Digital Social Hour | Chance Kornuth: How He Lost a Quarter Million — And Rebuilt | DSH #1528

Date: September 9, 2025
Host: Sean Kelly
Featured Guest: Chance Kornuth (poker pro and coach)
Special Guest/Commentator: Alex Foxen

Episode Overview

This episode dives deep into the world of high-stakes poker with Chance Kornuth, a three-time WSOP bracelet winner, renowned coach, and founder of Chip Leader Coaching. Kornuth shares candid stories about rebuilding after losing his bankroll, the nuances and evolution of poker strategy, the psychological demands and lifestyle of professional players, and his approach to teaching the next generation of stars. The conversation is rich with insights on game theory, mental resilience, the ethics and risks of private games, industry trends, and reflections on poker greats.

Key Discussion Points & Insights

1. Pattern Recognition, Bad Beats, and Bankroll Recovery

• Early Reference to Loss: Chance opens by sharing how his strong pattern recognition allowed him to spot suspicious play—but despite realizing he was being cheated in a private game, he still lost his rebuilt bankroll (“ran my roll back up to 250/4 million or something and lost it all in the game and had to rebuild again. Unfortunately.” [00:00])
• Rebuilding after Black Friday: Chance recounts the DOJ’s shutdown of online poker (“Black Friday”) and the emotional/financial strain of having most of his money frozen online [28:23-28:56]. Despite setbacks, he never seriously thought about quitting poker.

Quote:
“I had to rebuild my bankroll from nearly zero… after having hundreds of thousands. That was pretty hard.” – Chance Kornuth [28:35]

2. World Series of Poker Life & Mindset

• Living in Vegas, Routine, and Mental Focus: Chance describes his routine during the WSOP—staying off-Strip for relaxation and recovery. High-stress tournament days require intentional rest and mental fortitude [01:16-01:34].
• The Reality of Card Dead Days: Being “card dead” (receiving bad hands) turns a 12-hour day into what feels like 20 hours [01:48-02:18].
• Mental and Physical Preparation: Chance emphasizes stamina, focus, and physical fitness—essential for a mentally strenuous schedule. He’s deliberate about breaks and managing his energy throughout the series [08:42-09:09].

Quote:
"If you really want to maximize your edge, you actually need to pay attention after you fold and look at your opponents. Gather live tells, information, bet sizing tells. That’s one of the things that separates me.” – Chance Kornuth [09:09]

3. Coaching, Legacy, and Giving Back

• Transition to Coaching: Founding Chip Leader Coaching with a focus on giving back, training both elite and aspiring players. Chance, Alex Foxen, and Kristen Foxen recently launched an advanced “inner circle” for personalized coaching [02:22-02:50].
• Teaching vs. Playing: Chance discusses his motivation to teach, how seeing his students win (one recently took a mystery bounty for $1M) gives him goosebumps [02:56-03:26].
• Teaching Philosophy: He notes the importance of adapting to each student’s level and being able to clearly explain complex concepts [19:02-19:24].

Quote:
"We're not really giving anything back to the community. We’re just taking away. I always wanted to teach… I get goosebumps just like thinking about it." – Chance Kornuth [02:56]

4. Old School vs. Modern Poker & Use of Solvers

• Solvers and GTO (Game Theory Optimal): Mainstream adoption of solvers changed the game—sometimes making players worse by discouraging original thought [05:00-05:38]. Kornuth still prizes human adaptability/exploitive play:
  “In reality, we’re playing against an individual human at all times… and so we should be adjusting… to exploit that person.” [05:00]
• Physical Reads: Strongest edge comes from live reads—an area he excels at, making him more effective live than online [06:03-06:12].
• Exposure to Tells: Discusses self-awareness: recognizing your own tells allows you to spot them in others [09:44-10:08].

5. Highlights from Kornuth’s Career

• First WSOP Bracelet: Recounts his most memorable win in the 2010 $5k PLO (Pot-Limit Omaha)—calling it “the most surreal win. Nothing really compares to that” [13:31-14:02].
• Playing Poker Legends: Chance reflects on playing and befriending Phil Ivey (his poker “GOAT”), making a big call against him, and witnessing the long-term greatness of legends like Negreanu and Hellmuth [22:44-23:43].

6. Poker Psychology & Mental Game

• Handling Tilt: Years of mental game work and coaching have helped Chance reduce tilt, but he acknowledges, “No one can be tiltless, but everyone can tilt less.” (quoting Tommy Angelo [17:23])
• Working with Performance Coaches: Not exclusive to sports; many top players invest in mindset coaching [17:55-18:15].

7. The Economics and Variance of High Stakes Life

• Variability of Results: Describes the misconception of success: even after cashing for nearly $1M in a $500k buy-in event, multiple re-buys and losses can result in a losing trip overall [15:41-16:25].
• Ups and Downs: Poker is “absolute battle”—variance means even the best can go extended periods without results [16:34].

8. Cheating, Ethics, and Private Games

• Personal Experiences with Cheating: Chance details being cheated in private games—once by a “nit” who played only premium hands and always seemed to know when to go big. A $250k loss followed this incident before he realized the cheating [39:32-40:26].
• Team Play Collusion: Another scam involved players sharing a bankroll to create an artificial “action” dynamic and exploit outsiders [43:03-43:48].
• Advice: Private games are more susceptible to cheating–tournaments and casinos are generally safer [44:51].

Quote:
“When you’re playing for a lot of money, there’s a big incentive to cheat. People will think of new ways to cheat…and people will figure out how to stop it. It’s a never ending circle.” – Chance Kornuth [41:49]

9. Controversial Figures and Handling Psychological Games

• Martin Cabral’s Antics: Chance discusses playing against notorious table antagonizer Martin Cabral, who uses psychological warfare as a form of edge—not cheating, but disrupting. WSOP now gives Cabral a shortened shot clock to curb his delay tactics [31:50-34:40].
• Calling Clock: Chance politely warns players before calling time, seeing it as a respectful way to influence pace of play [36:16].

10. Growth, Evolution, and the Future of Poker

• Rising Skill Levels: The game has evolved—pros and amateurs are both better. “You really do have to stay ahead of the curve. You have to work hard on your game.” [14:39]
• International Styles: Players from different nations bring unique flavors—Americans more passive, Europeans aggressive, Brazilians highly aggressive—"USA just has the best players, by a slight margin." [48:20-49:11]

Notable Quotes & Memorable Moments

• On Teaching:
  “If there’s one thing I want to do, it’s win the WSOP main event…I think I will win it eventually, it’s just…on my list of to-dos.” – Chance Kornuth [06:16]

• On Poker as a Sport:
  “If chess is a sport…so is poker…probably competitive video games, too…It would be considered a sport.” – Chance Kornuth [18:32]

• On Variance:
  “Losing 100k hurts more than winning 100k…you have to be very mentally and emotionally disconnected from the losses.” – Chance Kornuth [27:24]

• On the Luck Factor:
  “I think poker has too much luck for the Olympics…any given one hand could be 99% luck.” – Chance Kornuth [49:45]

• On Adaptability:
  “Being dynamic and making those adjustments in-game is one of my strongest attributes. Physically reading people is definitely one of my best as well.” – Chance Kornuth [05:50]

Timestamps for Important Segments

• Rebuilding after Loss & Cheating in Private Games: [00:00], [39:32-44:51]
• WSOP Routine & Decompression: [01:16-02:18]
• Coaching Philosophy & Giving Back: [02:22], [02:56-03:26], [19:02-19:24]
• Solvers, Adapting Play & Live Reads: [05:00-06:12]
• Most Memorable Win: [13:31-14:10]
• Handling Tilt & Mental Coaching: [16:52-17:33], [17:55-18:15]
• Encounters with Notorious Players (Martin Cabral): [31:50-34:40]
• Team Collusion Story: [43:03-43:48]
• International Poker Styles: [48:20-49:11]
• On Momentum, Luck, and Winning Big Events: [50:16-51:19]

Conclusion & Where to Find Chance

• Future Plans: Shifting focus toward coaching, spending more time with family, and building new businesses.
• Chip Leader Coaching: Offers training programs for all levels, alongside Alex and Kristen Foxen.
• Social: Instagram & X (Twitter): [@ChancesCards] [51:23]

Final Words:
“I think it’s the best place to learn how to be a better poker tournament player, whether you’re a beginner, intermediate, or advanced…” – Chance Kornuth [51:23]

For listeners seeking real talk about poker’s triumphs, heartbreaks, and mind games, this episode delivers rare candor and invaluable wisdom from a true pro.