Michael Phelps has more money than he knows what to do with and is also a huge poker fan. It doesn’t take a financial advisor to understand how that could become a dangerous combination. Phelps had a net worth of roughly $40 million heading into the London Olympics, and many believe that number could triple as a result of future endorsements. A lot of it could disappear very quickly if the most decorated Olympian in history enjoys gambling as much as the National Enquirer says he does.
“All Michael thinks about is gambling,” a source told the Enquirer according to the Daily Mail. “Michael has a ‘don’t quit until you win’ attitude which was great while he was swimming but could be costly playing poker.”
The source also said Phelps has lost hundreds of thousands of dollars gambling and that the number could increase into the millions now that he has retired from competitive swimming. Phelps has admitted in the past that he loves playing poker and has met some of his closest friends during games. The Daily Mail also pointed out that Phelps lives with professional poker player Jeff Gross.
“This is not a good element for Michael to be hanging out with,” another source said. ‘It’s just going to get him in trouble – big trouble.”
Phelps’ friends say he plays in a $25,000 buy-in game per week. That probably isn’t much compared to what he’s worth, but legendary athletes like Pete Rose and Michael Jordan have shown us that it can be a slippery slope. Not everyone gets lucky on miraculous comebacks and long-shot horses.
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