Billy Baxter

With seven World Series of Poker bracelets in his collection, it came as no surprise when Billy Baxter was inducted into the Poker Hall of Fame in 2006. Six of these bracelets were playing lowball – the other was in razz – but more recently he has been focusing on Texas Hold ‘em.

Baxter grew up in Augusta, Georgia, and got his first taste of gambling when he began hustling in the pool halls at the age of 14. He won thousands from unsuspecting punters before he turned 18 and looked for his next challenge.

Being legally old enough to gamble, Baxter hit the card tables. At first he would lose regularly, funding his habit by playing some more pool. Gradually, though, he got better at the game and even won control of a casino in a few hands of poker.

Following pressure from the police he later closed down the casino. He got in trouble with the police again when he ran a makeshift casino and served over nine months for his crime.

As well as cards, Baxter showed a keen interest in sports betting and, unlike so many poker players, actually makes a profit from this activity – in some years, more than he earnt from cards.

His love for poker was something that would later rival the woman in his life for his attention. After getting married at 35, Baxter stopped off in Las Vegas following his honeymoon in Hawaii and spent nine months in a hotel with his wife as he tested out the casinos.

As well as his own success, Baxter is also the man who famously backed Stu Ungar, funding him for the 1997 WSOP which Ungar famously won. Away from the bustle of the card table, Baxter is responsible for a huge change in the poker world. He is the man who took on the Internal Revenue Service in court to change legislation – because of Baxter poker winnings are now classified as “earned income” rather than “unearned income” (which is taxable up to 70%) which they previously were. This meant those playing poker professionally were now entitled to equal tax status.

This was the first time the IRS lost a case like this – they claimed that Baxter’s winnings came about because of luck and compared the winnings to dividends and interest. Baxter argued that luck was a part of any sport and that what he earned was down to skill more than luck. The judge ruled in his favour but the government was not happy. They appealed and again lost the case.

Baxter is still with his wife, Julie, over thirty years on from their marriage. Together they have had three children.