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.
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.
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.
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'.
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.
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.
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.
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'.
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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