ONE STORY, 5 WAYS TO TELL IT

It started 38 years ago in Vegas. A little ol' poker tourney between 30 high rollers. Today, the WSOP is the strongest hand in the game. And every—even congress—wants a piece of the action.

A WHOLE NEW GAME

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Rookies and rules changes have put vets on notice.

Daniel Negreanu, who has earned more than $10 million playing poker since 1997, is competing in his 11th World Series of Poker this month in Las Vegas. We asked the 33-year-old (and winner of a 2008 WSOP title in $2,000 Limit Hold'em) to break down the recent changes in the most famous card tourney on earth.

"The first time I entered the WSOP, in 1998, there were 350 participants and the winner won a million dollars. It was a convention of the top professional gamblers. But when Chris Moneymaker won in 2003, after qualifying in an online tourney, it all changed. Every Tom, Dick and Harry wanted in, and in 2006, a record 8,000 players entered the $10,000 No-Limit Hold'em main event. Now, almost anyone can win it. Last year, a psychologist named Jerry Yang won and took home more than $8 million.

"Poker has become like other major sports: The play is more sophisticated, people hire coaches, they watch tape. TV ratings also impact the structure of tournaments. This year, for the first time, the main event will be stopped in July after nine players reach the final table. It will resume Nov. 9-10, and the final will be broadcast a day later on ESPN. Some people don't think that's a good idea. I think it will create buzz.

"Anyway, from our point of view the growth of the main event means the $50,000 HORSE tournament, which has been part of the WSOP since 2006, is really the unofficial Players Championship. The $50,000 buy-in, which is five times that of the main event, limits the field. About 150 of us face off in (H)old'em, (O)maha high-low, (R)azz, seven-card (S)tud and seven-card stud (E)ight or better. Winning depends more on skill, and a lot less on luck. That's why I'd rather win HORSE." -ELIZABETH CARP

DC GAMBLE

Our good friends in Congress debate making online poker—for money—legal again.

Congress passed the Unlawful Internet Gambling Enforcement Act in September 2006, declaring any online game of chance a no-no if money changes hands. That left online poker addicts (who are largely responsible for the game's boom) out of luck. But many lawmakers think Internet poker should be legal—since the game demands skill—and they're working on legislation to make that dream a reality. The bad news: The strongest bill floated, H.R. 5767, from Representatives Barney Frank (D-Mass.) and Ron Paul (R-Texas), was defeated in committee on June 25. The good news: Three more bills (such as H.R. 2610) are still floating around the Hill!

H. R. 2610:
(1) Millions of Americans enjoy competing with other players in a variety of games of skill, including bridge, mah-jong, backgammon, and poker, over the Internet, where the operator provides the Internet venue for competition and receives a fee for such service.

(4) Games where success is predominantly determined by the skill of the players involved, as a matter of law and of policy, are distinct from the games of chance traditionally described and addressed in Federal and State gambling statutes.

ALMOST ALL IN

Players from 26 countries and territories anted up at the 2004 WSOP. by 2007, that number had risen to 85.

THE YOUNG GUN

A Rising star puts players twice her age to shame.

Annette Obrestad is likely one of the best poker players on the planet. Too bad the 19-year-old Norwegian, who won September's inaugural WSOP Europe tournament (and a cool $2 million), can't prove it until 2010, when she'll finally be 21. Only then will she be allowed to gamble in Vegas, where she could join the ranks of only 12 women who have won bracelets in open events there. "It really sucks," says Obrestad, who started playing online poker four years ago. "You can drive when you're 16, and that's way more dangerous than playing cards." Unless you're playing against her.

BREAKING THE BANK

WSOP Players have raked in more cash since 2004 than in the previous 34 years combined.

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