is best known for turning just $50 into $40million – and then giving it all away.

Born in Greece, Karas moved to the US at a young age, living in Los Angeles and Portland before settling in Nevada. Having grown up in poverty, he waited tables before taking up pool, which paid more than restaurant work. World Series of Poker controversy as winner of £7.



7m 'checks simulator' during event Inside the life of £40m poker legend from high stakes games to diet and work-life balance But when he struggled to find opponents willing to play him, he switched his focus to gambling with incredible success. In 1992, Karas travelled to Las Vegas with just a few bucks in his pocket before going on one of the hottest gambling streaks of all time. A fellow gambler who loaned him £10,000 was quickly paid back as Karas began to rake in vast sums and transform his life.

Playing for increasingly high stakes, he took on so-called ‘Mr X’ at Binion's Horseshoe, the original home of the World Series of Poker (WSOP). Karas won millions against Mr X, reportedly building a bankroll of more than $7m within just a few months. There was little prospect of him saving his money or investing in property though.

Instead, he wanted to test himself against the best poker players in the world, reportedly beating Poker Hall of Famers like Puggy Pearson, Johnny Chan and Johnny Moss. He eventually ran out of opponents and switched to craps, although he became so renowned that Binion’s Gambling Hall placed limits on his maximum bets. By the end of his winning streak, known as ‘The Run’, he had won around $40m.

Karas wouldn’t stop though and kept putting his money at risk, losing the majority of it over the next few years, mainly on the craps and baccarat tables. He enjoyed a few other small heaters (winning streaks) but always gave it back to the casino. Karas was sentenced to probation in 2014 after reportedly getting caught cheating at a blackjack table in a San Diego casino.

He was then added to the ‘Black Book’ of Nevada casinos which banned him from gambling in the stage. Karas also cashed in at six World Series of Poker events..