I wondered what had happened to Jerry Yang. He won the Main Event of the 2007 WSOP and won his seat through play at Pechanga. He had won a $225 satellite event at Pechanga. He lived in Temecula at the time.
I hadn't seen his name for years until today. He busted out on day #1 of this year's WSOP Main Event.
He's broke. That's what happened.
He joins the ranks of other broke 2000s WSOP Main Event winners, including 2001's Carlos Mortenson, 2003's Chris Moneymaker, 2006's Jamie Gold, and perhaps even 2004's Greg Raymer (though it's not clear either way on that one).
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Druff: Speaking of those struggling with their finances, I noticed someone you mentioned on your radio show as being broke entered both the $50,000 PPC and the WSOP Main Event this year (at least $60K in buy-ins this year).
Are you sure about some of these people being broke? $60K+ is some pretty deep backing for a broke poker pro.
Maybe I'm missing something about how generous people are in the live poker staking world.
Take sponsors, book deals and backers out, and they'd all be broke.
I didn't even know Yang played again after his win. So where did his after tax millions go?
This is why I think the sub-headings under individuals' names when broadcast on ESPN are so bad and misleading. The broadcasts list "WSOP Winnings," and not "WSOP Net." Slight difference, eh?
Plus these folks begin dabbling in cash games and get hammered.
Dan, what ever happened to Gold? He seemed like one obnoxious dude.
I believe Gold got knocked out of this years tourney yesterday.
Even though I don't have nearly the expertise/knowledge of the live scene as Druff, I want to take a stab at this:
It is horribly misleading, yes, but I can imagine the longtime pros would appreciate this accounting setup for it helps to draw in new fish with money to play at tournaments. ("Look at all the money they're winning, WOW!")Originally Posted by redietz
You unknowingly answered some of your own question right there. Jamie Gold got clobbered in some high-stakes cash games after his WSOP win.Originally Posted by redietz
He did hit a nice final table 6-figure score in a $1,500 WSOP event this year. Entertaining guy to watch; I hope he hits something again for the sake of entertaining the masses.
Hilarious example:
Last edited by Count Room; 07-10-2015 at 12:09 PM. Reason: Inaccurate Main Event info removed
Again, Gold was eliminated yesterday.
Yep, looks like you got me on that one. I wasn't quite updated till just now. I'll edit my previous post, then:Originally Posted by jbjb
http://espn.go.com/blog/poker/post/_...greanu-advance
Easy to miss. I don't like the new format WSOP.com uses for mobile updates. I have to scroll 6 pages if I miss 1 hour of action.
Jamie Gold still plays in various tournaments around SoCal. I suppose he also travels to big tournaments around the world?
I remember discussing the "business" of high stakes poker and it was described to me this way (and Dan correct any errors):
There is a $10,000 buy-in tournament somewhere, every week, and if a high stakes player plays in every one of them his fees are over one-half million dollars. How many of those tournaments will result in a win that can cover those half-million dollars of entries?
And I was told that there are players who do this -- travel around the country playing in $10K and $5K tournaments every week. Now add on travel and hotel costs.
I know two professional players pretty well. One of them a few years ago won a bracelet at the WSOP and today lives in his car parked at the Bicycle Casino. When he has some cash or comps, he gets a hotel room across the street and showers and sleeps in a bed. He eats casino food because it's cheap. Often, other players will pay his entry into a $100 cash game or a $60 daily tournament. He says his wife blew through the WSOP money.
The other professional (player #2) is in his late 60s, dresses in jeans and an old sweatshirt, plays $100 cash games in local casinos, wins a couple of hundred dollars a night and goes home. It's his full time work. Figure $1,000 to $1,500 cash winnings a week with no paper trail.
I used to do what player #2 did. I'd go to Hollywood Park, buy into the $100 game and cash out a few hundred and go home. Sometimes, I would show up at the casino around 9pm and didn't make my money until 6 in the morning. But that was okay because my work schedule allowed for it. However, that was in the glory days of Hollywood Park when it was the second biggest casino in So Cal and they had a huge poker room with a dozen or so $100 tables and bad beat jackpots that sometimes hit twice an hour. When the business shifted to other casinos -- AND WHEN INTEREST IN POKER DIED HERE -- those days were over.
Easy google search...
http://www.onlinepoker.net/poker-new...ized-irs/18756
The restaurant is in Merced, which is 30 minutes south of me...its not bad..ive been there once.
Originally Posted by timspeed
I read the article and associated articles on that page. I am surprised by how many "poker superstars" had to file for bankruptcy. The list looks like what I heard about lottery winners.
FAB
As soon as my book publisher, who has been a high stakes poker player for years and regularly writes a column about it, showed me how Daniel Negraneu was worth absolutely nothing but his perception was, I understood what an enormous waste of time it was to be a so-called "poker pro"....as so many of these total losers like to refer to themselves as.
The only ones making a consistent profit off of live poker and the fascination that is WSOP and related live events, are the casinos, the advertisers, and the people out there like me who get a huge kick out of laughing at all of them.
I think there was a time when the "really good players" really had an edge and could make money. But when the poker explosion happened about a decade ago, it became a lottery. This is why "no names" like Jerry Yang win the mega tournaments -- because when you put 10,000 players in a tournament just luck will give some players the big hands.
I think we had this discussion before: the huge fields kill off the edge that skill has.
I've often heard that the "successful" poker players make their money playing cash games. I have friends who go to Vegas during the WSOP only to play the cash games and win there and would never think of playing the lotteries that the big tournaments really have become.
Look at my friend who plays the $100 cash games every night and makes himself about $1500 a week with no paper trail. He would never play any kind of tournament because rising blinds and antes take away or cancel out whatever skill he might have.
In general, only the big cheaters win big. The higher up the "food chain", the harder it is to cheat w/i those ranks.Originally Posted by Rob.Singer
The best you can do is not waste your time with it, if you want to really achieve something of note.
What do you mean by the cheaters?
Well, any perceived edge at poker is only that.
We did a math study years ago; and I, myself, spoke/argued at length (online) with a few pro's at the time. We found that when players over/under stay their hold 'em hands, no level of skill matters. In other words, you aren't going to get rich playing people who know what's what or haven't a clue. Not rich, that is, by playing poker. People cheat in $50 euchre tournaments.
Whereas, the casinos, cardrooms and other "leeches" get paid from every pot. They, too, are cheaters.
OneHitWonder you allege cheating? It's very difficult to cheat in a poker tournament, and collusion though possible is also not likely because of the random way that seats are assigned.
Exactly what "cheating" do you say is going on?
This is a serious allegation.
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