In a large stock pot or Dutch oven, heat a few tablespoons of olive oil. Brown ground beef. Drain and remove ground beef from pot.
Add more olive oil and sauté bell pepper and onion until translucent, about 5 minutes. Add garlic and sauté another minute, until fragrant.
Add chili powder, paprika, smoked paprika, oregano, onion powder, garlic powder, cayenne pepper, salt, and pepper. Toast spices for a minute.
Add tomato paste, and sauté until color develops. Another 2 to 3 minutes.
Deglaze the pot with white wine. Add in beef broth, crushed tomatoes, Worcestershire sauce, sugar, bay leaves, ground beef, green chilis, kidney beans and black beans.
Bring to a simmer, reduce heat, and continue simmering for 40 - 45 minutes with the lid loosely covered. Stir occasionally to prevent sticking.
Remove and discard bay leaves. Garnish with fresh parsley or cilantro.
Serve with sour cream, cheddar cheese, and cornbread.