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A Greek gentleman who won $40M in casino bets and managed to lose it all

Senior Reporter

Betting on Dice, Baccarat, and Poker games made Archie Karas, a lucky Greek man, into a legend. The story begins with an unsuccessful round of Poker that happened in December of 1992 when Karas lost almost everything he had. However, he salvaged what was left - $50, and made his way to the Sin City of Nevada. Binion’s Horseshoe casino was the first stop he made upon his arrival to Las Vegas. However, the little money he had wasn’t nearly enough for his plans to play the $200/$400 Razz game. The little cash Karas had wasn’t enough to support the risk he was about to make.

A Greek gentleman who won $40M in casino bets and managed to lose it all
“The Greek”, gambler Archie Karas. Screenshot from YouTube:  video "Gambler (High Roller) interview-Archie Karas", channel Soft White Underbelly.

Archie approached an old friend at Binion’s Horseshoe casino and managed to borrow $10,000 for the Razzle game he was known to be very successful in. It was a lucky day, as he turned the ten grand into thirty, immediately paying his friend back with some interest. It would be wise to secure the bag and head out - but Karas was on a gambling high and decided to see if fate had anything else in store for him, proceeding to make bets on various games in the casino.

Risk was Archie’s second name, but so was luck. Throughout the day, he competed against professional poker players known worldwide and racked up $1.5 dollars. He was happy with the amount at last and left the casino for the day. However, he continued gambling in the following weeks, making massive bets up to $20,000. Karas eventually got his hands on $17 million dollars and decided to visit the casino where the $50 story began - Binion’s Horseshoe.

As he arrived at the casino with a vehicle packed with $5, he was disappointed to find out that the betting limit was capped at $20,000 and insisted that an exception would be made. Sure enough, the owner didn’t want to lose the loyal customer and increased the bet amount, allowing Karas to put up to $100,000 on the line. But as he kept winning round after round, the casino finally let it up and increased his bet limit to $300,000.

This type of luck was not something you’d often see, as Archie Karas won $40m in one day at the Binion’s Horseshoe casino. But at last, the successful run came to a complete stop, and the legend managed to lose most of his winnings, leaving him with only $10M. As he flew back home to Greece, his palms continued to itch, and the last of what he had in his bankroll was quickly lost at casinos across the country. So now the story tells a tale of a man who turned $40 into $0.

Where is Archie Karas now?

The now infamous legend Archie Karas got caught cheating during Blackjack games, which quickly got him banned from Sin City’s casinos. During the time he was residing in Vegas, where he got arrested and thrown behind the bars. Unfortunately, Archie was Diagnosed with a brain aneurysm in 2020 but is doing okay as far as viewers are concerned.

A recent interview with Karas surfaced on YouTube, where he spoke about his success and losses throughout the years. He stated that love and money could not be bought - and he truly had no regard for money during his gambling days. He emphasized the importance of friends who could help when you’re down in the slumps. He also denies that he ever cheated during casino games and claims it was a false accusation during the interview.

So, generally speaking, Archie is alive and well. However, his eyes tell a different story, displaying sorrow and regret for the path of life he chose following materialistic aspects.

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