Dan Bilzerian Reveals High-Stakes Poker Secrets, $700 Million Losses, and Crypto Deals (VIDEO)
Gossip, Rumors & Buzz
three Min study
It doesn’t matter if it is fact, fiction, or somewhere in between — a Dan Bilzerian poker story is usually engaging for a single reason or an additional. This week, the outspoken millionaire was back in the spotlight and speaking about, among other items, poker on the More Plates Much more Dates podcast.
Hardcore pros will usually dispute Bilzerian’s authority to speak about anything even remotely linked to poker technique. Even so, regardless of no matter whether or not he truly produced his fortune in high-stakes games, Bilzerian knows a lot of wealthy individuals.
And, as he revealed on the Far more Plates More Dates podcast, he knows a lot about their economic affairs. As somebody who sits in private games with the likes of millionaire businessman Bill Perkins, Bilzerian explained how crypto has grow to be the currency of selection for these with nosebleed bankrolls.
Bilzerian talks income and taxes
For context, More Plates More Dates is a YouTube channel mainly committed to fitness. Its host, Derek, had previously published a video on Bilzerian’s steroid protocol. That caught Bilzerian’s consideration and led to a podcast posted on YouTube this week.
The two ultimately get into fitness and girls, but not ahead of Bilzerian gives some insight into the secretive planet of higher-stakes poker. The discussion was sparked by a question about cryptocurrency, which led Bilzerian onto the logistics of moving money about and, in turn, taxes.
Private games are not like those that take spot in a casino. Bank wires are commonplace as an alternative of money or chips and, in Bilzerian’s words, that is what “f**ked up” Andy Beal. Bilzerian recounted a story involving noted poker enthusiast and billionaire Beal and someone known as Alec.
The mysterious Alec, reported to be private equity billionaire Alec Gores, won $700 million from Beal over the course of a year. Beal shipped the funds to Alec by means of bank transfer, which meant Alec, who lives in California, was obliged to report his winnings as revenue. According to Bilzerian, Alec was subsequently taxed 50% on his $700 million win.
Crypto is the currency of choice for higher rollers
Bilzerian also explained how he and his fellow high rollers utilized to struggle with receiving enough cash for their private games. Bellagio chips had been, for a time, accepted as a universal currency among the inner circle of wealthy players. That was till cryptocurrency became popular.
These days, “the whole gambling community has gone to crypto” simply because it gives instant settlements, Bilzerian mentioned, adding that he’s been getting paid in crypto since 2013. Bilzerian mentioned would frequently attend private games in Macau and folks would pay their debts utilizing Bitcoin.
The anecdotes lift the lid on what life is like in private, high-stakes games that are usually shrouded in secrecy. Maybe far more intriguing although, is the use of cryptocurrencies. The debates more than the sensible applications of Bitcoin et al have been raging since 2009. For a small number of properly-bankrolled poker players, however, it appears that cryptos have turn out to be a useful replacement for money.
To hear much more about what Bilzerian has to say about cryptocurrency and higher-stakes poker, listen to the full 3-hour podcast.