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.
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.
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.
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.
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'.
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.
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.
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.
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.
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'.
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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