Poker tournaments are structured competitions where poker players compete against each other to accumulate all the chips in play. In "land based" casino games, each hand is unrelated to any other. Players can quit whenever they want. In tournaments, players can not quit and cash out their chips. The game play continues until there is a winner.
There are different types of poker tournaments:
Freeroll A Freeroll is an online poker tournament where there is no real money buy-in or entry fee. Entry into this type of poker tournament is FREE. Cash prizes are awarded as well as play money. These tournaments will be indicated in the tournament lobby as Free Roll.
Guaranteed Prize Pools A guaranteed prize pool is a poker tournament where the prize pool (in other words the winnings that get awarded to the top placers in the tournament) is guaranteed by the house or poker room. Regular tournaments consist of a buy-in and a fee, where the house retains the fee for hosting the game and the buy-in goes towards the prize pool.
Single Table Tournaments Single-Table Tournaments only require one table, as the tournament limits the number of Players required to start the tournament.
Sit & Go Tournaments 'Sit and Go Tournaments' are Single and Multi-table Tournaments that are run continuously, provided that the minimum number of Players has joined the table. As soon as everyone is seated the tournament begins.
Satellite Tournament A Satellite Tournament is simply a smaller tournament where the prize is an entry into a larger tournament. It's also the most cost-effective way to win a seat into a big online final.
Re-buys and Add-ons
Some poker tournaments allow players a re-buy option. This re-buy option allows players to purchase more chips if they run out of them at at an early stage of the tournament. A player can purchase the same number of chips that he/she started the tournament with. Some poker tournaments allow unlimited re-buys during the first hour of play, while other tournaments allow only a single re-buy.
An add-on option is similar to the re-buy option. Add-ons differ in that they are usually only offered once at the end of the re-buy period and can be purchased regardless of how many chips you have. As the name implies these chips are added on to your stack of chips.
Final Thoughts Poker tournaments can be a lot of fun, and with a little luck and a lot of skill you can bring home significant prizes. Satellite tournaments are a great way to get started in the world of poker tournaments and they are almost always going on. You can find great poker tournaments online and in the casinos almost anytime. With more and more people finding Internet poker to be a lot of fun, one shouldn't discount the ability to make a lot of money through online poker tournaments.
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