Texas Hold Em Poker Tournament
The World Series of Poker
It is rare to find a poker enthusiast who has not heard of the World Series of Poker, or WSOP. This set of poker tournaments is the largest in the world, and it is held annually, in Las Vegas. Since 2007, it has consisted of fifty-five poker events, and almost all are conducted over the course of a little over one month, save for the WSOP's "Main Event," which is a ten thousand dollar buy-in game of no-limit Texas Hold'em. The First Place prize for the Main Event can reach up to twelve million dollars, and depends primarily on the number of entrants into the game. Each event wins a World Series of Poker bracelet, which is now considered to be a considerable honor in the poker world.
The World Series of Poker was once known as the Gambling Fraternity Convention, established by a San Antonio Texas native and gambling professional, Tom Moore. It was an invitational event held in Reno, in the Holiday Hotel and Casino. The original Gambling Fraternity Convention had failed disappointingly, but in the next year, 1969, the Second Annual Gambling Fraternity Convention was held, and the first ever poker tournament was held there that year.
Benny Binion, poker player and casino owner, acquired the rights to this event, and in 1970, the first ever World Series of Poker event was held. This first event was held at Benny Binion's own establishment, Binion's Horseshoe. It featured poker games played for cash, including deuce to seven lowball draw, Texas Hold'em, five-card stud, razz, and seven-card stud. It was not until 1971 that the format for what is now known as the World Series of Poker's main event -freeze-out Texas Hold'em- came about. The first ever World Series of Poker winner was Johnny Moss, who received a silver cup, and was named the 1970 World Champion of Poker.
The venue's rights and the venue itself remained with Jack and Benny Binion until 2004, when Harrah's Entertainment bought Binion's Horseshoe. The company then proceeded to keep the rights to the WSOP and Horseshoe brands, but sold the casino and the hotel to the MTR Gaming Group. In 2005, the World Series of Poker was moved to the Rio Hotel and Casino, which was close by to the Las Vegas Strip, and since then, it has began a "circuit," with the event or convention being held at the various Harrah's owned properties and establishments throughout the United States.