Fastforward two months and Ivey had two bracelets, one Main Event final table appearance and several million in side bets locked up.
So did everyone learn their lesson?
Did they realise the dangers of betting against the man many feel is the best player alive?
Here at the WSOPE £5k Omaha Event, Mike Matusow, Layne Flack and Howard Lederer have been discussing a new prop bet, issued by Howard Lederer to Phil Ivey.
Lederer is claiming he has given Ivey 3-1 he won't win two WSOP bracelets in the next two years.
He feels he has an edge over Phil. "I'm getting the better of it," he told Matusow.
Someone at the table piped up their objections. "Two in two years doesn't seem that hard for Phil," he said.
"You think that's easy?" jumped in Matusow. "Before this year, he hadn't won one for five f***ing years!"
Despite this, Matusow claimed he would never bet against Ivey.
"Everybody who ever goes up against Ivey loses," he said. "People who bet against him forget three very important things. a) he's not human, b) he's not human c) all of the above!"
Matusow wasn't finished though, adding, "The guy has sold his soul to the devil!"
Whilst Matusow's claims might be a bit over the top, it does seem foolish to bet against Ivey, given his rampant form.