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.
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.
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'.
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.
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.
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.
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'.
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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