There are many famous names in the casino and gambling industries, and some of them are legendary the world over. We’re sure you’ve heard of famous names like Archie Karas, and Wild Bill Hickok, but, in modern times it’s been difficult to get more notorious than Louis Colavecchio. His name is one of the industry's most recognised, and not for good reasons!
If you’ve not heard of him, allow us to paint you a picture of the man behind the name. Louis Colavecchio was best known as a professional gambler and casino counterfeiter. He earned the nickname The Coin due to his propensity for creating Andy using counterfeit coins. He used these in casinos across the country, earning a fortune, and fleecing casinos in the process.
Many gamblers use tactics and strategies to help them play the system. And though they are frowned upon, and hated by casinos, the majority of these tactics are perfectly legitimate and legal. However, in the case of Colavecchio, he was flat out committing fraud, and swindling casinos out of tens of thousands. Many looked at this as a Robin Hood sort of act, and view Colavecchio as something of a cult hero as a result.
After starting his own business as a young man, Colavecchio had a vested interest in the jewellery market. It was this market that he would use to his advantage when creating his counterfeit coins. His jewellery business became so successful that he was living an opulent and luxurious life, but then everything went downhill. Louis had grown used to the standard of living he already had, and he wanted it to continue.
This is what inspired him to turn, as many do, to the gambling industry. But, rather than basing his fortune on pure chance, Louis was determined to give himself an edge. He would frequently the casinos of Atlantic City, specifically Caesar's Palace, playing on the slot machines with counterfeit coins he developed through macxinery and contacts in the jewellerv industry.