Phil Hellmuth's Wild Ride at the 1988 World Series of Poker

The World Series of Poker (WSOP) began on May 5, 1988, with the main event offering a $10,000 buy-in and at least $500,000 in prize money. The author arrived in Las Vegas with $12,000 out of his $20,000 bankroll, intending to participate in multiple tournaments. However, his journey took a dramatic turn when he lost $10,000 out of his $12,000 bankroll in cash games before the WSOP events began.

Despite the setback, the author found an opportunity to turn his luck around. He met Val Carpenter, a young man in a wheelchair, who proposed a 5% deal to share winnings. The author agreed, but his hopes were dashed when he lost his chips in a tournament when his kings were beaten by his opponent's aces. With only $500 left, he decided to participate in a $100 super satellite tournament. To his surprise, he won a seat in the main event and $6,400 in cash.

The author's first final table at the WSOP was in a $1,500 stud hi-lo event with 206 participants. His experience and regular practice in stud hi-lo paid off, and he felt comfortable playing the game. When there were only three tables left and the bracelet was within reach, Joe Petro, sitting next to him, proposed a 15% deal. Joe was known for his skills and was a regular player in the 'Wolf's Den' in Madison, Wisconsin.