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The World Series of Poker
The World Series of Poker is otherwise known as the WSOP, and it's a series of tournaments that is held every year in Vegas. Since 2005's tournament, it's been sponsored by Harrah's, and its origins date back to 1970, when Vegas tycoon Benny Binion asked six of the world's best poker players to come to the Horseshoe for a tournament that had a predefined beginning and end time, and where the winner was picked by a secret ballot.
The WSOP also has its origins in 1969, with the Texas Gambling Reunion. That event was sponsored by Tom Moore, and it was held at Reno's Holiday Hotel and Casino. The tournaments that became the WSOP were the idea of poker player and casino owner Binion.
The World Series of Poker's winner gets a commemorative bracelet and a cash prize that is dependent on the buy-in amount and the number of players. The tournament has grown over the years, both in size and event numbers. The WSOP culminates each year with the no-limit hold 'em Main Event, which attracts thousands of participants. The winner of the event is considered to be the champion poker player in the world.
Since 2009, the World Series of Poker has been made up of fifty-seven events, with most variations of the game featured. Tournaments take place over the course of one or more days, but beginning in 2008, the final event has been in November.
Ever since the beginning of the 70s, all World Series of Poker events have had cash prizes. A 5-card stud event was added in 1973, and various events have been removed and added since. The bracelet was first awarded in 1976, and the tournament saw slow growth for a little over a decade. The beginning of the 80s saw various satellite tournaments, via which people could earn their way into bigger events.
As of now, Texas Hold 'Em, seven-card stud and Omaha Hold 'Em are played in the WSOP. HORSE returned in 2006, and SHOE has been played since 2007. Chinese poker and five card stud are also played. As is the case with most poker tournaments, the casino gets an entry fee (between 6-10%) and uses the rest of the buy-in as prize money.