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Nick Marchington Successfully Recovers Frozen WSOP Winnings
Last month, British poker pro Nick Marchington was sued by C Biscuit Poker Staking over a failed staking agreement. As a result of that lawsuit, the Rio All-Suite Hotel & Casino in Las Vegas had put a hold on 10 percent of Marchington’s earnings.
On Friday, a Las Vegas judge lifted the hold on those funds and Marchington will now be able to collect the rest of his winnings from the 2019 WSOP Main Event.
Hold on Marchington’s Winnings Lifted
According to a report in the Las Vegas Review-Journal, a Las Vegas judge has lifted the hold on 10% of Nick Marchington’s earnings from the 2019 WSOP Main Event. Marchington finished seventh in the event and earned $1.5 million for his deep run.
Shortly after the event ended, C Biscuit Poker Staking filed a lawsuit against Marchington over a failed staking agreement. The group had agreed to buy 10 percent of Marchington’s action at $1,200. However, Marchington later backed out of the agreement, stating, “I know this is bad practice but I have to do what’s best for myself since I lost on the trip.”
David Yee and Colin Hartley of C Biscuit Poker Staking later file a lawsuit on July 15th, suing for 10 percent of Marchington’s earnings. According to reports, Marchington had received offers of $1,700 for his 10 percent as opposed to the $1,200 agreed previously. Following the lawsuit, the Rio then put a hold on $152,000 of Marchington’s earnings, representing 10 percent of his winnings.
Marchington’s lawyers had argued that the poker pro had a legal right to cancel the agreement. They stating that it would be illegal to force him to honor the agreement.
Very frustrating that I can’t comment on other aspects of the case / information out there. I believe in my case & in the legal system ✌️
— Nick Marchington (@NickMarchington) August 3, 2019
Not the First Time that a Poker Player Has Been Sued Over Main Event Earnings
Marchington’s case is not the first time that a poker player has been sued over Main Event earnings. You may remember that 2006 WSOP Main Event Champion Jamie Gold was sued over a staking agreement with Crispin Leyser.
This agreement was a bit different as Leyser didn’t put up funds but helped Gold secure backing for the Main Event. Per the agreement, Leyser was to get half of Gold’s earnings. Leyser helped Gold secure a deal with Bodog Entertainment to represent them during the 2006 WSOP Main Event. Gold earned a Main Event record $12 million for first and then decided to keep the entire prize.
Leyser sued Gold and a judge placed a hold on $6 million of those earnings. Legal proceedings continued for almost six months before the pair reached a settlement on the case. Prior to the settlement, Bodog ended their relationship with Gold stating that they were ceasing offline marketing efforts in the United States.
Marchington Case Shows Difficulties in Enforcing Staking Agreements
It should not be surprising that Marchington was able to win his case. Many poker backers have experienced difficulty in resolving staking disputes in court. The only reason that Gold’s case drug on as long as it did in 2006 was because he admitted to the deal publicly following his Main Event win. That was used as evidence against Gold.
If you plan to enter into a staking agreement of any kind, it is a good idea to get the terms of the agreement in writing. This may prove difficult as backing is generally a “word of mouth” type of endeavor. However, when you are dealing with massive paydays such as the WSOP Main Event, it is a good idea to provide yourself a bit of insurance if your horse decides to back out.
This is also a good idea for the stakee as it will also give you additional legal protection if there are problems in the future. A backer cannot come back and claim that you owe them 25% when your agreement clearly spells out a 10% stake. Putting things in writing can help protect everyone involved and avoid problems experienced by Marchington and others.
