Earlier we wrote about how Benny Binion changed Las Vegas . However, he was also the person who completely changed the poker world and laid the foundation for the worldwide popularity that poker has today. One of the reasons why poker is so popular today is the World Series of Poker. One poker the event, devised by Benny Binion to determine the best poker player, grew into a world-famous tournament with tens of thousands of players each year. Everyone is looking for a bracelet.
It all started in the early 70's in the legendary Horseshoe casino a few streets located on the legendary Las Vegas Strip. In 1970, the WSOP was first organized by Benny Binion to see who was the best player of Sin City, at that time only 7 players participated. The first 6 to 7 editions of the WSOP, the winner was rewarded with a prize that you get so often when winning a sports match. The winner received a cup, as you often get when winning a tennis match or a football match.
The famous WSOP Bracelet
In 1977, Binion decided that there should be a different price, one that is different from the other. So he came up with the idea to give bracelets to the winner of a WSOP tournament. Now, 45 years later, the bracelet is a coveted prize, for some, a bracelet is now more than the money involved.
Binion did not just come up with the idea of a bracelet. Where a cup is only good to put in the prize Cabinet at home, a bracelet is actually something that could be worn at the table. Since with poker the hands are always visible when looking at the cards or betting chips, the bracelet was a perfect prize. Each player at the table could instantly see when a poker player was in possession of a bracelet. Every player knows then: I play against a WSOP champion.
At the time, there were only a few tournaments that were organized during the WSOP. As a result, there were only a certain number of people who had a bracelet. Today it is very different. In the 2023 WSOP alone, 88 bracelets will be handed out to tournament winners.
How much is a bracelet worth?
What is the value of a bracelet? First of all, winning a bracelet means that you can add a nice amount of tournament money. When you win the main event, you can sometimes win $10,000,000 in prize money. However, there are also less popular WSOP tournaments where the winner might win $40,000.
In terms of materials, the bracelet does not have a huge value. It is estimated that the bracelet was worth $500 in 1976. With inflation in mind, that would be worth about $2,500 today. Today, the bracelet has a material value of about $1500.
The value of the bracelet is therefore mainly in the pride, respect and honor that comes with winning a World Series of Poker Tournament.
A bracelet for the Main Event is different compared to that of a normal WSOP tournament. For example, thousands of small diamonds are used for the bracelet and the bracelet is provided with 10 carat gold.
But how much is a bracelet really worth if it has to be sold? Fortunately, over time, there have been a number of players who have sold their bracelet.
One of the most famous Main Event winners is Jamie Gold. Gold won the 2006 Main event for $ 12 million. Unfortunately for him, he sold 50% of his deposit to an investor before the start. As a result, he had to give up 6 million of his winnings.
His bracelet then went on sale at an auction site where the bracelet eventually grossed $65,000.
In 2010, the main event was won by Peter Eastgate. The Dane won the event for over $ 9 million. There was no shortage of money, so he put his winning bracelet up for sale. Not to get richer from it, because the proceeds went entirely to Unicef's charity. In the end, the bracelet brought in a small $150,000.
A less special bracelet can also make a lot of money. In 2019, a bracelet went under the hammer of a $2,500 Omaha tournament from the WSOP. In the end, this bracelet yielded a hefty sum of $50,000.
Oddly enough, there are also bracelets that yield a lot less. TJ Cloutier offered his 2005 bracelet for sale on auction site eBay. The bracelet earned him a staggering $ 2,500. For example, there are a lot of other bracelets from lesser-known players that have been sold for several thousand dollars over the years
