David Peters broke owing money to many people
https://x.com/DylanLinde/status/20464123...
I deeply regret doing business with David Peters. Last summer David purchased a piece of the 50k plo WSOP that I won. I paid him out a large amount, in cash, a couple days later. A few months later I’m at Triton Jeju and David buys a piece of my two main events (nl & plo)
He asks if it’s ok if we settle after Triton as his available liquidity at the event is low. Sure no problem. His action ends up being a $50k loss. We agree he will settle at Pokermasters. He doesn’t show up.
When I ask him what’s going on he says he’s “trying to free up liquidity and will keep me updated”. No updates follow unless I ask and I receive the same answer. This repeats until I tell him to pay by end of February or I’ll out him.
He then sends $12k and change, saying he will get the rest. The end of February comes and I’m convinced to give him another month. April 1st he sends me 15k and says he cannot pay the remaining balance.
Since this began I’ve found out about other bad debts and bad business deals, so I feel obligated to make this public.
-------------------
lol David Peters is the last one I would expect that. Is there a single MTT poker player in the world who is not broke?
50 million in prizes, sends 27k out of 50k debt and cant send more wtf
"12k and change", lol you cant make this stuff up
I've said 430k and change before
David Peters is the last one I would expect that.
Is there a single MTT poker player in the world who is not broke?
To paraphrase Damon Runyon: (Nearly) All MTT Players die broke.
'All Horse Players Die Broke'
by Damon Runyon
Tournaments are just a pyramid scheme right? I strictly play cash, so I'm not involved in the "World", but I have friends who are.
Just like Peters, you look them up, they have +$1,800,000 in career earnings and have all quit poker to become [insert $55,000 job] or still play and are "broke"
But David Peters being broke is simply amazing, nobody is winning
Arguably one of the biggest fails of the poker boom was not getting a PGA (golf) or ATP (tennis) type of tour off the ground where there was no rake and sponsors were fronting the prize pool. Imagine golfers putting up $100k of their own money to play the Masters to compete for a prize pool that's raked for 10-20%. That's basically been the norm in poker. The math for being a tournament pro is daunting.
The initial WPT seasons also functioned as paid product placement for host venues like the Bellagio. If they could've used poker's surging popularity to find TV deals and sponsors that funded the prizes, the players would've been freerolling. Then the only major logistical complication would have been deciding how qualifiers work. Unfortunately the top pros were so flush with sponsorship money from FTP, Stars, and their ilk in the 00s that they lost sight of the bigger picture and failed to seize the moment.
Amazing what has happened to twoplustwo. We have a top high roller pro calling out one of the biggest money winners of all time for stiffing him. 5 replies in almost 24 hours.
But yea, these dudes are either degenerates of the worst kind or theyre just playing a break even game while having a small percentage of themselves.
What ive always wondered is, who IS backing these huge buy ins? OP shed some light please
goes to confirm sadly what the few said years ago.
lot of these tourney pros are hugely staked and when they say tournaments are super -ev they meant it. I refused it for the longest time like a dumbwit.
obv DN and Ivey etc have made it and have tons of 0s in their bank account but the foxens etc of the world, sure they have a few mil but nowhere near big bank acct as potentially people thought.
also been saying this since 2010 I am baffled as **** why poker players are so wiling to lend money to other players, when the **** was the last time Daniel negreanu needed money borrowed to him??? legit. asking legitimately because on X everyone vilified and absolutely TORDCHED me by a lot of pros for me saying that no poker player should lend another poker player money if they ask. there is a reason they are asking for money , again when was the last time Daniel negreanu needed money or staked 90% of a buy in????
edit @ vincentvega maybe its right that A LOT of these pros are staking ech other or swapping each other for insruance, way way more than what we thought
DN hasn't had to pay for a buy in since 2007
I'm sure most of the top tournament winners are doing just fine. It would help to present multiple instances of these guys being broke and not just one.
He could have lost it playing cash games, buying leveraged crypto, roulette, trying to open a restaurant, or any number of different things.
Hell, taking 25k and 50k pieces of tournament players adds up quick
DN hasn't had to pay for a buy in since 2007
I'm sure most of the top tournament winners are doing just fine. It would help to present multiple instances of these guys being broke and not just one.
He could have lost it playing cash games, buying leveraged crypto, roulette, trying to open a restaurant, or any number of different things.
How many times in the last 20 years on NVG have we heard about poker pros stiffin others and not paying up? same on X.
this happens in a lot of professions obv but it happens a lot in poker it seems as well.
coordi I was also responding to vincentvega by maybe correctly saying a lot of these tourney pros who have made 10-15m after taxes and after getting staked or getting pieced in maybe instead of said pro having 10m in tourney winnings
after
taxes
staked
pieces
swaps
travel
they maybe have made only 20-30% of that 10mill (which is still a **** ton)
I was aking multiple points.
Poker player asks for money, just point them to the nearest exit with a message something like gfy.
To add to the golf analogy from earlier, I would enjoy being in the room when one pro asks another for $100k to enter a major?
Tournaments are just a pyramid scheme right? I strictly play cash, so I'm not involved in the "World", but I have friends who are.
Just like Peters, you look them up, they have +$1,800,000 in career earnings and have all quit poker to become [insert $55,000 job] or still play and are "broke"
But David Peters being broke is simply amazing, nobody is winning
basically unless you're super elite they're a racket as a money making endeavor. Even before this year they were an absolute tax nightmare bc you can't carry losses forward. They're complete variance fests and people are chasing the bink not their ev. But of course each year a few people randomly run hotter than the sun, and a whole bunch of people with a similar skill level see this and think that should be them.
If you actually look at realistic evs for these things, factor in how many hours they take, expenses and variance they really are a joke as purely a money making endeavor.
And then of course when most people finally do bink a big score they blow most of the money anyway.
basically unless you're super elite they're a racket as a money making endeavor. Even before this year they were an absolute tax nightmare bc you can't carry losses forward. They're complete variance fests and people are chasing the bink not their ev. But of course each year a few people randomly run hotter than the sun, and a whole bunch of people with a similar skill level se
Completely agree. Let me enter an 80 person tournament (which from what ive seen are terrible structures, I couod be wrong) and their all similar skills level or better than I. For a 1k thats fine because its a challenge and its fun. But guys are rebuying for hundreds of thousands into the same tournament to win like 4 million. No way thats remotely profitable. Especially if they are paying taxes.
And yea, those "older" pros like negreanu (especially him) made so much from the online era they had a distinct advantage. Not the same thing to compare those guys
Daniel is the Hamish from Hunger Games of tournament poker.
Arguably one of the biggest fails of the poker boom was not getting a PGA (golf) or ATP (tennis) type of tour off the ground where there was no rake and sponsors were fronting the prize pool...
I've always said MTT players are gutless fish.
Any MTT televised should, at a minimum, be rake free.
I would say Tournaments are worse than a Pyramid Scheme.
David Peters being broke is simply amazing, nobody is winning
I am not surprised.
Without a doubt, there are NOT two dozen profitable lifelong USA based MTT players alive.
Amazing what has happened to twoplustwo.
We have a top high roller pro calling out one of the biggest money winners of all time for stiffing him.
(Only a hanful of replies) in almost 24 hours.
when they say tournaments are super -ev they meant it.
but the foxens etc of the world, sure they have a few mil
I seriously doubt the Foxens daily poker money balance exceeds a million dollars.
basically unless you're super elite they're a racket as a money making endeavor.
Even before this year they were an absolute tax nightmare.
To paraphrase Damon Runyon: All MTT players die broke.
Of course there are long term winners in MTTs. Surely online (i am ffs and im not the best mtt in the world), but perhaps you mean long term live tournament players. When you factor in travel ....maybe not. Def some in vegas id imagine who play locally.
Yes, long term live USA based MTT players.
Rake, Taxes, and life's expenses, sink nearly all of them.
I do love that his mouthy wife has gone private on all socials. After trashing people and being incredibly toxic. Lol
I think there are established MTT Whiz/Degen groups that swap/sell/loan/borrow within the groups constantly, and its probably understood at some point someone might bink and it will be a decent day across the group. Them all being degen keeps the “outing” to a minimum, and the gen public doesn’t realllly see whats going on.
They end up in this situation when they swap/buy/borrow from someone who is truly on the up and up, and then realize there is no real way to swap debt or offload on someone else who is owed etc.
I do love that his mouthy wife has gone private on all socials. After trashing people and being incredibly toxic. Lol
She is such trash and pretended like she didn’t know anything about this, her anti marriage tweet few weeks ago makes sense since she is stuck engaged to player likely broke and won’t be able to support her like she thought, she went on blocking spree yesterday
Arguably one of the biggest fails of the poker boom was not getting a PGA (golf) or ATP (tennis) type of tour off the ground where there was no rake and sponsors were fronting the prize pool. Imagine golfers putting up $100k of their own money to play the Masters to compete for a prize pool that's raked for 10-20%. That's basically been the norm in poker. The math for being a t
Not the same thing at all, first of all people have sponsorships in poker so some pay less. 2nd its quite expensive being a golf pro on the tour, u need caddies, flights, coaches and hotels. Its not like poker where u can just grind ur way up as easily.
Curious to see who else he owes, have anyone come forward?
