World Series of Poker
The idea of a World Series of Poker began in 1969 with an event called the Texas Gambling Reunion. It was an invitational event sponsored by Tom Moore of San Antonio, Texas, and held at the Holiday Hotel and Casino in Reno. This inaugural event was won by Crandell Addington. The set of tournaments that the World Series of Poker (WSOP) would evolve into was the brainchild of Las Vegas casino owner and poker player Benny Binion. In 1970, the first WSOP at Binion's Horseshoe took place as a series of cash games that included five-card stud, deuce to seven low-ball draw, razz, seven-card stud, and Texas hold 'em. The format for the Main Event as a freeze-out Texas hold 'em game came the next year. The winner in 1970, Johnny Moss, was elected by his peers as the first "World Champion of Poker" and received a silver cup as a prize.
World Series of Poker
Starting in 2005, the WSOP began the World Series of Poker Circuit, a satellite series held at Harrah's-owned properties in the United States. In addition to the $10,000 buy-in tournament at each site, qualifying players became eligible for a revamped Tournament of Champions. The 2005 TOC, made up of the top twenty qualifying players at each circuit event, along with the final table from the 2005 Main Event and the winners of nine or more bracelets (Johnny Chan, Doyle Brunson, and Phil Hellmuth) would participate in the revamped TOC at Caesars Palace. Mike Matusow won the first prize of $1 million (US), and all the players at the final table were guaranteed a minimum of $25,000 for the eighth and ninth-place finishers.