In July 2012, Phil Ivey walked into the Borgata Hotel Casino & Spa in Atlantic City, N. J. Over the next 17 hours, he would become nearly $4.8 million richer. A gambler by profession, Ivey billed himself as the “Tiger Woods” of poker; he had won more than $6 million from several tours on the World Series of Poker and another $19 million through years of online poker. But Ivey was not playing poker on that day in July. His winning spree came from baccarat — a game of chance associated with high rollers and would-be James Bonds.
This was not Ivey’s first impressive baccarat run. He visited the Borgata to play baccarat three other times, too, between April and October 2012. His total winnings from those visits amounted to more than $9.6 million, according to court documents.
Baccarat, as it is played in most U.S. casinos, rewards luck, not skill. Ivey did not have $9.6 million worth of luck.
Borgata sued Ivey, alleging that the gambler had defrauded the casino. But his winning scheme, once revealed, was not exactly cheating, not in the eyes of a district court judge. Ivey did not commit fraud, Judge Noel Hillman for the U.S. District of New Jersey wrote in an opinion on Monday.
Read More: https://www.washingtonpost.com/news/morning-mix/wp/2016/12/20/famed-poker-pro-with-remarkable-9-6-million-scheme-has-to-pay-it-back-judge-rules/?utm_term=.5071577f3c7c
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