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Phil Hellmuth has finally done it. He has cashed in the $50,000 Poker Player’s Championship.

With 17 players remaining, Hellmuth was the third short stack and got into a three way hand with a very short-stacked Robert Mizrachi.

By seventh street, Phil only had a pair of nines, but Mizrachi had all baby cards and a straight draw. The only thing that could save him was a five.

He caught a pair of deuces, and finished on the bubble.

I guess I won't be winning any more prop bets against Hellmuth in non-Hold'em games.

Most of you at home are probably thinking “Big deal. He will probably get a min-cash.”

Let’s assume Hellmuth gets a min-cash. If that is the case, he will get $108,503. There were a couple of bracelet winners this year that didn’t take much more than that home.

Next, this means that Hellmuth finished around the top 10% of the best all-around poker players in the world.

For many years, Hellmuth has been considered one of the best NL Hold’em tournament players, but many have joked about his mixed game ability.

I won’t lie. I am one of them. I’ve actually won last longer bets with friends during the 2008 WSOP where I bet against him making Day 2 of Stud events.

It is kinda hard to make those bets anymore.

Hellmuth has finished in the money in the $50k Poker Player’s Championship, as well as finishing runner-up in the $10k NL 2-7 Championship and the $10k Stud 8 or Better Championship.

As always, don’t write off Hellmuth being able to make a run and make Day 5 of this event. If he makes Day 5 and even the final table, he could be a force.

Of course, he has a bit of work as he is the 2nd short stack with 510k in chips.

For daily recaps of all the action at the 2011 World Series of Poker, check our WSOP news section.