Rebuffed by Tarrasch, Lasker challenged the reigning World Champion, Wilhelm Steinitz, to a match for the title. Initially Lasker wanted to play for US$5,000 a side, and a match was agreed to at stakes of $3,000 a side, but Steinitz agreed to a series of reductions when Lasker found it difficult to raise the money. The final figure was $2,000, which was less than for some of Steinitz's earlier matches (the final combined stake of $4,000 would be worth over $495,000 at 2006 values). The match was played in 1894 at venues in New York, Philadelphia, and Montreal. Steinitz had previously declared he would win without doubt, so it came as a shock when Lasker won the first game. Steinitz won the second game and maintained the balance through the sixth. However, Lasker won all the games from the seventh to the eleventh, and Steinitz asked for a week's rest. When the match resumed, Steinitz looked in better shape and won the 13th and 14th games. Lasker struck back in the 15th and 16th, and Steinitz did not compensate for his losses in the middle of the match. Hence Lasker won convincingly with ten wins, five losses, and four draws. Lasker thus became the second formally recognized World Chess Champion and confirmed his title by beating Steinitz even more convincingly in their rematch in 1896–97 (ten wins, two losses, and five draws).