World Series Of Poker Main Event Final Tablist Nick Marchington Sued By Backers For WinningsBacking Group Seeks 10 Percent Of Marchington's Seven-Figure Score |
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While 21-year-old Nick Marchington is undoubtedly having the best year of his young life, part of the shine from his final table-appearance in the World Series Of Poker main event has begun to wear off after being served a lawsuit from a backing group seeking 10 percent of his earnings.
Such a shame that a huge personal achievement of mine has been tainted by the greed of others
— Nick Marchington (@NickMarchington) July 17, 2019
The U.K. poker pro finished in seventh place out of the field of 8,569 players, winning $1.525 million. Now, C Biscuit Poker Staking is looking for $152,500, which they say is their cut of the profits after making a deal for the stake in late May.
C Biscuit Poker Staking, made up of David Yee and Colin Hartley, agreed to purchase 10 percent of Marchington’s main event action at 1.2 markup for $1,200, and 10 percent of his $5,000 six-max tournament action at 1.1 markup for $550. After receiving the funds, Marchington sent a text to his backers, telling them, “We are booked. Let’s get rich…”
After a summer that didn’t include much success, however, Marchington was looking for a better deal. He texted his backers on June 28, approximately a week before the main event began, that he was canceling the package, and that he would refund them their $1,750.
Marchington ended up securing different backing at 1.7 markup for the main event, but decided to play the $5,000 event with C Biscuit Poker Staking. The back and forth allegedly left some confusion about the status of the main event piece.
Ultimately, he entered the tournament on day 1b while texting C Biscuit: “I am playing the main event but unfortunately your piece is cancelled. I know this is bad practice but I have to do what’s best for myself since I lost on the trip. Will get back to you about your refund.”
After some delay with the refund while searching for a third-party collector, C Biscuit received their $1,200 stake for the main event.
Initially I offered to refund with Pokerstars (how the piece was paid) then PayPal. Finally we settled on cash. My efforts to refund began BEFORE the Main Event; the refund got collected before my day 2 of the Main Event.
— Nick Marchington (@NickMarchington) August 3, 2019
Yee and Hartley filed their lawsuit in Clark County District Court the day after Marchington was eliminated from the tournament, and as a result, Caesars Entertainment put a hold on the $152,500 portion of his winnings. Those funds are currently being held in a trust with Marchington’s legal representation.
At last week’s preliminary injunction hearing, lawyers for both sides presented arguments and the court ordered “because the Plaintiffs have established a substantial likelihood of success on the merits, the terms of the Temporary Restraining Order will be left in place until an evidentiary hearing is held.”
Although Marchington made it clear he was canceling the stake before playing in the main event, C Biscuit is arguing that they did not get their money back until after the tournament had begun, making their piece live.
The poker world seems to be split on the issue. While most agree that Marchington backing out of the initial deal was unethical, many believe it should still be legal.
Dude you sold at 1.2 and then unbooked and resold at higher lmao.
Your personal achievement was tainted by personal greed— RY (@ineedsheet) August 3, 2019
Nick Marchington cancelling a deal to sell at higher MU is really bad.
Backers accepting their refund and then suing for a payout is one of the scummiest things I've ever heard of. JFC humans are such garbage.— Jeffrey Finkelstein (@pokerfink) August 3, 2019
I don't believe you tried to rip them off like they are trying to say… You clearly cancelled the action as you thought you wouldn't play the events, But then did play them.. And had a big score! Would they have been happy if you had bust 1st hand?!
— Tom Yates (@tomyates1991) August 3, 2019
They are trying to freeroll you. Sure it’ll work out fine though
— Oliver (@Oliver21708306) August 3, 2019
Well, at least you're able to admit that you acted unethically, even if your argument is that it's not strictly illegal and you should therefore not suffer any penalty for your "bad practice."
I wonder why professional gamblers have such a bad reputation for ethics?— Gavin Fritton (@gavinesq) August 4, 2019
Bad form to cancel the deal, but it seems apparent that the deal was canceled and the plaintiff is attempting to freeroll you. Wishing you a fair and speedy resolution.
— Johnnie Vibes (@JohnnieVibes) August 3, 2019
This isn’t the first time that a player has been sued for a portion of his winnings. Jamie Gold, who won the biggest WSOP main event prize of all time back in 2006, was sued by his former business partner Crispin Leyser for half of the $12 million payout. The two ultimately agreed to settled out of court.
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