Phil Ivey Claims $12.4m Baccarat Winnings Legal

During Phil Ivey’s trial over his controversial 7.7 million pound haul from a Baccarat table in London, the defendant said his edge sorting technique was legal and he should be awarded his winnings. Ivey is a professional gambler who has won the World Series of Poker championship 10 times. He is 38 and won the incredible $12.4 million jackpot playing Punto Banco, a specific form of Baccarat.

• Edge sorting is a controversial technique used in advantage gambling that relies on subtle flaws on the backs of cards.
• Players memorize the nearly imperceptible marks on cards to give themselves the edge against the house.
• Without edge sorting, the house has at least a 1-percent advantage over the players, so winning is only possible in the short run.
• Ivey claims the technique is fair, and his attorneys argue that he should be paid the full amount of his winnings.

Genting Casino Punto Banco Payout

The London casino that Ivey claims owes him 7.7 million pounds is owned by Genting Bhd., southeast Asia’s biggest casino firm, worth $35 billion in world markets. It has been buying casinos all over the world recently, acquiring the Stardust Resort in Las Vegas for $35 million in 2013.

Ivey’s lawyer, Richard Spearman, argued during the trial that a casino’s relationship with players is similar to that of a cat trying to catch a mouse. He said that any technique that gives players an advantage is acceptable, as long as it isn’t cheating. While edge sorting is usually prevented by casinos, it isn’t considered cheating. Spearman gave the court several examples of what he considers cheating, including card marking and paying off the dealer.

• Ivey’s website, which claims that he’s the best poker player currently playing the game, lists his career earnings from live tournaments at $21 million.
• His lawyer said that he only uses accepted techniques to gain the advantage over the house on certain bets.

Although Ivey left the Baccarat tournament early due to a death in the family, Genting never transferred his earnings to his bank account as promised.