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The Moneymaker Effect or How to Make Poker History

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Posted on February 1, 2022
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We are very excited to bring you this piece of poker history. The Moneymaker Effect is a well-known term in the poker world, so every poker enthusiast should know its background. This is why we felt it was necessary to dedicate today’s article to the man who spawned it into existence – Chris Moneymaker.

Biography

Christopher “Chris” Bryan Moneymaker was born in Atlanta, Georgia, on 21st November 1975, but mostly spent his childhood in Knoxville, Tennessee. It might come as a surprise, but Moneymaker is the surname he was born with.

His ancestors were coin-makers in Germany with the name “Nurmacher”, but they changed it when they moved to the United States to “Moneymaker” in order to sound more American. His ID has been checked by tournament officials who didn’t believe his poker-suitable name wasn’t a moniker.

Chris showed an affinity for card games ever since he was a little boy, playing blackjack and bridge. Funnily, the first time he gambled happened on a cruise ship when he was a minor. He and his mother sneaked into the ship’s casino and played the slots until security caught up on them and kicked them out.

Chris went on to graduate from the University of Tennessee with a Bachelor’s and Master’s degree in accounting.

The World Series of Poker Satellite Event

Although Moneymaker enjoyed playing casual games of poker with his friends, he wasn’t your typical poker player. He stayed away from gambling because he was experiencing financial difficulties, especially after having his first child in 2003. Despite him being a seasoned accountant, he only made $40,000 a year at his job.

He started playing online poker on PokerStars, usually taking part in their $39 per table games. One time, he decided to join a poker tournament with a $86 buy-in. Unbeknown to him that this tournament would change his life.

In this tournament, he ended up winning a ticket to a World Series of Poker satellite tournament in 2003. The ticket covered the $650 buy-in. Surprisingly, he did so well at the satellite tournament that he ended up being one of the final four players.

The first three players of the satellite tournament would win tickets to the prestigious World Series of Poker (WSOP) event in Las Vegas, Nevada. However, Moneymaker didn’t want to be among the top three players. All he wanted to do at the time was to pay his credit card bill, which he could do by winning the $8,000 prize for fourth place.

He wanted to play smart and he was afraid he might lose it all if he risked. However, his friends and family encouraged him to play his best, and he ended up winning the tournament. Still, the Las Vegas table required a $10,000 buy-in, money that Chris didn’t have. Fortunately, however, his friend and father helped him collect this sum in exchange for 20% of his winnings. Moneymaker took time off work and headed to Nevada.

World Series of Poker 2003

In May 2003, the World Series of Poker 2003 commenced. The organisers barely accommodated the players that showed up, and held their biggest event till then with 839 players.

Moneymaker started off well. He won many hands on his first day, bagging $60,000 worth of chips and placing 11th overall. However, the next day he made dozens of mistakes and he was not in the right condition to play as he was partying the previous night. Fortunately, that didn’t cost him the tournament and he placed 26th on the second day with $100,000 worth of chips.

What made him realise his potential, however, was the game against the legendary poker player Johnny Chan. Both Chan and Moneymaker had two strong pairs, but Moneymaker was ahead with his Aces. This win gave him the confidence he needed to win the tournament.

On day four, Moneymaker played against Humberto Brenes. Brenes was favoured to win because of his two aces, but Moneymaker kept raising him, until he miraculously landed three 8’s – the only combination that could keep him in the tournament.

On the last day, Moneymaker faced Sam Farha. They were the last two players and Moneymaker suggested they split the prize. Farha found the proposal insulting as Moneymaker was an amateur, so he declined. Farha was generally hostile because he couldn’t believe that someone with 20 years of poker experience was playing an online poker player at the final of WSOP.

Farha teased Moneymaker, hoping he makes a mistake or shows his bluff. Moneymaker, however, didn’t let out anything, which might have won him the tournament. Farha had the upper hand almost the whole game until Moneymaker was one card away from winning, while Farha needed two cards.

Just like Moneymaker beat Phil Ivey and Humberto Brenes with river cards, he managed to beat Farha with a full house. Moneymaker won the coveted $2.50 million, and you can be sure he paid off his credit card bill.