Berman also played an important role in gaming companies. In 1990 he was a co-founder of Grand Casinos Inc., a company that sought to create gambling establishments outside of Las Vegas and Atlantic City. Grand Casinos' Native American casino holdings were spun off into a new company, Lakes Entertainment Inc., and Berman was named CEO. Additionally, Berman is the chairman of the board of the World Poker Tour and PokerTek.
He won the B'nai B'rith Great American Traditions award in 1995 and the Gaming Executive of the Year award in 1996.
Although he prefers high-stakes cash games, he has as of 2008 won over $2,400,000 in live poker tournaments. He was inducted into the Poker Hall of Fame in 2002.
In 2005 Lyle Berman competed in the National Heads Up Championship. He finished in fifth place losing to eventual champion Phil Hellmuth Jr.
|1989||$1,500 Limit Omaha||$108,600|
|1992||$2,500 No Limit Hold'em||$192,000|
|1994||$5,000 No Limit Deuce to Seven Draw||$128,250|
Berman co-authored I'm All In : Lyle Berman and the Birth of the World Poker Tour (ISBN 1-58042-176-8) with Marvin Karlins. The autobiography details Berman's life from his childhood to his life as an adult, covering his business ventures, his opinions on poker and Las Vegas, and his experiences with designing and developing the World Poker Tour into what it is today.
Lyle Berman also collects Red Wing Stoneware, which is clay pottery made in Red Wing, Minnesota. He attends the annual Red Wing Collectors Society convention every July.