Poker Players Who Are Broke
Despite his hustling skills, Daniel Negreanu did not always have a comfortable bankroll to fall back on, and describes going broke on numerous occasions. The stepping stones between being bankrolled and being broke started in his hometown of Toronto. Bad Bankroll Management. One of the most common reasons why successful poker players go. 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. 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.
| Hoyt Corkins | |
|---|---|
| Nickname(s) | Cowboy, Nightmare, Mr. Move All-In |
| Born | Hoyt Bricken Corkins December 20, 1959 (age 61) Glenwood, Alabama, U.S. |
| World Series of Poker | |
| Bracelet(s) | 2 |
| Money finish(es) | 43 |
| Highest ITM Main Event finish | 35th, 1990 |
| World Poker Tour | |
| Title(s) | 2 |
| Final table(s) | 6 |
| Money finish(es) | 19 |
| Information accurate as of 16 July 2014. | |
Hoyt Bricken Corkins (born December 20, 1959[1] in Glenwood, Alabama) is an American professional poker player.
He has three children: Chelsei Corkins, Brittney Corkins, and Ashley Roundtre. Known for his softly-spoken voice and his aggressive style, Corkins has two World Series of Poker bracelets and two World Poker Tour titles.
Early life[edit]
He started playing at the age of 19 after receiving lessons from his father. He is often known by his nickname 'Cowboy' as he always wears a cowboy hat and boots to the table. However, he has been given other nicknames, including 'Mr. Move All-In' by Phil Hellmuth Jr. Many players also call him 'Nightmare'.[2] He often wears a pair of ear plugs while playing in live poker tournaments in order to prevent other players' chatter from affecting his game.
World Series of Poker[edit]
Corkins won a World Series of Poker bracelet and $96,000 for winning the 1992 $5,000 Pot LimitOmaha tournament. In total, he has finished in the money on 26 occasions.
In November 2005, Corkins finished second to Mike Matusow in the World Series of Poker Tournament of Champions freeroll, receiving $325,000.
In the 2007 World Series of Poker, Corkins won the $2,500 6 Handed No Limit Hold Em event, defeating Terrence Chan and winning over $515,000, in addition to the championship bracelet.
At the 2008 World Series of Poker Main Event, Corkins finished in 162nd place out of 6,844 entries, earning him $41,816.
World Series of Poker bracelets[edit]
| Year | Tournament | Prize (US$) |
|---|---|---|
| 1992 | $5,000 Pot Limit Omaha | $96,000 |
| 2007 | $2,500 No-Limit Hold'em (6-handed) | $515,065 |
Reappearance into poker[edit]
After the win in 1992, Corkins disappeared from the game for 11 years whilst going through a divorce. He was encouraged to return to poker by his ex-fiancée Natalie, and resurfaced in 2003, taking a then record-breaking first prize ($1,089,200) in the World Poker Tour 2003 World Poker Finals. He also had a second-place finish to Gus Hansen in early 2004 at the PokerStars Caribbean Poker Adventure, which earned him $290,065. Corkins was sick from flu during the event, but he says it did not affect his play. Also in 2004, he made the final table at the United States Poker Championship main event held at the Taj Mahal in Atlantic City, NJ.
Away from the poker circuit, Corkins has sixty head of cattle to tend in Alabama and also has a home in Las Vegas.[2]
World Poker Tour[edit]
In 2006, he made another World Poker Tour (WPT) final table in the Season V Legends of Poker event, finishing 3rd.
In 2008, in the Season VI of the WPT's World Poker Open WPT Corkins finished second winning $458,267.
In December 2008, during Season VII of the WPT Corkins made the final table of the Doyle Brunson Five Diamond World Poker Classic and finished in 6th place, earning $216,175.
In January 2010, Hoyt made another World Poker Tour final table at the Southern Poker Championship, and took home the first place prize of $739,486.
As of 2019, his live tournament winnings exceed $6,000,000.[3] His 26 cashes at the WSOP account for $1,017,074 of those winnings.[4]
References[edit]
- ^'Global Poker Index: Hoyt Corkins'. Global Poker Index. October 23, 2019. Retrieved October 27, 2019.
- ^ abWorld Poker Tour profile
- ^'Hoyt Corkins - Stats'. TheHendonMob.com. Retrieved July 12, 2008.
- ^World Series of Poker EarningsArchived April 15, 2012, at WebCite, worldseriesofpoker.com
External links[edit]
Card Player Magazine, available in print and online, covers poker strategy, poker news, online and casino poker, and poker legislation. Sign up today for a digital subscription to access more than 800 magazine issues and get 26 new issues per year!
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.
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
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.
Do Most Poker Players Go Broke
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?
Poker Pros Who Are Broke
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.
Pro Poker Players Who Are Broke
Visit Alan Schoonmaker’s website for access to his 14 books, 200+ articles, videos and podcasts.