Phil Ivey has apparently done a good job of hiding his assets in a $10.1 million edge-sorting case with the Borgata. The Atlantic City casino has been unable to find any of his wealth within New Jersey.
Borgata attorneys recently asked for permission to research Ivey’s assets in Nevada. A New Jersey judge has granted this request, which allows the casino to legally find out how much wealth he has stored in the Silver State.
How Much Is Phil Ivey Worth?
It’s difficult to ascertain exactly how much Ivey is worth. The Borgata pegged his net worth at around $100 million during the edge-sorting case.
They noted that he owns a house on the Mexican coast, a condo in Clark County, and other ventures under Phil Ivey Enterprises. The Borgata is essentially looking to recoup $10.1 million that Ivey owes them from a case that ended last year.
Why Does Phil Ivey Owe the Borgata Money?
This case dates back to 2012, when Phil Ivey hit several casinos for millions of dollars through a technique called “edge sorting.”
Edge sorting refers to looking at the card-backs of flawed decks to try and predict the values. Ivey made $9.6 million from the Borgata alone thanks to his advantage-play skills.
His winnings were spread out over the course of four high stakes sessions. The casino originally paid him all of the money. However, they launched a lawsuit after seeing a similar case involving Ivey and Crockfords.
The Borgata ended up winning the case and earning the right to get their $9.6 million back. They’re also due another $500,000 that Ivey won in other games through the edge-sorting winnings.
Ivey is taking a classic stance of acting as if he doesn’t have the money. But the Borgata now has the ability to confirm if this is truly the case thanks to their search request being granted.