The latest bet we've heard about involves a whopping $800,000, wagered with his friend and fellow gamblaholic Ted Forrest.
To win the bet Ivey has to weigh less than Forrest at some point in the next six months. Forrest is known for fanatically defending his prop bets and this one sounds like it will be tough for Phil to pull off.
Ivey, however, is equally known for winning pretty much every bet he makes so we're thinking he's got something up his sleeve.
Check out the latest Blogfessional video from Barry Greenstein on PokerRoad for more info and some funny stories about the bet. Greenstein, Forrest and a few other familiar faces chat about it while playing the Larry Flynt Game at the Hustler Casino in LA.
-- Ivey is the nuts.