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July 4, 1888, became the birthday of professional rodeo when a group of Prescott, Arizona, merchants and professional businessmen organized the first formalized "cowboy tournament" and offered cash prizes. A cowboy named Juan Leivas walked off with rodeo's first professional title and was documented in the subsequent edition of the Arizona Journal-Miner. These "Cowboy Contests" continued and were planned, promoted and carried out by a committee of local merchants. From then on, rodeo has grown into a multimillion dollar enterprise with more than 700 professional rodeos in 50 states.