A true revolution in the WSOP’s format came about in 1970, when it first took place at Binion’s Horseshoe and when it first featured the set of poker tournaments in all the different variants of the game for which it is famous these days. The format for the main event has been established in 1971, and it’s been retained to this very day.

While the first WSOP tourneys were only played for bragging rights, prestige and a silver cup, on all events subsequent to the 1970 one, cash prizes were awarded. The popularity of the event was reasonably constant through the 70s 80s and most of the 90s, which made it possible for really good players to repeat as winners. This is how people like Stu Ungar, Doyle Brunson and Johnny Chan were able to walk away with several (often consecutive) WSOP main event wins. Being directly dependant on the number of people participating, the main event prize money was also quite constant during the above mentioned period, only to experience a sharp increase starting with 2003-2004.

In 2003, Chris Moneymaker won the main event and 2.5 million dollars, but little did anyone know back then that the effect of this victory would set in motion a whole chain of events which would eventually lead to over 10 million dollars in first prize in 2006. The interesting thing about Chris Moneymaker’s feat was that he qualified to the WSOP having paid no more than $39, online, via PokerStars. That not only came to show that one didn’t have to be a poker professional or a rich person to gain access to the WSOP, it also illustrated that even people living at the North Pole stood an equal chance provided they had an internet connection. The WSOP became a truly global event for the first time, and as if to further underline that statement, the following year (2004) it was another online PokerStars qualifier (Greg Raymer) who took the coveted title and the hefty prize-money of 5 million dollars. 

Nowadays the WSOP consists of about 50 different tournaments the winners of which each receive a WSOP Champion bracelet. Phil Hellmuth of Ultimate Bet is the record-holder in that respect with 11 (!) such bracelets followed by the legendary Doyle Brunson with 10 and Johnny Chan (with 10 himself).