To learn more about the World Series of Poker Payout Structure, you have to know where it all began. 1970 to 1977 a marketing genius named Benny Binion promoted his poker tournament as "winner-take-all". World Series of Poker has never been winner-take-all and probably never will. Benny Binion took that concept, made his event a world championship caliber tournament, and the buzz caught on. World Series of Poker prize money was always negotiated by the players.
Before the tournament would start, the players voted on various ways for the pot to be split. Players would resume playing typically using 25% of their previous chips. 75% of the other chips were exchanged for cash at the cage. Players designating distribution of the pots, isn't how it happens today but that's how it started.
A legal investigation ensued, because the winner-take-all tournament idea raised red flags. It raised the flags cause of the fabrication of prize money, and operating procedures were somewhat suspicious. If you have ever heard of the old quiz show, where the game was rigged called "twenty one", the federal broadcasting law wasn't enforced in this case, like it was there.
Suddenly, in the mid 1970's, CBS began to broadcast winner-take-all tennis tournaments in Las Vegas. These tennis tournaments were held in Caesars Palace. The winner would win $100,000. Tennis players Rod Lacer and Jimmy Conners were splitting the prize money. It was suppose to be winner-take-all. They both confessed to what they did. This left CBS with a hefty fine from the FCC and issuing a public apology. Sporting events were being shunned, especially the World Series of Poker.
It was only a matter of time before the FBI investigated the under-the table deals taking place during the World Series of Poker tournament. Benny Binion spoke to the poker players and told them he would pay the top five. Splitting the prize money between players was over in 1978.
The top five players that participated in the event in 1978 were paid out. This new payout structure lasted until 1981 when Binion changed it again to the vastly growing field when Binion paid out the top nine players. Paying out nine spots lasted until 1986. With an overwhelming growth in entrants to 141 in 1987, it forced Binion to once again pay out more spots.
Players started pouring in from all over the world, and in the upcoming years would set attendance and payout records. This started with the Chris Moneymaker shocker in 2003, setting a new record for winnings in the WSOP. In 04' Binion paid out 225 spots. He was at it again in 2005 paying out 560 slots, and 873 in 06'.
As you can see the WSOP has payout structure has grown very rapidly over the years, just like the game's popularity. The game now is being shown on ESPN which is the largest sporting network in the world on television. The WSOP has become a huge phenomenon. Its pretty hard to imagine having these types of fields back in the 1970's, but it is growing every year and now is well over 1,000 entrants.
Before the tournament would start, the players voted on various ways for the pot to be split. Players would resume playing typically using 25% of their previous chips. 75% of the other chips were exchanged for cash at the cage. Players designating distribution of the pots, isn't how it happens today but that's how it started.
A legal investigation ensued, because the winner-take-all tournament idea raised red flags. It raised the flags cause of the fabrication of prize money, and operating procedures were somewhat suspicious. If you have ever heard of the old quiz show, where the game was rigged called "twenty one", the federal broadcasting law wasn't enforced in this case, like it was there.
Suddenly, in the mid 1970's, CBS began to broadcast winner-take-all tennis tournaments in Las Vegas. These tennis tournaments were held in Caesars Palace. The winner would win $100,000. Tennis players Rod Lacer and Jimmy Conners were splitting the prize money. It was suppose to be winner-take-all. They both confessed to what they did. This left CBS with a hefty fine from the FCC and issuing a public apology. Sporting events were being shunned, especially the World Series of Poker.
It was only a matter of time before the FBI investigated the under-the table deals taking place during the World Series of Poker tournament. Benny Binion spoke to the poker players and told them he would pay the top five. Splitting the prize money between players was over in 1978.
The top five players that participated in the event in 1978 were paid out. This new payout structure lasted until 1981 when Binion changed it again to the vastly growing field when Binion paid out the top nine players. Paying out nine spots lasted until 1986. With an overwhelming growth in entrants to 141 in 1987, it forced Binion to once again pay out more spots.
Players started pouring in from all over the world, and in the upcoming years would set attendance and payout records. This started with the Chris Moneymaker shocker in 2003, setting a new record for winnings in the WSOP. In 04' Binion paid out 225 spots. He was at it again in 2005 paying out 560 slots, and 873 in 06'.
As you can see the WSOP has payout structure has grown very rapidly over the years, just like the game's popularity. The game now is being shown on ESPN which is the largest sporting network in the world on television. The WSOP has become a huge phenomenon. Its pretty hard to imagine having these types of fields back in the 1970's, but it is growing every year and now is well over 1,000 entrants.
About the Author:
Allow Quality Poker Chips Gurus Brian "The Ghost" Garvin and Jeffrey West teach you more about Chocolate Poker Chips right now. You can always visit our website as we have a multitude of means to help you find what you want, with no obligation.
0 comments:
Post a Comment