Varkonyi started playing poker when he was studying at the Massachusetts Institute of Technology. After graduating in 1983 ( with degrees in electrical engineering and computer science and of the MIT Sloan School of Management ), he was investment banker in Brooklyn, New York. This profession he held for several years before he began to play in tournaments poker.
Varkonyi is very famous because he won the main event at the World Series of Poker in 2002 and it received a cash prize of $ 2,000,000. Since he was a relative newcomer and him no opportunities were given, agreed to the commentator and poker player Phil Hellmuth to have to shave the hair for charitable purposes, if Varkonyi win. In the final hand is Varkonyi sat with Q ♦ 10 ♠ against Julian "The Kid" Gardner, who had J ♣ 8 ♣, at a table with Q ♣ 4 ♣ 4 ♠ 10 ♦ 10 ♣ by since he had a full house, which had a higher rank than Gardner's flush. Hellmuth later settled shave the hair and allowed it even Varkonyi to shave him some hair.
In the World Series of Poker 2003 Varkonyis attempt to win for the second year in a row, ended when his K ♥ K ♦ against Scotty Nguyen subject A ♦ A ♠ on a table with 10 ♣ 6 ♥ 2 ♦ 4 ♣ 4 ♦.
After his victory was Varkonyi columnist for Card Player Magazine. He also filmed a poker training video, Wise Guys on Texas Hold'em, in which also starred several actors from The Sopranos.
Currently Varkonyi lives in Great Neck, New York, along with his wife Olga poker ends and a daughter, which he called for his victory at the World Series Victoria. Olga played with the main event at the World Series of Poker in 2005 and reaching there its 238th place, which was still in the price ranks.