$40 Million Poker Player Charged in Casino Cheating Scheme

Man who once had the largest winning streak charged with marking cards

   

$40 Million Poker Player Charged in Casino Cheating Scheme

The famed poker player who in the ’90s turned $50 into a $40 million win has been charged in a casino cheating scheme in which he is alleged to have been marking cards.

From NBC San Diego:

World-famous gambler Anargyros Karabourniotis, 62, who goes by the name “Archie Karas,” was caught by the Barona Gaming Commission allegedly marking cards at a Barona Casino blackjack table.

On Friday, District Attorney Bonnie Dumanis announced that Karas had been arrested at his Las Vegas home on Sept. 24 for his alleged involvement in the gambling scheme.

As you may or may not known (depending on your gambling skills), card-marking is a cheating technique in which the player manages to put small yet distinguishable mark — by using, say, sandpaper — on the back of playing cards. The dealer or other players may not be able to tell, but the player uses the marks to win big.

Karas had previously been arrested four times for cheating by card-marking, card-switching, and pressing bets – all at California casinos.

The poker phenom reportedly only lost one game from 1992-95, winning around $40 million in a streak known as “The Run.”

By the late ’90s, friends say he lost most of the money, but didn’t seem to care as he was more obsessed with the game than with retaining the winnings.


Article printed from InvestorPlace Media, http://investorplace.com/2013/09/40-million-poker-player-charged-in-casino-cheating-scheme/.

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