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Phil Hellmuth Puts $14,000 on Son in $10 Million WSOP Main Event Side Bet

The wager converts a dispute over Phillip Hellmuth III’s 1.4x staking markup into a direct payout tied to the Main Event that begins July 2.

Phil Hellmuth Shaun Deeb
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Phillip Hellmuth III doesn't have a poker resume as impressive as his father's – yet – but he's no slouch on the felt.
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Overview

  • Phil Hellmuth publicly defended his son’s decision to sell Main Event pieces at a 1.4x markup and confirmed on June 18 that he had finalized a side bet to back that stance.
  • Under the agreed terms Hellmuth risks $14,000 while Shaun Deeb, backed by Jason Mo, must pay whatever Phillip III cashes for in the Main Event up to roughly $10 million if he wins.
  • The deal reportedly required guarantees before it was sealed, including a $1 million personal guarantee reported from Deeb, to ensure prompt payment if Phillip III cashes.
  • A 1.4x markup means an investor pays $1,400 for $1,000 of tournament action and critics argue that Phillip III’s limited track record does not justify a 40 percent premium.
  • The episode puts public pressure on Phillip III, revives past WSOP markup debates and could reshape how players and fans view high markups and staking publicity going into July’s tournament.