Fast Facts: Who are the Richest Gamblers in Vegas History?

Las Vegas is synonymous with glitz and glamour, that’s a given – but it is perhaps most famous for – what else? - gambling. As the unofficial and official gambling capital of the world, it's no surprise that some of the richest and most successful gamblers have made their fortunes here. These high-rollers, known for their daring bets and staggering, life-changing winnings, have left their mark on the city’s storied past and contributed to Vegas’ undoubtedly colorful history. Today, we’ll dive deeper and unearth the backgrounds, the strategies, and the untold fortunes of the richest gamblers in Vegas history. Some of these gamblers are already household names – but some of these names might just surprise you. As we all know, it’s not just about who can bluff their way around the tables – these winners did more than just put on the coolest poker face, after all – they changed the Vegas gambling landscape as we know it, as you will see below.

1. Phil Ivey – The poker prodigy

Phil Ivey, who is still gracing poker tournaments as we speak, is often regarded as the greatest poker player of all time. With 10 World Series of Poker (WSOP) bracelets to his name, he has accumulated millions over his illustrious career. However, Ivey isn’t just known for his poker acumen - he's also a feared high-stakes gambler in other games like baccarat.

Ivey gained notoriety for his alleged involvement in an "edge-sorting" scandal in 2012. He and his partner won £7.7 million (that’s a cool $10.3 million to you and me) at a London casino by identifying flaws on the backs of playing cards during baccarat games. While the casino refused to pay out his winnings, Ivey’s brilliance in reading patterns remains legendary.

His strategy: Phil Ivey’s strategy revolves around reading opponents and understanding probabilities. His mental fortitude and keen intuition give him an edge over other competitors, allowing him to maintain an impressive win rate at the poker table.

Net worth: With an estimated net worth of $100 million, Phil Ivey stands as one of the richest professional poker players in Vegas history.

2. Kerry Packer – The Australian tycoon

Kerry Packer, an Australian media mogul and businessman, was one of the most powerful figures in global gambling circles. Packer was known to frequent the high-roller tables in Las Vegas (landing him on our list of the Top Ten Highest Rollers in Vegas, no less), where he placed some of the largest bets the city had ever seen.

In the 1990s, Packer made headlines for winning up to $40 million in a single night at the MGM Grand. Packer was so revered by casinos that they would often roll out the red carpet for him, offering complimentary stays, luxurious suites, and personalized service to keep him coming back.

His strategy: Packer was a man of intuition, often relying on his gut feelings when making bets. His willingness to take calculated risks combined with his aggressive playing style made him one of the most feared and respected gamblers the world over.

Famous win: One of Packer’s most legendary wins occurred when he reportedly won $20 million in just 40 minutes playing blackjack at the MGM Grand. His influence was so profound that some casinos feared his presence at their tables.

3. Archie Karas – The man behind "The Run"

Greek-American gambler Archie Karas is one of the most legendary figures in Vegas history. That’s because he is renowned for pulling off what is considered the greatest winning streak in gambling history, known simply as "The Run."

So what is the background of Karas’ story? In 1992, Karas arrived in Las Vegas with just $50 in his pocket. But over the course of the next few years, he turned that small amount into over $40 million just by playing high-stakes poker and pool. His streak, however, wasn't limited to poker - he ventured into craps and baccarat, where he placed millions on the line.

His strategy: Archie Karas was a fearless bettor. As such, his secret weapon was his ability to stay calm under immense pressure. In short, Karas wasn't afraid to bet everything, earning him the reputation of a man with nothing to lose - and everything to gain.

His downfall: Despite his initial success, Karas lost his entire $40 million fortune within a few weeks, which reminds everyone that in Vegas, the house often wins in the end. His story remains an iconic cautionary tale in gambling folklore within Vegas and elsewhere.

4. Edward Thorp – The blackjack genius

While many gamblers rely on luck, Edward Thorp, born in 1932 and now 92 years of age, approached gambling as a mathematical challenge. It’s easy to see why: as a professor of mathematics and a hedge fund manager, Thorp is credited with developing card-counting strategies that revolutionized blackjack. His book, Beat the Dealer, published in 1962, was the first to mathematically prove that blackjack could be beaten with a counting system.

Thorp’s ability to apply probability theory made him a feared figure in Las Vegas casinos. By counting cards, he could predict the likelihood of certain outcomes and adjust his bets accordingly. Over time, he made millions at blackjack tables in Las Vegas.

His strategy: Thorp’s card-counting strategy was revolutionary in its simplicity. By keeping track of which cards had been played, he could make informed decisions about when to hold back and when to bet high. Thorp also used computer simulations to refine his methods, ensuring consistent winnings.

Legacy: Although card counting is now closely monitored by casinos, Thorp’s contributions to gambling theory have made him one of the richest and most influential gamblers in the history of Sin City.

5. Stu Ungar – The poker legend

Another revered poker player, Stu Ungar is often referred to as one of the most naturally gifted poker players in history. Born in New York, Ungar made a name for himself in Vegas by winning the World Series of Poker (WSOP) Main Event three times - one of only two players to ever achieve this feat.

Ungar’s genius wasn’t limited to poker, either - he was also an expert gin rummy player. His victories at the poker table are what solidified his place among the gambling elite. But despite collecting millions throughout his career, Ungar struggled with some personal demons, particularly drug addiction, which ultimately led to his downfall.

His strategy: Ungar had an uncanny ability to read his opponents. His exceptional memory and psychological insights allowed him to predict their moves, giving him a huge advantage in poker.

A tragic end: Though Ungar won over $30 million in his lifetime, he passed away nearly penniless in 1998. His legacy, however, lives on as one of the most talented gamblers ever to grace the Vegas poker scene.

6. Terrance Watanabe – The high-stakes whale

Granted, Terrance Watanabe is known more for his losses than his winnings, but he still ranks as one of the biggest gamblers in Las Vegas history. Watanabe, an heir to his family’s fortune, gambled away over $200 million in Las Vegas casinos between 2007 and 2009.

His strategy: Unlike many successful gamblers, Watanabe didn’t employ a specific strategy or technique. In fact, he was notorious for his impulsive betting style and often took unnecessary risks at the blackjack and baccarat tables.

Notable losses: At one point, Watanabe’s losses accounted for approximately 5.6% of the total revenue of Caesars Palace and Rio casinos! Despite his unbelievable losses, Watanabe’s name is etched in the annals of Vegas gambling history due to the sheer size of his bets.

There is no doubt that the world of Las Vegas gambling has seen its fair share of winners and losers, but a select few have left an indelible mark on the city's history. Whether it’s skill, intuition, or sheer daring (or all three!), these gamblers have won and lost vast fortunes, creating stories that continue to fascinate and tempt ordinary mortals like us. But while gambling can be a thrilling ride, the journeys of these rich gamblers remind us of the delicate balance between fortune and failure in the high-stakes, ever-glittering world of Las Vegas.