Berman grew up in Minnesota and graduated from the University of Minnesota. In 1964 he received a degree in business administration. He first worked as a business economist in a leather factory, which belonged to his father. After the sale he conducted six years a restaurant.
In early 1990, its investments concentrated on casino companies. He was co-founder of Grand Casinos Inc., which was built in the suburbs of Las Vegas and Atlantic City casinos. It was in these so-called Indian casinos Managing Director.
2005 Lyle Berman finished fifth in the National Heads-Up Poker Championship. He lost to eventual winner Phil Hellmuth.
Regarding the book Positively Fifth Street by James McManus, he financed TJ Cloutier numerous poker tournaments, including the Main Event of the World Series of Poker 2000.
Doyle Brunson called Berman as one of the players that he respects the most. His son Brad Berman also plays poker and Brunson eliminated from the Main Event of the World Series of Poker 2004. Brad Berman was eliminated by the eventual winner Greg " Fossilman " Raymer.
Lyle Berman won three bracelets at the World Series of Poker.
Although he prefers cash games with high stakes, he has won at poker tournaments over 1.8 million U.S. dollars.
In 2002, he was inducted into the Poker Hall of Fame.
He currently lives in Plymouth and has 4 children.
World Series of Poker Bracelets
As a co- author, he wrote with Marvin Karlins together the book I'm All In: Lyle Berman and the Birth of the World Poker Tour. It contains autobiographical elements of his childhood, his business ideas, his opinion about poker and Las Vegas, as well as his experience with the creation of the World Poker Tour and what it is today.