The Moneymaker Effect The Inside Story of the Tournament That Forever Changed Poker Eric Raskin HUNTINGTON PRESS Las Vegas, Nevada The Moneymaker Effect The Inside Story of the Tournament That Forever Changed Poker Published by Huntington Press 3665 Procyon Street Las Vegas, Nevada 89103 Phone: (702) 252-0655 email: [email protected] Copyright ©2014, Eric Raskin eBook ISBN: 978-1-935396-11-6 Print ISBN: 978-1-935396-56-7 Cover Design: Will Tims Production & Design: Laurie Cabot Portions of this book were originally published by Grantland.com and are used with permission. All rights reserved. No part of this publication may be translated, repro- duced, or transmitted in any form or by any means, electronic or mechani- cal, including photocopying and recording, or by any information storage and retrieval system, without the express written permission of the copy- right owner. Contents Foreword ..................................................................................... 1 Introduction ............................................................................... 3 Cast of Characters...................................................................11 1. Buildup to the Boom .............................................................19 2. ESPN Antes Up .........................................................................35 3. The Chris Moneymaker Story .............................................63 4. Day One .....................................................................................77 5. Day Two .....................................................................................93 6. The Perfect Name ................................................................ 101 7. Day Three ............................................................................... 109 8. Day Four .................................................................................. 131 9. The Final Table ..................................................................... 155 10. Heads-Up ................................................................................ 165 11. Poker Players As TV Stars .................................................. 187 12. The Boom Begins ................................................................. 201 Epilogue .................................................................................. 213 Glossary of Poker Terms .................................................... 229 The Rules of No-Limit Texas Hold ’Em ......................... 235 About the Author ................................................................ 239 Introduction A minute to learn. A lifetime to master. A summer to ex- plode. The game of no-limit Texas hold ’em has been around since long before anyone was using the words “Tennessee” and “accountant” in a sentence about pivotal moments in poker. But prior to the 21st century, it existed only on the fringes. If your local casino happened to have a poker room, no-limit hold ’em wasn’t its most popular game. Now, at many casinos, it’s the only game spread. The phrase “all-in” lived many miles outside the com- mon vernacular before—and even for a few years after—we first heard Matt Damon say it in Rounders. Now, it’s spoken casually even by people who’ve never played a hand of pok- er, whether it’s your buddy telling you he’s “all-in” on the Se- attle Seahawks this year or two sitcom characters using the phrase a dozen times over the course of a 23-minute episode to describe their romantic relationship. (That actually hap- pened. The sitcom was “The New Girl,” and the episode was titled “All In.”) Poker and popular culture have become intertwined in ways hardly anyone could have imagined. And most of it tracks back to the late spring and summer of 2003, when television, the Internet, and a 27-year-old amateur poker player named Chris Moneymaker all sat down at a table and destiny dealt the cards. ♠ ♠ ♠ Benny Binion wasn’t the Texan who brought Texas hold ’em to Las Vegas. That would be Felton “Corky” Mc- Corquodale, a professional poker player from Fort Worth who is credited with introducing the game to Sin City in 1963. (For an explanation of the rules of no-limit Texas hold ’em, see page 235.) But many years before McCorquodale came to town, Binion did his part to bridge the gap between the wild west mentality of Texas gambling and the bright lights of Vegas. Binion got into the gaming space as a numbers runner in Dallas. He graduated from there to booking an underground crap game and soon to operating a mobile casino that was reported to have made him as much as a million dollars a year at its peak—not bad money for 1930s America. While pursuing this fruitful, but perhaps less than noble, line of work, Binion showed just how ignoble he could be to protect his business interests, shooting and killing two men (that the history books know of) five years apart. Politically connected and willing to relinquish small pieces of his fortune to main- tain his freedom, Binion avoided jail time for both murders. But in 1946, a new sheriff came to Dallas who couldn’t be bought, and Benny moved his family—wife Teddy Jane, sons Jack and Ted, and daughters Barbara, Brenda, and Becky—to southern Nevada. In 1951, he finally entered the above-board (relatively speaking) version of the casino business, buying the El Dorado Club and Apache Hotel on Fremont Street in downtown Vegas and re-inventing them as the Horseshoe Casino. The failing El Dorado needed a makeover, so Binion gave it one, going so far as to spend $18,000 to make it the first property in downtown Las Vegas with carpeting on the casino floor. The Horseshoe offered the world’s highest bet- ting limits—and it told you so right outside the entrance, where the sign read, “The World’s Highest Limits.” Benny Binion understood the gambling industry and how to employ force to succeed in it, but he also understood the more delicate art of promotion. Toward that end, the year the Horseshoe opened, he organized a publicity stunt that remains legendary within the casino industry more than 60 years later. Renowned gambler Nick “the Greek” Dandolos told Bin- ion he wanted to be part of the highest-stakes poker game in history and he wanted the Horseshoe to host it. Binion was happy to help—and step one was finding an opponent for Dandolos. Benny knew just whom to call. Many decades earlier, Binion befriended a fellow paper- boy in Dallas named Johnny Moss, who went on to become one of the original Texas “road gamblers,” making his living finding juicy cash games stocked with oil tycoons and their modest poker skills. As the cliché goes, it was a hard way to make an easy living. It was also a dangerous way. Moss carried a .38 wherever he went, and he had the hammer re- moved so he could pull it out of his pocket more quickly. Of all the great Johnny Moss stories—and there are plenty to choose from—the best comes from his wedding night. John- ny was in a poker game and ran out of cash, so he yanked the engagement ring off his bride-to-be’s finger and tossed it in the pot. Moss held the winning hand, saving his marriage from ending before it could begin. Moss happily accepted his old pal Benny’s offer in 1951 to come to Vegas and take on Nick the Greek. The two rounders sat at a table strategically positioned at the front of the Horseshoe, where their game attracted deep rows of railbirds throughout its almost nonstop four-month run. Oc- casionally, other players entered the game—for a minimum buy-in of $10,000. None of them lasted. Finally, Dandolos found himself down an estimated $2 million or $3 million to Johnny and uttered one of the most iconic phrases in gam- bling history: “Mr. Moss, I have to let you go.” The biggest winner, other than perhaps Moss, was Ben- ny Binion, who’d attracted extra foot traffic for four months and word of mouth that would last years. It was 18 years later, in 1969, that Tom Moore, co-owner of the Holiday Casino in Reno, Nevada, hatched an idea he called the Texas Gamblers Reunion, attracting the biggest names and best gamblers in the business to his property for a week. Binion made the trip, along with Moss and such col- orfully nicknamed players as Doyle “Texas Dolly” Brunson, Thomas “Amarillo Slim” Preston, Jack “Treetop” Straus, Brian “Sailor” Roberts, Walter “Puggy” Pearson, Rudolph “Minneso- ta Fats” Wanderone, and Jimmy “the Greek” Snyder. This un- precedented collection of card sharps played mixed games for seven days straight—Texas hold ’em among them—and at the end of event, Binion was suitably impressed to want to rip off the concept. Inspired by the Texas Gamblers Reunion and remember- ing the publicity and money he generated nearly two de- cades earlier hosting the Moss-Dandolos showdown, Binion enlisted Jimmy the Greek’s public-relations business to help him invite the world’s best poker players to the Horseshoe in May 1970 for the first-ever World Series of Poker. For days on end, 37 card players battled in a variety of games. When it was over, the competitors were asked to vote for an MVP of sorts, to be named the first poker world champion. After each player received exactly one vote in his own handwriting, they were asked to vote again and this time they weren’t allowed to vote for themselves. The 63-year-old Moss, despite being semi-retired from gambling, was the most popular pick, making him the 1970 World Se- ries of Poker champion. The inaugural WSOP was generally viewed as a success, but Binion was concerned that it was a bit too unfocused to work as a spectator “sport.” Amarillo Slim suggested the idea of a “freezeout”—a competition where every player buys in for the same amount of money and starts with the same amount of chips, and they play until one man has all of them in his stack. In 1971, at the second annual World Series of Poker, seven players bought into the no-limit hold ’em tour- nament for $5,000 apiece: Moss, Brunson, Preston, Straus, Pearson, Roberts, and Jimmy Casella. Moss won, confirming that his colleagues had voted wisely the year before. In 1972, the rules remained the same, but the buy-in in- creased from $5,000 to $10,000. Or at least that’s what the public thought.