The 10-day World Series of Poker Main Event is set to begin Sunday July 5 and will run through July 14. The play will whittle down the large field to nine final players who will reconvene in November to play at the final table.

The buy-in for the tournament is a hefty $10,000, but the payout for the eventual winner is exceptionally large. Swede Martin Jacobson took the big prize in 2014, pulling in $10 million along the way. The payout for second through ninth place ranged from $730,725 to $5,147,911. 

Jacobson won at the November final table, taking his place atop 6,683 players who entered the field. "I played close to perfect, maybe," Jacobson said after winning, according to the World Series of Poker website. "I don't think there's anything such as a perfect tournament, since you will always make some errors here or there. But I eliminated most of my mistakes and played pretty well overall."

Jacobson will not be able to collect another $10 million paycheck from the World Series of Poker in 2015, simply because the prize format has changed. After consulting with players, the tournament will now provide some amount of payout to the top 1,000 players. Going by last year's results, 1000th place would have been paid $15,000, turning a $5,000 profit, reported ESPN. 

“We feel very good about the 2015 WSOP schedule and appreciate all the feedback and assistance the poker community provided,” said World Series of Poker tournament director Jack Effel, according to ESPN. “We can’t wait to see everyone, break some records and award life-changing money beginning May 27.”

The entire World Series of Poker, which began May 27, includes 68 events, with the Main Event perhaps being the marquee draw. ESPN will televise the Main Event. The live stream schedule for the World Series of Poker can be found here. The link to the live stream website can be found here.