His seven-shot lead is the largest 54-hole margin in Nationwide Tour history. The previous record was six shots held by four people and only one failed to advance to the winner's circle.
'I've been around long enough to know it can come and it can go,' said Kraft, a member of the PGA Tour for 13 years who won once. 'There are big numbers out there.'
Craig Bowden (65), Tim O'Neal (66), David Branshaw (67), Bubba Watson (67) and Jeff Gove (67) are knotted in a distant tie for second place at 9-under-par 204.
Kraft birdied four of his first six holes, including a 5-footer at the sixth, and at one point the lead grew to nine shots. He bogeyed the seventh, then drove into the rough at eight and took another bogey.
Kraft mixed two birdies and one bogey the rest of the way, but the story of the back nine was missed opportunities. He failed to convert at least four birdie putts inside 12 feet.
'I didn't want to play safe coming in,' said Kraft. 'The last few holes I tried to stay aggressive.'
Keoke Cotner (64), Robert Floyd (67), Brandt Snedeker (67) and Jess Daley (68) are tied for seventh place at minus-8.