Las Vegas poker drama just got a family subplot. Phil Hellmuth has locked in a high-stakes side bet on his son Phillip 'P3' Hellmuth III for the 2026 World Series of Poker Main Event, a wager that could swell to $10 million. By tying Hellmuth Sr.'s personal stake in his son's run to action taken by Shaun Deeb and outside investors, a single $10,000 entry has turned into a potential eight-figure sweat.
The wager and who is on the hook
As reported by the Las Vegas Review-Journal, Hellmuth Sr. agreed to put up $14,000 on P3, and Deeb, backed by investors including high-stakes pro and cryptocurrency investor Jason Mo, agreed to match whatever Phillip Hellmuth III cashes for in the $10,000 Main Event. According to the Review-Journal, the structure means a first-place finish would produce payouts approaching $10 million to Deeb and his backers, a sum Deeb says he 'can't afford to risk' personally. The deal has turned heads in poker circles for mixing family, finance and competition on the game's most-watched stage.
Selling action and how markups work
Selling percentages of tournament entries is standard in big buy-in events, letting investors purchase a piece of a player's seat at a 'markup' above the actual buy-in. The setup spreads risk and can inflate headline numbers for both pros and small-stakes followers. As PokerNews detailed in 2018, Hellmuth previously drew criticism after asking a 1.8 markup on a $10,000 event. In simple terms, a 1.4 markup means an investor pays $1,400 for 10 percent of a $10,000 Main Event seat, effectively paying a premium for a share of any potential deep run.
Why this gamble could crack $10 million
According to the Las Vegas Review-Journal, Hellmuth posted on X advising his son to sell pieces of his Main Event action at a 1.4 markup, with Jason Mo taking on most of the backers' risk. Hellmuth also agreed to put $14,000 on his son for the side bet. If P3 misses the money, Deeb collects that $14,000 stake. If P3 cashes, and especially if he wins, Deeb and his backers could be responsible for the bulk of the huge payout on the side bet. Deeb told the Review-Journal he will personally cover about $1 million of potential exposure, with the rest to be picked up by his investors if a title is won.
When the sweat starts and who to watch
The $10,000 Main Event begins July 2 at Horseshoe and Paris Las Vegas, according to WSOP, which lists the series and venues for 2026. Shaun Deeb is the reigning WSOP Player of the Year and an eight-time bracelet winner, per WSOP.com, while Phil Hellmuth remains the all-time bracelet leader with 17 career titles, per CardPlayer. If Phillip Hellmuth III makes a deep run, the side bet will turn what might have been a straightforward family sweat into a major financial storyline for both camps.
Whether this plays out as a clever hedge, a publicity-fueled stunt or an unprecedented payday will be settled at the tables. For Las Vegas this summer, the Main Event just got more personal, and potentially a lot more expensive.
