Word on the Internet is the 2006 WSOP champ is in need of his own stimulus package. Yes, Jamie Gold, who I wrote about yesterday is rumored to be having financial woes shortly after winning the $12 million dollar jackpot that was the 2006 WSOP Main Event.
One thing you must understand is that most of the piles of cash on the table after Jamie won never went to him. Instead of a cool $12m, think of $7.83m after taxes (used calculating Dennis Phillips earnings after taxes – a rate of 35.6%). Also, Jamie Gold had to settle out of court with one Crispin Leyser who claimed Jamie owed him half of his winnings (based on some agreement before Jamie was in the tournament). The case settled without either of the parties divulging the terms, but if Crispin was claiming half, he probably got at least 25% of Jamie’s winnings. One huge question would be whether that percentage came pre-tax or post-tax. I’ll guess conservatively that Crispin received 35% after taxes which would only leave Jamie roughly $5.09m.
Jamie did receive a $1m sponsorship deal with UltimateBet, but UB ended the relationship. It is unclear when UB dropped Jamie, but I’ll guess he probably did receive the $1m for a year and UB did not pick up another contract afterward. At this point, we’ll bump Jamie up to $6m total.
But that’s since 2006/early 2007. It’s been awhile since then and Jamie has been playing a lot of loose, wreckless poker (see clip below where he knows Farha has him beat and will not fold).
Jamie did seem to have a good gig as a talent agent/producer in Hollywood before ever bursting into the poker world, but isn’t it very possible that his good money has been vacuumed living the Bodog high life? I didn’t know this before researching for today’s post, but I read that Jamie had promised to pay $1m to the poker dealers at the WSOP which he never did. Sounds like someone that likes to live flamboyantly.
I’ve posted this video from yesterday as an illustration of how desperate he seems in this hand. Given Jamie plays wackie, but I’ve never seen a pro look this upset in the light of money on the table. Notice how Jamie calls out Farha for just wanting to take money from him. Isn’t that the whole point? It very much seems like Jamie would be severely hurt financially from losing the hand.
We all know that you should never be at a table you can’t afford to play at. Jamie can neither afford this table, nor is he close to as talented to any of the pros he’s sitting with. That’s a bad combination.
In an interview with PokerJunkie, Gold says he has won as much as $850,000 in a session and lost $450,000 on HSP. Sounds like awful high stakes for a player that probably has nowhere near the amount of money as the players he’s playing against.