In the world of poker, there is always some type of action going on. This action, known as proposition or “prop” bets, is used by some players to keep them interested in the action, level the variance of the game or just to screw around. 99.99% of the time the prop bets are covered, but a recent situation has come out not only in the poker community but also the mainstream media that focuses on the issue.
In an article in the South Florida Sun-Sentinel written by Nick Sortal, Michael “The Grinder” Mizrachi detailed a prop bet that he had with a fellow player by the name of Giorgio Medici. Back in May and prior to the 2012 World Series of Poker, Mizrachi and Medici apparently made a prop bet in that Mizrachi wouldn’t win a bracelet during the run of the schedule. Medici allegedly offered 5:1 against Mizrachi, which “The Grinder” booked for a $20,000 bet.
As we all know, Mizrachi went on to become the first man to ever win the $50,000 Poker Players’ Championship (in any of its formats) twice, banking an impressive payday of $1.45 million. When he went to collect his $100,000 from his prop bet with Medici, however, the Georgia man informed Mizrachi that he couldn’t pay off the bet due to having filed for bankruptcy as the 2012 WSOP was coming to a close.
“He seemed like a really nice guy,” Mizrachi is quoted by Sortal in the Sun-Sentinel. Following Medici’s failure to pay, Mizrachi blasted him over several social media formats as a warning to other players, stating, “I don’t want this to happen to anybody else.” To make the situation worse, Mizrachi had sold off almost half of his action (another common occurrence in the poker world) and owed players who had bought those pieces. Mizrachi paid those players from his own pocket.
Medici has had middling success on the tournament poker circuit, earning slightly more than $161,000 since 2010, including two WSOP cashes. According to the bankruptcy proceedings filed in Georgia on July 6, Medici claims he owes over $36 million, mostly in real estate dealings. The debt to Mizrachi is listed in those bankruptcy papers as a “nonpriority claim,” but Mizrachi isn’t holding his breath to get his money. Sortal attempted to contact Medici and his attorney but both declined comment.
It is highly uncommon for such situations as this to blow up in the mainstream media. Arguably the last time such an issue occurred was in 2006, when former World Champion Jamie Gold took down the WSOP Championship Event.
Taking home a $12 million first place prize (a record at that time), Gold was subsequently sued by Crispin Leyser, who alleged that Gold had promised half of his winnings to him for assisting him with drawing celebrity players to the WSOP Championship Event. That case was eventually settled out of court, but no monetary information was ever released. There have been rumors of other prop bets gone awry, but they don’t normally reach the pages of mainstream media when they are talked about.
The Mizrachi situation should serve as a warning to all players when dealing with prop bets. A good rule of thumb is that you should know (very well) the person you are making the bet with. That person should have a good track record of paying off losing bets and, in general, a reputation as someone that can be trusted. Some have discussed (especially following the Gold situation) the possibilities of having such bets legally drawn up but, for most who take part in prop betting action, this is not only logistically difficult but also goes against the “gamblers’ code,” which Medici has violated with his failure to pay.
