BY TOM SOMACH

The competition that the whole poker world has been waiting for–the main event of the 2007 World Series of Poker (WSOP)–begins Friday, July 6, at the Rio All-Suite Hotel and Casino in Las Vegas.

A $10,000 buy-in, no-limit Texas hold ‘em tournament, it’s just one of the 55 total events at the WSOP, but because of its prestige and size, the winner of this event will be considered the winner of the whole WSOP.

If an unknown wins it–as did Memphis accountant Chris Moneymaker in 2003–his life will instantly change forever.

If a known poker pro wins it, it will merely add to an established legacy, as when Doyle “Texas Dolly” Brunson won back-to-back titles in 1976-77.

Regardless of who wins, however, the championship will mean huge money–last year’s main event winner, Jamie Gold, earned $12 million, a figure likely to be surpassed this year.

And that’s just for winning the tournament.

Throw in the guaranteed endorsement deals the winner will yield–for everything from T-shirts and video games to playing cards and online poker rooms–and the WSOP main event champ will likely never want for cash again.

Phil “Poker Brat” Hellmuth Jr., who won the main event in 1989 by defeating two-time defending main event champion Johnny “The Orient Express” Chan, told ESPN in an interview that if he accepted every business opportunity offered, he could rake in a staggering $400 million.

As it is, Hellmuth endorses, among other things, a poker website, energy drinks and bobblehead dolls.

He has also written a book and produced DVDs on how to play championship poker.

In addition, he lectures to corporate audiences, does poker commentary on television, instructs at a poker camp, has a clothing line coming out and, oh well, you get the picture.

Win the WSOP main event and you’re a celebrity, and in the USA, celebrity spells B-I-G B-U-C-K-S.

Last year’s main event drew almost 9,000 entrants.

It’s not yet known how many entrants there will be this year, as registration for the tournament is accepted up until the last minute.

Already known to be participating in this year’s main event, however, are Hellmuth, Brunson, Chan, Moneymaker, Gold and fellow poker pros Annie Duke, Daniel Negreanu, Phil “Poison” Ivey, Chris “Jesus” Ferguson, Scotty Nguyen, Barry Greenstein, Greg “Fossilman” Raymer, John Juanda, T.J. Cloutier, Phil “Unabomber” Laak, Howard “The Professor” Lederer and Erik Seidel, as well as celebrities Ben Affleck, Tobey Maguire, Gabe Kaplan and Jen Tilly.

(E-mail Tom Somach at tomsomach@yahoo.com.)