Phil Hellmuth Just Made a $10 MILLION WSOP Side Bet, Here’s What Happens If He Wins (or Loses)

Last Updated on June 29, 2026 by Bala Kumar

Poker’s most polarizing legend is at it again. Phil Hellmuth has booked a side bet at the 2026 WSOP Main Event that could pay him up to $10 million,  and it has nothing to do with him picking up another bracelet. The 17-time WSOP champion has agreed to a wager with reigning WSOP Player of the Year Shaun Deeb, but the player at the center of the bet isn’t Phil himself. It’s his son, Phillip “P3” Hellmuth III, a 23-year-old pro with just $35,521 in lifetime live tournament earnings.

The structure is jaw-dropping: Hellmuth risks $14,000. Deeb (and his crypto-investor backer Jason Mo) risk up to $10 million. Here’s how poker’s wildest side bet of 2026 came together,  and what happened at the WSOP Main Event Day 1A on July 2, 2026.

How the $10 Million Phil Hellmuth Side Bet Started

The story began with a tweet, and a markup. Phil Hellmuth posted on X that he had advised his son to sell action at a 1.4 markup for the 2026 WSOP Main Event. (A 1.4 markup means investors pay $1,400 for $1,000 of action, a 40% premium.)

Markup at that level would be standard for a top pro like Daniel Negreanu or Phil Ivey. For a player with $35,521 in live earnings and just three years of pro experience, it was widely considered absurd. Shaun Deeb, an 8-time bracelet winner and one of poker’s most vocal critics of inflated markups, immediately fired back on X.

Hellmuth Sr. responded with a challenge:

if you think it’s unfair, then put your money where your mouth is. I’ll put up $14K on my son: you post $10M (1st place).”, Phil Hellmuth on X

Deeb didn’t blink. “I have someone willing to take it for your 14K,” he replied, tagging high-stakes pro and cryptocurrency investor Jason Mo. Within hours, the bet was locked in.

The Terms of the Bet: $14,000 vs Potential $10 Million

Here’s the complete breakdown of poker’s wildest side bet of 2026:

Party	Risk	Win Condition
Phil Hellmuth	$14,000	His son P3 cashes in the 2026 WSOP Main Event
Shaun Deeb + Jason Mo	Up to $10,000,000	P3 busts before the money
Final Payout	The exact amount P3 cashes for	Paid to Hellmuth Sr. if P3 cashes

The structure means:

• If P3 busts before the money (top ~15% of field): Deeb and Mo win Phil’s $14,000.
• If P3 min-cashes (~$15,000 in 2025): Deeb and Mo pay Hellmuth ~$15,000.
• If P3 makes the final table: payouts likely $300,000 – $1,000,000+.
• If P3 wins the Main Event: $10 million payout to Phil Hellmuth.

Shaun Deeb confirmed he is covering only $1 million personally, while Jason Mo absorbs the remainder of the potential $10M exposure. Another backer, Jake Abdalla, also reportedly joined Deeb’s side of the action.

“I can’t afford to risk $10 million,” Deeb told the Las Vegas Review-Journal. “Jason is a wealthy old friend from Vegas who loves plus EV spots, so I clued him into the bet to take most of the risk off me.”

Who Is Phillip “P3” Hellmuth III?

Phillip Hellmuth III, known as “P3” in poker circles, is a 23-year-old American pro who has been playing No-Limit Hold’em professionally 300 days a year for the past three years, according to his father. His career resume tells a different story than his bet would suggest:

• Total live tournament earnings: $35,521 (Hendon Mob)
• Biggest live cash: $7,149 (51st in WSOP $800 event, June 2025)
• Recent result: 10th of 541 in a $600 WSOP Circuit Monster Stack in January 2026 for $3,600
• 2025 WSOP Main Event finish: Day 2 exit
• PokerGO Studio debut: Cashed for $27,050 on Poker Night in America (2025)

In other words: P3 is a developing pro with limited high-stakes success. Statistically, an unknown amateur winning a 10,000+ player Main Event field is roughly a 1,000-to-1 to 5,000-to-1 long shot ,  which is exactly why Deeb and Mo took the bet.

Why Shaun Deeb Took the Bet (And Crypto’s Role)

Shaun Deeb is no stranger to making bold prop bets — and his side of this wager is mathematically sound. With a $10M Main Event first-place prize and roughly 9,735 entrants in 2025 (expected to top 10,000 in 2026), P3’s pure mathematical equity to win is around 0.01% to 0.05%.

Backed by Jason Mo’s cryptocurrency wealth, Deeb’s group can comfortably absorb the $10M downside, and bag a near-guaranteed $14,000 in 99%+ of outcomes.

Deeb’s classic reaction on X summed it up:

This bet will be my second cash of the summer thanks to Phil.

How Poker Twitter Reacted

The bet immediately broke poker Twitter. Key reactions:

Daniel Negreanu posted satirically:

“Early Bird Special! My 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 (7-time WSOP bracelet winner) was harsher:

“For almost 20 years Negreanu has given pieces of his World Series action at face value to fans of his… 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.”

Jennifer Tilly defended the spectacle as classic Hellmuth:

“It’s Phil being Phil and Shaun Deeb being Shaun Deeb.”

What Happens If P3 Wins (or Loses)?

Scenario 1: P3 Busts Before the Money (~85% likelihood)

• Phil Hellmuth pays $14,000 to Deeb and Mo
• Deeb keeps about $5,000–$7,000 personally after his backer split
• The bet is settled within 24–48 hours of P3’s elimination

Scenario 2: P3 Min-Cashes (~10% likelihood)

• Deeb/Mo pay ~$15,000–$25,000 to Hellmuth
• Net loss for Deeb’s side is minimal — likely break-even after factoring backer arrangements

Scenario 3: P3 Makes a Deep Run (~3% likelihood)

• Deeb/Mo pay $100,000–$1,000,000+ to Hellmuth
• This is where the bet becomes legitimately painful for Deeb’s syndicate

Scenario 4: P3 Wins the 2026 WSOP Main Event (~0.05% likelihood)

• Deeb/Mo pay $10,000,000 to Phil Hellmuth,  the biggest single-player side bet payout in WSOP history
• Deeb personally on hook for ~$1M; Jason Mo absorbs ~$8M+
• Phil Hellmuth would also collect his son’s tournament prize (minus markup investor payouts)
• This becomes one of the most legendary moments in poker history

Final Thoughts, The Biggest Sweat of WSOP 2026

When Phillip “P3” Hellmuth III sits down for the 2026 WSOP Main Event on July 2, he won’t just be playing for himself — he’ll be carrying $10 million in side action, the all-time bracelet leader’s bankroll, and one of the most-discussed wagers in modern poker history.

For Phil Hellmuth, it’s a $14,000 long-shot lottery ticket with legacy implications. For Shaun Deeb and Jason Mo, it’s a near-guaranteed $14K profit with one nightmare scenario. And for the rest of the poker world? It’s the single most entertaining sweat of WSOP 2026.

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