Michael “The Grinder” Mizrachi took home USD $1,451,527 in prize money when he won the World Series of Poker (WSOP) $50,000 Poker Players Championship in June 2012 but, at the time, he also he thought he had another USD $100,000 payday coming to him for his amazing accomplishment. This was because he had entered into a prop bet with Giorgio Medici over whether The Grinder would win a bracelet at the 2012 WSOP.
The bet was reportedly for USD $20,000 and at 5 to 1 odds. After Mizrachi’s win on June 28, Medici said he couldn’t pay him because he had filed for Chapter 7 bankruptcy on July 6.
Some details of the situation came to light last month when Mizrachi called Medici out on Twitter for failing to make good on the bet. Mizrachi has since spoken to the South Florida Sun-Sentinal and more details have surfaced.
Medici, who has over USD $160,000 in lifetime poker earnings including a USD $46,413 12th place in the 2012 WSOP $1,500 NLH Re-entry event, claims he has debts of USD $36.2 million and a large portion of it from real estate deals.
Mizrachi is reportedly listed in the liabilities under “unsecured nonpriority claims” but is also out of pocket because he had sold USD $9,500 of the bet to some friends. This means Mizrachi had to pay USD $47,500 to honour his own bets, which he says he has already done.
The Grinder is also no stranger to being in debt. In 2010, he had money problems of his own after the US government filed tax liens against him for USD $339,711. But Mizrachi has since enjoyed a much-publicised return to winning at tournament poker and his career earnings now stand at over USD $14 million.
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