Benny Binion owns Binions horseshoe where the largest poker tournament is held annually called the World Series of Poker or simply "WSOP". If you are interested in learning about the payouts of this world poker tournament you have to know where it came from. Benny Binion was a marketing genius, promoting his poker tournament nation wide from 1970 to 1977 as a "winner takes all" tournament. The WSOP has never been winner take all before, and the World Series probably never will. However, up until Binion came out with this idea, the previous rules were that players would designate the split up of the funds.
This was a new idea that no one had ever heard of. Before this, the players themselves would designate how the money is split-up. A player designating the split of pots isn't the same way it happens today. The standard chip designation was 25% of your chips would go to the player, and the other 75% would be taking to the cage and exchanged for cash.
In 1977, a legal investigation was conducted, because the idea of a winner-take-all tournament had been fabricated and the distribution of prize money, and operating procedures were grounds for action. The standard procedure was the 25/75 split of the chips. However, the federal broadcasting law wasn't enforced like it was on the rigged quiz show "twenty one".
Popular television network CBS was put in a rather odd position, after it drummed up its own version of the winner-take-all tournament. This tournament was in tennis, and featured tennis stars Jimmy Conners and Rod Laver in the finals. Connors and Laver would play a great final match only split the prize money. With Conners and Laver splitting the spoils, CBS was fined by the FCC and required to issue a public apology.
With federal investigations being conducted, Mr. Binion realized that he had better act quickly and make some changes. Binion quickly disposed of the idea of winner-take-all, and learned that he would have a better following by paying more spots instead of less. So Binion came up with another marketing success, telling the players in his tournament that he was paying the top 5 spots that year.
A new payout structure was introduced at the 1978 World Series of Poker tournament by Benny Binion. The top five players who participated in the main event of that year all received a payout. Binion paid the top five players in the World Series of Poker main event until 1981. He began to pay the last nine players. Paying the last nine players lasted until 1986. The number of entrants entering the World Series of Poker tournament was 141. It forced Benny Binion to expand his payout structure again.
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.
This was a new idea that no one had ever heard of. Before this, the players themselves would designate how the money is split-up. A player designating the split of pots isn't the same way it happens today. The standard chip designation was 25% of your chips would go to the player, and the other 75% would be taking to the cage and exchanged for cash.
In 1977, a legal investigation was conducted, because the idea of a winner-take-all tournament had been fabricated and the distribution of prize money, and operating procedures were grounds for action. The standard procedure was the 25/75 split of the chips. However, the federal broadcasting law wasn't enforced like it was on the rigged quiz show "twenty one".
Popular television network CBS was put in a rather odd position, after it drummed up its own version of the winner-take-all tournament. This tournament was in tennis, and featured tennis stars Jimmy Conners and Rod Laver in the finals. Connors and Laver would play a great final match only split the prize money. With Conners and Laver splitting the spoils, CBS was fined by the FCC and required to issue a public apology.
With federal investigations being conducted, Mr. Binion realized that he had better act quickly and make some changes. Binion quickly disposed of the idea of winner-take-all, and learned that he would have a better following by paying more spots instead of less. So Binion came up with another marketing success, telling the players in his tournament that he was paying the top 5 spots that year.
A new payout structure was introduced at the 1978 World Series of Poker tournament by Benny Binion. The top five players who participated in the main event of that year all received a payout. Binion paid the top five players in the World Series of Poker main event until 1981. He began to pay the last nine players. Paying the last nine players lasted until 1986. The number of entrants entering the World Series of Poker tournament was 141. It forced Benny Binion to expand his payout structure again.
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.
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