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Overview of Online Poker

The World Series of Poker (WSOP) is a poker tournament held annually in Las Vegas. The first WSOP in 1970 was an invitational wherein Benny Binion invited six of the best known poker players to the Horseshoe Casino. At first, the WSOP grew slowly. It was twelve years before the WSOP drew 52 participants, in 1982. In the early 1980s, satellite tournaments were introduced, allowing people to win their way into the various events. By 1987, there were over 2,100 entrants in the entire series. Participation in the Main Event peaked in 2006, with 8,773 players competing.

The first World Series of Poker was not a freeze-out tournament, but rather an event with a set start and stop time, with the winner determined by secret ballot. In 1973, five-card stud was added as a second event. Since 2007, the WSOP has consisted of 55 events. While events traditionally take place over one or more consecutive days during the series in June and July, in 2008, the Main Event final table was delayed until November. 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. A World Series of Poker bracelet is considered the most coveted prize or trophy a poker player can win, with one from the Main Event revered above all others. Since 1976, a bracelet has been awarded to the winner of every event at the annual WSOP. WSOP victories prior to 1976 are also known as "bracelets". Most of the major poker variants are featured, though in recent years over half of the events have been variants of Texas hold 'em.

The series 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 prize. The winner of the World Series of Poker Main Event is considered to be the World Champion of Poker. Since its inception, Stu Ungar and Johnny Moss are the only players to have won the Main Event three times. However, Moss' first victory came in a different format, as he was elected winner by vote of his fellow players at the conclusion of what was then a timed event. Moss (if the first time win by vote is counted), Ungar, Doyle Brunson, and Johnny Chan are the only people who have won the Main Event in consecutive years. Johnny Chan's second victory in 1988 was featured on the 1998 film Rounders. Phil Hellmuth holds multiple WSOP records: most bracelets (11), most WSOP cashes (75), and most WSOP final tables (41). The 2009 Main Event bracelet winner, Joe Cada, is the youngest person to win the Main Event. Since 2005, the WSOP has been sponsored by Harrah's Entertainment.

Differences compared with conventional poker

There are substantial differences between online poker gaming and conventional, in-person gaming. One obvious difference is that players do not sit right across from each other, removing any ability to observe others' reactions and body language. Instead, online poker players learn to focus more keenly on betting patterns, reaction time, speed of play, use of check boxes/auto plays, opponents' fold/flop percentages, chat box, waiting for the big blind, beginners' tells, and other behavior tells that are not physical in nature. Since poker is a game that requires adaptability, successful online players learn to master the new frontiers of their surroundings.

Another less obvious difference is the rate of play. In brick and mortar casinos the dealer has to collect the cards, shuffle, and deal them after every hand. Due to this and other delays common in offline casinos, the average rate of play is around thirty hands per hour. However, online casinos do not have these delays. The dealing and shuffling are instantaneous, there are no delays relating to counting chips (for a split pot), and on average the play is faster due to "auto-action" buttons (where the player selects his action before his turn). It is not uncommon for an online poker table to average ninety to one hundred hands per hour.

There are many ways in which online poker is considerably cheaper to play than conventional poker. While the rake structures of online poker sites might not differ fundamentally from those in brick and mortar operations, most of the other incidental expenses that are entailed by playing poker in a live room do not exist in online poker. An online poker player can play at home and thus incur no transportation costs to get to and from the poker room. Provided the player already has a somewhat modern computer and an Internet connection, there are no further up-front equipment costs to get started. There are also considerable incidental expenses once on a live poker table. In addition to the rake, tipping the dealers, chip runners, servers and other casino employees is almost universally expected, putting a further drain on a player's profits. Also, whereas an online player can enter and leave tables almost as (s)he pleases, once seated at a live table a player must remain there until he wishes to stop playing, or else go back to the bottom of the waiting list. Food and beverages at casinos are generally expensive even compared to other hospitality establishments in the same city (let alone compared to at home) and casino managers feel little incentive to comp poker players.

Another important difference results from the fact that some online poker rooms offer online poker schools that teach the basics and significantly speed up the learning curve for novices. Many online poker rooms also provide free money play so that players may practice these skills in various poker games and limits without the risk of losing real money, and generally offer the hand history of played hands for analysis and discussion using a poker hand converter. People who previously had no way to learn and improve because they had no one to play with now have the ability to learn the game much quicker and gain experience from free-money play

Finally, the limits associated with online poker range down to far lower levels than the table limits at a traditional casino. The marginal cost of opening each online table is so minuscule that on some gambling sites players can find limits as low as $.01–$.02. By comparison, at most brick and mortar establishments the lowest limits are often $1–$2.