Phil Ivey Loses Borgata Edge Sorting Case - Ordered to repay $10.1m

It's not been a good year for Phil Ivey. Not only did he have his appeal for the $12m in winnings he was refused by Crockfords, London turned down by a London appellate court last month, but now he has been ordered to pay $10.1m to the Borgata Casino and Hotel in Atlantic City after a court ruling.

Back in October a court in New Jersey ruled that the $9.6 million he gained during a session of mini-baccarat at the Borgata was irregular and he had breached his contract with the casino. Since then the Borgata filed a huge claim for damages which included not only the $9.6m Ivey "won" alongside accomplice Cheng Yin Sun but also for the $15.5m they claim they could have expected to have won from Ivey given the true house edge. Borgata also brought a case of fraud before the court. Although the $15.5m in damages were turned down as being "too speculative", and the fraud charges were dismissed, the court still ordered Ivey to pay back an eight-figure sum due to the fact that he subverted the true nature of the game. The judge ruled that the house's edge was one of the defining characteristics of baccarat, and by shifting the odds in his favour by using slight flaws in the cards patterns to determine their value, Ivey and Sun were in effect playing a different game, and one which was not regulated by the New Jersey Casino Control Act.

The $10.1m payment is for the $9.6m Ivey won at baccarat and a further $504,000 Ivey won at craps while betting with the money he had made from Baccarat.

On the bright side, the $1/2m in comps received by Ivey and Sun will not have to be repaid.

It is unknown as yet whether Ivey will appeal this verdict, although given that he is currently appealing the the UK Supreme Court in the Crockfords case, we would be surprised if he will be ready to pay back the 10 milly just yet.



Other Poker news

Leave a Reply

To post comments you need to Login or register your free HighstakesDB account.


No comments have been posted yet.