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Karas first cashed in a major live poker tournament in 1997, according to the Hendon Mob, and has seven cashes in World Series of Poker events.

He is widely known for running $50 up to $40 million, only to lose it all back, according to an article by Tom Sexton that was published on PokerNews: "Can you imagine anyone driving to Las Vegas in 1992 with $50 in his pocket, then borrowing $10,000 to start playing $200/$400 Razz and Seven-Card Stud, and in six months, running it up to a $17,000,000 fortune shooting pool, playing poker, and shooting dice? Then, instead of cashing out, he decides to gamble sky-high and runs his bankroll to over $40,000,000, before losing it all back by 1995?"

The Review-Journal pointed out that during Karas' timeless run, back-to-back WSOP Main Event champion Johnny Chan was the only player who got the best of him: "Johnny Chan is the only gambler who actually beat Karas during the streak, taking $900,000 in a series of Hold'em poker games."