Poker Pros Net Worth
I am not a gambler — at least in the truest sense of the word. Yes, I take risks in business, but these are highly calculated risks in which I have an ability to impact heavily through work ethic and dynamic adjustment methods. Even when I travel to Las Vegas with friends and business partners, I stick to the slot machines because I have figured out the probability based on consistent plays — so I always win. With that being said, there are actually people who earn a living playing poker. When I say earn a living, I mean a living that is beyond the earning status of 95 percent of the U.S. population. Poker is not only a game of skill, but it requires the ability to remain calm as to not tip your hand, as well as know how and when to bluff your opponents.
Kelly Minkin Net Worth. Kelly Minkin, despite all her success, still works as a lawyer who pays pretty well but nothing in comparison to what she has made in her career as a Poker player. With only seven years of active playing, Kelly Minking net worth is approximately $1,486,434 over her whole career. Overall, her position isn’t too bad. He entered the world of poker after he was forced to give up on football due to injuries. He has a net worth of $17 million. Antonio Esfandiari – $23 million. This man has used remarkable skills and an incredible system of play to become the second richest poker player in the world, with a net worth of $23 million.
To give you some insight into just how lucrative professional poker is, we decided to list the 10 richest poker players in the world.
He was crowned as the winner of the world poker tournament in 2006 and bagged a cash prize of $12 million. He is currently evaluated at $13 million as his net worth making him of the richest poker players on the planet. Michael Mizrachi. Going by the nickname “Grinder”, Michael is one of the players with a consistent performance in the game. Net Worth of Poker Pro Dan Bilzerian. By Zeeshan Posted on December 9, 2020 December 9, 2020. ESTIMATED VALUE: 130Million Euros: SELF-NAMED POKER WINNINGS. The Las Vegas born professional poker player has a glorious Net Worth of $41 million. He has won eight World Series in Poker bracelets. Erik has a World Poker Tour title as well in his name. Erik has spent a significant amount of time in the stock market and apart from the poker world and earned a whopping amount from there as well.
10. Joe Hachem – $12 Million
Poker Pros Net Worth Percentiles
Joe Hachem was once a successful chiropractor until he found out that he could make substantially more money as a poker player. Actually, certain health conditions also played a role in Joe walking away from his practice. He has won a number of tournaments over the last decade including a $7.5 million purse from the World Series of Poker. He has amassed a net worth of $12 million.
9. Jamie Gold – $13 Million
Jamie is considered one of the most balanced players in the game. He can be very aggressive at times and then switch to a conservative posture with little to no effort. Whether displaying aggression or being conservative, he always has a calmness about him that is indicative of the confidence in which he plays the game. He has a couple of world titles under his belt and he currently has a net worth of $13 million.
8. John Juanda – $13.2 Million
When it comes to poker players in Indonesia, John Juanda reigns supreme. He dabbles in other areas of interests, including business and athletics, but poker is what supports his lifestyle. One thing that John is recognized for in his poker play is his ability to maintain his composure no matter what the current situation. He was won three world titles so far, amassing a net worth of $13.2 million.
7. Michael Mizrachi – 14 Million
If you think that poker players cannot be intense and show emotion, then you have not seen Michael Mizrachi, who is so intense that he goes by the name of the “Grinder.” He is one of the most consistent players in the game. He does not win a lot of tournaments, but he always places high. He is always in the hunt. He has a current net worth of $14 million.
6. Phil Ivey – $15 Million
What may be most impressive about Phil Ivey is his age. At only 23, he is one of the youngest major players in the game at any level. He has already won a total of three world poker bracelets. He was already a millionaire while his contemporaries were rushing to their college classes. He currently has a net worth of $15 million, and that will likely grow substantially over the years to come.
5. Daniel Negreanu – $16 Million
Because of his composure and the confidence he displays in his decision-making, Daniel is viewed as the ideal role model for younger players to study and emulate. The reason for his confidence and demeanor is that he started playing the game at a very young age. He even dropped out of college to pursue a career in poker. Because of that decision, he has amassed a net worth of $16 million.
4. Phil Hellmuth – $16 Million
If you follow poker, then this a person who needs no formal introduction. He is, without question, one of the most popular poker players in the world. His skills are quite remarkable to the point that he is often compared to legends in other sports, such as Tiger Woods and Michael Jordan. His skills and consistency have led to constant climb in the net worth department, achieving a current net worth of $16 million.
3. Sam Trickett – $17 Million
Sam has been playing poker professionally since 2005, and he has achieved several notable accomplishments since then, including a total of eight major world tournaments — making him one of the most recognized and beloved figures in the sport. He entered the world of poker after he was forced to give up on football due to injuries. He has a net worth of $17 million.
2. Antonio Esfandiari – $23 million
This man has used remarkable skills and an incredible system of play to become the second richest poker player in the world, with a net worth of $23 million. He is known for being very bold in his decision making, trusting his skill set to get him out of tough situations. He has a very calm demeanor, which makes him very difficult to read.
1. Erik Seidel – $40 Million
Without question, Erick Seidel is the most admired and revered poker player in the world, and based on his list of accomplishments, he has earned that honor. It is important to understand that while Erik has been very successful in poker, a significant amount of his assets come from investing in stocks, but the predominance comes from winning at poker a lot. He has amassed a net worth of $40 million.
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Because there aren’t any reliable statistics, nobody knows for sure how many poker pros die broke. But it’s certainly too many.
If you’re a pro, you have a much higher probability of dying broke than members of other professions, including people who earn much less than you’re winning now. Of course, you may think it won’t happen to you, but that’s also what they thought before they got busted.
This series will analyze why it happens so often and recommend the ways to avoid it.
The Primary Cause
Most of the specific causes discussed here will have one common factor, which is arrogance.
Self-confidence, of course, is essential for a successful pro, but you shouldn’t believe, 'I’m too special to die broke.”
No, you’re not.
You’re just another talented player, and it’s happened to many talented players. Are you more talented than the legendary Johnny Moss? What about Stu Ungar, Dave ‘Devilfish’ Ulliott, and Gavin Smith? Do you win more money?
Johnny won the first two World Series of Poker championships, but ended up dependent on charity from the Binion’s family. Stu was arguably history’s greatest no-limit tournament player, but he died in a crummy motel. He was a junkie, but drugs weren’t the only cause for his tragic ending. Devilfish and Gavin each won World Poker Tour and WSOP titles, along with millions in tournaments and cash games, but Phil Hellmuth and other pros have run charity tournaments or started crowdfunding pages to help their surviving families.
Nolan Dalla covered the tournament circuit for years. In a column for Poker Pages, he once wrote: “One of the most troubling aspects of the tournament circuit is seeing how many players are constantly broke. I’m not talking about bad poker players or novices. I’m talking about names and faces everyone would recognize… If former World Series of Poker winners are broke, what chance do you have of making it on the circuit? The odds are overwhelmingly stacked against you.”
You may say, “That’s irrelevant. I know tournaments are too risky. That’s why I play only for cash.” So what? If you walk into many large poker rooms, you’ll see players who once beat big cash games struggling to survive in small ones.
Poker Pros Net Worth Aj
In fact, the worst fate isn’t dying broke; it’s living broke for your final years.
As you read this article, ask yourself, “How often do I make these mistakes?”
They Don’t Save Money
It’s the most common and easily avoided mistake. For thousands of years wise people have spent less than they made. In the Old Testament of the Bible, Joseph advised the Pharaoh to save grain in good years to avoid starvation in the bad ones.
You can easily see arrogance’s effects. Dozens of authorities have written that losing streaks are inevitable and have recommended saving money. But too many pros think, “That doesn’t apply to me because I’ll always beat the game.”
No, you won’t. You may never have a catastrophic losing streak, but variance virtually guarantees that you won’t always beat the game. If you add in the fact that your mental abilities will decline with age, you’ll certainly have some bad years. Even if you’re a net winner, you may not cover your expenses.
They Invest Poorly
Of course, some pros do save money, but they may not invest it well. Again, we see the effects of arrogance. They think, “I’m so smart that I don’t need any advice from investment professionals.” Poker players often make amateurish investment mistakes.
They Play Other Games
Some pros essentially ship money from poker tables to craps and other unbeatable games. They may never admit it, even to themselves, but in their secret hearts they believe those games may be unbeatable for ordinary people, but not for them.
“I’m so superior that the laws of probability and lots of other rules don’t apply to me.”
Arrogance also causes some outstanding tournament players to be ‘live ones’ in cash games. When some of them make the final table, their side-game opponents cheer them on. If they have a big tournament payday, their cash game opponents will probably get a nice piece of it.
“Their arrogance prevents them from learning from their past losses. They delude themselves that this time will be different, that their true superiority will allow them to beat games that have repeatedly defeated them.” (Schoonmaker, Arrogance, the Biggest Bankroll Buster)
They Cheat On Their Taxes
Some pros cheat, and a few don’t even file tax returns. Believe it or not, honestly paying your taxes can increase your long-term security.
First, you’ll pay more social security, a forced saving for retirement. Because the cost of living allowance frequently increases benefits, most people get back much more than they contributed.
Ask some struggling older pros if they get much social security. Some will say, “No,” and a few will admit, “I don’t get any.”
Second, if you don’t pay social security for at least ten years, you’re not eligible for Medicare. Medical costs become immensely higher as you get older, and they have busted countless older pros. Some older pros have severe health problems or die prematurely because they can’t afford treatments or preventative health care.
Third, you can use programs to deduct your retirement contributions, and the interest, dividends, and other profits accumulate tax free until you retire. You’ll build a secure retirement fund.
They Don’t Buy Health Insurance
Poker Players Net Worth
It’s another effect of arrogance. Too many pros, especially young ones, think, “I don’t need health insurance because I’ll always be healthy.” They may be right, but it’s an extremely foolish risk.
Without health insurance your entire bankroll, health, and even your life are at risk every day. Too many pros have been busted by the enormous costs of an illness or accident.
They Don’t Protect Their Health
On this issue arrogance has subtler effects. You’ve read that you should eat healthy foods and exercise regularly, but may ignore those recommendations. Some pros subconsciously believe, “Those rules don’t apply to me.”
They rarely exercise and eat badly. They may even sneer at authorities such as Dr. Cardner because they think her recommendations about diet and exercise are irrelevant for poker players.
It’s another form of arrogance. They think that poker is unique, that the rules that apply to other activities don’t apply to playing poker.
Nonsense!
We have exactly the same bodies as everyone else, and mistreating our bodies has the same effects. We can’t play well if we don’t feel well.
Worse yet, poor health has much greater effects on poker pros’ incomes than on the incomes of other professionals. The late Barry Tanenbaum, wrote: “Professional poker is a ruthless meritocracy.”
You can make a living as a mediocre salesman, teacher, lawyer, carpenter, or doctor. Most people are mediocre, but nearly everyone makes a living. You can’t survive as a poker pro unless you’re among the best.
If you neglect your health, you’ll have higher medical costs, and you won’t play well enough to pay them. You probably won’t just die broke. You’ll also die a lot sooner.
What’s Next?
Future columns will describe other causes for dying broke and tell you how to retire securely. I hope you take them seriously. They can save your bankroll, your health, and your life.
Visit Alan Schoonmaker’s website for access to his 14 books, 200+ articles, videos and podcasts.