NY Post: Andy Beal down $50 mil in high stakes poker game

Posted by Steve Ruddock on Jul 08, 2011 Posted in Poker News | No Comments »

Before we get into the meat of the reporting, let’s keep in mind that this story is coming from Page Six of the New York Post, which amounts to the same type of fact-checking as the National Enquirer. With that “warning” out of the way let’s take a look at what the Post had to report.

Apparently Billionaire banker Andy Beal has not completely sworn-off poker, and participated in a series of poker games with a $1 million buy-in (here’s where the Page Six aspect comes into play) with other Tobey Maguire and Alec Gores also mentioned as having participated. The Post’s source stated that Beal participated in three high stakes poker games and lost big each time, estimating his losses at $50 million.

Ok, so what I know about Andy Beal is that he would likely never play in an unsanctioned game considering he was deathly afraid of being cheated in Las Vegas casinos, and would ONLY play heads-up matches! Furthermore, Beal is a Limit Holdem Player –or was—and is uber-competitive making it unlikely he would continue to play a game he was by no means an expert in after suffering such heavy losses.

A spokesman for Beal responded to the allegations by saying, “The amounts stated in your e-mail to us concerning Mr. Beal are inaccurate. Beyond that, Mr. Beal has no further comment.” So it would seem that Beal was involved in these games –who knows how much the buy-in actually was—and that his losses have been overstated.

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