Roy Thung, WSOP Mixed Games Regular, Dies at 82

Roy Thung’s death marks the loss of a rare WSOP constant

Roy Thung, the CEO of Independence Holding Co. and one of the most familiar faces in WSOP mixed games, has died in Las Vegas at the age of 82. For poker fans, this is more than the passing of a business executive who happened to like cards. It is the loss of a player who kept showing up for nearly three decades, proving that commitment and love for the game can matter just as much as fame.

Thung belonged to a generation of competitors who helped give the WSOP its depth. He was not a headline-chasing celebrity, but he was the kind of player who made fields stronger and tables more interesting. That is one reason names like his still resonate in the world of poker clubs: the game needs both stars and durable regulars to stay healthy.

From Indonesia to Wall Street: how Thung built Independence Holding

Thung came to the United States from Indonesia in 1969 with degrees in finance and accounting from the University of Indonesia. The early years were difficult. The U.S. was in a recession, English was still a work in progress, and opportunities were limited.

He eventually found work at Lybrand, Ross Brothers & Montgomery, the accounting firm that later became part of PricewaterhouseCoopers. That foothold opened the door to a career defined by sharp financial judgment and a willingness to take calculated risks.

In 1976, Thung used a modest amount of saved capital to help acquire Nasco International, a mail-order business that later produced $200 million in annual sales. Four years later, he helped structure the leveraged buyout of Southern Life & Health Insurance, using a bridge loan that was repaid through a dividend from the target company itself.

That same year, the company he worked for took a small stake in Independence Mortgage Trust, an insolvent real estate investment trust whose main asset was about $57 million in tax loss carryforwards. The trust was reorganized into Independence Holding Co., the business Thung would eventually lead for decades.

When he took over, Independence Holding was worth just $13 million. By 2004, he had grown it enough to move the company’s listing to the New York Stock Exchange, where he rang the opening bell himself. Today, Independence Holding holds roughly $1.3 billion in assets, and its insurance operations carry an A- rating from A.M. Best.

Nearly 30 years on the WSOP circuit

Thung’s live tournament record stretched from his WSOP debut in 1997 to his final cashes this summer. His results show a player who never stopped competing, even while running a major company.

• 5th in the $1,500 Pot-Limit Omaha at the 1997 WSOP for $21,150
• 1st in the Carnivale of Poker $1,000+60 No-Limit Hold’em event in 1998 for $108,000
• 13th in the $50,000 Poker Players Championship for $109,459
• 72nd in the $5,000 6-Handed No-Limit Hold’em for $12,390

Across his career, Thung earned nearly $900,000 in live tournaments. That number matters less than the bigger picture: he stayed active, stayed competitive, and kept entering some of the toughest fields in poker. For players looking to improve at broader formats, poker school content often emphasizes exactly this point — mixed-game success comes from range awareness, discipline, and adaptability, not from mastering just one variant.

Tributes from fellow players show how well liked he was

When news of Thung’s death spread, players who battled with him at the tables shared heartfelt tributes.

Allen Kessler, one of the best-known mixed games specialists, said he always enjoyed competing against Thung in mixed events. Phil Hellmuth, who first played alongside him at the WSOP in the 1990s, remembered him as friendly and noted that they had recently made the money together in the Poker Players Championship.

Those reactions highlight an important part of poker culture. The game remembers results, but it also remembers character. Players who are respectful, steady, and genuinely engaged with the action often leave the strongest impression — especially in elite mixed-game fields where the same names return year after year.

Expert analysis: why Thung mattered to the WSOP ecosystem

Thung’s story is meaningful because it reflects a version of poker that still matters today: long-term participation, deep game knowledge, and cross-disciplinary thinking.

• Mixed games rely on veterans. They preserve prestige and skill depth in events that are more complex than hold’em alone.
• Business discipline translates well to poker. Thung’s career suggests that risk management, patience, and structure can be major edges at the tables.
• Age is not a barrier to relevance. In 2023, Thung was still leading the WSOP Razz Championship after Day 1, ahead of Daniel Negreanu, Phil Hellmuth, John Hennigan, and Jen Harman.

That last point is especially important for players who build their game through promotions & bonuses and online volume. The lesson is not just about entering more events; it is about learning to compete across formats and staying sharp over time. Thung’s longevity is a reminder that poker rewards depth and consistency as much as bursts of talent.

A lasting legacy for poker and beyond

Roy Thung leaves behind a rare dual legacy. In business, he helped turn a $13 million company into a billion-dollar enterprise. In poker, he became a respected WSOP regular whose presence stretched across almost 30 years.

His final cashes, his strong runs in mixed games, and the tributes from top players all point to the same conclusion: Thung was not just a businessman who played poker on the side. He was part of the fabric of the WSOP.

That is what makes this loss feel bigger than a simple obituary. Poker loses many names over time, but only a few become part of its enduring memory. Roy Thung was one of them.

FAQ