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.
Those type of deals mentioned above, didn't always end up at the final table like it does today. Before the tournament started, the players voted on how the prize pool should be distributed and separated. Players resumed playing using 25% of their previous chips. 75% of the other chips were exchanged for cash at the cage.
25% usage of previous chips and 75% exchanged for cash was the standard operation procedure and prize distribution until 1977. The idea of a winner-take-all event was fabricated and the prize distribution and standing operating procedures where grounds for a legal investigation. The federal broadcasting law wasn't enforced even though such a practice like the scandal of the quiz show "Twenty One" was rigged. This law wasn't even outlawed.
With the legalities of it all, sporting events were being shunned. In the mid 1970's, CBS began to broadcast tennis tournaments as winner-take-all at Caesars Palace in Las Vegas. However, tennis stars Jimmy Conners and Rod Laver both confessed that they were splitting the prize money. This left CBS in a rather precarious position as they were fined by the FCC and had 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.
In the 1978 WSOP Binion kept his word and paid out the top 5 spots. Binion soon realized that with an overwhelming growth in entrants that he was going to have to pay out more spots to keep new players coming in. The then current payout of the top 5 slots would last until 1981, when Binion then told players it would be paid the top 9 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'.
Pretty hard to imagine 873 players back in the 1970's when the World Series of Poker was "winner-take-all". The World Series of Poker payout structure has grown over the years, just like the game's popularity. The World Series of Poker is broadcasted on ESPN and has garnered a huge fan base. Learn More About the World Series of Poker Payout Structure Celebrity tournaments are also played throughout the year. The World Series of Poker is a phenomenon.
Those type of deals mentioned above, didn't always end up at the final table like it does today. Before the tournament started, the players voted on how the prize pool should be distributed and separated. Players resumed playing using 25% of their previous chips. 75% of the other chips were exchanged for cash at the cage.
25% usage of previous chips and 75% exchanged for cash was the standard operation procedure and prize distribution until 1977. The idea of a winner-take-all event was fabricated and the prize distribution and standing operating procedures where grounds for a legal investigation. The federal broadcasting law wasn't enforced even though such a practice like the scandal of the quiz show "Twenty One" was rigged. This law wasn't even outlawed.
With the legalities of it all, sporting events were being shunned. In the mid 1970's, CBS began to broadcast tennis tournaments as winner-take-all at Caesars Palace in Las Vegas. However, tennis stars Jimmy Conners and Rod Laver both confessed that they were splitting the prize money. This left CBS in a rather precarious position as they were fined by the FCC and had 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.
In the 1978 WSOP Binion kept his word and paid out the top 5 spots. Binion soon realized that with an overwhelming growth in entrants that he was going to have to pay out more spots to keep new players coming in. The then current payout of the top 5 slots would last until 1981, when Binion then told players it would be paid the top 9 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'.
Pretty hard to imagine 873 players back in the 1970's when the World Series of Poker was "winner-take-all". The World Series of Poker payout structure has grown over the years, just like the game's popularity. The World Series of Poker is broadcasted on ESPN and has garnered a huge fan base. Learn More About the World Series of Poker Payout Structure Celebrity tournaments are also played throughout the year. The World Series of Poker is a phenomenon.
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