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Phil Ivey Net Worth – Here Is How Pro Poker Players Net $1 Million / Month

Commonly known as Phil Ivey, the popular American professional poker player, Phillip Dennis Ivey Jr. was born in Riverside, California and soon moved to Roselle, New Jersey. Currently, Ivey lives in Las Vegas. He, with his wife Luciaetta, had filed a joint petition for divorce in 2009 after seven years of married life. The divorce was granted and Ivey lives alone practicing his gambling skills and his hobbies that include golf, prop betting and video games. He can be seen moving around in basketball jerseys.

He has founded two companies – Ivey League that offers poker training with a great group of professional coaches and Ivey Poker which offers ‘free play’ poker app allowing users to compete against him and other pro poker players.

Phil Ivey is the winner of a World Poker Tour title and 10 World Series of Poker Bracelets. He is the youngest player to have won ten WSOP bracelets. He is regarded as the best all-around players in the world by many poker fans and observers. Phil Ivey has appeared at nine World Poker Tour Final tables and has been elected to the Poker Hall of Fame in 2017. Ivey holds the record for the most WSOP mixed-game bracelets and has been nicknamed as ‘The Phenom’, ‘No Home Jerome’ and ‘The Tiger Woods of Poker’. He is popular for successfully throwing the opponents off their game by simply staring into their eyes.

The former co-owner of Full Tilt, this celebrity is a business owner who earns through various means. This high stakes gambler wins millions of dollars routinely through tournaments and cash games.

Phil Ivey Net Worth

Phil Ivey Net Worth

According to the tracking of HighStakesDB based on the hands played, Phil Ivey is the top on their list of big poker winners. Phil Ivey Net Worth is $110-$150 Million. Till date, Phil has earned more than $19,500,000 in live tournaments.

Phil Ivey’s real net worth would also need his equity in homes, cars and business interests included. For example, Ivey owns a home in Cabo Mexico and one on the golf course in Las Vegas. As per some resources, he also owns a Mercedes McLaren and two Rolls Royce ‘Phantoms’.

Moreover, the worth of Ivey’s portfolio, business interests, cars and real estate is unknown. We also don’t know how much he collects from Chinese billionaires in Macau each year. If he dominates the Macau game completely, his present net worth would be a lot higher.

Online Winnings

Phil Ivey, when playing on FullTiltPoker.com under his original name, made a profit of $19,242,744. His new name after the re-launch of the site is ‘Polarizing’ and he has since lost $6 million . However, his net online profit as recorded comes out to be more than $13 million. Apart from the poker room, Ivey is noticed visiting other parts of the casino occasionally. Ivey admits the love for sports betting and the large monetary wins and losses have been documented.

Baccarat

There is no house edge in the Baccarat games Ivey plays at various places. According to the court papers in a lawsuit, Ivey has won more than $21 Million in the year 2012 from playing Baccarat. This amount includes his winning session in London for $12.4 Million and a $9.6 Million winnings from his session in Atlantic City.

Business

Phil Ivey was at a time one of the big shareholders of Tiltware, LLC, the former parent company of Full Tilt Poker. According to legal documents pertaining to his divorce case, Ivey was getting as much as $920,000 every month from Full Tilt Poker in the form of monthly distribution payments. Of this, he was sending $180,000 to his former wife Luciaetta as an alimony.

At the moment, Phil Ivey is investing his resources into IveyPoker.com that offers various innovative poker services and products intended to educate and entertain poker players of different levels across the world.

Expenses

These earnings do not take into consideration the travel fees, entry fees, and taxes paid by Phil Ivey. Of his $23.8 million winnings in tournaments, entry fees alone would take away $5 to $6 million. Ivey had entered the WSOP One Drop Tournament in 2012 and 2014 and the entry fee each time was $1 million. Ivey often plays high roller tournaments which elevate the total entry fee expenses.

How Do Professional Poker Players Make Money?

Poker players

I’m sure millions around the world have considered quitting their 9 to 5 jobs to play poker professionally at least at some point in their lives, but what they fail to realize is that the level of risk and uncertainty involved in professional poker, often makes up for the glamour and freedom it provides. Just like every other type of sport or business, a player’s success or failure depends on numerous factors, many of which are hard to quantify.

Just around 1% of those who play poker professionally manage to win money consistently, and even in this category, most people earn just enough to put food on the table.  The rest is made up of newbie enthusiasts, compulsive addicts, and inconsistent winners.

Successful poker players like Chris Moorman and Daniel Negreanu and others have earned and made their bankrolls by trying their hands on various forms of poker, but even they don’t rely on poker to make a living, they make most of their income from partnerships with online poker sites and coaching/training programs of their own, moving towards more consistency.

‘Poker is a hard way to make an easy living’ – This is relevant to this day. Due to the internet, poker now reaches millions of players from around the world, but at the same time, it’s become more and more difficult to win consistently. Getting success as a professional poker player needs a solid game plan, developing multiple revenue streams, managing expenses, and a stable income to calm your nerves. In short, pro poker is just like any other business, you put in hard work and money, but in the end, you may not win anything.

The winnings of professional poker players depend on their planning and skills. Those who plan the best often win the most.