A couple of weeks ago, Phil Ivey cashed $124,410 in the 2019 WSOP.
However, he did not keep even a dime of the money. It was confiscated by US Marshals as part of the payment of the $10 million owed to Borgata Casino.
Just to recap, a few years ago, Phil Ivey and his partner, Cheng Yin Sun, outed the casino out of 9.6 million in a baccarat session. 2 years later, the casino realized that the two players used an edge-sorting technique. Apparently, they used spot defects on the back of the cards to their advantage.
After a protracted legal battle, Phil Ivey and Yin Sun were ordered to reimburse the casino $10.1 million, a figure that includes an additional $500k they won at the craps table. Interestingly, the manufacturer of the cards was only ordered to pay $27. Unfortunately, the casino has never been able to get back the $10.1 million apart from the confiscated WSOP winnings.
Plot twist -Two backers claim they are entitled to a fraction of Phil Ivey’s winnings
The controversy surrounding Ivey’s winnings continues to deepen. Two poker pros players have also laid claim to a portion of Ivey’s winnings.
Dan Cate, popularly known as “Jungleman”, and Illya Trincher have filed an objection to US Marshal’s seizure of Ivey’s WSOP winnings.
According to Trincher and Cate, they fully backed Ivey’s $50k buy-in and they had reached an agreement that stipulated that, if Ivey was to finish in the money, the $50k buy-in would be fully reimbursed to the players.
Also, they were entitled to 50% of the profit. Considering that Ivey finished in the money and made a $74,410 profit, the two players claim they are entitled to $87,205 – the $50k buy-in and their 50% of the profits.
To justify their claim, they have cited Nevada law that legalizes and hence allows backing deals. However, let’s be real for a second. Considering that a federal Judge gave Borgata the go-ahead to attach Ivey’s assets way back in February, it will be difficult for them to get the $87k.
Judging from how the Ivey situation continues to deteriorate, there is a likelihood that his WSOP performance may be his last on American soil. However, we have not seen the last of Ivey. He usually plays in high-stakes tournaments all over Europe and he is always a joy to watch.
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