Archie Karas is one of the most famous gamblers in recent history. Born in Greece, Karas spent most of his life in the gambling capital of the world – Las Vegas. He rose to fame around 1995 when he famously transformed a $50 bank balance into a $35 million fortune by gambling on every possible game in Vegas. In many ways, Karas can be thought of as the greatest and worst gambler of his generation. After making $35 million in 1995, he managed to lose all of that money within 12 months.
Controversy has never been far from Karas, with a California casino suing him for fraudulently winning around $8,000 at their premises. The casino, located in Lakeside, California, claims that he was winning games by marking cards. This is illegal at any gambling establishment. Officials at the casino were suspicious of his winning percentages, and their concerns were confirmed when they watched surveillance footage showing Karas marking cards.
Arrested at his residence in Vegas, this is not the first time Karas was in trouble with the law. He has been arrested around five times for crimes relating to gambling, such as marking cards, switching cards, or bet pressing. There is no specification of how Karas marked the cards, because his technique is so slick and subtle that only a trained eye could spot it on surveillance footage.
Marking Cards –
Card marking is something that is rampant in casinos all around the world. Players of all ages and reputations will try to cheat the system and win big. Cards can be marked by anything from sandpaper to pieces of paperclips to tiny jewelry. All it requires is a small dent or marking on the card.
$40 Million to Bankruptcy –
It is remarkable to think that a man who went from having nothing to winning $35 million could be so careless in his spending. Unfortunately, Archie Karas never developed an appreciation for money, mostly because it came so easily to him. Winning millions at almost every game he played from 1992 to 1995, Karas thought that the winning days would never end. Even when he lost everything in 1996, he had complete belief that he would turn things around. That never happened.
It is unfortunate to read about Karas being arrested for cheating a casino out of the paltry sum of $8,000, especially when you consider his reputation in the poker world.
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