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What is Poker Tournament?
It can be called a tournament in which the winners are determined by playing poker, usually a particular type of poker.
Types of poker in the tournaments –
Combinations of different types are offered in the tournaments. In the events like H.O.R.S.E. or Better and Dealer’s Choice events , there may be a mix of all the types called H.O.R.S.E. (Hold’em, Omaha, Razz, Stud and Stud Eight), but most of the times they have one form of Stud or Community Card Poker, such as Seven Card Stud, Seven Card High-Low Stud or Omaha Hold’em or Texas Hold’em. Omaha Hold’em and Texas Hold’em tournaments may be in fixed-limit, pot limit and no limit forms.
Entry Fees for the tournament –
Typically, a player pays a fixed entry fee (called buy-in) and in return receives certain quantity of play money (in-game currency) in the form of Poker Chips. Only the play money and not real money can be used to play in the tournaments and at no time can they both be interchanged. Play money is always an integer multiple of the buy-in. Some tournaments have an option of re-buys – conditional (offered to players low on chips), unconditional or offered to all players. The player who has no chips remaining and has exhausted all re-buy options is out of the tournament.
They are usually derived from the entry fees or outside funds (in case of free rolls, the tournaments which do not charge entry fees). Ranking is done in the reverse chronological order. The last player in the game stands first; the player above him stands second and so on. Prizes are usually awarded in a fixed way – where each rank corresponds to a fixed prize amount, or a proportional way – where pay outs are determined on a percentage scale, the percentages determined on the basis of number of players.
Types of Poker Tournaments –
Poker Tournaments may be open (where entry fees are charged) or invitational (where there are no entry fees and the prize money usually derived from outside funds. In a Multi-table Tournament, players play simultaneously at dozens or more tables. Satellite Tournaments are the means of entering an expensive, high profile main tournament (where there is no posting of significant amount of cash). Significantly smaller amounts of buy-ins are involved (usually 1/10th or 1/50th of the main tournament’s buy-in).