Varkonyi first started playing poker as an undergraduate at the Massachusetts Institute of Technology. After his graduation in 1983 (with degrees in EECS and from the MIT Sloan School of Management), he was an investment banker in Brooklyn, New York for a number of years before beginning to play tournament poker.
Since his win Varkonyi has become a columnist for Card Player Magazine. He also made an instructional poker video, Wise Guys on Texas Hold'em, featuring some of the cast of The Sopranos.
Varkonyi currently resides in Great Neck, New York with his wife Olga, who also plays poker, and daughter. He named his daughter Victoria after his World Series win. Olga made a nice showing at the 2005 World Series of Poker main event, finishing in the money at 238th.
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