Phil Galfond, the renowned poker player and entrepreneur, has recently made headlines for his candid admission that he essentially lost everything while trying to keep his online poker site, Run It Once Poker, afloat. In a heartfelt blog post, Galfond revealed that he had burned through a staggering $10 million of his own money in an attempt to save the struggling business.
For Galfond, the decision to pour his personal fortune into Run It Once Poker was not taken lightly. The site, which was launched in 2019 with the promise of innovation and player-centric features, faced numerous challenges from the outset. Despite Galfond’s best efforts to attract and retain players, the site failed to gain traction in the competitive online poker market.
As losses mounted and revenue failed to materialize, Galfond found himself in a precarious financial position. In his blog post, he shared the emotional toll that the situation had taken on him, admitting that he had felt like a failure and struggled with feelings of guilt and shame.
“I never imagined that I would find myself in this position,” Galfond wrote. “I poured my heart and soul into Run It Once Poker, and to see it teetering on the brink of collapse was devastating. I felt like I had let down my team, my supporters, and myself.”
Despite the dire circumstances, Galfond remains determined to salvage the business. In a bold move, he announced that he was launching a crowdfunding campaign to raise additional funds and keep Run It Once Poker afloat. The campaign, which aims to raise $2 million, has already garnered widespread support from the poker community.
“I refuse to give up on my vision for Run It Once Poker,” Galfond declared. “I believe that with the right support and resources, we can turn this around and create a thriving, sustainable business. I am grateful for the outpouring of support from my fellow players and fans, and I am more determined than ever to make this work.”
While the road ahead may be challenging, Galfond’s resilience and determination are a testament to his unwavering commitment to the game of poker and his entrepreneurial spirit. As he navigates the next chapter in his journey, one thing is clear: Phil Galfond is not a man who gives up easily.
