The Erik Seidel Gambit: From Stocks to Poker Glory

In the late 1980s, a backgammon player and Wall Street trader named Erik Seidel became famous at high-stakes poker. At first, not many paid attention to him. However, as soon as he let his skills show through, he became an opponent many avoided.

Erik Seidel’s first poker tournament was fierce. At the final table, he faced the reigning world champion, Johnny Chan. This is one of the most memorable WSOP Main Event finals in poker history. It was even featured in a famous scene of the classic movie Rounders.

Did Erik win the game?

In today’s Vegas Aces Casino news, we look at his journey from backgammon player to poker star.

Erik Seidel: From Backgammon to Poker

Erik Seidel, born November 6, 1959, grew up in New York City. One of his favorite interests as a young boy was playing games. At 12, he appeared on “To Tell the Truth,” a now-defunct TV game show. Erik and his two brothers often went to Chess City, where he learned backgammon.

In high school, Erik Seidel studied the legendary backgammon player Paul Magriel’s book “Backgammon.” He became excellent at the game, winning against any other player in his league. With time, he started playing for money and eventually gained recognition as a master player.

Discovering the Mayfair Club

In 1975, Erik Seidel joined the Mayfair Club, where his skills could help him earn more money. There, he faced the best backgammon players. He also met Paul Magriel, whose book he had read.

After graduating high school, Erik Seidel attended Brooklyn College in New York City. However, enticed by the sponsored contracts players were signing back then, he dropped out of college to pursue the game professionally.

And yes, he made a good decision. He excelled at the game, traveling for several tournaments across the US.

Shuffling Priorities: Life Takes a Poker Turn

Erik Seidel traveled to Las Vegas in the early 80s, where he made friends with Stu Ungar, a backgammon and poker player. One day, Ungar visited the Stardust to play poker, taking Seidel along. Seidel learned how to play the game that day, and he never turned back. He began learning more.

However, in 1985, Erik Seidel decided to work in the stock exchange market to appear more responsible after meeting Ruja, his future wife. He worked as a trader until 1987, when the market crashed, and he had to return to his gaming career.

After the fateful Black Monday that crashed the market in 1987, Erik Seidel returned to the Mayfair Club in New York City. There, he met some of the now-biggest names in poker, including Howard Lederer, Mickey Appleman, Dan Harrington, Steve Zolotow, Jason Lester, and Jay Heimowitz. He further developed his poker skills by playing alongside these legends.

Erik Seidel’s Poker Career

In 1988, Seidel’s colleagues convinced him to attend the $10,000 WSOP Main Event in Las Vegas. He consented.

The event was a 165-entry tournament. At the final table, the relatively novice player eventually found himself against the feared Johnny Chan. However, Seidel finished second after giving Chan a tough time, cashing out $280,000. That was his first recorded tournament appearance.

The same year, Erik Seidel traveled to Los Angeles to play in the 4th Annual Diamond Jim Brady event. He showcased his excellent skills again, finishing first ahead of Phil Hellmuth to clinch the $144,000 prize.

In 1991, after making several remarkable appearances in tournaments, he went to the WSOP. Again, he finished second, but it was in the next event that his WSOP triumph began.

Erik Seidel’s WSOP Victories

Seidel’s first WSOP bracelet came in 1992 in a $2,500 Limit Hold ’em event. He left the table with a cash prize of $168,000. The following year, he got his second bracelet in a $2,500 Omaha 8 or Better tournament, securing the title and a $94,000 prize.

In 1994, Seidel added a third bracelet to his collection. He won by coming first in the $5,000 Limit Hold ’em event. In 1998, he got his fourth bracelet after winning the $5,000 Deuce to Seven Draw event.

Erik Seidel won his fifth bracelet in 2001 after bagging a whopping $411,300 in the $3,000 No Limit Hold ’em tournament. In 2003, he picked up his sixth WSOP bracelet, which he won from a $1,500 Pot Limit Omaha event with a $146,100 cash prize.

In 2005, Seidel obtained his seventh bracelet and $611,795 in prize money in the $2,000 No Limit Hold ’em event. Two years later, in 2007, Erik Seidel clinched his “eighth bracelet wonder” in the $5,000 World Championship No Limit Deuce to Seven Draw. He also got a cash prize of $538,835.

For a few years after this win, Erik didn’t get another bracelet, but he won some games. It was in 2010 that Seidel was inducted into the Poker Hall of Fame. Then, in 2021, at the $10,000 Super Million High Roller event, Seidel won $977,842 and a WSOP bracelet. In 2023, he nabbed the top spot again in the $50,000 Super High Roller event, pocketing a jaw-dropping $1,704,400 and his tenth bracelet.

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Erik Seidel’s Legacy

Erik Seidel is among the most significant players in poker. He has won 10 WSOP bracelets and about $47 million in cash prizes. However, his greatest contribution may be his successful mentorship of journalist and author Maria Konnikova.

Konnikova spoke about Seidel in her book “The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win.”

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