Former NFL running back Clinton Portis has reached an agreement with the Borgata Casino in Atlantic City that will see him pay $190,000 to the casino over the next few years.
The agreement stems from a 2011 gambling trip in which the Borgata extended Portis $200,000 in credit to play. It later turned out that he couldn’t cover that debt, and six checks he attempted to write to the casino all bounced.
Pro Athlete Cash Shortfall
According to lawyers, Portis believed he would have plenty of money to cover his debts, but a change in his football career derailed those plans.
“In January of 2011, my client was slated to make $8 million in the coming year,” lawyer Steven Silton testified for Portis. “He believed that his financial situation was very, very, very solid and that there was no question that he had more than enough financial capability.”
However, Portis would be cut from the Washington Redskins a month later following a contentious contract negotiation, and would never again play for an NFL team, thus ending his professional career.
Under terms of the agreement, Portis will be required to pay the Borgata 10 percent of any income he makes above $30,000 per year from now through August 2021. While Portis has already paid back $30,000 of his debt, he still owes $190,000 due to interest and fees. He will also be required to share his tax returns with casino officials each year in order to verify his income, or lack thereof.
Poor Investments, Murderous Intent
Portis has had a history of financial problems ever since. In court, lawyers said that one of Portis’ financial advisers left with more than $8 million dollars of his money. Last June, Portis told Sports Illustrated that he had considered murdering one of his financial advisers, but said a friend ultimately talked him out of it.
Portis was drafted by the Denver Broncos in the second round of the 2002 NFL Draft. He spent two years with the Broncos before spending the remainder of his nine-year career with the Redskins. The two-time Pro Bowl selection rushed for 9,923 yards and 75 touchdowns over the course of his career.
In the SI story, Portis outlined some of the poor investments and other schemes that his teams of advisers involved him in. Ultimately, several of those advisers would be banned from working in the financial services industry, but none of them faced jail time or other legal consequences.
Portis has acknowledged that at least some of the blame falls to him.
“The biggest regret is trusting people with my money,” Portis told SI, saying that nobody forced him to chase big returns on shaky investments. “You shouldn’t. Go to a bank.”