Born in rural Alabama, Hoyt grew up getting after school lessons in poker from his father. His father taught him his "no fear" style of playing. As a teenager, sometimes Hoyt would get to play in the weekly cash game his father hosted. He didn't play many hands, but observed his father's plays and how players reacted to them. Hoyt accredits much of his skill in reading players to the knowledge he gained from his father.

Hoyt was a professional poker player for three years, appearing in the World Championships from 1989-1992. Then in 1992 Hoyt played in the $5000 Pot Limit Omaha tournament and won $96,000 and a WSOP bracelet. He then turned his focus on his personal life, vanishing from the scene and eventually getting a divorce. After eleven years away he was encouraged to return to poker by his fiancee Natalie. He was dubbed "Mr. All-In" by Phil Hellmuth and in 2003 defeated him to win his first WPT championship and over $1 million at the World Poker Finals at Foxwood's Resort in Connecticut.

Hoyt Lives in Las Vegas when he wants to play poker and at his ranch in Southern Alabama when he needs to tend his 60 or so head of cattle. At the tables, he maintains a stoic presence, known for his trademark black cowboy hat, his aggressive play, and a poker face that is nearly impossible to read. He finished second to Gus Hansen in the 2004 PokerStars Caribbean Poker Adventure where he won nearly $300,000. He followed that up with another second-place finish to Mike Matusow at the WSOP Tournament of Champions where his prize was just over $300,000. In 2006 he went after another World Poker Tour title, playing in the Legends of Poker tournament, winning a $381,000 chunk of the $4.4 million prize pool.