The Sun Sentinel has reported that poker player Giorgio Medici has failed to pay Michael Mizrachi money he owes for a prop bet made before the 2012 World Series of Poker. Medici offered a bet of 5-1 odds to Mizrachi on winning a WSOP bracelet.
Mizrachi felt good about the odds and wagered $20,000 and was able to win the $50,000 Poker Players Championship. Mizrachi earned the gold bracelet and $1.4 million for the win and expected Medici to pay him $100,000. Mizrachi contacted Medici to collect the wager and Medici told the pro that he could not pay up because he had just filed for bankruptcy.
Medici has just over $160,000 in tournament earnings over his career and he has added to his winnings with the recent $1,500 no limit hold’em re-entry event by earning $46,141. However, it has been found that Medici did file for Chapter 7 bankruptcy on July 6th.
According the filing, Medici has claimed liabilities for $36.2 million. The majority of the liabilities come from real estate. The bet with Mizrachi has been listed in the filing as an ‘unsecured nonpriority claim.’ Mizrachi was not happy about the filing by Medici as he now owes his friends a good bit of cash. Mizrachi had sold $9,500 of the Medici wager with his friends so he now has to pay his friends $47,500 and he doesn’t have Medici’s cash to pay with, so it comes out of his own bank account. Mizrachi has paid his friends their portion of the wager.
Mizrachi took to Twitter to post the details about the prop bet that fell through. Mizrachi apparently wants others to know that Medici has not been able to pay up. Mizrachi has posted on social networking sites that he does not want this type of wager to happen to anyone else.
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