LONDON — A major casino operator is accusing Phil Ivey, an American who is one of the world’s top professional poker players, of amassing millions of dollars in winnings by cheating at baccarat.
Court papers filed in Britain’s High Court by the Malaysia-based Genting Group say that Ivey and an accomplice successfully used a scam to rack up winnings of roughly £7.8-million ($11.9-million) last summer.
“Several billionaires got their first stakes in poker games. Kirk Kerkorian funded his first business, the charter airline Los Angeles Air Service, with poker winnings. H.L. Hunt bet everything he had in a poker game and won his first oil well.
Jeffrey Walkenhorst submits:We've backlog of topics to share, but will again briefly relay how everyone is an economist. We wrote about this in May 2009 and have included various related tidbits in other posts, including our "how's the economy doing?" series.