Matusow says that the decisive hand was when he was bluffed by eventual champion Juan Carlos Mortensen, but did not trust his instincts to call.

[14] Several months later, he won the WSOP Tournament of Champions in a heads-up battle against Hoyt Corkins, earning another $1,000,000 in the process, making him the first player to win two million dollar prizes in the same year.

[8][16] At the 2008 World Series of Poker, Matusow won a third bracelet in the $5000 No Limit 2–7 Draw with rebuys event defeating Jeff Lisandro heads up for the $537,862 first prize.

[17] Matusow won his fourth bracelet in 2013 in the $5,000 Seven Card Stud Hi-Lo Split 8 or Better tournament, defeating Matthew Ashton heads-up and earning $266,503.

[18] In October 2004, Matusow made his first World Poker Tour (WPT) final table at the UltimateBet Aruba Classic, earning $250,000 for 3rd place.

[1][4] In July 2007, Matusow won $671,320 after coming in second place at the World Poker Tour Bellagio Cup III Championship after online pro Kevin Saul defeated him during heads-up play.

[9] Additionally, Matusow hosted Card Player's poker radio show/podcast, the Circuit, before being replaced by Gavin Smith and Joe Sebok.

He has battled drug issues, including a six-month stint in jail in 2004 and 2005 after being caught providing ecstasy and prescription painkillers to an undercover police officer who pretended to befriend Matusow and gained his trust.

After several months of an official Las Vegas Metro Police "Sting Operation",[32] Matusow was arrested and charged with six category A Felonies, all drug related.