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Hellmuth Accused of Ripping Off Stakers

Written by:
Guest
Published on:
May/30/2018

It's been a bad last couple of days for poker pro Phil Hellmuth.  First he got lambasted after sticking up for a fellow poker player accused in a 2011 ponzi scheme tied to Full Tilt Poker.  Now the self-proclaimed "Poker Brat" is being called out for allegedly scamming stakers.

Poker pro Scott Seiver tweeted:

When @phil_hellmuth charges 1.8 markup for a 10k TURBO KNOCKOUT, there should be an SEC investigation because he is literally defrauding people out of their money. You should be embarrassed to hustle people out of their $20 investments. Absolutely pathetic

From PokerTube.com:

After offering up the “opportunity” to stake him in a couple of high-stakes events on YouStake.com, he has been subject to a great deal of well argued criticism of his extortionate markups and whether such exploitation is morally acceptable.

The WPT L.A. Poker Classic is currently selling at a high – but not completely unreasonable – 1.50 and his cash game winnings on Poker After Dark at 1.20. But the source of the controversiality was the colossal vig of 80% on the $10k Super Turbo Bounty at the WSOP. 1.80 is a rate that some people decided was taking the piss and bordered on outright fraudulence.

Hellmuth tweeted in defense:

I do believe it is a good investment. And, I like having a bunch of @YouStake investors along for the ride, it gives me extra motivation!!

I’m sure I have cashed for $2 for every $1 in @WSOP NLH tourneys! Obs not robbing anyone...Blocking and Muting you

- Ace King, Gambling911.com

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