Poker champion Phil Ivey forfeited his winnings from the World Series of Poker Players Championship to the Borgata in Atlantic City last June. The jackpot will go to pay part of the $9.6 million Ivey owes to the casino, winnings he was ordered to repay after it was determined that he practiced edge-sorting in baccarat.
In June, a strong run by Ivey led to a finish in eighth place out of 74 total entries at the Las Vegas Rio, good for $124,410. According to casino.org, Ivey never saw the money.
Ivey admitted to edge-sorting but was unapologetic for utilizing the method, saying only that the Borgata should be blamed for using faulty cards. In February, a federal judge in New Jersey ruled that Ivey and a partner must repay the Borgata the millions in winnings, plus an additional $504,000 the pair won playing craps with their baccarat haul.
“By using cards they caused to be maneuvered in order to identify their value only to them, Ivey and Sun adjusted the odds of baccarat in their favor,” U.S. District Judge Noel Hillman said in his ruling. “This is in complete contravention of the fundamental purpose of legalized gambling.”
Ivey told the Borgata he doesn’t have the money. The Borgata said it’s been able to locate only one bank account in his name in the United States, and it’s empty—this despite the fact that Ivey is been one of the most successful poker players in recent history, currently 14th on the all-time money list, with the Hendon Mob putting his live cash earnings at more than $26.3 million.
Ivey is the richest poker player originally from New Jersey, but it’s presumed that much of his fortune is located in banks not in the U.S., according to casino.org. The Hendon Mob lists Ivey as the No. 2 player in all-time popularity rankings. The list is compiled from the number of unique player profile hits each person has on the poker website.
