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 | Hot Bets
Tips from our SportsBook expert
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 | "I Won the World Series of Poker"
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"Data gathering--that's what separates someone who can play at the lower limits from a high-stakes pro."
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What common tells have you noticed?
Really, it's a question of paying attention to the player and learning what his tendencies are. If you see someone lose interest in a hand, but then when it's his turn to bet his eyes light up, maybe he just realized it's a good opportunity to bluff. And there's one tell that's often quite good: If you see someone's hands shaking--in other words, they're so nervous that they just can't push their chips out and be completely smooth--that often means they have a really big hand, like pocket aces, and the adrenaline just snaps through their system. But I have seen players who will shake like that in other circumstances. So there are exceptions.
Let's talk about the World Series. What strategies did you adopt that helped you win?
I really didn't do anything differently. But throughout the whole tournament, my demeanor was always very calm and neutral. I would win a nice pot and be pleased, but by the time the next hand was dealt, I was very centered again, just thinking, "Okay, what's the best decision I can make on this hand?" My attitude throughout the whole tournament was almost flat line. And I think that had a lot to do with me winning.
Did you get a lot of lucky hands?
My real luck was that I got dealt a pretty good number of good hands or situations, and I didn't get unlucky. You know, if you put your money in as a 4-to-1 favorite, you're still supposed to lose 20 percent of the time. In spots like that I only lost maybe 5 percent of the time throughout the week. That was where my luck was--I didn't get unlucky as often as I was supposed to.
You go by the nickname Fossilman. Where'd that come from?
When we lived in San Diego, my wife took me to a rock and mineral show, because she grew up doing that kind of stuff as a family hobby. I saw this fossil, a seashell in a chunk of polished marble, and thought, "This would make a great card protector.: So I bought one just to use. But this stuff is from Morocco and about 300-plus million years old, which people found interesting. And I thought, "These people like it so much, I bet they'd buy it from me.: So I bought half a dozen more and sold them at a markup. Then I bought more and more to sell to people when I played poker as a way to make a little extra money. And then I started getting called Fossilman.
Have you come to hate that name by now?
No--nicknames are good. People remember you.
So, uh, Fossilman, as the world champ, you're officially an expert. What advice would you give to people just starting to play in serious tournaments?
Make sure you're only risking money you can really afford to lose. Some 90 percent of all poker players are long-term losers. So there's a good chance you're gonna be in that category.
Okay, let's say I've just won the lottery, and I've got money to spare. What other advice would you offer me?
You need to find the best poker literature, the best resources for educating yourself, so you can play the best game you possibly can. A lot of people think, "I understand this game, I don't need any of that stuff." Kinda like if you teach someone how to play chess, and once they've memorized the way the pieces move they think they know the game. They usually figure out how little they really know by playing against people who are more experienced and getting their can kicked every time.
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"The worst I ever did was the three-month period right before the World Series. It was terrible, terrible."
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In poker, because of the luck factor, these people will still win hands, and then they start thinking, "Every time I win it's because of how skillful I am. And every time I lose it's just bad luck.: If they don't keep track of exactly how much they're winning and losing each time they play, at the end of the year these people will fool themselves into thinking they're doing okay. So you need to educate yourself and you need to keep records. That way you'll really know how good or bad you are.
What books do you recommend?
For poker in general, people should read Theory of Poker by David Sklansky. For help with tournaments, they should get Tournament Poker for Advanced Players, also by David Sklansky. And no, this guy isn't paying me.
Now, of course, comes the most important question of all: What are you going to do with your $5 million payday?
I have to pay back a lot of people. I made a deal with my wife that I would never use family money or money from my job or investments. When I went on a bit of a losing streak a couple of years ago, and my bankroll was down to about $15,000, I could no longer afford to play in the bigger games or tournaments. But I had a strong reputation online, so I posted that I was interested in taking on backers and selling shares at $500 apiece.
A bunch of people, most of whom knew me but a few of whom were complete strangers, ended up sending me money, and we put together a bankroll that was about one-third my money and two-thirds their money. And we made a deal: If we lost money we all lost it equally according to our investment, and if we won money, I got 35 percent and then the investors--including myself--split the remaining 65 percent according to our investment. If you started from the beginning and spent $500 to get in, you just got wired $35,700.
How did you deal with that losing streak? Have you ever thought about quitting?
Never in a serious sense-in fact, I haven't had a losing year since I started keeping records 10 years ago. Actually, the worst I ever did was the three-month period right before the World Series. It was terrible, terrible. I showed up in Vegas a few days early to try to win some money in satellite and cash games and I got my butt kicked--I ended up losing $15,000 in two and a half days.
You must have been a little lacking in confidence when the tournament started.
Well, I was actually down $20,000 and then won $5,000 in a single-table satellite on Friday, the day before the World Series. Even though it was only around 6 p.m., I said to myself, "That's it, you're done. Don't play anymore and blow it, just go to bed in a good mood."
So after paying back all your investors, will you be running out to buy a Ferrari?
After that, and after taxes, I'm down to maybe $1.7 million. That's not enough to support my wife and myself, put our daughter through college and live on for 40 years. And I'm not an extravagant person--I would rather drive a Honda Civic than any sports car. It's more comfortable.
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