Ivey argued that he shouldn’t have to pay right now, because doing so would have a “devastating impact” on his poker bankroll. He also used the excuse that Atlantic City’s Borgata makes so much money that they don’t need the $10.1 million any time soon.
These arguments have fallen on deaf ears, though, with U.S. District Judge Noel L. Hillman ordering Ivey to pay the full amount.
Why did Ivey Lose the Stay of Judgment Motion?
Ivey was seeking what’s called a stay of judgment, which would’ve allowed him to pay back the money slowly. However, he wasn’t able to sufficiently prove that he was in desperate need of the funds.
It also doesn’t help matters that the 41-year-old has resisted paying the Borgata back for over two years. He’s held the $10.1 million in Borgata casino winnings for a combined six years.
Ivey originally beat their punto banco games with a technique called edge sorting in 2012. The Borgata then sued for the $10.1m under the notion that Ivey “cheated” with edge sorting. They won in 2016 and have been entitled to the money ever since.
Ivey Suffers Yet Another Loss in Court
He originally lost two court cases involving edge sorting in 2014. The other one was a battle for $11 million against London’s Crockfords casino. He also lost an appeal against the Borgata in 2016.
Now, Ivey is on the hook for a $10.1 million payment. He seems to be out of chances in court and will be forced to finally repay the Borgata’s money.
Of course, Ivey is still an elite poker pro and should be able to continue winning enough to pay down the debt.