Learn More About the World Series of Poker Payout Structure
Poker payouts can be very confusing whether its the amount of spots paid, or the percent paid to the players.
Learning how poker payouts came about, you have to know where it all started.
If you go to Las Vegas you certainly will come across a casino called Binions Horseshoe.
Binions is the venue at which the World Series of Poker or simply "WSOP" is held.
The owner of the casino Benny Binion was a marketing genius, coming up with an idea to have a winner-take-all poker tournament.
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.
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.
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.
Splitting the money between the players was over in 1978 when Benny Binion told everyone that he was paying the top five.
Benny did this cause he realized that it was only a matter of time before the FBI would conduct an investigation into the payouts at his tournament.
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.
With the field on the rise, the WSOP would set records in upcoming years in not only attendance but payouts as well.
Chris Moneymaker was the first to set the new standard in winnings, in 2003.
In 2004, Binion paid out 225 players.
In 2005, 560 were paid, and in 2006, 873 cashed in.
The WSOP is now shown on ESPN which brings its largest sports viewing population to the poker tournament, making it bigger every year.
Its hard to imagine having these kind of fields in the mid 1970's, but where the game has come, and the steps at which it has taken to get there are amazing.
As you can see the payout structure has grown monumental over the years, just like the games popularity.
Learning how poker payouts came about, you have to know where it all started.
If you go to Las Vegas you certainly will come across a casino called Binions Horseshoe.
Binions is the venue at which the World Series of Poker or simply "WSOP" is held.
The owner of the casino Benny Binion was a marketing genius, coming up with an idea to have a winner-take-all poker tournament.
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.
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.
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.
Splitting the money between the players was over in 1978 when Benny Binion told everyone that he was paying the top five.
Benny did this cause he realized that it was only a matter of time before the FBI would conduct an investigation into the payouts at his tournament.
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.
With the field on the rise, the WSOP would set records in upcoming years in not only attendance but payouts as well.
Chris Moneymaker was the first to set the new standard in winnings, in 2003.
In 2004, Binion paid out 225 players.
In 2005, 560 were paid, and in 2006, 873 cashed in.
The WSOP is now shown on ESPN which brings its largest sports viewing population to the poker tournament, making it bigger every year.
Its hard to imagine having these kind of fields in the mid 1970's, but where the game has come, and the steps at which it has taken to get there are amazing.
As you can see the payout structure has grown monumental over the years, just like the games popularity.
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