[Ikaros]

Regarding Helmuth and his insistence on insurance deals, I don't think it is because he is afraid of losing that he is doing it. Egomaniacs rarely are afraid of much anything. Rather, I think he believes he is making a good bet. Think about it, every poker everywhere likes to tell how their luck is so bad, how donkeys always suck out on them. Wouldn't it be just like someone as delusional as Helmuth to actually believe it. To think that the universe itself is somehow conspiring to ruin him.

Take that set vs straight draw hand for example. It was determined that Phil's hand was three to one favourite on the flop. However, if you think you are really only going to win half of the time it makes sense to bet your opponent's hand getting 1:2.5 odds.