Phil Ivey’s Financial Backers Want The Borgata To Pay Them
With Phil Ivey owing the Borgata more than $10 million in damages amid a long-standing legal battle, US Marshalls confiscated the poker legend’s $124,410 winnings from the 2019 World Series of Poker (WSOP) as payment to the Atlantic City casino.
Ivey finished eighth in this summer’s WSOP tournament held at the Rio Hotel and Casino in Las Vegas, Nevada, raking in $124,410 – however his prize was intercepted by US Marshalls.
However that is now being contested by Phil Ivey’s financiers who are asserting they too are entitled to a cut of the cash prize. Fellow professional poker players Daniel Cates and Illya Trincher have come forward claiming they backed Ivey by paying his $50,000 Poker Players Championship buy-in in exchange for a cut of his profits.
In financing the 42-year-old all-around player, Cates and Trincher had struck a deal to be entitled to half of Ivey’s tournament earnings, as well being guaranteed to get back the initial $50,000 buy-in. The duo has filed a legal objection in Nevada against the Borgata for withholding Ivey’s winnings.
Taking into account the $124,410 cash prize, Cates – known to viral music video fans as “Jungleman” – and fellow high-stakes player Trincher claim they are owed a total of $87,205. Las Vegas law firm Chesnoff and Schonfeld, known to handle high profile gambling-related cases, represented the two as they filed a legal objection to the release of the cash prize to the Borgata, citing Nevada law that allows backing deals. Notably, Ivey has also enlisted the services of Chesnoff and Schonfeld on several occasions.
In early February, a federal judge in New Jersey granted the Borgata authorisation to go after Ivey’s assets in Nevada. It remains to be seen if the Borgata will shell out part of the prize money back to Cates and Trincher. A more likely scenario seems the duo will be forced to pursue Ivey for the money they are reportedly owed.
Borgata’s $10-Million Lawsuit
The 10-time World Series of Poker bracelet winner has been obligated to pay back the Borgata Hotel Casino & Spa $10.16 million in damages, due to an “edge sorting” case in 2012.
The “edge sorting” scheme involved Ivey and his playing partner Cheng Yin Sun spotting and remembering the defects on the backs of playing cards to gain an advantage on the house.
Through the technique, Ivey and Sun allegedly amassed $9.6 million from the Atlantic City casino’s baccarat tables which they then parlayed to another $500,000 in winnings at the craps table.