$12 million casino dispute: Phil Ivey takes legal action against London casino that refuses to pay out

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Professional poker champ Phil Ivey is suing a British casino after it refused to pay out over $11 million in winnings.

Ivey, 37, reportedly won almost $12 million (£7.6 million ) in earnings in August last year at Crocksfords casino in London. He had been playing punto banco, which is a version of baccarat.

According to Yahoo Sports, the casino refused to pay out the winnings, saying that Ivey used his knowledge of flaws in the game's card to flout the odds.

The goal of punto banco is to draw two or thee cards to achieve a sum total closer to nine than the dealer. The game is very unpredictable and is based on "luck".

Ivey and an unnamed woman had reportedly played "heads-up" against the dealer, with Ivey starting his bets at $77,000 (£50,000) per hand. He ultimately raised it to $230,000 (as £150,000). At the end of the game, he earned nearly $12 million.

However, Crocksfords casino says Ivey spotted tiny imperfections in the game's cards and that he had used them to identify which cards were of certain value while playing punto banco.

Casinos usually replace each deck of cards every night but Ivey reportedly convinced the casino to use the same deck of cards he had been using during his three-day stay at the casino, according to Yahoo Sports.

The casino is refusing to payout Ivey's winnings, only agreeing to return his initial £1 million "buy-in".
Ivey said in a statement: "I was given a receipt for my winnings, but Crockfords has withheld payment. I have no alternative but to take legal action."

Ivey is a professional poker player who won nine World Series of Poker bracelets, one World Poker Tour title and appeared at nine World Poker Tour final tables. Pokers observers regard Ivey as the best all-round player in the world today.