“The Greek” is one of Las Vegas’ most interesting stories to date. It’s a tale of rags to riches – but with a dramatic twist.
When it comes to the world of gambling, Archie is a cautionary tale for newbies and casino connoisseurs alike as he’s both one of the biggest winners as well as one of the biggest losers – a journey which we will unpack in this piece.
Archie’s Early Years
Archie, or Anargyros Karabourniotis, was born in 1950 and from a young age, he decided that he will not follow in his father’s footsteps to become a builder. With very little career options available and a need to earn an income for his struggling family, he soon started earning an income by playing marbles for money.
Following a violent fight with his father at the age of 15, Archie packed his bags and headed to the U.S.A.
To pay for his voyage to Portland, he got a job as a waiter on the ship, earning $60 a month. Once he got to LA, he landed a job at a restaurant where he first discovered poker and ignited his passion.
His Journey To Success
He soon made his way from pool halls to underground poker. In the space of a few months, he had accumulated over $2 million in winnings, although he lost most of his money in high-stake games. This rollercoaster of winning and losing would define his gambling careers.
Eventually, he made his way to Las Vegas with only $50 to his name and a dream to win big. This is when he officially changed his name to Archie Karas.
He took a $10,000 loan from one of his gambling peers and was able to pay it back a few hours later. This soon became $17 million in the space of six months. From here, he continued to make bank and received invitations to play with some of the world’s most famous players that included Chip Reese, Puggy Pearson, Stu Ungar and Doyle Brunson.
The Beginning Of The End
From 1992 until 1995, Archie made a pretty penny, with his net worth exceeding $40 million at one point. This winning streak was labelled “The Run” and is the longest hot streak in gambling history.
Rumour has it that he kept most of his money on him at all times, with some of it hidden in his car. He often requested that casino security escort him to ensure his safety.
“The Run” made it difficult for Archie to find new poker opponents, and so he decided to try different games. This is where things started to go downhill.
It may have taken him almost three years to become a multimillionaire, but it only took him less than a month to lose most of his winnings. He first lost $11 million loss on a craps game and then $17 million loss on a single baccarat game – all in less than 48 hours.
The Moral Of The Story Is Knowing When To Quit
You’ve probably read this piece, thinking “What the hell is wrong with him?!”. You’re not alone. While Archie’s persistence is something to be admired, although he may have gotten more desperate as time went on. In 2013 he was arrested for cheating in blackjack.
From zero to hero to zero again before finally becoming a cheat, the tale of Archie Karas is the kind of drama that movies are made of, don’t you think?