In the 2008 World Series of Poker Main Event, Russian grinder Ivan Demidov (pictured) battled his way through 6,843 entrants to take second place after being bested by Peter Eastgate in a lively heads-up match. For the win, Eastgate took home $9.1 million, leaving Demidov with a consolation prize of $5.8 million. But in a recent interview, the Russian poker pro claimed he never saw one cent of the seven-figure prize, as his backer would not pay him.

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That backer has been revealed as Russian gambler Sergey Rybachenko (pictured below), who has a penchant for playing the highest poker games around. “I used to play for huge stakes,” he told CalvinAyre in an interview. “A few years ago when I sponsored all the Russians when Ivan Demidov got second place in the Main Event, I was his sponsor, but then I almost went broke. I am on my way back now… but these are not like games I used to play in before.”

His statement seemingly reveals that Demidov’s WSOP payout was used essentially as Rybachenko’s bankroll, which he promptly lost in ultra-high-stakes games.

After a growing 2+2 thread filled with speculation, Demidov turned up to set the record straight. “The ‘I didn’t get my WSOP money’ is true; however, it was taken out of context,” he said. “Sergey still owes me money, but we have settled it down a long time ago. He is slowly repaying me and we are still friends.”

In fact, for a man who was shorted $5.8 million, Demidov is doing surprisingly well. In an interview with All In magazine, he talked about an ambitious startup he founded called Yaliny, which he hopes will be able to offer “global mobile service” for about $10 a month using low Earth orbit satellites.

While he never received his full WSOP prize money, Demidov was able to capitalize on the win in a different way. “I was contracted by PokerStars and was able to open a popular website in Russia, all that thanks to my second place finish,” he said. “That gave me the bankroll and freedom to play what I want and to do what I want. And that’s what I’ve always dreamed of.”

The Russian entrepreneur is still involved in poker and plans to play in several WSOP events this year, but the events following his 2008 second place finish will likely continue to affect him. “That second place has changed my life completely, but not because of the money I won, as I haven’t received any,” he said. “That’s a long dark story.”

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