Robert Varkoni stacking the chips at Borgota

[Mikey]

The other night I saw Robert Varkoni at the Borgota playing 3-6 hold'em. Millionaire...playing 3-6?? Anyway, he was stacking the chips.....when I mean stacking the chips he was up well over $500 in that game for about 4 hours of play, that I saw him.....

The funniest thing I heard from that table was that someone bet into him...... on the turn, and he called for "time".

After he cashed out.....someone went up to him and got his autograph...and I overheard the conversation.....

the man says....." I've never won win QTs...." and Varkoni says "isss a han....you hafta pulay...very delicately..."

They both chuckled....

It was nice though to see Varkoni at the Borgota...but I'm surprised he was only playing 3-6 HE.

[Zele]

[ QUOTE ]
Millionaire...playing 3-6??

[/ QUOTE ]

I hear that's the limit Bill Gates plays as well.

[mosch]

A millionaire playing 3-6 doesn't really surprise me much. A million dollars in the bank only provides about $20,000 of net annual income.

What surprises me is a WSOP champion playing 3-6. You'd think he'd be able to play a winning game at the middle limits.

[KidParty]

Actually that is the limit I would hope he would be playing. It is nice to see that someone who gets lucky and wins over a million dollars just doesn't piss it away. Now while Varkoni isn't any great poker player he probably does ok at a low-limit loose game.
The man was a joke to most "serious" players because he won their World Championship. Funny, I would think if a player has skill they would be happy to see "normal" people win the title like Varkoni or Moneymaker because that makes more people who don't have any talent want to give their money away in tournies and ring games. The last two winners of the WSOP have done more to soften up poker games everywhere than any other two poker players in history.

[Inthacup]

I hear that's the limit Bill Gates plays as well.


Yes, but Bill Gates didn't become a millionaire(or billionaire) by playing poker.


That being said, I doubt Varkyoni could beat any game higher than the 3-6. It takes a lot of humility for a WSOP champ to play the lowest limit in the casino.


Cup

[Kurn, son of Mogh]

The thing about Varkonyi (let's spell it right now), is that is the '03 WSOP, even though he got dumped out on day 1, he ran a real pro bluff on Scotty Nguyen. I think he's a lot better player than most people give him credit for being.

[Kurn, son of Mogh]

A million dollars in the bank only provides about $20,000 of net annual income.

Anybody who only makes $20K per annum off an extra million better fire his investment advisor. Buy a couple of 3-families in a college town and you can easily hit $100K in income with half the million still available for other things.

[Greg (FossilMan)]

I have played in two NLH tourneys at the same table as Robert. And yes, he is much better than people give him credit for being. Also, just as important, he's a nice guy whether he's winning or losing.

Later, Greg Raymer (FossilMan)

[slamdunkpro]

[ QUOTE ]
I have played in two NLH tourneys at the same table as Robert. And yes, he is much better than people give him credit for being. Also, just as important, he's a nice guy whether he's winning or losing.

[/ QUOTE ]

I too have played with Robert both in Tournaments and ring games and could not agree with you more.

[RollaJ]

I never played with him, but he seems adorable /images/graemlins/tongue.gif

[DrSavage]

I've recently been interviewed for a position in Goldman Sachs and it turned out this was the exact position Robert has been working at before going pro poker /images/graemlins/smile.gif.

[Mike Gallo]

He usually plays $15-$30 stud high low at the Trop.

[mosch]

Okay, so you take in $100k from your three properties. Then you pay $30k in miscellaneous expenses (management, repair, property tax, etc) and you're down to $70k. Then you reinvest half of that so you don't eventually go broke due to inflation and you're down to $35k. Then you pay taxes on that and you've got $20k.

I stand by my numbers. Any financial advisor who tells you he can get more than a 7-8% return (which is roughly $20k, assuming you're reinvesting enough to beat inflation, and you're paying taxes on it), is either full of it, or want you to invest in high-risk positions.

[GOODBEATGUY2001]

I agree that he is a better player than what most people think of him. Still winning a major tournament with almost a thousand entrants, you'll need a lot of luck to win the whole thing. Other than that, he may have an excellent read on his opponents which is a common trait among people who play no-limit tournaments and live games successfully.

[drewjustdrew]

7-8% of a million is still $70,000. Not $20,000. The next year, you still have a million to do it all over again. You would still have over $50,000 after taxes. I'm very confused by your math.

[J.R.]

He is roughly thinking 7-8% return, 2-3% for taxes and 3-4% to reinvest to keep up with inflation. I disagree with these tax and inflation numbers, as well as his rental calculations (properties do appreciate) and expenses aren't as dramatic as he presents (or you are getting gouged).

[mosch]

The inflation number is purposefully set high enough to beat inflation by a little bit each year, so that there is more money available later in life.

The expense figures could be reduced significantly if you were willing to have 'landlord' be your job, instead of outsourcing it, but I don't think they're that high. Property taxes vary greatly by region, but they tend to be non-trivial.

[Kurn, son of Mogh]

Now, hold on, Mosch. You just changed the parameters. 8% on the million is $80,000. As gross income, that's a lot different from saying "all Varkonyi is making is $20K so he has to play 3/6."

Then you reinvest half of that so you don't eventually go broke due to inflation and you're down to $35k.

Huh? If I have $70K and invest half of it, I still have $70K, just not all of it is in cash. So I still have that part of the income, it's still an asset.

[mosch]

Well, I'm just trying to explain how I got my number, not trying to play some sort of wacky game. My apologies for my unintentional obfuscation.

Let me be more clear:
$1,000,000 of capital, invested in a way that gets 8% return = $80,000.

$80,000/yr, half which is re-invested to provide increasing income and protection against inflation = $40,000.

$40,000/yr, minus taxes (state, local and federal, assuming he's in one of the upper brackets) = $20-25,000.

Thus leaving $20,000/yr - $25,000 that is actually spendable.

There are other things you can do with your money, but that's how I arrived at 'a million dollars gets you $20k a year'.

[Kurn, son of Mogh]

Understood, but just be clear that the reinvesting has an economic value to it. In my real estate example, the more property you acquire, the more financial leverage you have.

Simply put, buy 2 income properties in year 1, use the deeds to those as collateral to purchase 6 more in year 2. In year 3, show your income statements to a bank along with a plan to grow and improve your holdings and get a small business loan of, say $5M. from that, but more income properties (residential and/or commercial) while paying yourself a salary of, say $150K. Your profit doesn't have to be real big to make a very good living this way.

Don't get me wrong, it's still work, but with a lot more leeway for travel, fun & poker than slogging it out on somebody else's payroll.

[chesspain]

So Varkonyi is still playing poker? I thought he was in the Federal Witness Protection Program. /images/graemlins/grin.gif

[Vehn]

Not only did he win the WSOP in 2002, he won the coveted "Most effeminate married man" title as well.

[scrub]

I'd always wondered if the guy who looked like Varkonyi who played low limit at the Borgata really was him. If it's who I'm thinking of, he's not such a great limit Hold 'Em player.

scrub

[VinnyTheFish]

Mikey:

I was at the Showdown at the sands when Robert was knocked out (and his wife was still in). I was sitting with a few wives of players and he sat with us.

Over all, he was a great guy. Very nice. Told us how and why he taught his wife poker at his kitchen table. He also told us how she won 3 tourn’s, her 1st three, in foxwoods in one say. He spoke lovingly about his new child. He also explained how winning 2,000,000 last year (2002), that Olga should play this year (for tax reasons). I just listened and laugh, fondly.

OK here’s why I was not surprised: (1) Family man, not a gambler, but a businessman. Ok, yes a gambler obviously, but a smart one. (2) He really is a nice guy. (3) The guy is an established computer programmer. This a timid personality type and fits right in at the $3-6. He is patient and smart, as you can see from his play in majors. Nitpicking for a stack is fun without the stress associated with the larger blinds.

But why was he there, maybe he is just a regular Joe out for a walk in the park!