Mike Matusow – No Money to Pay Ted Forrest Prop BetTweet Share
The darker side of prop bets among professional poker players has surfaced lately, as well-known pro Mike Matusow admitted that he doesn’t have the money to pay a $2 million bet he made with fellow pro Ted Forrest. Matusow’s outrageous side bet hinged on Forrest losing a large amount of weight over a couple of months, something which he accomplished by the end of this year’s World Series of Poker. Two months ago, Forrest weighed a reasonable 188 pounds. Matusow gave him 20-to-1 odds that he couldn’t drop below 140 by July 15th, and 10-to-1 odds that he couldn’t do it by September 24th. Forrest put up $100,000 to cover his side of the wager, and the race began. On July 15th, Forrest stepped on the scales and registered an amazing 138, dropping 50 pounds in just over two months. A sheepish Matusow admitted to making the bet because, in his mind, it was virtually impossible for Forrest to do it. “I don’t have the $2 million to pay out. I made that bet because I didn’t think it was feasibly possible. I could pay him a big lump, but I’m going to wait six months to see if he dies first. I think he’s 50-50 to die. He starved himself for 11 days and ran 16 miles a day. He’s lost all of the muscle around his heart. He could have a heart attack. All that for $5,000 a month.” While Matusow was joking about the situation, Forrest was in no mood to laugh after his opponent suggested $5,000 a month payments, a sum that would take 33 years to be paid. “He beat me [last year], and I paid him off. I think he should try to pay me as much as he can in the next two months and then work out a satisfactory, reasonable, agreeable payment arrangement.” While prop bets are a way of life in the poker world, there is an unwritten code about honoring them. While Matusow complains about not having the funds to meet the payoff, the poker community will be watching to see if he works out an acceptable solution with Forrest or welches on the hefty sum.