Archie Karas, a legendary gambler who went from rags to riches and back dozens of times, has died at the age of 73. [Image: YouTube / PokerNow]

Karas passes away

Renowned gambler Archie Karas, who claims to have gambled more money in casinos than anyone in history, has passed away at the age of 73.

He eventually turned a $10,000 loan into $50m before giving it all back.

Karas, born Anargyros Karabourniotis, was famed for “the run,” a legendary heater in 1992 when he arrived in Las Vegas with just $50. He eventually turned a $10,000 loan into $50m before giving it all back.

Born in Greece on November 1, 1950, Karas grew up in poverty and started his first job as a waiter before playing pool as a side hustle. After struggling to find willing players, he moved into poker and built up a bankroll of $2m before losing it in a series of high-stakes games against legendary players of the era like Doyle Brunson and Chip Reese.

The run

With just $50 left to his name, Karas drove to Las Vegas and eventually convinced a friend to loan him $10,000 to play in a series of Razz games.

After successfully paying back the loan, Karas quickly spun the money up into a healthy bankroll playing poker in various pool halls. He would then go on to play a mystery high-stakes player known as “Mr. X” at Binion’s horseshoe, taking his winnings up to $7m.

after crushing Stu Ungar, he went on to defeat Chip Reese

Seeking further action, Karas then sought out the best poker players in the world. After crushing Stu Ungar, he went on to defeat Chip Reese, widely acknowledged as the best player in the world at the time. Several poker Hall of Famers would take on Karas, but all would lose, with his only defeat coming against Brunson.

Returning to the pit and continuing his hot streak, Karas concluded “the run” with a bankroll of over $50m, making it perhaps the hottest gambling streak in history.

The end

After this point, Karas’ luck began to take a downturn. He gave back most of his accumulated winnings in the pit, mostly at craps and baccarat, but Reese also returned to claim back his previous losses against Karas with interest, defeating him heavily in more heads-up poker games.

There were some highlights during his later years, and equal downswings. Karas turned $40,000 into $1m, eventually heading to the Horseshoe to win a further $4m before losing it all the following day. A few years later, he won almost $1m from a low of just $200.

Karas did achieve some further poker success in another series of $1m heads-up games, but once again the pit would prove to be his undoing. Eventually, in 2014, he was sentenced to probation and a fine after being caught marking cards at a blackjack table at the Barona casino in San Diego and was banned from all Nevada casinos as a result.

I’ve had all the material things I could ever want. Everything. The things I want money can’t buy….”

“You’ve got to understand something. Money means nothing to me. I don’t value it,” Karas told an interviewer in 1994. “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.”