Phil Hellmuth books WSOP Main Event side bet that could be worth up to $10M

Phil Hellmuth is used to being criticized by other members of the poker community. This time, he is putting his money where his mouth is.

The 17-time World Series of Poker champion booked a high-profile side bet with professional poker player Shaun Deeb that could pay out as much as $10 million to Hellmuth if he wins.

This all started when Hellmuth posted on X that he advised his son, Phillip Hellmuth III, to sell a percentage of his action in the $10,000 buy-in No-limit Texas Hold ’em World Championship at a 1.4 markup. That means an investor would pay Hellmuth III $1,400 for 10 percent of his action in the Main Event rather than $1,000.

Players commonly sell percentages of their action with markup in large buy-in tournaments to help minimize their losses and offset expenses. But the 40 percent markup Hellmuth recommended his son charge is high by almost any standard.

Phillip Hellmuth III’s poker resume lags far behind that of his famous father, who is the all-time leader in WSOP bracelets, which are awarded for tournament victories.

Hellmuth III cashed in three WSOP events last year and finished 10th out of 541 entrants in the WSOP Circuit $600 buy-in Monster Stack event in January. He has $35,521 in live tournament earnings, according to the Hendon Mob Poker Database.

Deeb, the reigning WSOP Player of the Year and an eight-time bracelet winner, was critical of Hellmuth’s markup.

“Very few are winning that much in the Main,” Deeb told the Review-Journal. “His son, who is a good friend of mine, isn’t one of them. There’s plenty of people who have been pros for 10 to 20 years who aren’t winning at that rate.”

After Deeb fired back on X, Hellmuth proposed a bet. The “Poker Brat” will put up $14,000 on his son, while Deeb must match whatever Hellmuth III cashes for in the Main Event. Deeb later agreed to the terms.

“We have a bet,” Hellmuth posted on X.

The minimum cash at last year’s Main Event was $15,000. Should Hellmuth III win the tournament, Deeb would be on the hook for up to $10 million, which was the first prize in three of the past four Main Events. (Payouts for the 2026 Main Event will be determined once registration for the event closes on Day 2.)

If Hellmuth III busts the Main Event short of the money, Deeb wins $14,000.

The Main Event begins July 2 at Horseshoe Las Vegas and Paris Las Vegas.

Deeb confirmed he is being backed by Jason Mo, a high-stakes poker pro and cryptocurrency investor. Deeb will pay $1 million of his own money if Hellmuth wins the Main Event for $10 million.

“I can’t afford to risk $10 million,” Deeb said. “Jason is a wealthy old friend from Vegas who loves plus EV (expected value) spots, so I clued him into the bet to take most of the risk off me.”

Hellmuth was widely criticized in 2018 when he charged a whopping 1.8 markup for investors who wanted a piece of his action in a WSOP $10,000 buy-in Super Turbo Bounty event. He received similar blowback this time from several notable pros.

Daniel Negreanu, who announced last month that he and his wife are expecting their first child in November, posted facetiously on X that his unborn son “is scheduled to play the WSOP main in 2048 and you can buy a piece now at just 1.6 markup. By the time 2048 rolls around he is going for 4.0 so best to get your piece early!”

Scott Seiver, a seven-time WSOP bracelet winner, had a much harsher view of Hellmuth’s markup and contrasted it with Negreanu, who often sells percentages of his action at even money.

“For almost 20 years, (Negreanu) has given pieces of his World Series action at face value to fans of his, dating back to his old forum days,” Seiver wrote on X. “Phil Hellmuth tried to charge his fans 40% markup on his son’s tournament when he could easily take it himself if he wanted. I know which path I respect and find truly ambassadorial.”

Contact David Schoen at dschoen@reviewjournal.com or 702-387-5203. Follow @DavidSchoenLVRJ on X.