WSOP, Smoke Filled Rooms And Money

06.17.2008 | 6:20 am | Poker, casinos, gambling

While WSOP is all over the gambling press at the moment it is not a new event having been around since 1968 when poker was played in smoke field rooms with no woman allowed. So how has the tournament evolved over the years and how much is the brand name really worth?

We have touched on the history of WSOP on a number of occasions from the early tournaments in the 1960s to the glitz and glam of WSOP 2008, but why is it so popular?

Even though it would be foolish to think that money was not one of the main attractions of the WSOP events, to many poker players this is just the icing on the cake. In 2006 the largest main event pot was $12 million, which was taken home by Jamie Gold, but this just opened the door to more riches and exposure. If you are a main event winner at the WSOP your sponsorship value will suddenly explode over night, your website will receive literally millions of hits and quite often you will be invited to more games than you could ever hope to play!

Just having a WSOP champion in attendance can often move a tournament to a different level on the advertising front and attract money and players from far and wide. However, perhaps one of the shrewdest buys was the acquisition of the Benny Binion’s Horseshoe casino by Harrah’s Entertainment back in 2004 – the creator of the WSOP.

Obviously aware of the potential value of the WSOP brand they quickly restructured the venture, sold off the assets of Binion’s group and retained the rights to WSOP and Horseshoe. Switching the WSOP to a Harrah’s casino was a wise move, moving the company and the brand name onto a different level. There are many differing opinions as to the value of the WSOP brand but the fact that it still remains a central asset of the group shows how much it is appreciated by the company and the poker playing community alike.