Daniel Andrew Beal, better known as Andy Beal, is a Dallas-based businessman who has accumulated a lot of wealth by faring in the real estate and banking industry. He is the founder of Beal Bank, alongside being affiliated with other companies. He is also a self-taught mathematician and poker player. Let’s have a look at Andy Beal early life, poker career and net worth, in this article.
Born on 29th November, Beal began earning money as a teenager by fixing used televisions and reselling them for a profit. Later he installed apartment security systems while attending high school before starting a business of moving houses and managing rental properties.
Andy Beal started his real estate portfolio in 1971 at the age of 19 before opening his own bank named ‘Beal Bank’ in 1988. He also looked to join the private space race with Beal Aviation but closed it soon and returned his focus to the real estate markets and the banking sector. He opened yet another bank in 2004, in Las Vegas, and since then has purchased financial assets, which boosted his net worth as the market improved.
Andy Beal has been playing poker since his college years and was claimed to be fairly successful as well. Rumours also suggest how some of the poker winnings helped him fund early business ventures as well.
However, Beal’s real poker journey started in February/March of 2001 when he visited the Bellagio poker room in Las Vegas. He met Todd Brunson and started playing high-stakes cash games against professional poker players and ended up winning $100,000.
Andy Beal wanted to test his poker skills against the best poker players in the world. So he issued a challenge to all the well-known poker players to compete against him in a series of heads-up Limit Hold’em poker matches.
Poker legends and professionals Doyle Brunson, Phil Ivey, Jennifer Harman, Ted Forrest, Minh Ly, David Grey, Todd Brunson, Gus Hansen, Howard Lederer, Barry Greenstein, and Chip Reese gathered and called themselves ‘The Corporation.’
After issuing the challenge, Andy Beal played high-stakes poker against these professionals for the next three years. The game was Texas Holdem with $10,000 – $20,000 starting stakes that moved up to $100,000 – $200,000 by the end of the game. It also had players seeing $10 Million swings across just a few poker sessions.
Andy Beal won one of the largest single hands in the history of poker on 13th May 2004 at the Las Vegas Bellagio. He won $11.7 Million, one of the largest single hands in poker history. However, the Corporation fought back and ended up winning $16 Million from Beal. This saw Beal vow to never play against the Corporation again after the big loss but ended up returning to take down the Corporation in 2006.
Beal ended up winning a staggering $13.6 Million after being $3.3 Million down against the Corporation again in 2006. However, the Corporation had the last laugh as poker legend Phil Ivey represented them against Beal and won $16.6 Million from Beal. After losing to Ivey, Beal stopped the challenge against the pros.
As per some reports, Beal has accumulated losses in excess of $100 Million over the course of his poker career! Despite such heavy losses, Beal still plays poker on a recreational basis. He was reported to play some underground poker games in 2011, which also involved names like Tobey Maguire and billionaire Alec Gores.
According to news reports, Beal’s net worth as of August 2023 is estimated to be $10 Billion. He is ranked 170th on the Fobes Billionaires list 2023. The United States-based Philanthropist has also acquired distressed assets, including mortgages, as well as bonds backed by commercial planes and IOUs to power plants. Still has the poker bug in him; it remains interesting to see if Beal gets back on the poker table to make heads turn with his gameplay.
Smit is a sports writer at Gutshot Magazine. After completing his Bachelor’s in Mass Media, and a Master’s degree in Sports Management, this sports fanatic uses articles as a tool to express his opinions. Bring up cricket or football and you will find this usually quiet guy speak for hours! He also co-heads the official supporters club of Chelsea FC in Mumbai, wherein he hosts screenings, football meets and other such events.
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