Phil Ivey Loses Baccarat Appeal Worth $10.1 Million

Professional gambler Phil Ivey lost a big baccarat lawsuit in 2016. And a federal judge has ordered him to finally pay up on the $10.1 million that he owes the Borgata. U.S. District Judge Noel L. Hillman rejected Ivey’s request for a stay of judgment, which would delay the payment. Ivey argued that paying such […]

Professional gambler Phil Ivey lost a big baccarat lawsuit in 2016. And a federal judge has ordered him to finally pay up on the $10.1 million that he owes the Borgata.

U.S. District Judge Noel L. Hillman rejected Ivey’s request for a stay of judgment, which would delay the payment.

Ivey argued that paying such a large amount would “devastate” his gambling bankroll. Furthermore, he claims that the Borgata wouldn’t be hurt by waiting on the money.

However, Judge Hillman seems to think that Ivey has more than enough money to repay the Borgata.

Ivey Has Kept Borgata’s $9.6 Million for 6 Years

Phil Ivey won $9.6 million from the Borgata through an advantage-play technique called “edge sorting.” Ivey and his accomplice, Cheng Yin Sun, played high stakes baccarat and won a fortune with the strategy.

The Boragata originally paid up on the $9.6 million. However, they later sued in 2014 and won a case that dragged out over the next two years.

A federal judge granted the Borgata $10.1 million, because Ivey and Sun used some of the baccarat earnings to win another $500k through craps.

The famed poker pro lost a similar case in London. He used edge sorting to win £7.3 million ($11m) from Crockfords in 2012 and was told that he’d be wired the money. However, Crockfords decided against doing so after reviewing the case.

Ivey sued to claim the money. But a London High Court judge sided with Crockfords on the grounds that Ivey’s and Sun’s edge sorting was borderline cheating.

How does Phil Ivey Make His Money?

Phil Ivey is a good all-around gambler. But he’s mainly made his living on the poker tables. He has $26.3 million in lifetime winnings along with tens of millions more in cash games.

Ivey is considered one of the biggest winners ever at the “Big Game” at the Bellagio. He also spends a fair amount of time playing at the Aria and in Macau casinos.

Assuming he hasn’t lost his skills, then Ivey should eventually be able to pay the $10.1 million that he owes the Borgata.

 

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