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Hot news in the case of “Phil Ivey against Full Tilt Poker”: $6 Million debt!

Phil Ivey Millions Poker Debt

Or would it soon be Full Tilt against Phil Ivey? The 35 year old Phil Ivey who decided to boycott the 2011 WSOP in June and whose case against Full Tilt Poker for $ 150 Mil damages was dismissed last month is a member of the Full Tilt Poker Team. A new chapter seems to start in the history of his relationship with FTP: Phil Ivey allegedly owes more than $ 6 Mil to FTP!

As reported by Phil Ivey was paid out a total of $ 10,7 Mil in installments by Tiltware, the software and marketing company of FTP, between 2009 and 2011. The information from Ivey`s poker account revealed that he borrowed considerable amounts when incurring high losses in games, while repayments followed high earnings in cash games. However the reimbursements ceased in spring last year after repaying only a total of $ 5 Mil. If the transfer data of the poker account is to be trusted, Ivey would still owe FTP an outstanding amount of over $ 6 Mil! The information from the poker account is likely not to reflect the full picture.

It seems Phil Ivey was not the only player enjoying high payouts by Full Tilt Poker. David Benyamine, one of the FTP Pros, borrowed considerable amounts in several installments during 2008 and 2011, which he mainly repaid with earnings from games, bonuses and salary payments.

The published information ought to disclose some back stage details of the poker site and its practices. The close relationship between co-owners, sponsored players and management suggests a conflict of interest when and how the leadership of FTP decided to compensate its players.

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