Shaun Deeb is betting big against Phil Hellmuth’s son in the World Series of Poker main event. After the elder Hellmuth announced that Phillip Hellmuth III would be charging a 1.4 markup when selling action for the tournament, Deeb and others quickly pounced on that number from a player with less than $27,000 in tournament winnings.
The elder Hellmuth went on to challenge others who might want to bet against his son. He offered to field wagers against Phillip cashing against the amount he could earn in the tournament. That could potentially be around $10 million if Phillip actually became the second Hellmuth to win.
“I told my son Phillip Hellmuth to charge 1.4 mark up in WSOP Main Event,” Hellmuth posted on X/Twitter.
“If you think it unfair, then put your money where your mouth is. I’ll put up $14K on my son: you post $10M (1st place). Talk is cheap: you MUST post $10M to bet. Shaun Deeb, your credit is good.”
As an example of how the bet would work, if Phillip were to win $20,000, Deeb and company would owe Hellmuth $6,000 after subtracting the $14,000 he originally put up in the deal. That could be much more if the younger Hellmuth could make a deep run.
Markup is the added cost investors pay for the ability to buy a piece of a poker player. In this case, the younger Hellmuth is charging 40% markup. If someone bought 10% of his main event action, they would pay $1,400 instead of $1,000.
Over the last several years, it has become a touchy subject in the poker world. Many believe players are overestimating their edge and overcharging markup. In Hellmuth’s example, if he has a 40% ROI in the main event, his investors aren’t turning a profit in the long run.
Deeb Takes The Bet
As a regular critic of others’ markup through the years, Deeb tagged Jason Mo, asking for credit to get in on the action. Mo is a former high-stakes poker pro who became very successful investing in cryptocurrency and crypto start-ups.
Mo agreed to the deal, and they are now betting against Phillip, potentially risking as much as $10 million if Phillip were to take the title to win $14,000. The group also appears to include Jake Abdalla.
Hellmuth defended his son’s markup and noted that Phillip has been playing no-limit hold ’em professionally 300 days a year for the last three years.
Phillip’s biggest tournament win came last June in an $800 event at the WSOP, where he took 51st for $7,149. He finished 10th in January in a WSOP Circuit event in Las Vegas for $3,600. He also made his debut in the PokerGO Studio in 2025 and won $27,050 on Poker Night in America.
Hellmuth was quick to defend his son as well as his own reputation after the “markup police” said his own rate for backers was too high.
My bet w “Mark Up Police”@PhillipHellmuth posted at 1.1 mark up for @WSOP Main Event, I told him to charge 1.4! I believe it is a great deal for customers
The haters: 😡🤬
Me: “Bet your money”
Bet on!$14,000 max risk for me
$10M max risk for themPhillip plays NLH 300 days… pic.twitter.com/MQNN1IVE3L
— phil_hellmuth (@phil_hellmuth) June 18, 2026
Becoming A Poker Villain
Other pros were mostly critical of Hellmuth’s markup advice. Daniel Negreanu doesn’t believe adding the pressure of having others cheering against Phillip is a good idea.
“So you look at the kid’s results, they’re not there yet. He doesn’t have any,” he said on his vlog. Negreanu went on to add: “I spoke to Phil privately and I said, ‘Listen, you’re used to the flack. You’re used to the needles and all that other stuff. Your son … you’re literally setting him up to be the villain.’”
Negreanu added that it was up to individual players to charge whatever they want, but he felt Hellmuth’s advice to his son wasn’t a good idea. He advised not charging a markup at all and generating some buzz about just backing the next Hellmuth poker pro.
“It’s Phil being Phil and Shaun Deeb being Shaun Deeb,” Negreanu said.
After recent news of Negreanu and his wife now expecting a baby, Negreanu also poked some fun at Hellmuth by posting about his own son playing in the main event in a little over two decades.
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!
Want a piece @phil_hellmuth?
You get the family & friends discount
😂— Daniel Negreanu (@RealKidPoker) June 18, 2026
Tilly Touts Hellmuth Move
Actress and poker pro Jennifer Tilly pointed to the entire scenario as a classic Hellmuth move to build some drama and interest in the game and the WSOP.ing,” she wrote on X/Twitter. “Which is a good thing.”
Another Hellmuth son has also announced plans to follow in the poker pro’s footsteps. Nick Hellmuth announced last year that he plans on taking up the game.
“My youngest son Nick has decided to become a professional poker player,” the senior Hellmuth said on X/Twitter. “He loves the game, he loves learning the game, and he loves connecting with his older brother Phillip around game strategies. He is improving rapidly.”
