Archie Karas

5 Legendary Las Vegas Gamblers with the Midas Touch

Image by freepik

5 Legendary Las Vegas Gamblers with the Midas TouchLas Vegas, the glittering heart of the gambling world, has seen countless players come and go, but only a few have left an indelible mark with their seemingly supernatural ability to win big. These gamblers, often dubbed as having the “Midas touch,” turned the tables in their favor with a combination of skill, luck, and nerve. Here are five legendary Las Vegas gamblers who, for a time, seemed to have the golden touch.

1. Archie Karas: The Unstoppable Streak:

Archie Karas is perhaps the most legendary of all Las Vegas gamblers, known for the most extraordinary winning streak in gambling history. In the early 1990s, Karas arrived in Las Vegas with just $50 in his pocket. Over the next three years, he turned that meager amount into a staggering $40 million. Karas was a master of poker, pool, and high-stakes gambling, taking on the biggest names in poker and beating them consistently. His run, known as “The Run,” became the stuff of legends. However, like King Midas, Karas’s fortunes eventually reversed, and he lost nearly all of his winnings. But during his peak, his golden touch was unmatched.

2. Kerry Packer: The High-Rolling Billionaire:

Australian media mogul Kerry Packer was known for his immense wealth and love for high-stakes gambling. Packer’s “Midas touch” was evident during his visits to Las Vegas, where he was known to win and lose millions in a single night. On one occasion, Packer reportedly won between $20 million and $40 million in just a few hours at the MGM Grand Casino. His wins were so significant that they impacted the quarterly earnings of the casinos he frequented. Packer’s sheer audacity and willingness to bet millions on a single hand made him a legend in Las Vegas gambling circles.

3. Don Johnson: The Blackjack Mastermind:

Don Johnson is a gambler who made his fortune not through luck, but through skill and strategy. In 2011, Johnson took on three Atlantic City casinos and won over $15 million in a matter of months. His success was due to his deep understanding of blackjack and his ability to negotiate favorable terms with the casinos, including discounts on losses and rules that tilted the odds slightly in his favor. Johnson’s methodical approach and cool demeanor allowed him to exploit the casinos’ weaknesses, turning him into a modern-day Midas in the gambling world.

4. Stanley Fujitake: The Craps King:

Stanley Fujitake was a modest Hawaiian man who became a Las Vegas legend for his incredible run at the craps table. In May 1989, Fujitake played at the California Hotel and Casino, where he rolled the dice 118 times without losing, a streak that lasted over three hours. His lucky roll earned him $30,000 and made him a casino legend. The odds of such a streak are astronomical, making Fujitake’s feat one of the most impressive in Las Vegas history. His incredible luck at the craps table gave him a reputation as having the “Midas touch” when it came to dice.

5. Phil Ivey: The Poker Prodigy:

Phil Ivey is widely regarded as one of the best poker players in the world. His skill at the poker table has earned him millions in winnings, but it’s his ability to win in various forms of gambling that gives him the “Midas touch.” Ivey’s most famous streak occurred in 2012, when he won $9.6 million playing baccarat at the Borgata Hotel Casino & Spa in Atlantic City. Using a technique called “edge sorting,” Ivey was able to gain an advantage over the house, leading to his massive win. While his methods were controversial, there’s no denying Ivey’s golden touch at the gambling table.

Conclusion:

These five gamblers epitomize the allure and danger of Las Vegas. They walked into the casinos with confidence, skill, and a little bit of luck, turning the odds in their favor and winning fortunes that most can only dream of. However, like King Midas, their stories also serve as a reminder that fortunes won can just as easily be lost, proving that in the world of gambling, nothing is ever guaranteed.

Photo: Freepik

5 Epic Highs and Lows of Archie Karas’s Gambling Fortune

Image by freepik

5 Epic Highs and Lows of Archie Karas’s Gambling FortuneArchie Karas, born Anargyros Karabourniotis in Greece, is one of the most legendary figures in the world of gambling. Known for his extraordinary rise and dramatic fall, Karas’s story is one of the most compelling narratives in Las Vegas history of high rollers. Over the course of a few years, Karas went from having almost nothing to amassing a fortune of $40 million, only to lose it all in a stunning reversal of fortune. Here are five of the most significant highs and lows of Archie Karas’s gambling career.

1. The Start of “The Run” (High):

Karas arrived in Las Vegas in December 1992 with just $50 in his pocket after losing a significant sum in Los Angeles. With nothing left to lose, he borrowed $10,000 from a fellow gambler and turned it into $30,000 within hours playing high-stakes Razz, a variation of poker. This small victory marked the beginning of what would become known as “The Run,” a gambling streak that would go down in history. Karas’s incredible start was a high point that set the stage for an unprecedented winning streak.

2. Turning $50 into $40 Million (High):

As Karas’s winning streak continued, he moved on to challenge some of the best poker players in the world, including poker legends like Stu Ungar and Chip Reese. Karas defeated them all, eventually amassing over $7 million. He then took his winnings to the craps tables, where his luck continued. Over the next two years, Karas turned his initial $50 into a staggering $40 million. This period represents the pinnacle of Karas’s gambling career, showcasing his ability to dominate the Las Vegas scene.

3. The First Major Losses (Low):

In 1995, after two years of extraordinary success, Karas’s luck began to turn. He lost $11 million in high-stakes poker and dice games to professional gamblers at the Binion’s Horseshoe Casino. The loss marked the beginning of the end for Karas’s fortune. However, he was not deterred and continued to gamble, hoping to regain his losses. This was the first major blow in a series of losses that would eventually wipe out his entire fortune.

4. Losing $17 Million in Three Weeks (Low):

Following his initial losses, Karas’s descent accelerated. In a desperate attempt to recover his fortune, he turned to the dice tables and high-stakes baccarat games. Within three weeks, Karas lost $17 million, a sum that would cripple most gamblers. Despite his confidence and belief in his luck, the tides had clearly turned against him. This dramatic loss signaled the rapid decline of Karas’s fortunes, as he continued to chase the dream of recapturing his previous success.

5. The Final Blow: Losing the Last $7 Million (Low):

In the final chapter of his epic streak, Archie Karas lost the remaining $7 million of his $40 million fortune. In a single session of high-stakes poker, he lost the last of his money, bringing an end to one of the most extraordinary gambling runs in history. The total loss of his $40 million fortune stands as one of the most shocking reversals in Las Vegas history, turning Karas from a legendary winner into a cautionary tale of the dangers of gambling.

Conclusion:

Archie Karas’s story is one of the most dramatic in the history of gambling, filled with extraordinary highs and devastating lows. His rise from $50 to $40 million in just a few years is a feat that has yet to be matched, making him a legend in the world of gambling. However, his equally rapid fall serves as a powerful reminder of the volatility and risks inherent in the world of high-stakes gambling. Karas’s journey is a testament to the thin line between fortune and ruin in Las Vegas.

Photo: Freepik

5 High-Roller Gamblers Who Lost Big in Las Vegas

Image by freepik

5 High-Roller Gamblers Who Lost Big in Las VegasLas Vegas, the city of lights, luxury, and high stakes, has always been a playground for the wealthy and daring. But while some leave Sin City with pockets full of cash, others have lost fortunes in pursuit of the ultimate win. Here are five high-roller gamblers who experienced the darker side of Las Vegas, losing big in the process.

1. Kerry Packer: The Billionaire Who Knew No Limits:

Kerry Packer, the Australian media tycoon, was notorious for his fearless approach to gambling. Known for his love of high-stakes action, Packer often bet millions in a single night. On one occasion in 1999, he famously lost $28 million at the MGM Grand Casino in Las Vegas. Packer’s losses were so substantial that they reportedly affected the casino’s quarterly earnings. However, Packer was no stranger to huge wins either, once winning over $20 million in a single session. His losses, though, were a reminder of how even the richest can suffer huge financial blows in the pursuit of excitement.

2. Terrance Watanabe: The Businessman Who Lost $127 Million:

Terrance Watanabe, a Nebraska businessman, became infamous for his staggering losses in Las Vegas. Between 2007 and 2009, Watanabe lost a jaw-dropping $127 million at Caesars Palace and The Rio. Watanabe was so deeply entrenched in his gambling habits that he accounted for nearly 6% of Caesars Entertainment’s gambling revenue during that period. His losses were fueled by extended sessions at the tables, where he was known to place reckless bets. Watanabe’s story became a cautionary tale of how a successful businessman’s fortune could be wiped out in a matter of years by gambling addiction.

3. Archie Karas: The Man Who Turned $50 into $40 Million—and Lost It All:

Archie Karas is perhaps one of the most legendary figures in Las Vegas gambling history. In 1992, Karas arrived in Las Vegas with just $50. Over the next three years, he turned that meager sum into $40 million, winning at poker, pool, and craps. His extraordinary winning streak became known as “The Run.” However, in 1995, Karas’s luck turned, and he lost every penny of his $40 million fortune in a matter of weeks. Karas’s story is a dramatic example of how quickly fortunes can change in the world of high-stakes gambling.

4. Maureen O’Connor: The Mayor Who Gambled Away $13 Million:

Maureen O’Connor, the former mayor of San Diego, shocked the public when it was revealed that she had lost $13 million in Las Vegas casinos between 2000 and 2008. O’Connor’s gambling addiction, fueled by the loss of her husband and other personal tragedies, led her to embezzle millions from a charitable foundation he had established. She spent hours playing video poker, often betting thousands at a time. O’Connor’s fall from grace was a tragic tale of how gambling addiction can devastate even the most prominent and respected individuals.

5. Charles Barkley: The NBA Star Who Gambled Away $30 Million:

Charles Barkley, the NBA Hall of Famer, is as well known for his gambling exploits as he is for his basketball career. Barkley has admitted to losing around $30 million over the years, much of it in Las Vegas casinos. His gambling losses include a $2.5 million loss in just six hours playing blackjack. Despite his massive losses, Barkley has always maintained that he gambled for the thrill and could afford to lose the money. However, his experiences serve as a stark reminder of how even the wealthiest athletes can be drawn into the risks of high-stakes gambling.

Conclusion:

Las Vegas is a city where fortunes can be made and lost in the blink of an eye. The stories of these five high-roller gamblers highlight the allure and danger of the city’s casinos. While the thrill of the gamble may be irresistible, these tales of loss serve as powerful reminders of the risks that come with chasing the ultimate win in Sin City.

Photo: Freepik