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High Stakes: Daniel Cates Loses $5 Million In Cash Game

Tags: Daniel Cates, high stakes
Posted on Monday, August 17, 2015 by "T".
Poker King Club President Winfred Yu revealed to PokerNews about a week ago that Phil Ivey and Daniel "jungleman12" Cates were in Manila for some high stakes cash games. Believe it or not but, according to Yu, some games had blinds of HK$20,000/$40,000/$80,000 (approx. $2,500/$5,000/$10,000). As you can imagine, one can lose and win a fortune in a single day playing such high stakes. In fact, it [...]   Read more » High Stakes: Daniel Cates Loses $5 Million In Cash Game

  17-Aug-15, 09:25   #1
High Stakes: Daniel Cates Loses $5 Million In Cash Game 0 
doubletop777 
Joined: Mar '11
Location: United Kingdom
Age: 47 (M)
Posts: 5300
This is an incredible amount of money to lose and i cannot comprehend how he could lose so much. If i had that much money i would never gamble at such high stakes. They always say that the money means nothing but why play at such high stakes then if money means nothing?

     
  17-Aug-15, 10:22   #2
  0 
StheP 

Joined: Oct '14
Location: Serbia
Age: 26 (M)
Posts: 3026
This is so apsurd... only one big blind can buy nice house here... he lost 5m$... If I got 5m$ I would be satisfied for my whole life, and I wouldnt need any more $.... maybe I would even stop to play poker... I cannot imagine how would I feel if I lose 5m$ O.o

     
  17-Aug-15, 10:46   #3
  0 
shokaku 

Joined: May '08
Location: Germany
Age: 51 (M)
Posts: 6208
Thrilla in Manila, part 2. This time on the felt and not in the ring. Complete madness to play at such high stakes. One buy-in of 100 BB will be either a half or a full million bucks. No wonder, one easily ends up down a few cool millions.

     
  17-Aug-15, 12:10   #4
  0 
pochui 

Joined: May '08
Location: Lithuania
Age: 31 (M)
Posts: 8376
i really don't see any madness here, dudes have deep pockets, plenty of green toilet paper... probably majority of them have 100+ millions sitting in the bank, maybe have a billion or so. all of this means that in order to feel some thrill they play with what seems to us crazy amounts, but if you have 100 millions in the bank, you can lose say 5-10, maybe 20 mil and still live a decent life imho...

     
  17-Aug-15, 14:09   #5
  0 
Heskor 
Joined: May '13
Location: Mauritius
Age: 25 (M)
Posts: 2659
Haha he just lost and all he can say is he will come back after he has grind back the money he has lost lol, anyway many people would wish to get those 5 million dollars and all it is change for them but this amount would surely help most people as said above, anyway good luck to him if he has the means then by all mean have fun make a lot of money mate lol, cheers peace out guys have fun and good luck!

     
  17-Aug-15, 14:47   #6
  0 
klash23 
Joined: Mar '12
Location: United Kingdom
Age: 37 (F)
Posts: 2243
I would expect these types of cash game players can go to Manila or Macau etc and win or lose $5 million in a few hours.There are some crazy sums being gambled in these places by lots of very new million and billionaires.
I expect there are lots of pro players quietly making massive wins and it does no harm for a top player looking for action to show he is willing to lose a few million.

     
  19-Aug-15, 00:52   #7
  0 
bowie1984 

Joined: Apr '12
Location: Hungary
Age: 32 (M)
Posts: 4440
Posted by pochui:
i really don't see any madness here, dudes have deep pockets, plenty of green toilet paper... probably majority of them have 100+ millions sitting in the bank, maybe have a billion or so.

Yeah, not really. Otherwise they would have just buy a sport franchise and would be set for life from all the media and merchandise revenues.
Grinding with millions is still should be considered grinding. I mean he probably won't have to start begging for food on the streets, but loosing five million bucks is a big deal I think.

     
  19-Aug-15, 14:59   #8
  0 
klash23 
Joined: Mar '12
Location: United Kingdom
Age: 37 (F)
Posts: 2243
I recently saw an interview with Daniel Negreanu and he was saying that Cates is probably one of the most successful winners at big cash games this year and I don't think poker pros publicise it much when they are taking massive wins from the very rich guys they consider as "fish".
Phil Laak said in his mockumentary,(worst poker show ever!!) that it is always a good idea to give losers some of their money back while you are playing them or they will just not play you. Smile

     
  20-Aug-15, 01:00   #9
  0 
bowie1984 

Joined: Apr '12
Location: Hungary
Age: 32 (M)
Posts: 4440
Posted by klash23:
Phil Laak said in his mockumentary,(worst poker show ever!!) that it is always a good idea to give losers some of their money back while you are playing them or they will just not play you. Smile

I mean I get it, but if I had the opportunity to completely shear a sheep I'd probably kickback 10-20% max. not five million.
Five million could've buy him a lot of goodwill elsewhere too.

     
  20-Aug-15, 02:17   #10
  0 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 27 (M)
Posts: 1877
Well, Daniel Cates can be pretty unorthodox at times, especially in heads up situations. I've seen him make questionnable calls with gutshot straight draws, but since he usually hits his shitty draws on the turn then it's never been a problem for him Blink

I know a lot of players call with bad hands trying to suck out and make their opponents tilt online, but doing that on a televised live poker game is something else. Anyways, he just gave Isildur1's money back to the chinese poker community Big Smile

     
  20-Aug-15, 23:23   #11
  0 
djtopato 
Joined: Dec '11
Location: Macedonia, The former Yugoslav Republic of
Age: 45 (M)
Posts: 107
I read this crap news and your posts.No poker PRO player holds Milions in a bank.Always maybe few exceptions they borrow money from casino for plauing with businessmansand they play for 20-30% of the profit.If they lose they go in to MINUS and every earnings are staked until they not give back money to casino.Phil Ivey borrow from full tilt and lose more then 17M $ in his FT pro carier.I think that some Casinos offer to players to play for 100000$ and they put additional 500000$ from sponsors but Casino multiply value to make a Comercial for almost free.

     
  21-Aug-15, 01:40   #12
  0 
bowie1984 

Joined: Apr '12
Location: Hungary
Age: 32 (M)
Posts: 4440
Posted by TheMachineQC:
I know a lot of players call with bad hands trying to suck out and make their opponents tilt online, but doing that on a televised live poker game is something else. Anyways, he just gave Isildur1's money back to the chinese poker community Big Smile

I am not sure any revenue from Manila and/or Macau directly hitting the chinese poker community at all rather than some mid-level commie party leader who is responsible for distributing the licenses out there. All the rest is on an offshore bank account of the billionaire owners of these places. They will never ever gamble with it if I have to guess.

     
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