After coming through the youth system of Red Star Belgrade, Karasi started his senior career with Yugoslav Second League side Borovo.
Overall, Karasi amassed 150 appearances and scored 57 goals in the Yugoslav First League, helping the team win the title on three occasions (1969, 1970, and 1973).
[4] In 1974, after meeting the Yugoslav FA transfer eligibility requirements, Karasi decided to go abroad to France and signed with Lille.
[6] In 1981, Karasi returned to Yugoslavia and joined OFK Beograd, but moved back to the Major Indoor Soccer League by signing with the New York Arrows in March 1982.
[10] After hanging up his boots, Karasi served as manager of numerous clubs, including Obilić,[11] Erzurumspor (Turkey),[12][13] Mladost Lučani,[14][15] Zvezdara,[16][17] Bežanija,[18] BASK,[19] and Borac Banja Luka (Bosnia and Herzegovina).