It's common knowledge he had a standing $200k per bracelet bet with Daniel Negreanu, but other figures much bigger than this have been thrown about.
Finally it seems the actual extent of money on the line may have been revealed! (If you believe Vegas cab drivers.)
Apparently, Phil Ivey spoke to one of Vegas' ubiquitous cabbies and let slip just how much he had riding on that second bracelet.
The story starts with Ivey having just collected bracelet number one in the $2.5k 2-7 event.
Ivey walks off to the player's room to relax with the other ballas. He's congratulated by all and sundry, before calmly announcing, "I'll win another within two weeks."
Now everyone respects Phil Ivey's mad poker skillz, but to claim he'll win another almost immediately - well that's pushing it a bit far!
There are some skeptical mumblings.
"Ok, so who'll give me action then?" asks a defiant Ivey.
Lots of players throw their hats into the ring, pretty confident that their money is safe. Ivey casually sweeps his hand across the room.
"I'll take it all."
Ivey books every piece of action going that he can win his second WSOP bracelet within two weeks.
Fast forward just over a week and Ivey has proved the doubters wrong, proudly sporting his second bracelet of the series and seventh in total - an immense achievement.
But just how much was that bracelet worth to Ivey?
We've been told that Ivey revealed that including all the side-bets, prop bets and action, it was worth an astonishing $14 million dollars!
Though we don't have another source to confirm this figure, if true, it would be an incredible sum that would eclipse any previous Main Event win, or indeed tournament win of any kind!
Can the legend of Phil Ivey get any bigger? We'll soon see!