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Mizrachi Stiffed on $50k Players Championship Bet
Michael “The Grinder” Mizrachi has outed Giorgio Medici for failing to pay a $100,000 prop bet made before the WSOP.
Mizrachi decided to take the bet for $20,000 and then went on to win the $50k Poker Players Championship for $1.4 million and a WSOP gold bracelet.
When Mizrachi went to collect, Medici told him he couldn’t pay because he’d filed for bankruptcy.
A fellow poker player, Medici has $161k in lifetime tournament earnings including most recently a 12th place finish in the $1,500 No-Limit Hold’em Re-Entry for $46,414.
Despite his winnings, Georgia court records confirm that Medici filed for Chapter 7 on July 6.
Medici claims his liabilities are $36.2 million, the majority of which are in real estate. He listed his bet against Mizrachi under “unsecured nonpriority claims.”
It’s especially painful for Mizrachi because he actually sold $9,500 of the bet against Medici to his friends, which means he had to pay $47,500 out of his own pocket to his friends.
Mizrachi has been Tweeting all the details of the bet against Medici to warn other poker players about his failure to pay up.
Ironically in early 2010, Mizrachi was in rough shape as the U.S. government had filed tax liens against him for $339,711.
The Grinder responded by going on one of the biggest heaters in poker to date and since 2010 has won nearly $7 million in poker tournaments.