The players who conquered Baccarat and the secrets behind their wins

What started as a game only played at house parties and private gaming rooms is now one of the most glamorous and popular casino games called Baccarat. Its origins are a mix of China, Japan, and Korea, but it later gained massive popularity in Europe.

Today, the most standard version of Baccarat is derived from Cuba. It’s a game played with cards between two hands, the player and the banker, with three possible outcomes: player, banker, or tie. There are also three different variants of the game, namely, Punto Banco, Baccarat Chemin de Fer and Baccarat Banque.

The Baccarat genius

Poker fans will know Phil Ivey as a ten-time World Series of Poker bracelet winner, but did you know that he was also a keen Baccarat player? Ivey won a permanent place in the Baccarat Hall of Fame after his legendary (but unethical) run in 2012. Ivey and his assistant, who is also an expert at “edge sorting”, made a fortune playing in London and Atlantic City.

Ivey and his assistant paid a $1 million deposit for a private Baccarat table with three requests:

1. The dealer should only speak Mandarin.
2. The cards must be rotated 180 degrees.
3. The final request was to only play with a purple Gemaco deck.

With their requests also came some unethical behaviours, which landed them $20.6 million. However, they were eventually caught cheating and taken to court by several casino owners and did not get to keep any of their winnings. Let’s meet his assistant:

The Baccarat queen

Cheung Yin Sun, also known as Kelly Sun, is a master of card games and is labelled as the “Queen of Edge Sorting”. Sun is one of the most famous gamblers in history, and she has a deep understanding of Baccarat and her ability to spot card imperfections.

The fearless Japanese high-roller

Akio Kashiwagi was a Japanese real estate tycoon and one of the most fearless Baccarat players ever. Also known as “The Warrior”, Kashiwagi earned profits of $100 million annually and owned more than $1 billion in assets.

The Warrior played the highest stakes possible in Las Vegas and Atlantic City, placing bets of $100,000 on a single hand and even $200,000 if the house permitted. Winning was a common occurrence for him; he once took home $6 million from Trump Plaza.

Kashiwagi’s final Baccarat game was in 1991 in Atlantic City with an initial budget of $12 million, and his promise was to either lose it all or double it before he stopped. He ended the game, losing $10 million when the house stopped the game. The Warrior died a month after his last game in 1992.

The Australian billionaire who bet big

Kerry Packer was an Australian media tycoon and a legendary gamer. By the time of his death, he was known as Australia's richest man, boasting a net worth of $6.5 billion.

Packer was famous for his massive bets at the casino tables. Some reached up to $500,000 per hand and definitely paid off, as he won $26 million after a few hours of play. Sadly, after winning this staggering amount, the casino banned him for life.

His generosity went beyond betting big. He was also a great tipper to casino staff and waiters while enjoying a game of Baccarat.

The gambler who turned $50 into $40 million

The legendary gambler Archie Karas started with just $50 during The Run when he drove to Las Vegas in December 1992. He turned it into over $40 million playing poker, pool, and Baccarat. However, later that year, he lost it all.

Following the losses, he committed to Baccarat and lost another $17 million. Left with $12 million, he took a break from gambling. Upon returning to Las Vegas, he played Baccarat with a $300,000 bet and lost all but his last million in less than a month.

The tycoon who gambled millions

John Warne Gates became a Chicago millionaire by selling barbed wire and firewood to homes and at the local railroad, where the workers taught him the rules of casino table games. Intrigued by what he was taught, he never looked back and started making millions playing Baccarat.

Gates hosted many Baccarat games at his home and whenever he went on long train journeys between Chicago and New York.

During one of his parties, Gates was doing duty as the banker and decided to bet $1 million in one round ($27 million in today's money). His opponent had to place the same amount if they wanted to continue playing.

Expert Baccarat strategies

Baccarat has made many rich over the years with its rich history of victories and losses. Whether through skill, strategy or just luck, these players definitely left a mark.

We will follow up with some expert strategies that could help you grab a win during your next game:

• Bet smart: The Banker bet has the lowest house edge, which makes it the best choice for players. Statistically, the banker wins about 51% of the time.
• Tie bet is a no-go: The Tie bet almost always seems tempting as it has a high payout, but with that comes a massive house edge of nearly 14%.
• Create a budget and stick to it: Managing your money is the key to success, so set a clear budget before you place bets and never chase losses. Knowing when to walk away is better than losing it all.