Phil Hellmuth has a habit of turning online arguments into money. This time he has turned one into a $10 million prop bet — staking just $14,000 of his own against a payout that could hit eight figures, all riding on how deep his son goes in the 2026 WSOP Main Event.
The flashpoint was a number: 1.4. That’s the markup Phillip Hellmuth III put on pieces of his Main Event action, and plenty of the poker world thought it was steep for a player still building a résumé. Reigning WSOP Player of the Year Shaun Deeb was among the loudest skeptics. Hellmuth Sr’s response was pure Poker Brat.
Fourteen grand against the whole cash
“If you think it’s unfair, then put your money where your mouth is,” the 17-time bracelet winner wrote, offering to post $14,000 on his son against $10 million for first place. Deeb found a taker in pro Jason Mo, and after Hellmuth demanded guarantees that any winnings would actually be paid — including a $1 million personal guarantee from Deeb — the wager was locked.
The structure is lopsided by design. Hellmuth risks a flat $14,000. Deeb and Mo are on the hook for whatever Hellmuth III ultimately cashes — nothing if the kid busts before the money, and as much as $10 million if he wins the whole thing. “This bet will be my second cash of the summer,” Deeb shot back, betting heavily on the young player falling short.
Is 1.4 actually too rich?
The honest answer is that nobody knows yet. Hellmuth III is a young pro with a famous surname, a Day 2 run in the 2025 Main Event, and a scattering of cashes — including a 10th-place finish out of 541 entries in a $600 Monster Stack on the WSOP Circuit in January. That’s a “watch this space” profile, not a “pay a premium” one. His father, with more than $31 million in lifetime earnings, clearly disagrees.
Hellmuth also reminded critics he has been here before: he says the “Markup Police” called his 1.8 markup excessive in 2018, then watched backers profit $200,000. Not everyone plays it that way — Daniel Negreanu famously sold his package at zero markup in 2022, earning goodwill instead of a margin.
Settled on July 2
Other pros couldn’t resist piling in. Aaron Barone joked that the Foxens’ future kid will “be able to sell for 10.0” after Kristen and Alex both won bracelets this summer, while others wondered aloud why the son of a legend needs to sell action at all. None of it gets settled until the Main Event shuffles up on July 2 — at which point one folded hand could swing this from a $14,000 punt to a seven-figure payday.