The World Series of Poker loosely began in 1949 when famous gambler Nicholas “Nick the Greek” Dandolos challenged another famous player, Johnny Moss, to a game. Gambling icon Benny Binion set up the match and insisted that it had to be in the open so the public could watch. Moss won and the event was wildly successful.

Binion decided to recreate the event in 1970 and called it “The World Series of Poker” because the people playing were competing for the title of “World Champion.” Moss won again.

Since this small beginning, the size of the event has increased. In 2004 2,576 poker players entered the event and the prize money was more than $49 million dollars, making it the biggest and most famous poker event around. It takes place between April and May every year.

The poker tournament is currently aired on ESPN and just like any other sporting event everyone speculates. All sorts of magazines publish articles on every aspect of the game from profiles of the players to analyses of marketing the event.

Celebrities have even been bitten by the World Series poker bug. In 2004 famous faces such as Tobey Maguire, James Wood, and Chris Masterson showed up at the event. They were outlasted by Laura Prepon from “That 70’s Show,” though.

The World Series of Poker goes on for several days, but the final championship event is what everyone waits for. It costs $10,000 just to enter and the top players from around the world generally turn out. Because of the high cost of entering, satellite events take place during the days beforehand and the winners get to enter the big game.

Anyone over 21 can enter the World Series of poker, but this level of play is extremely difficult. The players scrutinize their competitors and can locate tells within an instant. Some even fake tells to throw off other players. The mental competition rages higher than the actual values of the cards.

The game is Texas Hold ‘Em. Once players run out of money they can’t buy back into the game. Up until this year the game was always held at Binion’s Horseshoe. This year, though, the Horseshoe closed and Harrah, the largest owner of casinos in the United States, bought the rights to the game. They are still experimenting with the best place to hold the tournament.