I watched this episode last night and you have a good point. I'm under the impression that alot of the props that they make are mainly just for show. I think it's this type of action that attracts viewers to the show in the first place. It was either this or he's just been running bad (which I think he mentioned early in the episode that he'd lost X amount of dollars the day before).In my opinion, though the odds weren't exactly accurate, they were close enough when you take into consideration the"heat of the moment"pressure. I think that he may have felt a little stupid when he hastily accepted the insurance offer to begin with, so in an effort to speed up the game, accepted whatever the quickest offer was.He ended up winning the hand anyway, so the payoff for the insurance, though not accurate, wasn't a bad deal considering the amount of money he took from his opponent. I even think that Phil, being the type of player he is, would have accepted an even worse rate had it been the only offer available at the time.Furthermore, I think you're correct in your assesment of them all being out of their minds, but I don't believe that it's actually their own money at stake in the first place. I would be willing to bet that a large percentage, if not all of it, is actually staked by sponsors.