Poker Pros Who Went Broke
First of all - If you've gone broke, you're not alone. Going broke is something that has happened to many poker players! Some lack control, some can’t resist the pit games, some play too high, some run bad and some players are just not good enough.
Nobody deserves to go from having everything to nothing, but it does happen and if it hasn't happened to yourself then it will have happened to someone you know.
- I'm new to IM, not a poker PRO, but poker seems more simple to me. If you where good at poker, you just need to find your balance again. I never heard of a PRO Poker Player that went broke, that's the key I guess, that's the limit that separates PRO from amateurs, knowing when to stop.
- In the world of poker there have many cases of poker players going broke and bankrupt.These are the players who one had all the fame and glory in poker but d.
Ignore the Haters
The most successful female player in the history of the game, Selbst announced at. Having defeated a final table that included Johnny Chan, Erik Seidel and Dan Harrington among others, Negreanu ’s journey from the pool halls to poker champion was complete. His road was never easy, and he endured a busted roll many times along the way.
Which Poker Players Are Broke
Rumors spread around the poker community like wildfire, and some sad individuals get off on hearing that someone else has gone broke. They obsess over other's misfortune. It sounds cliche but you must ignore the haters - their hate comes mainly from jealousy as they don't like the fact someone has succeeded more than themselves and human nature can make people enjoy watching people's demise more so than their success.
Saving
For the players who lack control and spend their winnings lavishly, expecting the money printer to keep on printing, you need to look into savings or find a way to protect your money. This could be something like a simple savings account or ISA for investing in markets or gold. Putting money aside for a rainy day helps any human.
Putting aside 10% of profits per month can start us off again if we lose everything. Yes it might mean dropping down in stakes but it's better than nothing, and like most adults we have bills, rent and families to support so this could buy us some time whilst looking for backing or even changing our career. Don't be the guy who has it all, loses it all and becomes depressed with no hope. Always have a back up plan!
Avoid Casino Games
Keep away from the pit games! These are simply not profitable and cost us money. Yes we have all had a huge winning spin of roulette or heard of a mate winning it all, but remember, Vegas was built from gamblers! Its a solid loss. There is no EV, no longterm strategy and something most poker players do when on tilt or drunk.
Ban yourself from online casinos, hide the links and tell pit bosses to keep you out! All of these things can be done by a click of a button, email or letter. Not even having the choice to do this is profitable. Have self control and when your mates are doing their brains in on the wheel sit in the bar, reward yourself with a beer for a good grind or think/discuss hands with fellow pros!
Bankroll Management
Playing outside of our bankrolls is a major no unless you are very strict with it. I say this as you might decide to risk 10% of your bankroll on a shot everytime you hit a certain point. Doing things like this is fine provided you have the control not to break the 10% rule. We all want to play the nosebleeds but we also all want to score a penalty for England.
Very few players reach the top like this so be happy where you are and realise that with hard work and dedication you might excel. Putting your full roll on a table just to say you have played there is not a good idea! Work harder than the next guy and play there when its your time.
Luck
Running bad is sadly something we cannot control. We have softwares that can make us realise if we are losing because of bad play or variance. When this is happening you have to play through it. Taking a day away from the tables does not change variance. However playing more hands does.
For example to reduce variance to near its correct state in nlh6max you would have to play 200k hands per month. So looking at this over a year you really have to be prepared for some downswings and bad streaks. I do advise you however to take a break if you are playing poorly due to running bad. Its hard not to and being human we suffer from emotions.
Not being good enough is a tough thing to admit. Sadly most of us are not. It's difficult to admit our downfall's - this is true of anything in life. It's especially true in such an independent game where we are in control of every move we make, and this makes it even tougher to walk away from. We may find ourselves great at cash games but the worst at MTTs, however we want the glory of winning titles so we chase those losing money endeavours rather than making the consistent but smaller amounts of money on the cash tables. Play what makes you the most, stick to it and let the money roll in.
Listening to other poker players
A lot of poker players will brag their wins 24/7, ego can do this and we find ourselves thinking “well this idiot is winning it all then so can i”. The secret is ofcourse no one talks about their losses as much as they do their wins. So try not to take too much notice in this and just concentrate on your own game.
Staking
Going broke does not mean its the end of your career, taking up short or long term staking could be the perfect option. If you have a reputation, stats or proof that you can return profit you will be snapped up. This could be something you do to earn back a bankroll to go it alone or something you do for a lifetime.
Staking means you never have your own money in play and probably have certain controls put on your account which means you cant make the same mistakes twice or doing anything stupid. Take your time and find the staking that is right for you. A lot of staking deals will contain poker coaching or being part of a group which could be exactly what you need to power yourself forward to becoming the best possible player you can be.
Asking for help
This is the hardest thing to do in life. If you are struggling with your game, have an addiction or have done something stupid then tell someone. Even if you just ring gamblers anonymous and get it off your chest this will help you. Addictions can be cured with help but you need to be honest about it. Telling your family and friends should be the first step...especially if you share financial responsibility with them.
If you are just struggling to beat the games then hire a coach or do extra off the felt work such as reading up on it or doing database analysis. This is the boring stuff or might cost you money. But treating poker like a business should allow you to realise that sometimes you might have to invest to then make more in the future.
Helping others
There is nothing more lonely than going broke and watching everyone vanish. This is sadly the truth and its down to various reasons. Some friends were just there for the ride, some friends you lose touch with as you dont travel to events with them anymore or your personality changes. Its hard not to be down all the time and some people just dont want to hear it. If you are friends with someone and you see them going through a rough patch do something to help them.
Even just taking them for a pint to talk to now and then will perk them up and make them feel that they are not alone. Also reaching out to them if you think they will be profitable could be a great opportunity for you to make money. Also when you see your mate wasting his talent away in the pits tell them the effects of it and why they should stop doing it.
Below are a few of those players who rose to stardom in an instant but have fallen out of the limelight just as quickly.
Clonie Gowen
For a time, Clonie Gowen was one of the most popular female poker players in the game.
A former teen beauty queen Gowen was famous for both her good looks and her solid skills at the poker table.
Gowen first rose to poker stardom after winning the 2003 WPT Ladies Night Event. Over the next few years she stayed in the poker spotlight primarily due to her association with Full Tilt Poker.
Full Tilt promoted Gowen extensively and she appeared on many of its programs, including Poker After Dark.
Gowen's largest live tournament score came in 2008 when she won the Bellagio Cup IV Main Event in Las Vegas, good for $437,775. Three months later she won the Gold Strike Poker Open Main Event for $193,224.
Gowen's most profitable year was 2008 where she earned $927,201. She has $1.63 million in lifetime earnings, good for 13th on the women's all-time money list.
In November 2008, Gowen filed a lawsuit against Full Tilt Poker for $40 million, claiming Breach of Contract, Breach of the Covenant of Good Faith and Fair Dealing, Breach of Fiduciary Duty, Unjust Enrichment and Fraud.
Gowen was suing over a 1% ownership share she promised in exchange for the use of her likeness. That lawsuit was originally dismissed but an appeals court reinstated the lawsuit in June 2011.
By this time, Black Friday had already occurred and Full Tilt was all but broke. No update has been released on this lawsuit since that time.
Gowen last cashed in a live poker tournament at the 2009 Aussie Millions when she finished 32nd in the Main Event.
One has to assume that without the backing of Full Tilt, she simply either didn't have the bankroll or didn't have the desire to continue playing professionally.
Mattias Andersson
It's hard to believe but it was 2004 when the screaming Swede Mattias Andersson made the final table of the World Series of Poker.
While he played fantastic poker he is more remembered for his antics in the event than for his run.
Andersson finished 8th in the 2004 Main Event for $575,000 but his antics would spur those of many other poker players looking to get air time. One of those players is also on this list.
After his run in the 2004 WSOP Andersson was never able to come close to the same success. His best score was in the 2008 Bellagio Cup IV where he finished 24th for $38,785.
Since then he's had a handful of live cashes with none exceeding $3,000. Very little is known about his day-to-day activities but it appears his time in the limelight has passed.
Bill Edler
From 2005 to 2007 Bill Edler was one of the hottest tournament players in the game.
After earning a WSOP circuit ring at the Tunica MS circuit stop in 2006 he went on to finish fifth in the $1,000 Stud 8 or Better Event at the World Series of Poker.
In 2007 Edler had his breakout year. He started the year by winning the $10,000 Heads-Up Championship in Compton, CA and followed that up with a pair of WPT final tables at Bay 101 and the L.A. Poker Classic.
At the 2007 World Series of Poker Edler took down the $5,000 NL Six-Max Event for his first career bracelet and $904,672 in prize money.
A couple of months later Edler won the WPT Gulf Coast Poker Championship in Biloxi, MS for $747,615 and his first WPT title.
Edler finished 2007 with $2.7 million in earnings, earning the Bluff Player of the Year title.
In a three-year span, Edler had won over $3.36 million and was one of the most respected tournament players in the game. Then 2008 came along, and nothing. Edler failed to cash in a single event that year. In 2008, he only cashed for $42,995. In 2010, he made only $10,865 in tournaments.
His last cash listed on his poker resume came in 2011 when he finished fourth in the Heads-Up Event at the Southern Poker Championship in Biloxi, MS.
Nothing else was heard about Edler until 2013 when it was announced that he was one of 34 players inducted in FBI raids on underground poker games tied to Russian organized crime.
Edler's role was considered minor as he was a sportsbetting sharp for baseball. He eventually entered into a deferred prosecution agreement in May 2014 that allowed him to avoid jail time.
Since there has been no mention of Edler since that time, it can be assumed he is meeting the terms of his agreement. However, it appears his poker playing days are over.
Hevad Khan
If one word was to describe a poker player, the word for Hevad Khan would be BULLDOZER!
By the time the 2007 World Series of Poker rolled around the event had become a spectacle of poker and comedic antics performed by players looking for airtime on ESPN.
The more outlandish the antics, the more ESPN seemed to love it. Enter Hevad Khan.
Khan's celebrations were over-the-top to say the least. From his consistent chanting of BULLDOZER whenever he won a pot to dancing with a chair on national TV, he took the art of excessive celebration to another level.
To say that Caesars was embarrassed over the antics is an understatement. Khan's antics forced what is known as the 'Hevad Khan rule' for excessive celebrations.
For a few years following the 2007 WSOP rules were strictly enforced over any type of excessive celebration. Eventually these restrictions were lessened when fans started to complain that ESPN broadcasts were getting stale.
Sadly, Khan's antics have overshadowed what was a great run in poker. At the 2007 WSOP Main Event Khan made the final table and finished sixth for $956,243.
In 2008, Khan took down a $2k preliminary at the Foxwood Poker Classic for $108,187 and later that year won the $10,000 Caesars Palace Classic for $1 million.
Poker Players Who Shockingly Went Broke
Khan came into the 2009 PokerStars Caribbean Adventure and took down a $2k NL Event for $200,000.
He was seen at other events in 2009 a bit heavier and with a distinctively different demeanor than in the past. He remained relatively quiet during the events and seemed to not enjoy what he was doing.
Khan cashed twice in the 2009 WSOP and has not cashed since. There have been rumors of his playing on different online sites but nothing that's verifiable.
Poker Pros Who Went Broke Money
Over a three-year span, Hevad Khan earned $2.54 million. Why he left the game is anyone's guess but we assume he is 'bulldozing' his way through his current life's endeavor.
Ellix Powers
Ellix Powers was the 'homeless guy' that made the final table of the $5,000 Limit Hold'em Event at the 2004 World Series of Poker. He eventually finished seventh for $40,040 but not before the infamous 'he called me with jack-high' hand against Jim McManus.
For those that don't know the history of Ellix Powers, he is a Limit poker expert from the Los Angeles area.
The 2004 WSOP proved to be the highlight of his career in terms of cashes. Directly after the series he took down a Limit Hold'em Event in Reno for $10,000 but that would prove to be the last 5-figure score of his career.
Over the next few years Powers could be found in the Las Vegas and Los Angeles areas playing in low-limit Limit Hold'em tournaments.
Sadly, Powers' prowess in poker did not extend past Limit poker and as those tournaments began to be phased out, so was Powers as a player. When he's been spotted in recent years many times he doesn't even have the buy-in for a simple cash game.
His last cash was in a $235 Limit Event at Legends of Poker in Los Angeles where he made the final table.
Unfortunately, Ellix Powers is a throwback to the old school days that was never able to adapt to the modern game and has been subsequently phased out of the game.