Editor
Billionaire banker Andy Beal racked up a massive $7.8 million poker debt with actor Tobey Maguire.
The huge debt was revealed during the ongoing trial of lawyer Tom Goldstein, another part-time high-stakes poker player who allegedly lost millions. Goldstein faces charges of tax evasion and bank fraud.
Maguire was one of three witnesses called to the stand on Jan. 28. The Spider-Man star recounted how he hired Goldstein in 2020 to help collect a $7.8M gambling debt from Beal. Maguire allegedly beat Beal for millions in a series of heads-up matches in 2019. Beal owed $7.8 Maguire million, but Beal’s side bets increased his liability to more than $15 million.
Maguire said he knew Goldstein from poker circles, which isn’t all that surprising, considering both have played in some of the highest-stakes private games in the world.
Beal is arguably one of the most famous amateur poker players of all time. The Dallas-based businessman took on the likes of Phil Ivey, Doyle Brunson, Jennifer Harman, and more at some of the highest-stakes games ever played in the early 2000s.
How a $7.8M Poker Debt Landed Tobey Maguire in Court
Maguire served as a witness during the Goldstein trial, which remains in its early stages.
Maguire owed Goldstein $500,000 for his legal services. Goldstein directed him to send the money to real estate mogul (and fellow part-time poker player) Bob Safai. Goldstein owed Safai after losing $14 million to him in heads-up poker.
Maguire told the court it wasn’t unusual for that kind of cash to exchange hands in poker circles. He said three-way transactions were par for the course as well, in which one party owes another, but that player in turn owes a third player. Generally, those involved will just skip the middleman and have the first player pay the third player.
Maguire may be most famous for playing everyone’s favorite neighborhood Spider-Man, but he’s allegedly a shark at the tables.
Maguire was one of the key figures behind the backroom, high-stakes celebrity poker showcased in the 2017 film Molly’s Game. He helped recruit big-name celebrities like Leonardo DiCaprio, Ben Affleck, and Matt Damon, which in turn attracted wealthy businessmen looking to rub shoulders with Hollywood’s elite.
By all accounts, Maguire is a skilled player and allegedly won millions of dollars from these cash games.
During the poker boom of the mid-2000s, Maguire showed up at several World Series of Poker tournaments, often shielding his face from cameras.
Andy Beal Has a History of Losing Millions Playing Poker
Andy Beal might be the most famous poker player with zero recorded tournament results.
The amateur mathematician stopped by Bellagio’s poker room on a whim in 2001. He discovered a natural talent for the game and won $100,000 in his first session.
Beal had the poker bug and started making more trips to play high stakes. Through these sessions, Beal found a penchant for heads-up poker. He also liked to play at extremely high stakes to push professionals out of their comfort zone.
No one poker pro could afford the stakes Beal wanted to play, so a group of players, including Phil Ivey, Doyle Brunson, Jennifer Harman, and others, pooled their resources to form “The Corporation” and take on Beal. In the end, the Corporation won millions from Beal, though only after enduring eight-figure swings.
Beal’s exploits in the poker world were chronicled in Michael Craig’s famous book The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time.
Beal announced he was finished with poker after losing $16 million to Phil Ivey over two days. However, he apparently meant that only in reference to public games. As the ongoing trial of Goldstein has revealed, Beal has remained plenty active in the private heads-up games.
