WSJ pays tribute to Archie Karas following gambling icon’s passing

Archie Karas, a prominent figure in the world of poker and gambling, passed away at 73 last month, leaving behind a significant legacy in the gaming community. A profile on his life was recently featured on the Wall Street Journal.

Born as Anargyros Karabourniotis on the Greek island of Kefalonia in 1950, Karas emigrated to the United States in the early 1970s, where he quickly became known for his skills in high-stakes poker.

Karas is best known for his remarkable winning streak in Las Vegas in the early 1990s, often referred to as “The Run.” During this period, he famously turned a 50 dollar stake into approximately 40 million dollars over three years, showcasing his talents in various casino games, including poker, dice, and blackjack. His aggressive playing style and willingness to take risks earned him a reputation as one of the most fearless gamblers of his time.

Despite his extraordinary success, Karas experienced significant setbacks, and his winning streak was often followed by substantial losses. He took his biggest hit when he lost 11 million dollars in a single night, followed by a 20 million dollars loss over the next two weeks, according to reports.

He continued to participate in high-stakes cash games and tournaments, remaining a well-known figure in the poker community. He was repeatedly saying that “money means nothing to me,” a phrase reflective of his risky gaming style and life philosophy.

Voula Balason, his on-and-off girlfriend for the past 30 years, revealed that around 2000, Karas sold his spacious house in Las Vegas, along with several luxury cars and all of his furniture.

After recovering from a brain aneurysm in 2020, Karas was deeply affected to learn that his long-lost son had passed away just before he was able to locate him.

Karas died in Los Angeles of undisclosed causes.