what does it mean to welch on a bet
Welsh (surname) A related colloquialism is the verb to welsh/welch ('to renege') as in 'to Welsh/welch on a deal or bet', which may be derived from an age-old 'English' stereotype of the Welsh/Celtic peoples as unreliable oath-breakers, though that etymology remains conjectural.[1] The potential association with a negative stereotype results in it being considered a somewhat pejorative term.
World Series of Poker 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 by prize pool or by entrant numbers 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.