The Biggest Wins And Losses In Casino History

Gambling is an activity that has been around for centuries, and it continues to captivate many people’s imaginations.

Every now and then, a player will hit the jackpot and walk away with a life-changing sum of money – but sometimes they’ll lose big too.

In this article, we’ll take a look at some of the biggest wins and losses in casino history.

From huge payouts to devastating bankruptcies, these stories are sure to astound you.

Let’s dive in!

Archie Karas’ Stunning Run In 1992

Archie Karas is a name that will forever be synonymous with one of the biggest wins in casino history. In 1992, Karas arrived in Las Vegas with only $50 to his name but soon rocketed to stardom after embarking on an incredible winning streak.

Starting at Binion’s Horseshoe, he put his money on the table and started playing high-stakes poker. He won an astonishing $17 million over the course of two years, becoming one of the most successful gamblers ever.

The run was so remarkable that it earned him a spot in the Guinness World Records as “the greatest winning streak by a gambler” and he became known as ‘The Greek’ due to his Greek heritage.

During this time, Karas played all kinds of casino games including blackjack, baccarat and craps, often betting hundreds of thousands of dollars per hand or roll. He also made huge bets on sports events such as boxing matches and horse racing.

Unfortunately for Karas, his luck eventually ran out and he ended up losing all of his winnings – plus millions more – over the following three years.

Despite this dramatic reversal of fortune, Karas remains an inspiration for many gamblers who aspire to emulate his legendary success. His story serves as a cautionary tale about how quickly fortunes can change when gambling.

Don Johnson’s Million Dollar Blackjack Win

It was a monumental victory, a feat many believed to be impossible. Don Johnson’s million dollar blackjack win in 2011 had gamblers around the world in awe.

Johnson took Atlantic City casinos for over $15 million without counting cards or breaking any rules. He developed his own strategy and negotiated with casinos to increase his odds of winning.

Johnson knew the exact bets he should make depending on the dealer’s hand and took full advantage of his edge. Casinos tried to stop him by offering him less advantageous deals, but Johnson held firm until he got the terms he wanted – a great deal for both himself and the casino.

In exchange for playing more games, Johnson received higher payouts when he won, and lower losses when he lost. This gave Johnson an unbeatable edge over the house which allowed him to come out on top after each session – taking millions from Atlantic City’s casinos without breaking any rules or counting cards.

It was an incredible feat that will go down in history as one of the most impressive wins ever seen at a casino table.

Kerry Packer’s Million Dollar Loss

Having just discussed Don Johnson’s remarkable million dollar Blackjack win, it’s worth noting that not all gambles pay off. That point was made abundantly clear when high roller Kerry Packer visited Las Vegas in 1995.

Packer had been known to bet big at the tables, and this visit was no exception. He reportedly dropped an astonishing $20 million in just a few days of gambling.

The Australian billionaire lost nearly $7 million playing baccarat and another $1.5 playing blackjack during his stay at the MGM Grand Hotel and Casino.

Though Packer’s losses weren’t as spectacular as Johnson’s winnings, they certainly illustrate the risk associated with casino gambling. Even someone with virtually unlimited resources can still come out on the other side empty handed if luck isn’t on their side.

Such is the nature of gaming – you never know whether you’ll hit it big or lose it all.

The Mit Blackjack Team’s Success

The MIT Blackjack Team made headlines in the early 2000s for its unprecedented success. Founded by a group of college students and their professor, the team was able to successfully employ mathematical strategies to beat casinos at their own game.

The team’s approach was simple but effective: count cards and use basic strategy to reduce the house edge as much as possible. This allowed them to gain an edge over the casino, meaning they were more likely to come out ahead than they would be if playing without any sort of strategy.

In addition, the team employed various techniques such as disguising their winnings with fake chips and using funds from outside investors to maximize their profits.

The team won millions over its lifetime and has since become a model for other successful gambling teams around the world. By mastering card-counting strategies and utilizing investor funds, they were able to achieve staggering success that has yet to be matched by any other gambling team in history.

The Crazy Story Of Ashley Revell’s Roulette Bet

It was one of the most daring bets in casino history that made Ashley Revell a household name. After selling all his possessions and emptying his bank account, Ashley took the $135,000 he had earned to Las Vegas for an epic gamble. He planned to bet it all on a single spin of roulette.

The casino was packed with people watching as Ashley placed his chips on red. As the ball spun around the wheel, everyone held their breath in anticipation of what could happen next. The tension was palpable as the ball came closer and closer to its destination until finally it landed with a thud in the number 7 red slot.

Cheers erupted from the crowd as Ashley had won double his money – he had defied all odds and turned $135,000 into $270,000! Although Ashley decided to walk away after his win and never returned to gambling again, this story became an inspiration for gamblers around the world.

Ashley’s success showed us that taking risks can be rewarding; however, it also serves as a reminder that gambling should always be done responsibly and never with money you can’t afford to lose. It’s important to remember that every side of a coin has two sides; while there may be potential wins, there are also potential losses which is why its important to always stay informed about strategies and regulations when it comes to gambling.


In conclusion, casino history is filled with stories of incredible wins and losses.

Archie Karas’ lucky streak in 1992 showed us how far luck can take you.

Don Johnson’s blackjack win highlighted the power of a deep pocket.

Meanwhile, Kerry Packer’s million dollar loss reminded us that even the wealthiest can’t always beat the house.

The MIT Blackjack Team proved that skill can be just as important as luck, and Ashley Revell’s roulette bet was a reminder to never be too daring with your money.

Casino games may offer the chance to turn a profit – but they also come with risk.

You never know which story will be next in casino history!