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The World Series of Poker (WSOP) is a series of poker tournaments held annually in Las Vegas and, since 2005, sponsored by Caesars Entertainment (known as Harrah’s Entertainment until 2010). It dates its origins to 1970, when Benny Binion invited seven of the best-known poker players to the Horseshoe Casino for a single tournament, with a set start and stop time, and a winner determined by secret ballot.
The winner of each event receives a World Series of Poker bracelet and a monetary prize based on the number of entrants and buy-in amounts. Over the years, the tournament has grown in both the number of events and in the number of participants. Each year, the WSOP culminates with the $10,000 no-limit hold’em “Main Event,” which, since 2004, has attracted entrants numbering in the thousands. The victor receives a multi-million dollar cash prize and a bracelet, which has become the most coveted award a poker player can win. The winner of the World Series of Poker Main Event is considered to be the World Champion of Poker.
As of 2012, the WSOP consists of 61 events, with most major poker variants featured. However, in recent years, over half of the events have been variants of Texas hold ’em. Events traditionally take place during one day or over several consecutive days during the series in June and July. However, starting in 2008, the Main Event final table was delayed until November. The 2012 WSOP final table will begin October 28 because of the 2012 U.S. presidential election.
On Wednesday, the final eight players of the 2012 World Series of Poker National Championship reconvened on the ESPN Main Stage to battle down to a winner. The 157-player field had created a prize pool of $1,570,000, of which $416,051 was reserved for first. After six levels of play, Ryan Eriquezzo, who qualified for the event by winning the $1,600 Main Event at Caesars Atlantic City, emerged victorious to capture his first WSOP gold bracelet.
The ESPN cameras were rolling to capture the action for an August 7th broadcast, and they weren’t disappointed as chip leader Yung “Andy” Hwang, who started with 1.224 million, and an eclectic mix of WSOP Player of the Year Leaderboard buy-ins and qualifiers from around the country put on quite the show.
Action started fast as it took less than a level for the first elimination, which came when David “ODB” Baker raised to 28,000 from middle position and Amanda Musumeci moved all in for 217,000 from the hijack. Nikolas Stone made the call from the big blind, which inspired Baker to get out of the way.
Main Event
Since 1972, the Main Event of the WSOP has been the $10,000 buy-in no-limit Texas Hold ‘Em (NLHE) tournament (in 1971 the buy-in was $5,000 and the inaugural 1970 event was an invitational with winner determined by a vote). Winners of the event not only get the largest prize of the tournament and a gold bracelet, but additionally their picture is placed in the Gallery of Champions at Binion’s. The winner of the Main Event has traditionally been given the unofficial title of World Champion. However, some believe that no-limit hold ’em is not the optimal structure for determining a champion poker player. In 2002, Daniel Negreanu argued that the Main Event should switch to pot-limit hold ’em, believing that pot-limit required a more complete set of poker skills than no-limit, although he admitted that such a change would likely never be made.[10] However, many of the game’s top professionals, including Negreanu, have since stated that the recently-added $50,000 H.O.R.S.E./Poker Player’s Championship event is the one which ultimately decides the world’s best player. The $50,000 buy-in, being five times larger than the buy-in for the Main Event, has thus far tended to deter amateurs from playing in this event, and the variety of games played require a broader knowledge of poker. The first $50,000 event, conducted as a H.O.R.S.E. tournament, was won by Chip Reese in 2006. In 2010, the $50,000 event changed from H.O.R.S.E. to an “8-game” format, adding no-limit hold ’em, pot-limit Omaha, and 2–7 triple draw to the mix, and was rechristened The Poker Player’s Championship,[11][12] with Michael Mizrachi winning the first edition of the revamped event.[13] Since Reese’s death in December 2007, the winner of this event receives the David ‘Chip’ Reese Memorial Trophy in addition to the bracelet and the prize money
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