Interview With Archie Karas

Archie came to Las Vegas in the early 90s and started with 50 dollars and turned it into 40 million before losing it all.

https://www.youtube.com/watch?v=UpiVPJkGZ5k

So he was a millionaire for about 3 years? His whole career was 3 years or he kept millions for decades and then lost it in 3 weeks?

Quote: jjjoooggg

So he was a millionaire for about 3 years? His whole career was 3 years or he kept millions for decades and then lost it in 3 weeks?

Archie's problem was when ever he won big money he just upped his bets, so unless he kept winning he was bound to lose it. He made 30 million in one stretch over three months but then lost the30 million in 48 hours. He was a sharp gambler but did not understand money management.

Quote: vegas

Archie's problem was when ever he won big money he just upped his bets, so unless he kept winning he was bound to lose it. He made 30 million in one stretch over three months but then lost the30 million in 48 hours. He was a sharp gambler but did not understand money management.

48 hours, You seem to know more than whats in the video. So, his gambling career was 3 years.

I was playing next to a lady. She wasnt an AP. She made 20k from 500 and lost everything in about 15 min.

Quote: jjjoooggg

48 hours, You seem to know more than whats in the video. So, his gambling career was 3 years.

I was playing next to a lady. She wasnt an AP. She made 20k from 500 and lost everything in about 15 min.

Ya I guess easy come easy go. Archie is very well known and a legend in Vegas. He often played Johnny Chan in poker and usually beat him. Chan was a world champ in the day. His gambling career was much longer but his biggest losses and wins were done quickly

Quote: vegas

Archie came to Las Vegas in the early 90s and started with 50 dollars and turned it into 40 million before losing it all.

/watch?v=UpiVPJkGZ5k

His example is motivating and discouraging at the same time. I think we shouldn't lose our minds and manage the money carefully. Let's learn from the others mistakes

Quote: Reon76

His example is motivating and discouraging at the same time. I think we shouldn't lose our minds and manage the money carefully. Let's learn from the others mistakes

Had he managed his money we wouldn't be talking about him as it's his mismanagement of money that allowed such a lucky run.

Can one be a sharp gambler without understanding money management? I'd think that for long-term success, money management is perhaps even more important than owning fancy watches.

Quote: billryan

Can one be a sharp gambler without understanding money management? I'd think that for long-term success, money management is perhaps even more important than owning fancy watches.

Stu Ungar would probably be an example. Best poker player or backgammon player alive at points, not allowed to play blackjack anywhere. There’s probably a pretty important distinction between “understanding” and able to put into practice here. None of us are perfect and sometimes our faults can prevent us/others from doing the things we know how to do or are capable of doing.

Karas was arrested and pleaded guilty to a felony for marking cards at Barona and was arrested several times in Nevada for cheating. Probably more legendary/ notorious than skilled.

Quote: mcallister3200

Stu Ungar would probably be an example. Best poker player or backgammon player alive at points, not allowed to play blackjack anywhere. There’s probably a pretty important distinction between “understanding” and able to put into practice here. None of us are perfect and sometimes our faults can prevent us/others from doing the things we know how to do or are capable of doing.

Karas was arrested and pleaded guilty to a felony for marking cards at Barona and was arrested several times in Nevada for cheating. Probably more legendary/ notorious than skilled.

Gin Rummy too with Ungar.

I only know Unger from the movie about him. I only know Kara by his " legend". I'd never heard he was arrested for marking cards. I have to assume he didn't get caught the very first time he did it so he seems to be a cheater.

Quote: unJon

Gin Rummy too with Ungar.

Thanks I meant gin rummy rather than backgammon.

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more interesting to me is the story of the legendary Nick Dandolos known as "Nick the Greek" who was not a cheat

he died broke but reportedly donated $20 million to charity

according to the link he won and lost an estimated $500 million in his lifetime which roughly equates to $15 billion in today's dollars

he also continued playing in his old age, so in evaluating him as a gambler I would call him one of the greatest, and I give him an excuse for going broke since me may not have had his full mental acuity due to age when he last lost his fortune

he continued playing until his death at age 83

the famous or infamous if you prefer "Jimmy the Greek" - CBS sportscaster and prognosticator took his nickname from Nick the Greek
but he wasn't remotely close to being in Nick the Greek's league





https://www.gamblingsites.org/biographies/nick-dandalos/


https://greekreporter.com/2021/05/04/gambling-legend-nick-the-greek/




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I’ve never heard of these players before.

I like watching Phil hellmuth.