Antonio Esfandiari Wins $1,000,000 Buy-In ‘Big One for One Drop’

One million dollars is roughly twenty-four times the average annual salary in America.

At the 2012 World Series of Poker in Las Vegas, 48 people put-up exactly that unbelievable seven-figure sum in order to play the largest buy-in poker tournament in history, the “Big One for One Drop.”

The event sold-out, ensuring that the first place prize of $18,346,673 would be the largest first-place prize ever awarded in any sporting event outside of boxing, and that the eventual champion would instantly become the all-time money leader in tournament poker.

In addition to absolutely shattering a number of poker’s historic records, this event also raised more than $5.3 million dollars for the One Drop Foundation, a non-profit charity whose mission is to fight poverty worldwide by supporting access to safe water.

One of the game’s most colorful stars, Antonio “The Magician” Esfandiari, emerged victorious from the field of world-class professionals and razor-sharp businessmen on a nationally televised primetime ESPN broadcast. Once known almost as much for being an ostentatious and charming party aficionado as he was for his poker play, Esfandiari has refocused and changed his priorities in recent years. The matured version of the still-lively 33-year-old is now reaping the benefits of this change, as he writes his name in the history books as the highest-earning tournament poker player of all time.

Here is a look at how this historic event played out.

Laliberté’s Dream Becomes A Million-Dollar Reality

The story of most poker tournaments starts with the calling of “shuffle up and deal.”
The tale of this unprecedented tournament began at a hockey game in Montreal, with billionaire founder of Cirque du Soleil, Guy Laliberté enjoying the game with Caesars Interactive Entertainment CEO Mitch Garber. Laliberté had recently founded the One Drop Foundation as a way to give back, and was telling Garber how he was looking to reach out to various communities to spread to word about his cause.

“I thought the poker community would be an amazing place to get the word out,” said Laliberté. “I brought up the idea for a $1 million buy-in tournament and that I thought it could happen if we included a charitable element.”

Laliberté had played high stakes poker as a hobby for a number of years at that point, and had connections with high-stakes poker players and wealthy businessmen all over the world. After brainstorming, the two decided that the event could work if they could attract the right mix of players, with professionals chasing the fame and the money, and generous businessmen looking to test their skills and have a good time for charity.

The event was announced on June 2nd, 2011, and since then Laliberté pounded the pavement to put together a field worthy of this seven-figure buy-in, with a number of notable high-stakes pros stating their intent to play including Tom “Durrrr” Dwan, Gus Hansen and Daniel Negreanu.

Even for the world’s top poker players, raising $1 million dollars isn’t necessarily easy. Even high-stakes players often have their assets spread around, or simply can’t afford to put so much of their money on the line at once. As a result, almost all of the poker professionals ended up selling pieces of their action in order to put together the seven-figure buy-in. The only player to openly state that he had 100 percent of his own action was 22-year-old Jens Kyllönen.

“I view it as more as kind of a gamble. It’s not how I would normally play, with bankroll management. I could either buy something nice, like a nice car or house, or play this tournament,” said Kyllönen, a Finnish cash-game professional. “I feel like I’m going to get more out of playing this tournament.”

Even after winning $1.45 million in the $50,000 Poker Players Championship only days before the “Big One” began, Michael “The Grinder” Mizrachi still sold around 85 percent of his action.

Gus Hansen won his way into the event less than 12 hours before it kicked off, topping a $25,300 satellite held at the Rio that drew 96 entries. Phil Hellmuth reportedly acquired his seat at the last minute from the winner of another satellite held by MGM.

Eventually, 28 of the toughest poker pros and 20 businessmen each put up the million, reaching the hard-cap set for the event and building a $42.6 million prize pool. With that, the biggest buy-in event ever planned was ready for its “shuffle up and deal.”

And So It Begins

Many professional poker players have a unique relationship with money, constantly striving to acquire it while also seeming to have little regard for it. Despite how valuable the sum would seem to the average person, no pro seemed particularly nervous as they entered the $5,000 no-limit hold’em event that began a few days before the million dollar buy-in, for example.

Even with the recent trend of six-figure buy-in high roller tournaments, many players still seemed to be within their comfort zones. As play was about to begin in this million-dollar event, the nervous tension and excitement was thick in the air. Adrenaline coursed through the veins of pros and businessmen alike as they each imagined the money and the glory on the line.

Of the 48 that took their seats, 40 would walk away from this event empty handed, including some of the most feared names in the game, such as Erik Seidel, Phil Ivey, Phil Galfond, Jason Mercier and Bertrand “ElkY” Grospellier.

After all the effort and anticipation, 11 players were eliminated on the first day. Day 2 began with 37 players, but only nine would make the money. As a result of the huge buy-in for this event, the players faced down the largest money bubble in tournament poker history. Making the top nine guaranteed one at least a seven-figure cash payday and the chance at $18.3 million, while finishing tenth earned you zero dollars.

“I want to be on the bubble so bad… the adrenaline must be sick,” said young British poker phenom Sam Trickett with a wolfish grin before play began.

For all of the anticipation in the air surrounding the money bubble, the whole affair went rather quickly. 34-year-old Russian businessman and poker player Ilya Bulychev was the unfortunate tenth-place finisher, shoving the last of his very short stack in with Q 6 and being called by Trickett’s K 7. The former semi-pro soccer player turned high-stakes poker pro flopped top pair and faded Bulychev’s flush draw in order to burst the record-breaking bubble.

The first player eliminated inside the money was 2009 Poker Hall of Fame inductee Mike Sexton. The WSOP bracelet winner and World Poker Tour commentator earner $1,109,333 for his ninth-place finish.

The Final Table

Eight men returned on the final day to play out the televised final table, lead by Antonio Esfandiari and Sam Trickett. All of them were already in the money, but with incredibly top-heavy payouts, the collection of seasoned pros and supremely wealthy businessmen did not seem interested in simply moving up the pay ladder. Every man had their eyes on the specially designed $350,000 Richard Mille platinum bracelet and the $18.3 million dollar first prize.

Malaysian businessman and regular in the nosebleed-stakes Macau cash games Richard Yong was the first eliminated, followed by 1978 World Series of Poker main event champion Bobby Baldwin.

Two-time bracelet winner and 2011 $50,000 Poker Players Championship winner Brian Rast was the next to go in an absolutely brutal hand where he had flopped the nut-flush and slowplayed it, only to have Sam Trickett’s flopped set of threes improve to quads on the river. Rast hit the rail in sixth, while Trickett overtook the chip lead.

The fifth-place finisher was none other than the driving force behind the event, Guy Laliberté. He got the last of his money into the pot against Esfandiari in the classic coinflip situation, with his pocket queens losing to “The Magician’s” A K. A king materialized on the turn, and the former street performer turned billionaire was out after an impressive run, while Esfandiari took a dominating lead in the chip counts.

As the payouts began to rise precipitously, Trickett and Esfandiari began to pull away from the pack. Despite his Hall of Fame pedigree and record 12 gold bracelet wins at the WSOP, Phil Hellmuth was unable to build up his short stack. His A-10 failed to overcome Trickett’s A-Q and he was eliminated in fourth place, earning over $2.6 million, the largest score of his poker career.

As Trickett and Esfandiari stacked their chips even higher, successful hedge fund manager David Einhorn looked to be on his last leg. Einhorn previously finished 18th in the 2006 WSOP main event, donated his $659,000 in winnings to the Michael J. Fox Foundation. $111,111 of Einhorn’s million dollar buy-in already went to the One Drop charity, but when he was eliminated by Esfandiari in third he place he pledged to donate his $4,352,000 in winnings to the City Year Foundation, an education-focused non-profit that partners with high-need public schools to provide full-time targeted student interventions.

With that, Esfandiari and Trickett prepared to battle it out for the single biggest payout in poker tournament history.

Eight-Figure Heads-Up

Esfandiari held a roughly 2.5-to-1 chiplead going into the final showdown. With eight-figures on the line and all eyes on him, the 33-year-old pro remained as comfortable and relaxed as ever, but with a keen intensity in his eye.

There was more than an $8 million dollar difference in payouts between first and second place, but heads-up play lasted only 16 hands. Esfandiari opened the button for 1,800,000 and Sam Trickett called from the big blind.

The flop came J 5 5, Trickett checked, Esfandiari bet, Trickett raised to 5,400,000, Esfandiari three-bet to 10,000,000, Trickett four-bet to 15,000,000, Esfandiari five-bet shoved and Trickett called all-in.

Esfandiari was ahead on the flop with 7 5 for trip fives against Trickett’s flush draw with Q 6. The turn brought the inconsequential 3, leaving Esfandiari one card away from the biggest win in history.

“I was thinking, ‘Okay, this is the moment,’” said Esfandiari. “‘If you fade this flush draw, you win the biggest tournament in the history of the world. And I was like, please Jesus, one time.’”

This was his one time. The 2 hit the river, securing him the title and the $18.3 million.

“I am pretty sure I used up all my one times, but I’m okay with that. I said earlier, if I use up my one times for the next five years in this tournament I’m happy with that. From now on, its one more time,” he said with a smile before briefly breaking into a brief rendition of Daft Punk’s “One More Time.”

With that Esfandiari’s tournament earnings swelled to just under $23 million, making him the highest earner in poker tournament history. For his runner-up finish, Trickett earned $10.1 million, bringing his lifetime total to $16.4 million, the third most behind Erik Seidel.

Rededicated To The Game

With two World Poker Tour titles and a World Series of Poker bracelet already to his name, Esfandiari had plenty of experience with winning. In the early 2000’s, he become one of the biggest names in poker though his flashy antics and impressive play.

With success and a naturally extroverted personality, Esfandiari became known as a partier, and his love of fun perhaps came to take away from his focus on the game.

“Going out and partying all the time, at the end of the day didn’t make me that happy. I loved it, don’t get me wrong, but I just kind of grew out of it. I am 33 now, and I just decided to live a better life,” said Esfandiari. “I did some self-awareness work, and it just kind of put things into perspective.”

He said that he definitely attributes this win to this refocusing. “Its 100 percent. Its not even close.”

Despite this change, Antonio is still as gregarious as ever, the same man who starred in the unique television show “I Bet You” with his friend Phil Laak, in which they essentially travelled the country, making entertaining prop bets.

“My style is to talk and have a good time. I might as well enjoy my life instead of just sit there and be bored,” he said. “Because poker, as we all know, is kind of boring sometimes.”

As he stood barefoot atop the poker table that had just made him a legend with two bricks of cash in hand, assuming a karate pose, it was clear that despite his renewed focus, Esfandiari was still going to be far from boring to watch.

A Heartfelt Dedication

Amidst the cheers and clapping and lights and fanfare, Esfandiari took a moment out of celebrating his win to dedicate the win to his father, Bejan Esfandiari, pledging to give him the platinum bracelet that he was awarded for winning this prestigious event and then embracing him as hundreds looked on in the stands.

“I just wanted to go for the win, and nothing else really mattered to me. I just wanted to win so I could give my dad the bracelet,” said Esfandiari, with his arm around his father. “My dad has been my biggest supporter since the beginning. He gave up everything to bring [my brother] and myself to this country, so thank you.”

“I punished him at first when I learned that he was playing poker,” said the elder Esfandiari. “He was an A-student. I wanted him to be a doctor, an engineer or something. He didn’t tell me what he was doing. I heard from other people that he was gambling, and I said, ‘What!’”

Bejan eventually became convinced Antonio knew what he was doing after watching him at a local casino. After all of the success and record-breaking accomplishments, the pride shined clearly in Bejan’s eyes as he stood with his two sons, one of whom had just won the largest buy-in poker tournament ever held.

When asked if he still questioned Antonio’s decision to play poker professionally, Bejan Esfandiari replied with a smile and a laugh, “Now, it’s okay.” ♠

The Big One for One Drop: A Numbers Game

This event set the record for the largest buy-in ever in a tournament at $1,000,000. This was four-times as large as the previous record-holding tournament, a $250,000 buy-in super high roller first held at the Aussie Millions in 2011.

If players were to buy into this event using hundred-dollar bills, the total weight of the cash would be roughly 22 lbs.

As a result of 48 players posting the massive 7-figure buy-in, this event built a $42,666,672 prize pool, with a first place prize of $18,346,673. This is the largest awarded in in poker tournament history, and also the largest in any sport outside of boxing.

This payout dwarfed Jamie Gold’s first place earnings of $12,000,000 in the 2006 World Series of Poker main event, the previous record for largest first prize.

With the record-breaking prize, Antonio Esfandiari overtook the lead on the all-time earnings with $22,978,570. The previous leader was Erik Seidel with $16,918,340.
Runner-up Sam Trickett earned $10,112,001 for second place, the third-highest payout ever.

The difference between the first and second place prize in this event was $8,234,672. That is more than the first-place prize in every single WSOP main event prior to 2006.

While those numbers are impressive, one need only look at the wealth of 20 businessmen who participated in this event to put even those huge numbers in perspective.

Cirque du Soleil/One Drop founder and 5th place-finisher in this event Guy Laliberté, for example, has an estimated net worth of $2,600,000,000.

The Big One for One Drop event raised $5,333,328 for the One Drop Foundation by withholding $111,111 from each buy-in for the charity.

One Drop supports access to safe water and raises awareness of water issues around the globe. Contaminated or poor-quality water is the second-leading cause of infant mortality in the world.

In Mozambique, the average person uses less than 10 liters of water per day, while an American uses approximately 575 liters a day.

The One Drop Foundation was not the only charity to benefit from this event. Hedge fund manager David Einhorn donated the entirety of his $4,352,000 to the City Year Foundation, an education-focused non-profit that partners with high-need public schools to provide full-time targeted student interventions. ♠