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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. Over the years the tournament has grown, both in the number of events and the number of participants. Each year the WSOP 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 and a bracelet, which has become the most coveted award a poker player can win. The winner of the World Series of Poker Main Event is considered to be the World Champion of Poker.

Starting in 2011, the WSOP consists of 58 events, with most major poker variants featured, though in recent years over half of the events have been variants of Texas hold 'em. Events traditionally take place during one day or over several consecutive days during the series in June and July. However, starting in 2008, the Main Event final table has been delayed until November.

The 2010 World Series of Poker was held at the Rio All Suite Hotel and Casino in Las Vegas. It started on May 27 and ran through July 17, with the final table of the Main Event returning in November. Jonathan Duhamel became the first Canadian to win the main event, taking home US$8.94 million.

The biggest event of the year in the WSOP is known as the Main Event. In 2011, 6,865 players from around the world participated in the WSOP Main Event, which started on July 7th in the Rio All Suite Hotel and Casino. The entry fee was $10,000. After eight days and more than half a million hands, the final nine players were reached.

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Since 1971, all WSOP events have been tournaments with cash prizes. In 1973 a five-card stud event was added. Since then, new events have been added and removed. Since 1976, a bracelet has been awarded to the winner of every event at the annual WSOP; later on,[when?] the winners of pre-1976 events were retroactively given bracelets.

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The tournament grew slowly for over a decade, reaching 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.
At the 2006 World Series of Poker, there were 45 events, covering the majority of poker variants. Participation in the Main Event peaked that year, with 8,773 players competing.

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Currently, Texas hold 'em, Omaha hold 'em and Seven-card stud and their lowball variants are played. H.O.R.S.E. has been played in the past and returned in 2006. Also, S.H.O.E. has been played in the past, and returned in 2007. Other events played in the past include Chinese poker, Five card stud, and many others. Like most tournaments, the sponsoring casino takes an entry fee (a percentage between 6% and 10%, depending on the buy-in) and distributes the rest, hence the prize money increasing with more players. In the 2005 Main Event, US$52,818,610 in prize money was distributed among 560 players, with US$7.5 million as the first prize. The 2006 Main Event, won by Jamie Gold, is the largest single poker tournament in history; Gold pocketed US$12 million for his victory. In July 2010, it was announced that the winner of the 2010 Main Event would receive just under US$9 million. On June 2, 2011, the World Series of Poker and Cirque du Soleil founder Guy Laliberté announced plans for an officially sanctioned special fundraising event on June 1, 2012 with a record US$1 million entry fee. 11% of the money would go to Laliberté's charity, the One Drop Foundation. Fifteen of the maximum 48 seats have already been taken. Among those who have committed to the event are Johnny Chan, Daniel Negreanu and billionaire businessman Phil Ruffin. If at least 29 players sign up, the first prize will exceed the record amount won by Jamie Gold. In addition, a WSOP bracelet will be awarded. The number of participants in the WSOP grew every year from 2000 until 2006. Following 2006, new online gambling legislation restricted the number of online qualifiers to the event. 2007 was the first dip in numbers in this century while in 2008 more people participated than the previous year. In 2000 there were 4,780 entrants in the various events, but in 2005, the number rose to over 23,000 players. In the main event alone, the number of participants grew from 839 in 2003 to 8,773 in 2006. Phil Helmuth has won the most bracelets with 11 followed by Doyle Brunson and Johnny Chan with ten bracelets each. Crandell Addington is the only player to place in the top ten of the World Series of Poker Main Event eight times, albeit in earlier years with small fields compared to modern times. Four players have won the main event multiple times: Johnny Moss (1970, 1971, and 1974), Doyle Brunson (1976 and 1977), Stu Ungar (1980, 1981, and 1997) and Johnny Chan (1987 and 1988). Bracelet winners who first achieved fame in other fields include French actor/singer Patrick Bruel (in 1998), Danish soccer player Jan Vang Sørensen (in 2002) and American actress Jennifer Tilly (in 2005). In recent years, there have been non-bracelet events at the WSOP; two of the most notable are the "World Series of Rock Paper Scissors" and "Ante Up for Africa."