Archie Karas arrived in Las Vegas in December 1992 with just $50 in his pocket. Over the next three years, he parlayed an incredible run of gambling skill and luck into $40 million.
Karas won at craps, baccarat and poker in the casino – mainly at Benny Binion’s horseshoe, where he set a goal to obtain every $5000 chip (the highest denomination they had at the time) they had, keeping them stored in a safety deposit box at the casino.
He mounted an unimaginable winning streak playing not just wide-eyed amateurs at the poker table but against icons like Chip Reese and Stu Unger. During one incredible roll at the craps table, he nearly bankrupted the Horseshoe. He lost all fear of losing which would eventually prove his undoing.
Within about 18 months of his meteoric rise, Karas had lost the entire $40 million. When asked why he didn’t salt away $10 or $20 million when he had the chance, he said, “You don’t understand, a gambler gambles. Everybody asks that question, they just don’t understand the mentality”.
Using the Professor’s “Star” Money Management System would have limited his losses but not his winnings. He would have still had his bankroll today if he had!
Sadly, Archie saw things go from bad to worse in the years that followed. He was arrested three times for cheating at Blackjack and barred from all Las Vegas casinos. The only positive he took from it all he said was, “When the champagne runs out so do most of the people”. All his ‘friends’ were gone! From zero to $40 million and back to zero, how quickly it can all turn. There’s that word ‘extreme’ again!