Born in Aurora, Minnesota, he grew up in nearby Eveleth. Growing up, Karakas and Frank Brimsek, who also became a goaltender in the NHL, were battery mates for their high school baseball team, with Karakas catching.\n', '

Karakas played six full seasons for the Chicago Black Hawks between 1936 and 1945. In his first season with the Black Hawks, Karakas was awarded the Calder Memorial Trophy after posting a 1.85 goals-against-average with nine shutouts in 48 games. Karakas was only invited to play for the Black Hawks because their regular goaltender, Lorne Chabot, was injured. After posting four wins in four games, with three shutouts, the Black Hawks made Karakas their starting goaltender; Chabot was later traded to the Montreal Maroons.\n', '

Karakas won the Stanley Cup in the 1937–38 season, playing for the first out of two teams which won the Cup with a losing record. For the 1937-38 Chicago Black Hawks season, their owner, Major Frederic McLaughlin, order his general manager to "ice [him] a team of all American players." After losing five of its six first games with an all-American roster, some Canadian players were added; however, the team finished the season with a 14–25–9 record for a .411 winning percentage.\n', '

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