NexusFi: Find Your Edge


Home Menu

 





Phil Ivey sued for cheating casinos out of millions


Discussion in Off-Topic

Updated
    1. trending_up 996 views
    2. thumb_up 0 thanks given
    3. group 2 followers
    1. forum 1 posts
    2. attach_file 1 attachments




 
Search this Thread

Phil Ivey sued for cheating casinos out of millions

  #1 (permalink)
 
shodson's Avatar
 shodson 
OC, California, USA
Quantoholic
 
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
Posts: 1,976 since Jun 2009
Thanks Given: 533
Thanks Received: 3,709

I'm not sure how exploiting an edge that the casino didn't know about is somehow breaking the law. I don't gamble so I don't know, so many things are stacked against you there, including the law apparently.



Borgata casino lawsuit: Gambler cheated, won $9.6M

An Atlantic City casino is suing a big-time gambler, claiming he won $9.6 million in a card-cheating scheme in baccarat.

The Borgata Hotel Casino & Spa filed a federal lawsuit Tuesday against Phillip Ivey Jr., considered one of the best poker players in the world.

The lawsuit alleges Ivey and an associate exploited a defect in cards made by a Kansas City manufacturer that enabled them to sort and arrange good cards in baccarat. The technique gave him an unfair advantage on four occasions between April and October 2012, the casino asserted in its lawsuit.

The casino claims the technique, called edge sorting, violates New Jersey casino gambling regulations. Its senior vice president, Joe Lupo, declined to comment on the lawsuit.

Ivey's lawyer declined to comment on Friday.

The lawsuit claims the cards, manufactured by Gemaco Inc., were defective in that the pattern on the back of them was not uniform. The cards have rows of small white circles designed to look like the tops of cut diamonds, but the Borgata claims some of them were only a half diamond or a quarter of one.

The company is also fighting a lawsuit from another Atlantic City casino, the Golden Nugget, claiming the firm provided unshuffled cards that led to gamblers beating the casino for $1.5 million. Gemaco did not respond to a request for comment.

The lawsuit claims that Ivey and his companion instructed a dealer to flip cards in particular ways, depending on whether it was a desirable card in baccarat. The numbers 6, 7, 8 and 9 are considered good cards. Bad cards would be flipped in different directions, so that after several hands of cards, the good ones were arranged in a certain manner - with the irregular side of the card facing in a specific direction - that Ivey could spot when they came out of the dealer chute.

The lawsuit claims Ivey wanted the cards shuffled by an automatic shuffling machine, which would not alter the way each card was aligned.

A lawsuit filed in Britain's High Court by the Malaysia-based Genting Group, a major casino operator, makes a similar claim against Ivey. It alleges Ivey and an accomplice amassed almost $12 million by cheating at baccarat. In that case, Ivey has denied any misconduct.

Ivey has won nine World Series of Poker bracelets. He compares himself on his website to Michael Jordan, Tiger Woods and Muhammad Ali.

Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
REcommedations for programming help
Sierra Chart
ZombieSqueeze
Platforms and Indicators
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Better Renko Gaps
The Elite Circle
Exit Strategy
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Spoo-nalysis ES e-mini futures S&P 500
29 thanks
Just another trading journal: PA, Wyckoff & Trends
25 thanks
Tao te Trade: way of the WLD
24 thanks
Bigger Wins or Fewer Losses?
21 thanks
GFIs1 1 DAX trade per day journal
17 thanks
  #2 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
Posts: 6,098 since Jun 2009
Thanks Given: 877
Thanks Received: 8,090

maybe Gemaco Inc sold them the tell. How can anybody see it, his eyesight must be like a hawk.

Attached Thumbnails
Click image for larger version

Name:	cards.png
Views:	193
Size:	256.5 KB
ID:	143864  
Reply With Quote




Last Updated on April 14, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts