The 1978 World Series of Poker (WSOP) was held in May 1978 at Binion's Horseshoe. 1 and was the first WSOP that wasn't a winner-take-all prize. Instead the tournament had a progressive prize structure, as follows 50% for the Winner then 20% for second, 15% for third, 10% for forth and 5% for fifth place.2
There were 42 entrants to the main event. Each paid $10,000 to enter the tournament. This was the first time that the main event paid a prize to any players other than the winner.