With $76,035,909 in recorded tournament earnings, Britain’s Stephen Chidwick is just a big result or two from the top spot in poker’s all-time money list.
His position at the summit of tournament poker — coupled with the contemplative, measured manner for which he’s become known — means that on the rare occasions Chidwick shares his thoughts and ideas, it’s always worth taking time to hear what he has to say.
And thanks to an ‘Ask Me Anything’ (AMA) session on Reddit yesterday — using the account of Octopi Poker, the training site he represents — we were able to gain some fascinating insights into the life and processes of this elite-level player.
Chidwick answered plenty of questions, but perhaps the most intriguing related to his place near the top of the money list, and how much of that $76 million in winnings is actually profit.
What does being a winning super high roller actually pay?
The fact that The Hendon Mob tracks payouts but not buy-ins is a bugbear for many. As THM’s Kevin Mathers explained to PokerOrg recently, that information is not provided by tournament venues and so is impossible to factor.
It means it's impossible to know how much players are actually winning – if they're winning at all.
But Chidwick was happy to clarify his own situation, suggesting that of the $76 million in recorded earnings, the profit was ‘somewhere in the 5-10m range’.
That revelation — that his actual profit accounts for between 6.5% and 13% of his lifetime tourney winnings — may make for surprising reading. Chidwick’s live tournament results go back some 18 years, which puts his average annual profits somewhere between $277K and $555K.
That puts him somewhere in the range of a successful plastic surgeon, software architect, or anesthesiologist.
Which is not at all to say the jobs are at all comparable. Lest we forget, Chidwick plays a card game for a living and works to his own schedule. And while high-stakes poker can be undoubtedly stressful, could it possibly compare with the pressures involved in keeping a patient alive and unconscious during surgery?
While every player is different – with varying winrates, sponsorship deals, backers and percentages of their own action – it’s hard to resist taking a look at other players in the top ranks of tournament poker and applying a similar formula.
Phil Ivey, for example, has $54M in recorded earnings, which would translate to between $3.5 and $7 million in take-home tournament winnings (over almost 30 years, and not adjusted for inflation).
$54 million in all-time winnings is an attention-grabber, but how much of that is profit?Phil Hellmuth’s $31M would equate to $2-4 million, over a period of close to 40 years, for an average of close to $100K per year.
Run the equation on Daniel Negreanu’s $57M and you get $3.7 to $7.5 million over 30 years, while Darren Elias — currently in 100th spot on the all-time money list with $15M — would be looking at $1M to $2M over an 18-year tournament career.
Darren Elias just scrapes into the top 100 of all-time tournament winners.
A big pinch of salt
Of course, it goes without saying that, while entertaining to consider, these back-of-a-napkin figures are sketchy at best and should be taken with a grain or two of salt.
Chidwick himself admits he has only a vague knowledge of his profits over the years. Some players may earn more from cash games than tournaments and may or may not invest in each other through buying or swapping action. Chidwick mentions that in any high-stakes tournament he plays, he typically has financial interests in 2 or 3 other players.
But nevertheless, it’s somewhat sobering to consider that one of the very best and most successful players in tournament poker may be earning less than a corporate lawyer. Now, where’s their all-time money list?
Chidwick’s ‘Rounders’ moment
While his profit revelations are understandably fascinating, there’s plenty more in Chidwick’s AMA to sink your teeth into.
And that includes his very own ‘Mike McDermott versus Johnny Chan’ moment.
When asked for his most memorable hand, Chidwick replies…
“At my first WSOP 16 years ago I was playing the 10k nl single draw with Doyle Brunson…I played a pot with him where I 3b out of the BB vs his late position open and stood pat with a jack low (kind of a weak hand).
“He drew one, I checked, and he made a big bet. I check-raised all-in for not very much more as a bluff, and he grumbled to himself for a while before folding.
“I showed the jack and he says “you’ve got my number kid”. I thought I was hot sh*t.”
Stephen Chidwick has incredible stories to go with his sizeable profit. Check out the full AMA on Reddit now.
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Additional images courtesy of Antonio Abrego/Luther Redd.
