Main lead photo by flipchip / LasVegasVegas.com, CC BY-SA 3.0, via Wikimedia Commons
Ted Forrest is a six-time WSOP bracelet winner and one of only three players in poker history to win three WSOP bracelets in a single year. In the summer of 1993, he entered six tournaments at the World Series of Poker and won three of them.
This ratio explains why his reputation was forged more in high-stakes cash games than on the poker tournament circuit.
Detailed information about his personal finances has never been publicly disclosed. All figures in this article are estimates.
Who Is Ted Forrest?
Ted Forrest holds six WSOP bracelets across four different poker variants. He is generally regarded as the best Razz player the game has produced. He was also one of the most aggressive and unconventional competitors of poker's high-stakes era.
| A player whose willingness to limp where most professionals would raise or fold earned him the nickname "Professor Backwards." |
He arrived in Las Vegas in his early twenties and made his WSOP debut count. In 1993, he entered six tournaments and won three. He is one of only three players in history – alongside Phil Hellmuth and Phil Ivey – to claim that many bracelets in a single year. Those wins covered Razz, Omaha Hi-Lo, and Seven-Card Stud.
He left the tournament circuit to concentrate on high-stakes cash games. That period included a central role in the legendary matches against Texas billionaire Andy Beal. The games were documented in Michael Craig's book The Professor, the Banker, and the Suicide King.
He returned to the WSOP in 2004 and won two more bracelets. He added a sixth in 2014 by defeating Phil Hellmuth.
Ted Forrest Net Worth (Estimated)
Ted Forrest's net worth is estimated in the low-to-mid millions. No specific figure has been publicly confirmed.
Tournament records show over $6.4 million in gross live earnings. Each payout was subject to buy-ins, travel, and applicable tax withholding before anything reached his pocket.
Cash games formed the core of his professional life, leaving no public record. His ownership stake in UltimateBet is believed to have generated several million dollars during the site's peak years.
Subsequent reporting suggests those gains were lost when it shut down following the 2011 Black Friday enforcement action.
- Civil judgments against Forrest by Wynn Las Vegas and The Mirage in the mid-2010s are a public court record. They indicate a significant gap between his earnings history and his financial position at that time.
- Criminal charges connected to the Wynn matter were filed in 2016 and subsequently closed. Those records are among the most concrete reasons why estimates of his net worth are expressed as ranges.
Tournament Winnings Breakdown
Ted Forrest's recorded live earnings stand at $6,407,365 across 147 cashes, placing him 344th on the all-time global money list.
- His WSOP results account for $2,062,184 across 40 cashes and 21 final tables.
- His five World Poker Tour final tables produced $2,375,360 in total, making the WPT the more lucrative circuit.
His largest single prize came not from the WSOP but from the 2007 Bay 101 Shooting Star. He won $1,100,000 after the longest heads-up match in WPT history.
The three WSOP bracelet events won in 1993 combined for approximately $312,400. This figure reflects the prize structures of a different era and different types of poker games rather than the scale of that achievement.
| Event | Year | Prize |
|---|---|---|
| WPT Bay 101 Shooting Stars | 2007 | $1,100,000 |
| WPT Mirage Poker Showdown | 2005 | $579,386 |
| NBC National Heads-Up Championship | 2006 | $500,000 |
| 1993 WSOP bracelet events (combined) | 1993 | ~$311,400 |
| WSOP $1.5k NLH | 2004 | $300,300 |
Those figures are gross payouts. Each came with buy-in costs, travel, and applicable tax withholding before anything reached his pocket. After subtracting those layers, the retained figure is below $6.4 million.
Of the total, nearly $2.4 million came from the WPT rather than the WSOP – an unusual distribution for a player with six WSOP bracelets.
However, that fact reflects his selective engagement with tournament poker throughout his career.
Dastmalchi faded away from poker in the years following while Forrest still turns up to a tournament here and there and is likely still active in private cash games. He’s also a permanent fixture in the Poker Hall of Fame debate and if you ask me, this story is just one of 1,000… pic.twitter.com/bFSMSjCXck
— Poker Org (@pokerorg) April 1, 2025
Other Income: Sponsorships, Backing, and Professional Deals
The largest verified source of income outside tournament results is Forrest's ownership stake in UltimateBet. H held over 10 million shares in parent company Excapsa. Distributions to player-owners during the site's peak years are reported to have generated several million dollars.
Excapsa's IPO on the London Stock Exchange added further value at the time. That income disappeared when the site was sold and shut down in 2011.
On the live circuit, Forrest was known as one of the most active backers in the game, financing other players over multiple seasons. He appeared on High Stakes Poker and Poker Superstars Invitational. However, no specific arrangements for appearance or financial details have been confirmed.
A $2 million prop bet against Mike Matusow in 2010 was later disputed. Forrest publicly stated in 2014 that he received only $70,500 of the agreed amount.
Ted accused Mike of welching on the weight-loss bet they had going four years ago!http://t.co/PIiIVbNbsJ pic.twitter.com/UzZdJqiIDZ
— PokerTube (@pokertube) September 19, 2014
Public Profile, Lifestyle, and Privacy
John Hennigan published an op-ed in 2025 arguing for Forrest's induction into the Poker Hall of Fame as one of the best poker players of all time. The piece drew attention partly because Forrest had made no such case himself.
He remains active on the tournament circuit in a reduced capacity. He has cashes recorded as recently as February 2026 but offers little public commentary on his career or finances.
FAQ – Ted Forrest Net Worth
Is Ted Forrest a millionaire?
His tournament earnings exceed $6.4 million. His career has generated additional income from cash games and his UltimateBet ownership stake. Civil court records document casino debts that complicate any simple answer.
What is Ted Forrest best known for in poker?
The unlikely poker probability of winning three WSOP bracelets in a single year in 1993. A feat only Phil Hellmuth and Phil Ivey have matched. He is also regarded as the best Razz player of his generation.
He played a central figure in the high-stakes matches against Andy Beal. These battles were documented in The Professor, the Banker, and the Suicide King.
Do tournament winnings equal net worth?
No. Recorded live earnings came with buy-ins, staking, travel, and taxes, reducing the take-home at each stage. The civil judgments in the mid-2010s show that a strong earnings record and documented financial difficulties can coexist.
Did Ted Forrest earn income outside of poker tournaments?
Yes. He held a verified ownership stake in UltimateBet, reported to have generated several million dollars before the site closed. He was one of professional poker's most active backers over multiple seasons.
Why are net worth estimates for veteran poker players often expressed as ranges?
Cash game results and staking leave no public record. In Forrest's case, decades of high-stakes play, non-tournament income, and public court records documenting financial difficulties mean any estimate carries real uncertainty.
