Gambling legends span a vast array of stories, personalities, and historic moments. Some of these legends are based on real individuals who have left a significant mark on the gambling world, while others are more mythical, bordering on folklore. Here are some of the most notable figures and tales:
Edward O. Thorp – Beat the Dealer
While not a gambler in the traditional sense, Thorp wrote the groundbreaking book “Beat the Dealer” in which he outlined card-counting techniques for blackjack.
He is considered the father of card counting.
After publishing “Beat the Dealer”, Thorp put his theories to the test in casinos with his own money and later with bankrolled money from supporters. Using card counting and other techniques, he proved his strategies worked, prompting casinos to change some of their rules and practices.
Nick the Greek (Nicholas Andrea Dandolos) – Poker Legend
A professional gambler who claimed to have gone from rags to riches and back over 73 times. He’s famously quoted as saying, “The next best thing to playing and winning is playing and losing.”
Dandolos was a familiar face in the high-stakes gambling circuits during his time. Legend has it that he was once asked by Albert Einstein why he gambled, to which he replied, “Why do you think I do it, Professor? For money!”
Archie Karas – “The Run” Legend
Born Anargyros Karabourniotis, Karas’s story is one of the most legendary gambling runs in history. He migrated to the US and worked various jobs before discovering poker.
His infamous run, known as “The Run”, started with a $10,000 loan
He quickly turned it into millions by challenging some of the best poker players in the world, including Chip Reese, Stu Ungar, and Doyle Brunson. However, as quickly as he won, he lost most of it back in subsequent years.
Kerry Packer – The Biggest Reported Gambling Loss in British History
As an Australian media mogul, Packer was renowned for his fearless high-stakes gambling sessions. He had a longstanding habit of smoking and was passionate about gambling, renowned for his substantial victories and losses.
In 1999, he faced a challenging three-day streak at London casinos, resulting in a loss of nearly A$28 million. Legend has it he once tipped a bellboy a million dollars after a big win. In another story, he offered a Texan oil tycoon a coin flip for his entire fortune.
MIT Blackjack Team – The Movie 21
Beginning in the late 1970s and continuing into the 1990s, the team used sophisticated card-counting strategies and covert signaling to win millions from casinos. Their story has been the subject of several books and films.
This group of students and former students from the Massachusetts Institute of Technology, Harvard Business School, and other leading colleges became experts in card counting and other casino games. Their story was dramatized in the movie “21“.
Richard Marcus – The Master of Cheating the Casinos
A former casino dealer, he became one of the most infamous casino cheats, employing the “Savannah” move, a roulette past posting technique.
Marcus and his team reportedly stole millions from casinos worldwide using various cheating methods.
His “Savannah” move involved betting a high-value chip beneath a low-value chip and either quickly removing it if he lost or revealing it if he won.
Wild Bill Hickok – Dead Man’s Hand
An iconic figure of the American Old West, he was an avid poker player. He was famously shot and killed while holding the hand of two black aces and two black eights, known now as the “Dead Man’s Hand”.
Beyond poker, Hickok was a lawman, showman, and gunfighter. His unexpected death during a poker game has only added to his legendary status in both gambling and Wild West folklore.
Stu Ungar – The Greatest Texas Hold ‘Em Player of All Time
Considered by many as the greatest Texas hold ’em player of all time, Ungar won the World Series of Poker Main Event three times. His life was a mixture of tremendous gambling success and personal struggles.
His talents extended beyond poker to gin rummy. However, his personal struggles with addiction overshadowed his gambling successes, leading to a tragic end to his life at just 45 years old.
François Blanc – the “Number of the Beast”
Blanc not only allegedly “bargained with the devil” for the secrets of roulette but also helped transform Monte Carlo into a major gambling destination in the 19th century. Under his management, the Monte Carlo Casino flourished and became a hotspot for Europe’s elite.
Legend has it that he made a deal with the devil to learn the secrets of roulette. This legend is often supported by the fact that if you add up all the numbers on a roulette wheel (from 1 to 36), you get 666, the “Number of the Beast”.
Benny Binion – the World Series of Poker
A legendary figure in the world of poker and casino management. He is best known for founding the Horseshoe Casino and creating the World Series of Poker.
Beyond the WSOP, Binion’s influence in the world of gambling is immense. He was known for offering the highest limits and taking any bet, regardless of size. He was a prominent figure in the transformation of Las Vegas into the world’s gambling capital.
Conclusion
Each of these figures, in their unique way, helped shape the world of gambling. Their stories encapsulate the thrill, drama, highs, and lows of the gambling experience.
These are just a few of the many legends in the gambling world. Over the years, stories of incredible luck, skill, and sometimes deception have captivated the imaginations of many, creating a rich tapestry of tales that continues to grow with each generation.
