Recapping the Thursday night action as we start week two of the WSOP with a pair of bracelet events starting this afternoon.

Hellmuth in Contention for Bracelet #12

Day 3 of the $1,500 No-Limit Holdem event has 25 players remaining when play resumes at 2:30pm this afternoon. The current chip leader is Saar Wilf with 1,207,000 followed by 2009 Casino Employees winner Andrew Cohen with 1,025,000. But the name that most will be following today is Phil Hellmuth, 5th with 567,000 in chips, going for his 12th WSOP bracelet. If he made the final table, would a decision be made to stop and hold the final table on Saturday in front of ESPN cameras?

Gelencser Tops in Lowball

Hungarian Peter Gelenscer bested Raphael Zimmerman in heads-up play to take down the $2,500 2-7 Triple Draw Lowball bracelet along with $180,730. Zimmerman pockets $111,686 for the runner-up finish, while Don McNamara finished third for $73,803. Full results and Nolan Dalla’s tournament report can be found at wsop.com.

Play Pauses Prior to Payouts in Pot-Limit

After much discussion, tournament directors decided to halt play with 65 players remaining, two players short of the money in the $1,500 Pot-Limit holdem event. James Dempsey ended the day as the leader with 205,900 in chips. Original November Niner Scott Montgomery is in 2nd with 193,300. Notables in contention: JJ Liu (123,900), Joe Serock (70,400), Melissa Hayden (64,800), and Christian Harder (45,200). Team Pokerati’s Tom Schneider is also hanging around with 20,100 in chips. The full list of chip counts is available over at wsop.com.

Mizrachi and Schmelev 1-2 in Stud

The $10,000 Seven Card Stud World Championship concluded play after eight levels with the top two finishers in the $50,000 Players’ Championship, Michael Mizrachi (191,900) and Vladimir Schmelev (180,000) 1st and 2nd in chips with 85 players remaining. Plenty of notables are remaining, the full list is at wsop.com. Just 16 will make the money when play resumes at 3:00 this afternoon.

Friday’s Festivities

The third $1,500 No-Limit Holdem event of the WSOP gets underway at 12 noon today with another 2000+ player field expected. For comparison purposes, Mike Eise is the defending champion of this event, besting a field of 2,638 for $639,331.

At 5pm is the $1,500 Limit Holdem event, won last year by Tomas Alenius in a field of 643.

(Warning: Sarcasm-free blog post. Enjoy it or hate it while it lasts.)

It was one of the best ideas that Commissioner Pollack and crew implemented in years. Starting yesterday, the bracelet ceremonies are in full effect to honor every event winner with a moment in the spotlight. Instead of winners like Andrew Cohen being given his bracelet in the wee hours of the morning when exhaustion mixes with emotion for a sometimes unfulfilling chaotic moment in time, he was honored as the Event 1 Casino Employees World Champion in the middle of the Amazon Room where the eyes of the fans, media, and fellow players were on him. Call me a sap, but it was a touching moment.

Every 2009 WSOP bracelet winner will receive the same treatment. And in a sea of players and tournaments and Day 1’s and Day 2’s and cash games and fan-filled aisles of people, the 2:20pm ceremony each day will be a refreshing few minutes that reminds everyone of why we’re all here.

Earlier this morning, Andrew Cohen became the first bracelet winner of the WSOP as he took down the $500 Casino Employees event. Cohen, a bartender at the N9ne Steakhouse at the Palms, took down $83,833 and will take part in the first bracelet ceremony of the Series at approximately 2:20pm in the Amazon room. Paul Peterson, a barback at the Mandalay Bay, finished 2nd.

At 2pm, the 40th Annual $40,000 NL Event will start their day 2 with 89 players remaining. Bruno Fitoussi will start play as chip leader with 812,500 in chips. Chris Moneymaker is close behind in 2nd with 805,000, with Justin Bonomo in 3rd with 738,000. With the final table scheduled for Sunday, it’s likely they’ll play down to the money today, which will be the final three tables.

The next bracelet event on the schedule will begin at 12 noon with Event #3, $1,500 Omaha Hi/Lo 8 or Better. Last year, Thang Luu won $243,342 in a field of 832. This year, the WSOP Staff Guide projects a field of 916 for today’s event. Taking into account that tomorrow will be day 1a of the $1,000 NL Holdem “Stimulus Special”, taking the under on this projection looks like the logical play here. I’ll suggest that the field size will be closer to 850. You can check out the WSOP site for updates during the day to follow the action and to see how right or wrong I guessed. More stuff from the rest of the team during the day.