Tom Dwan: Poker Hero, Scammer, or Just Human?

05 Oct 2025

Tom Dwan has always been the epitome of variance, experiencing some of the most drastic upswings and downswings in poker history. But his run in Event #11, a $1,500 No Limit Hold’em tournament, came with a backstory the World Series of Poker had never seen before. The outcome became a memory forever etched in the poker world.

Some even argue that this moment had a greater historical impact on the game than the Main Event that year. This is the story of Tom Dwan — and why it turned into one of the most significant games in poker history.

By 2010, poker was flush with money. Full Tilt Poker had fueled massive growth, and many professionals treated the site like a limitless bankroll. The abundance of cash in the community led to some outrageous bracelet wagers during that year’s WSOP.

Before the series began, Dwan offered odds between 3-1 and 3.5-1 that he would win a bracelet. On top of that, he had side action on categories like most money won and most cashes at the Series. The exact figure he stood to gain isn’t known, but estimates put it somewhere between $9 and $12 million.

Virtually every top pro wanted a piece. Full Tilt Poker names like Phil Ivey, Howard Lederer, Mike Matusow, Huck Seed, and Eli Elezra all booked action against him. Ivey was said to be the biggest exposure — rumored to lose $3 million if Dwan pulled it off. Even Daniel Negreanu joined in, considering the size of WSOP fields and the fact that Dwan had never won a large-field tournament, the bet seemed like a long shot.

Event #11: The Spotlight Shifts

In Event #11, the $1,500 No Limit Hold’em, Dwan stormed into the final table with a massive stack. Out of 2,563 players, he now stood with a real chance to make good on all that side action. The buzz was immediate and overwhelming, capturing the attention of the entire poker world.

Many of the game’s biggest names showed up to the final table — not necessarily to root for Dwan, but because they had serious money riding on the result. Those who couldn’t attend followed every detail online, refreshing updates nonstop. Twitter was flooded with coverage, and ESPN’s feature table was jam-packed with standing-room-only crowds witnessing history unfold.

At the same time, other marquee events were running — like the $10,000 Seven Card Stud Hi-Lo Championship, featuring the best players in the world — yet all eyes were on Dwan’s table. Something unforgettable was happening.

Even though some of the toughest events were underway — including a $10,000 championship — the attention of the poker elite remained fixed on Tom Dwan’s final table. The side action was so intense that even seasoned pros were scrambling to adjust their bets.

When play was down to the last nine, Huck Seed — who had $300,000 riding against Dwan — was so convinced he was already beaten that he sold his position to Eli Elezra for $82,000.

Heads-Up for History

When David Randall fell to Simon Watt in third place, only one player stood between Dwan and his first WSOP bracelet — a result that could have cost countless pros millions. But Watt entered heads-up play with a massive chip lead.

The decisive hand came when Dwan committed his last chips with queen-six, only to see Watt turn over pocket nines. The board offered no help, and Dwan was eliminated in second place. The entire poker world seemed to exhale in relief.

As the final card hit the table, Daniel Negreanu, Mike Matusow, and other big names leapt from their seats to watch. When Dwan lost, they rushed back cheering, their excitement resembling kids on Christmas morning.

Dwan, clearly frustrated with the runner-up finish, left the arena quickly after the hand. Matusow, who reportedly had the least money tied up in the outcome, was the most jubilant. He shouted to Watt: “They’re going to put your name on Bobby’s Room! Here’s Simon, the guy who saved everyone from going broke!”.

Dwan collected $382,000 for second place — a substantial sum, yet one overshadowed by what could have been if he had taken down just one more player.

The only thing Dwan was heard saying afterward was, “Can I pick up my money tomorrow?”. It was clear how devastated he was by coming so close, only to fall one spot short. But the loss only fueled his determination. Dwan threw himself into as many tournaments as possible in his quest for a bracelet. Normally a regular in the highest-stakes online cash games, he was now sprinting between events at the Rio, stacking chips wherever he could. Unfortunately, he never experienced another run quite like Event #11. Aside from a few minor cashes, his bracelet chase ended there, and he never came close again.

It’s difficult to put into words the excitement that swept through the poker world that day — or to measure how much Simon Watt’s win meant for the rest of the game. The money figures were staggering on their own, but Terence Chen’s blog broke down the situation with a numerical analysis that showed just how massive the stakes truly were.

Dwan stood to potentially win around $10 million — if not that exact number, then very close. To see why, some rough estimates can be made.

After Dwan’s elimination in Stud 8, approximately 74% of the WSOP events were still to be played. Assuming each event carried equal weight, and his bracelet bet odds of 3-1 were accurate, his chances at the start of the WSOP were roughly 25%.

By the time he reached heads-up against Simon Watt, if he lost, his probability of still winning a bracelet dropped to about 18.5%. That meant his expected value at that point was a negative $866,000.

If, however, Dwan had won, he would have pocketed $10 million. In other words, depending on the outcome of that single heads-up match, the swing was either +$10 million or -$866,000. He was essentially playing for $10,866,000.

At the time, blinds were $60,000/$120,000 with 11.5 million chips in play — 96 big blinds total, according to PokerNews. For Dwan, with $9.1 million in potential winnings, each big blind represented about $113,000.

Put simply, it was as if the final table had turned into a No-Limit Hold’em game with blinds of $55,000/$110,000 in real money. By any reasonable measure, this was the biggest game ever played in poker history.

Tom Dwan’s name is synonymous with some of the most legendary moments in poker. His fearless style, variance-driven swings, and million-dollar bracelet bets carved his reputation into the game’s history. But over the years, another narrative has followed him — one that casts a shadow on his accomplishments.

Some in the poker world accuse Dwan of owing substantial amounts of money that have remained unsettled for years. Others argue he’s more a victim of circumstances than a scammer. The debate over his reputation continues to divide the community.

Allegations Surface

High-stakes pro Peter Jetton was the first to ignite the conversation publicly. In mid-February, he took to X (formerly Twitter) with a warning: “I would advise against engaging in financial transactions with Tom Dwan. He has owed me $226,000 for four years and consistently employs delaying tactics to evade settling the debt”.

According to Jetton, Dwan had bought a 50% stake of him in the 2020 Aussie Millions on credit, but never paid the $226,000 in buy-ins. Despite repeated assurances from Dwan that repayment was coming, Jetton grew frustrated.

Eventually, he threatened to go public with the story. Days later, he posted again, saying: “I decided to tweet about Tom Dwan because I think there’s zero chance of him actually paying me if I don’t. My view is that he’s got such a massive ego that even if he makes $20 million tomorrow, he’ll punt it off gambling before he pays”.

The reaction from the poker community was mixed. Some players empathized with Jetton, appreciating his decision to warn others. Others criticized him for airing personal disputes in public and felt he should have known the risks of making arrangements with someone like Dwan.

Still, the story gained traction. Weeks later, Jetton posted an update: following his initial tweet, he had received $30,000 of the $226,000 owed. After Jetton’s claims, Dwan reportedly said he would settle the remaining balance in Jeju. But Jetton was skeptical and doubted Dwan’s promise. Soon after, Dwan’s tone shifted — he became defensive, insisting he didn’t owe Jetton anything further. Jetton later summarized: “He was always courteous when I granted him more time, but when I pressed for a resolution, he completely changed his approach”.

The revelations prompted another respected figure, Haralabos “Bob” Voulgaris, to speak up. He claimed Dwan had owed him $350,000 for over a decade. According to Voulgaris, the two had a sports-betting arrangement where Dwan placed wagers on his behalf to hide Voulgaris’ identity. The partnership was highly successful, generating profits in the high seven figures, with Dwan entitled to a 25% cut.

But since Dwan was the one actually placing the bets, all the winnings initially flowed through him. Voulgaris alleged that Dwan lost the money while acting as a betting “beard” for another group with the same bookmaker — leaving him unable to pay his share.

Dwan originally suggested a repayment plan but then stopped communicating and effectively disappeared. He later acknowledged the accuracy of Voulgaris’ account but expressed frustration that Voulgaris had used a third party to recover part of the debt. According to Dwan, that move complicated his standing with others he also owed money to, making him reluctant to resolve the rest. In both the Jetton and Voulgaris cases, Dwan did not outright deny owing money. Instead, he objected to the way each sought repayment.

The story didn’t end there. Doug Polk publicly invited anyone else with unsettled claims against Dwan to contact him, opening his DMs for further accounts. Among the names linked to outstanding disputes was Daniel “Jungleman” Cates, who has faced extreme difficulty in collecting the $1 million or more still owed from their infamous “Durrrr Challenge”.

Jungleman’s Surprising Defense

Daniel “Jungleman” Cates has never been shy about reminding the poker community of Dwan’s unpaid debts. Every year or two, he publicly calls out Tom for his financial obligations, describing them as part of Dwan’s darker side.

But recently, Jungleman’s tone shifted. He defended Dwan, saying: “I have realized that in fact he does intend on paying back his debts and has worked tirelessly towards that. I think he has made a lot of mistakes but also had some strange things happen to him, and I think it’s important to focus on the most mutually beneficial outcome”.

The reason behind this sudden show of support is unclear. Many speculated that Dwan may have started repaying some of what he owes Cates, which could explain the improved relationship between the two.

After Dwan’s PokerNews interview, Peter Jetton said he was open to arbitration if a respected figure in the poker community would oversee it. However, Jetton worried this could just be another stalling tactic. To ensure seriousness, he asked Dwan to place the money in escrow before arbitration.

Dwan, meanwhile, lashed out — calling Jetton a “clown” and claiming he would forgive him and even help him financially, suggesting Jetton was struggling. Their fragile back-and-forth quickly collapsed once more.

Tom presented a different version of events. According to him, another backer — whose identity he never revealed — had actually put up Jetton’s Aussie Millions buy-in. Because of that, Dwan insisted his business should be handled directly with that individual, not Jetton.

He also accused Jetton of failing to provide a proper accounting of the $246,000 in question. Each time Dwan asked for details, he claimed Jetton refused, so Dwan withheld repayment until he received documentation.

Despite this, Dwan claimed he allowed Jetton to buy out of his obligations at a discounted rate — painting himself as the more accommodating party.

After Jetton went public with the Aussie Millions debt, Dwan decided to retract the leniency he had previously offered in their buy-out arrangement. He now wanted part of that forgiven sum deducted from what Jetton still owed him.

According to the latest updates, Dwan made several partial repayments: $20,000 around six months ago, another $30,000 following Jetton’s first public post, and a further $100,000 just recently. Even after these payments, Tom still owes Peter approximately $96,000.

Jetton’s most recent statement confirmed that Dwan has finally agreed to place the money in escrow and move forward with arbitration—a step that could bring a long-overdue resolution.

Clash With Haralabos Voulgaris

Dwan also revisited his long-standing dispute with Haralabos Voulgaris. While Haralabos maintains that Dwan still owes him from their old sports betting arrangement, Tom flatly rejected this, insisting they have been “settled and squared away for years”.

When Voulgaris pushed the matter, Dwan lashed back on social media, accusing him of placing bets on NBA games while under contract with the Dallas Mavericks — a potentially serious legal issue. Dwan claimed he only revealed this in anger, frustrated that Haralabos had threatened to create legal trouble for him over unrelated matters.

Amidst all this drama, Dwan was announced as the newest ambassador for Americas Cardroom (ACR) — an online poker site already under fire for its connection to a bot farm scandal earlier in 2024.

For a deal of this scale, negotiations and contracts would have been in the works for months. That timing made it clear the announcement wasn’t reactionary, but unfortunately, the controversy surrounding Dwan overshadowed what could have been a fresh start.

Now, with the poker world watching his every move, Dwan’s conduct both at and away from the tables will be under scrutiny. His first year representing ACR may ultimately decide whether this partnership becomes the beginning of a comeback — or the final strike against his reputation.

Tom Dwan’s career is a paradox that poker will never forget. On one hand, he created one of the most electrifying moments in WSOP history, nearly winning a bracelet that could have bankrupted half the high-stakes community. That day proved how much power one player’s run could have over the entire poker world.

On the other hand, years later, his name became tied to endless financial disputes, unpaid debts, and accusations that raised the question: is he a scammer taking advantage of his status, or a victim of circumstances, mistakes, and the chaotic nature of high-stakes gambling?

The truth likely lies somewhere in between. What’s undeniable is that Tom Dwan remains one of the most fascinating figures in poker — capable of inspiring awe, controversy, and debate like no one else. His story is far from finished, and the poker world will keep watching.