While every player enjoys the challenge of traditional cash games, the real poker thrills come from tournaments. Poker tournaments are held round the clock at online poker rooms, and many of them distribute huge cash prizes or award the winner with a seat at an important real world poker tournament.
Tournaments differ from cash games in several ways, with the main difference being that everyone starts with an equal amount of chips. This "levels the field" so that players won't be intimidated, at least initially, by pros with deep pockets. In addition, tournament chips have no cash value, therefore you cannot win some chips and quit "while you're ahead."
The goal at a poker tournament is to be the last remaining player and win all the chips of the other participants. Prize money at tournaments is awarded to the top finishers, with the largest proportion going to the winner, and smaller amounts given to the players who finish in second, third, and lower positions. Typically, prize money is awarded to at least all players at the final table, but some large tournaments award cash prizes to a much wider pool of participants.
A player entering a poker tournament limits his financial risk because the initial outlay is the buy-in amount and a possible registration fee. However, some tournaments have optional re-buys, which means that you can buy more chips if you run out or run low, but only during the beginning stages of the tournament.
After registering and paying the entry fees, if applicable, players are given their seating assignments and their tournament chips. Poker play begins and players remain in the tournament until either they win or run out of chips.
Freeroll Tournament - a poker tournament in which the entry fee, the stakes, or both the entry fee and stakes are waived. In some non-freeroll tournaments, the house may guarantee a minimum prize pool.
Single Table Tournaments - a tournament played on one table with up to ten players. These are run on a fill and go basis. As players register the seats fill up and as soon as a table is full the tournament starts. There are no break periods. Tournaments continue until they are finished.
Multi-Table Tournaments - a tournament played on a number of tables, and sometimes restricted to a maximum number of participants. As players begin running out of chips and are eliminated from the competition, game tables begin to consolidate, ensuring a balanced number of players at all tables. Players find themselves constantly being reassigned to new tables, with different players holding increasingly larger amounts of chips. The final table of a multi-table tournament is frequently referred to as the Main Event.
Satellite Tournaments - a mini-tournament that awards the winner entry to a larger tournament.
Levels - As part of the structured betting of tournament play, the stakes begin low and the blinds and betting limits are raised at frequent intervals. This continues throughout the tournament until the limits reach very high stakes by the final table.
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