Billionaire banker Andy Beal has had his fair share of wins at the poker table.
Recently, however, he’s been on a losing streak.
Beal “lost up to $50 million” in three poker games in recent months, “where players put up a $1 million buy-in,” according to the New York Post.
The games reportedly involved Tobey Maguire — celeb poker aficionado currently at the centre of another poker scandal — and leverage buyout billionaire Alec Gores.
A Beal representative denied the number was as high as $50 million and told the Post: “The amounts stated in your e-mail to us concerning Mr. Beal are inaccurate. Beyond that, Mr. Beal has no further comment.”
Beal, recognised “as the poker player who won more money in a poker game in a single day than any other known poker player,” once lost $16.6 million to poker king Phil Ivey. After that, he was rumoured to have stopped playing poker, promising to quit the game forever.
But since then, he’s been “spotted in Vegas playing a poker game at Bellagio… [H]e was only there for business, and couldn’t help but play a little poker,” according to Pokerworks.com. Perhaps he’s not playing the pros anymore, but he’s still playing.
Beal, of eponymous Beal Bank, dropped out of college to play poker and made enough in winnings to start his own business — now a billion dollar Texas-based bank.
“During the height of his poker playing days, he would play some of the biggest names in the game for pots that often exceeded $1 million,” the WSJ said.
Carl Icahn once said of Beal, “I always thought of myself as a good player. But I’m not in his league.”
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