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3:35pm: Level up
Level 8: Blinds 4,000/8,000 (1,000)

3:30pm: Timex tank-calls himself to the rail
Level 7: Blinds 3,000/6,000 (1,000)

We arrived on the river to see Mike McDonald had made a bet and Igor Kurganov had raised for enough to cover the Canadian's stack.

The board read [9h][3d][js][4d][ks] and McDonald had a decision for his tournament life. He was in the tank with [kh][qh] for a rivered top pair, and after a few moments he called it off.

"I've got a set" announced Kurganov tabling [9s][9c] and McDonald was out of his seat and leaving the tournament area.

3:25pm: Tollerene building
Level 7: Blinds 3,000/6,000 (1,000)

David Peters was chip leader a few minutes ago but such are the swings in this tournament, he's now well back in the pack after losing a big pot against Ben Tollerene.

Tollerene opened with a raise from the cutoff to 15,000 before Peters three-bet the button to 42,000. Action folded back to Tollerene who made the call and they saw a flop of [2c][7h][td].

Tollerene checked and then called the bet of 37,000 from Peters before both players checked the [5s] turn. The river was a repeat [5h] and Tollerene splashed out a healthy bet of 125,000. Peters was quick to make the call but mucked when Tollerene showed [ts][th] for a full house!

Tollerene is now into the chip lead with 740,000 with Peters back down to 355,000.

3:20pm: Greenwood doubles
Level 7: Blinds 3,000/6,000 (1,000)

After making a big river laydown against Ben Tollerene, Sam Greenwood has recovered those chips and then a few more with a big double up on the very next hand.

It started with Connor Drinan raising to 15,000 from under the gun. David Peters called on the button before Greenwood moved all in from the small blind for 119,000 in total. Drinan folded but Peters gave it some thought and then made a gambling call with [5c][5h]. He was hoping to be racing but Greenwood tabled a strong [qc][qd].

The board ran out [3d][ac][ks][ad][2s] to see Greenwood double up to around 275,000 with Peters still in good shape with around 600,000.

3:10pm: Ivey gone
Level 7: Blinds 3,000/6,000 (1,000)

The comeback of Phil Ivey was short-lived.

After defending from the big blind with [8s][6s], Ivey check-raised all in on a flop of [2h][2s][5s] with his flush draw. His opponent was Ben Tollerene, runner-up in the $100,000 Challenge. Tollerene had bet the flop for 15,000 and then made the call for a total of 89,000 with his [as][5d] top pair, top kicker.

Ivey was looking for spades, a six or and eight to stay alive but the [3h] turn and [qh] river completed the board. Ivey is out as Tollerene continues his good form in Melbourne as he climbs to over 400,000 chips.

3:00pm: Fedor Holz exits
Level 7: Blinds 3,000/6,000 (1,000)

Fedor Holz has been on a massive heater of late but he couldn't make much of his time in this $250,000 Challenge. He was the first eliminated yesterday and after a re-entry, the German has busted first again here today.

It was back to back hands that would see Holz's demise.

The first saw Phil Ivey rise to 13,000 from the hijack seat, Holz call on the button and David Peters defend from the big blind. The flop landed [7h][tc][jc] and it checked to Holz who made it 16,000 to go. Peters was the only caller and the [qs] arrived on the turn.

Peters checked again before Holz continued for 28,000, only to face a check-raise from Peters to 80,000 in chips. Holz took his time but did commit to a call before players went to the [2d] river. It was then that Peters moved all in for 240,000, only just covered by Holz, sending the latter into the tank.

A couple of minutes passed but Holz threw the chips in for a call only to see he had been coolered for most of his stack. Peters showed [9d][8s] for a flopped straight ahead of the [qh][jd] top two pair of Holz.

The hand left Holz with only 17,000 which he got all in from the cutoff in the very next hand. Sam Greenwood called to put him at risk from the big blind and the cards went on their backs.

Holz: [kh][9d]
Greenwood: [qd][7s]

Holz got it in good but the [qs][6c][7d][5s][td] runout saw Greenwood hit two pair to send Holz packing.

2:55pm: Ivey triples
Level 7: Blinds 3,000/6,000 (1,000)

If there's anyone who can recover from six big blinds in the LK Boutique $250,000 Challenge, it's Phil Ivey. The man that everyone fears most, and the winner of this event three of the last four years, Ivey is now a force again after tripling up his short stack.

Ivey was blinded down to just 36,000 when he moved all in from the cutoff. Connor Drinan flat-called on the button before Fedor Holz raised from the small blind to isolate the all-in player. It worked as Drinan got out of the way.

Ivey tabled [qc][jc] but would need to improve against Holz's [ac][ks].

The flop was [4h][7c][6c] and Ivey picked up a flush draw which then connected on the [4c] turn. Ivey wouldn't want to see any more clubs with Holz holding the ace, but the river bricked the [3d].

Ivey is now back up to around 120,000 and has a pulse once again in this tournament.

2:50pm: Turn jam from O'Dwyer
Level 7: Blinds 3,000/6,000 (1,000)

Mike McDonald opened to 15,000 on the button and Steve O'Dwyer defended his big blind.

On the [9s][4c][7s] flop O'Dwyer check-called 18,000 before the dealer turned the [td].

O'Dwyer checked again and McDonald continued for 40,000. After eyeing McDonald's stack and contemplating his decision, O'Dwyer moved all in.

McDonald waited a few moments but opted to throw his hand away.

2:35pm: Cards in the air
Level 7: Blinds 3,000/6,000 (1,000)

The cards are now in the air on Day 2 of the LK Boutique $250,000 Challenge.

The LK Boutique $250,000 Challenge set to crown a champion!

The final day of the 2016 Aussie Millions will bring the conclusion of the largest buy-in tournament of the series - the LK Boutique $250,000 Challenge.

Yesterday saw 15 entrants in this event and a short day of just six levels would reduce that to just 12 players. GPI Player of the Year Bryon Kaverman leads the way with Fedor Holz close behind, although Holz did have to fire a second bullet into the prize pool to make it this far. Steve O'Dwyer, Brian Rast, $100k Challenge champion Fabian Quoss and the immortal Phil Ivey are also still in the field, although Ivey has some work to do to win his pet event as he enters today as the short stack.

We have word that there has been one late entry today with Mike "Timex" McDonald jumping in with a fresh stack of 250,000. Blinds will kick off at 3,000/6,000 with a 1,000-chip ante.

We'll be providing live updates throughout the day, with live streaming hosted by Jason Somerville over on RunItUp.TV. Stay tuned!

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Take a look at the Aussie Millions official website for tournament schedules, structures, news and information from the Crown Poker Room in Melbourne.

Live updates brought to you courtesy of Brad Kain and Heath Chick. Photos by Jonno Pittock and Christian Zetzsche.

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