Poker

Howard Lederer Net Worth

Howard Lederer’s General Background Information

Born in October 30, 1964, Howard Henry Lederer is a known name in the world of poker. For many, it is for the wrong reasons. He is an American professional poker player who has had two different prestigious World Series of Poker bracelets under his belt. He also holds two World Poker Tour titles and has contributed significantly towards many books that have been written on poker strategy. He has also provided various commentaries on poker programs. Lederer is known by his fans and other poker players as ‘The Professor’. Poker and gambling surely runs in the family as his older sister, Annie Duke, is also a professional poker player.

 

 

Howard Lederer is a co-founder and a sitting board member of Tiltware. This is a company that launched the infamous Full Tilt Poker in the year 2004. By 2011, the website, Full Tilt Poker, was shut down on charges of illegal gambling and bank fraud. The United States Department of Justice saw to the shutting down of the site. In the December of 2012, after a long court battle, Lederer finally settled a civil lawsuit against him in relation to the Full Tilt Poker with the Department of Justice and parted with a couple of million dollars. Howard has made a name for himself in the world of poker and he has also earned himself some cool winnings in the course of his career. These winnings have all influenced Howard Lederer net worth. With his popularity also comes some not-so-good vibes about him. As a matter of fact, the Full Tilt Poker saga significantly affected his reputation in the poker world. There are many people, especially those affected by the Full Tilt Poker scandal that despised Lederer for the role he played in the saga.

 

Early Life of Howard Lederer

Howard, popularly known as ‘The Professor’ was born in the year 1964 to Richard Lederer. His father, Richard, is a former educator, linguist, and an author. His father was an educator at the St. Paul’s School. Lederer grew up in Concord, New Hampshire and he has a sister Katy Lederer, who is also an author. According to Lederer, his interest in the game of poker was instigated at a very young age by his father. While growing up, his father thought him how to play chess and as a child, he developed a strong interest in the competitive game. As a young boy, he often found himself deeply engrossed in the game of cards and he always have a strong urge to beat his father at the game while they are engaged in a session. His sister, Annie Duke, also developed a strong interest in competitive games and went ahead to become a professional poker player.

 

When he turned eighteen, Lederer enrolled for his undergraduate degree at the Columbia University. He moved out of the family home to stay close to school. Unfortunately, he didn’t go far with his degree studies as he dropped out of school not long after he got into the school. When he left school, he relocated to New York City where he started a new life. At some point, Howard became overweight and had to lose some pounds when he went through a gastric bypass surgery. While speaking in an interview in the year 2006, Howard mentioned that he is a vegetarian. Suffice to mention that Howard moved to Las Vegas, Nevada in the year 1993 to be closer to the heart of the poker community. He still lives in Las Vegas with his wife, Suzie, and their son, Mattias.

 

 

Howard Lederer Transition from Chess to Poker

Lederer started is exploration of competitive games with chess. He was passionate about this game so much that he regularly frequent local chess clubs to play and hone his skills in the game. It was during one of his adventures into the world of chess that he discovered poker. He came across poker in one of the clubs he went to for chess game. He discovered that one of the clubs has a back room for poker and it was in this room that Lederer started his poker journey and a lifelong passion for the game.

 

When he started playing at the game, it was quite difficult for him to grasp the strategy. As a matter of fact, he struggled with the game at the initial stage but he kept going and developing his skills and strategy. He later overcame his struggle and developed competence in the game. Howard Lederer went ahead to become a world class professional poker players later on and he found himself sitting at poker tables alongside other professional players like Dan Harrington, Erik Seidel, and Steve Zolotow at Mayfair Club, which largely cater for professionals poker players. Howard later taught his sister, Annie Duke, the strategy involved in the game of poker and she also began to play professional games at tables. In the late 1980s, Lederer started his exploits in World Series of Poker. He cashed at a couple of events. When he relocated to Las Vegas, he began to focus his time and energy on high stakes cash games. His sister, Annie Duke, also became quite a pro at the game and over the years, she has also managed to acquire a couple of World Series of Poker achievements in the course of her poker career.

 

Howard Lederer Early Professional Poker Career

After Lederer graduated from high school, he began to play chess game in New York City. He later discovered the great winnings he could achieve from poker and he began to develop interest in live poker games. To increase his earnings potentials, he signed up with Mayfair Club and became an active member. After high school, he briefly attended the Columbia University and later dropped out of school without completing his degree. When he left school, he made up his mind to focus fully on poker and at this point, he took up poker as a full time career.

 

At this point, he was leaving in New York City and it was about this time that he introduced his sister to the game. He became a mentor to his sister, who was playing the game of poker in Billings Montana during this period.

 

In the year 1986, Howard made an attempt to qualify for the World Series of Poker event of that year but he was not successful. He didn’t give up after his failure as he return the following year to the event and bought into two events. He placed in the $1,500 Limit Hold’em event and finished 18th with a winning of $3,000. He made it to the final table in the second event he played in and finished 5th at the $10,000 No Limit hold’em Main Event with a winning of $56,250. In the year 1993, Lederer decided to move to Las Vegas so he could focus entirely on his poker career. His move seemed such a wise decision because in the same year, he bought into two different events at the World Series of Poker and made it to the final tables in both events. He played in the $1,500 Omaha Limit event and finished 2nd, winning a prize of $35,535 USD. He also placed 4th in the $5,000 Seven-Card Stud and made a winning of $19,950 USD.

 

Howard Lederer Live Poker Events

The move to Las Vegas was a great one as Lederer made a total of eight final tables at World Series of Poker events between the year 1993 and 1999. He won his first World Series of Poker bracelet in the year 2000 when he bought into the $5,000 Limit Omaha Hi/Lo tournament. He won $198,000 for his first place position. He won his second bracelet in the year 2001 at the $5,000 No Limit Deuce to Seven tournament, with a cash prize of $165,870.

 

In the course of his poker career, he has also made some notable live poker winnings, especially in the early part of the 2000s. These include the World Poker Tour titles in the year 2002 and 2003. He also made two 1st place finishes at the World Poker Tour events in the year 2004. In the year 2008, Howard won Lederer won over $1 million Australia dollars during the Aussie Millions High Roller event. In 2010, he won $250,000 when he finished in the second place at the World Series of Poker Tournament of Champions.

 

By the year 2011, Howard Lederer net worth from his total live tournament winnings was in excess of $6 million USD. His total of 44 cashes at the World Series of Poker events amount to a little below $1.6 million USD. Popularly called “The Professor” Lederer has made a good tidy sum for himself in his career as a professional poker player. The nickname, ‘The Professor’ was given to him by commentator and poker pro, Jessey May. According to Howard, he doesn’t have an idea what informed the nickname and in his opinion, the name came out of nowhere. Recently, the nickname has been credited to the strategic approach of Lederer to poker and his instructional style.

 

Highlights of Howard Lederer World Series of Poker Winnings

Year Tournament Position Prize
1987 $10K No Limit Hold’em World Championship 5th $56,250
1993 $5,000 Seven Card Stud 4th $19,950
1993 $1,500 Omaha Limit 5th $35,535
1994 $1,500 No Limit Hold’em 2nd $46,950
1994 $1,500 Seven Card Stud Split 3rd $31,800
1995 $5,000 Chinese Poker 5th $12,500
1999 $3,000 Limit Hold’em 5th $22,815
2000 $5,000 Limit Omaha Hi/Lo 1st $198,000
2001 $5,000 No Limit Deuce to Seven Draw 1st $165,870
2003 $5,000 No Limit Deuce to Seven Draw 5th $16,440
2004 $5,000 No Limit Deuce to Seven Draw 4th $66,645
2004 $2,500 Limit Hold’em 5th $32,700
2004 $5,000 Pot Limit Omaha 6th $75,000
2004 $1,500 Seven Card Razz 3rd $28,600
2008 $5,000 Limit/No Limit Hold’em 6th $74,119
2008 £2,500 Limit H.O.R.S.E 3rd $55,016
2010 Tournament of Champions 2nd $250,000

 

All these winnings from World Series of Poker events have all contributed to Howard Lederer net worth. It is important to mention that the above highlighted winnings are not the only World Series of Poker participation of Howard. However, we have highlighted the events where he placed from 1st to 6th. To read the full list of his World Series of Poker winnings and placement, check his profile page on thehendonmob.com.

 

In total, Howard Lederer won two bracelets at WSOP events. He won his first in the year 2000 when he placed 1st in the $5,000 Limit Omaha Hi/Lo event. In addition to the bracelet, he also won the grand prize of $198,000. His second bracelet was won in the following year at the 2001 WSOP $5,000 Deuce to Seven Draw event. He placed first and won the bracelet and a cash prize of $165,870.

 

Howard Lederer World Poker Tour Highlights

Year Tournaments Prize
2000 $10,000 No Limit Hold’em Main Event: World Poker Tour $320,400
2003 No Limit Hold’em: World Poker Tour Battle of Champions $30,000
2004 $2,500 No Limit Hold’em: Bellagio Five Star

World Poker Classic/World Poker Tour Championship

$339,842
2004 $5,000 No Limit Hold’em: Bellagio Five Star
World Poker Classic/World Poker Tour Championship
$86,294
2004 $5,000 Pot Limit Omaha: Bellagio Five Star

World Poker Classic/World Poker Tour Championship

$139,680
2004 $15,000 World Poker Tour Championship – No Limit Hold’em

Five-Diamond World Poker Classic

$54,453

 

The earnings from the World Poker Tour events also contributed significantly to Howard Lederer net worth. In the course of his career, Lederer has earned two World Poker Tour Titles and a total earning of about $1 million USD.

 

Howard Lederer Other Poker Activities

In addition to the various live tournaments that Howard participated in, he has also engaged in quite a number of other poker games. As at 2011, Howard has made appearance on the NBC’s Poker After Dark series about fourteen times. Poker After Dark is a late night poker show that features poker players from different facets of live.

 

In 1995, Howard participated in the $5,000 Hall of Fame Championship event and placed second. He made a winning of $135,700 at the Hall of Fame Poker Classic event in Las Vegas. Also in the same December, he played in the $3,000 No Limit Deuce to Seven Draw at the Hall of Fame Poker Classic event and he placed 1st with a winning of $72,700.

 

In 2002, he also bought into the $5,000 Championship Event –No Limit Hold’em at the Hall of Fame Poker Classic and finished in the second place. He earned $58,370 USD at this event. Still in 2002, he participated in the Larry Flynt Grand Slam of Poker and played in the $3,000 No Limit Hold’em event. He placed 7th and made a winning of $98,070. These winnings all added to Howard Lederer net worth to a great extent.

 

In the year 2003, Lederer also placed 1st in the $5,000 Limit Hold’em event of Party Poker Million II and he earned $289,150 USD. The year 2005 also impacted on Howard Lederer net worth when he placed 6th in the $400,000 Grand Final Poker Superstars Invitation Tournament. His 6th place position earned him the sum of $250,000 at the end of the event. In 2007, he participated in the $20,000 Week 6 Poker After Dark event and finished in the first place with a winning of $120,000. He also won the first place in the $20,000 Week 15 World Poker Tour Multiple Winners event on Poker After Dark II. He won another $120,000 for his feat. Still in 2007, Howard played again in the $25,000 Final at the Poker Million VI, Sky Sport. He placed 5th and earned $125,000.

 

Howard Lederer net worth received a significant boost when he earned his biggest cash ever in the 2008 A$100,000 No Limit Hold’em Aussie Millions Poker Championship in Melbourne. He finished 1st at the event and made a winning of A$1,250,000, which translated to $1,098,785 at that time.

 

He also played in the $20,000 Week 10 – Mixed Martial Arts of Poker After Dark VI event in 2010. He won the event and walked away with the grand prize of $120,000. In the same 2010, he participated in the No Limit Hold’em – Finals event of FullTiltPoker.com – Doubles Poker Championship and finished in the second place. He won $250,000 at the event.

 

The last recorded poker event attended by Howard Lederer was in the January of 2011 where he played at the A$10,000 No Limit Hold’em – Main Event at the 2011 Aussie Millions Poker Championship in Melbourne. He didn’t make it far in the field of players and only managed to earn the sum of $29,671 USD for his 34th position placement. In general, the various poker games that he participated in impacted on Howard Lederer net worth to a significant extent.

 

Apart from poker games, Howard was also involved in a number of poker related activities. For example, he provided the commentary for poker programming events, such as Learn from the pros, and Poker Superstars Invitational Tournament. He also provided commentary for Fox Sports Network poker programs. In addition to this, he has released a couple of instructional videos on the game of poker. He has also made contributions to numerous books written on poker strategy. One of such books is The Full Tilt Poker Strategy Guide. Lederer also hosted various poker fantasy camps during the mid 200s. From June of 2006 all through to May of 2011, Lederer was also a member of the board of directors of the Poker Players Alliance.

 

 

Howard Lederer’s Relationship with Tiltware LLC and Full Tilt Poker

Lederer was a founder of the Tiltware LLC. He was also once the president of the company. It is essential to mention that this is the company that handled the software development and marketing activities of Full Tilt Poker. In the year 2004, Tiltware LLC launched the Full Tilt Poker, an online poker platform that encouraged poker players to play with real money on their site. At the launch of the website, Lederer was on the board of directors of the company, alongside other co-founders, consisting of Ray Bitar, Chris Ferguson, and Rafe Furst. Full Tilt Poker was the host of different online poker games and was also a former sponsor of the poker program on ESPN. In its lifetime, it also sponsored Poker After Dark at both the U.S. and abroad. Lederer was an active member and part of the management of Full Tilt Poker. It wasn’t strange therefore, when Howard Lederer was majorly affected by the scandal that bedeviled the poker site in 2011.

 

Full Tilt Poker Scandal and Its Effects on Howard Lederer

In the April of 2011, the United States Department of Justice shut down Full Tilt Poker website following the investigation that was carried out on the company. The investigation was based on the suspicion of gambling violations and money laundering perpetrated by the company. The website was closed and inaccessible to United States’ players on the 15th of April 2011 and by June 30 of 2011; the license of the company was suspended. At this time, Full Tilt Poker officially stopped accepting international players from any part of the world.

 

In the September of 2011, Howard Lederer and two other members of the board of directors of Full Tilt Poker were named in the amended civil complaint that was filed by the United States Department of Justice. This filed complaint accused Full Tilt Poker of defrauding poker players that signed up on its site. In the course of the law suit, the owners of the company, including Howard Lederer, were accused of receiving about $443 million USD in players’ funds from 2007 to 2011. According to the report from the Department of Justice, Howard received about $42 million in the form of compensations from Full Tilt Poker during the period under review.

 

In the statement provided by the United States Department of Justice, it referred to Full Tilt Poker as a Ponzi scheme because it paid out funds to the owners of Full Tilt Poker in spite of the fact that the company had insufficient funds to cover the entire money that was owed to poker players on the platform. However, the company denied that they were operating a Ponzi scheme.

 

The law suit continued all through the year 2011 and by 2012, a 3-way settlement agreement was made between the Department of Justice, Full Tilt Poker, and PokerStars. Full Tilt Poker agreed that it would forfeit its assets to the Department of Justice. The agreement reached also requested that PokerStars refund the sum of $547 million USD to the Department of Justice. This was in addition to the sum of $184 million USD owed by Full Tilt Poker to poker players who reside outside of the United States. In addition to this, another $150 million USD from the settlement money was projected to be to paid the United States-based customers of the online poker platform.

 

Apart from the settlements from the company, the members of board of directors were also affected. Howard Lederer was asked to personally settle his case with the United States Department of Justice in the December of 2012. Lederer did not admit to doing anything wrong but he agreed to forfeit his assets, which totaled a sum that exceeded $2.5 million USD.

 

Howard Lederer Net Worth

Howard Lederer net worth has grown over the years. It is important to mention that the figure mentioned here does not take into account the various ventures and incomes from other sources. This is based purely on his live earnings. According to thehendonmob.com, Howard Lederer net worth from his total live earnings is placed at $6,462,745.  His best live cash in the course of his career is also placed at $1,098,785 USD. He is a resident of Las Vegas, Nevada in the United States and he occupies the 15th position on the Nevada, USA All Time Money List, and 19th on the All Time Money List Best Rank.

 

Howard Lederer Charitable Activities

Over the years, Lederer and his wife, Suzie, have hosted a couple of charity poker events. In the year 2009, the couple hosted the April Fools fundraiser event in support of the Las Vegas Springs Preserve. Also in the same 2009 and later in 2010, Lederer hosted the Suzie and Howard Lederer Celebrity Charity Tourney, which was a part of their annual World Series of Barbecue event. This event held in Las Vegas. Howard’s charity poker event was designed to benefit the Boys and Girls Club of Las Vegas. In addition to these, Howard Lederer has also been part of other charity poker events, such as the Put a Bad Beat on Cancer, which also took place in 2009.