Borgata Hunts Down Ivey for $15.5 Million Payback
In October, a US Circuit Court Judge deemed Ivey violated his casino contract with the Borgata Casino Hotel & Spa when he won nearly $10 million at baccarat by using edge-sorting.
The casino was allowed to claim damages in the case and is now seeking $15.5 million from Ivey.
Coupled with the recent loss of his London appeal with Crockfords Casino for the same issue, Ivey could stand to lose more than he has earned in his live poker tournament career.
Borgata Wants to Recoup Losses, Comps and "Winnings"
One would assume that Borgata's would have filed a claim for the losses paid out to Ivey in connection to this case. Instead, its claim will not only attempt to recover losses but other expenses and missed earnings.
The Borgata is attempting to recoup various comps issued to Ivey while he was staying and playing at the Borgata. Casinos typically comp high rollers with rooms, free food, entertainment and more with the expectation that they'll win the money back at the tables.
In addition to hundreds of thousands in comps, the Borgata is trying to recoup $5.4 million in estimated earnings had Ivey not used edge-sorting during the game.
The Borgata may have a bit of a claim against Ivey for the comps provided since that is something that they can easily quantify with receipts. However, it may be a bit harder to prove that Ivey would have lost over $5 million to them.
Sure, the casino could make its case based on general gaming odds but one cannot factor in pure luck and streaks at the table. The court could decide to side with the Borgata, reduce the amount or even strike that claim from the docket.
Ivey Now Can Respond - Is a Settlement a Possibility?
Now that the Borgata has issued its claim Ivey has a chance to respond and fight the amounts claimed by the casino. Odds are at this point that Ivey and the Borgata will be forced to go into negotiations for a settlement to resolve the matter.
The courts could indeed issue a judgment against Ivey and the Borgata attempt to pursue collections but they may be better suited to settle with Ivey, likely in the amount that he won from the casino.
Ivey Also Lost Crockfords Case
In addition to his loss in the Borgata case, Ivey also lost his appeal in his case against the Crockfords Casino in London.
Ivey had won $11 million using the same techniques he did at the Borgata but the casino caught on and refused to pay Ivey his winnings.
Ivey sued for his earnings and lost the case in 2014 after it was ruled that he used edge-sorting. Then, in a rare twist, Ivey was able to appeal the case.
That case was decided earlier this month when the Court of Appeals upheld the previous ruling despite claiming that Ivey did not cheat.
Afterwards, Ivey claimed that he was confused by the decision, one that is all but final. Ivey could now attempt to appeal the case to the UK Supreme Court, but it is unknown whether the court will hear the case.
Between the two defeats, Ivey could lose up to $26.5 million. That's more than his career live tournament earnings. At this point, maybe Ivey should stick to playing poker where he can push his edges rather than "sort" them.