Poker Tournaments
In a poker tournament, all players start out with the same amount of chips and there is normally no re-buy, meaning that if you run out of chips you are out of the tournament. To win the tournament you must win all the chips. The prize you win depends on the prize pool and payout structure. The prize pool is typically based on the buy-in of the players but may also be derived from external sources as is the case with freeroll tournaments. In addition to the buy-in that goes to the prize pool, there is also an entry fee charged by the poker room for hosting the poker tournament. This fee is typically 5-10% of the buy-in. Bear in mind that there can be other things than money at stake in poker tournaments. In satellite tournaments you can win entry to a main poker tournament such as the World Series of Poker.
There are many different types of poker tournaments and they can be both open and invitational. Various betting structures can be employed but No Limit is standard.
Poker tournaments can also be single or multi table, abbreviated STT and MTT, where the MTT is more prestigious and the STT is less time consuming. In a multi table tournament with a freeze-out structure the tables are recombined as players are eliminated to ensure that all tables have similar number of players. In a multi table tournament with a shootout structure, on the other hand, the players remain at a table until the last man but the same buy-in rules apply. Single table poker tournaments are typically unscheduled which means they start when enough players have joined in and because of this they are usually referred to as sit and go tournaments, abbreviated SitNGo or simply SNG.
| SitNGo: This is a poker tournament without re-buy. Once you run out of chips you are out. It can be either single or multi table. The SitnGo is unscheduled and starts when all seats are filled. The standard SitnGo table has 9-10 seats. There is also the short-handed SNG for 6 players and the heads-up SNG for only 2 players. The standard betting structure for SNG is No Limit. SNG tournaments, and most other tournaments for that matter, use a rising blinds structure meaning that the blinds increase over time. This speeds up the game significantly and when the structure is taken to extremes it is known as turbo SitNGo. The prize pool is based on the buy-ins of the players. As a rule the SitNGo pays out to the top 3 players with 50% going to the first, 30% to second and 20% to the third. There are, however, other payout structures that can be employed as well such as Double or Nothing (abbreviate DoN) where 50% of the players double their money and the rest get nothing. |
SitNGo Example
You are considering to enter a $1+0.05 SitnGo for 10 players. The buy-in is $1 and the entry fee is $0.05. The total amount you pay to enter the tournament is $1.05. The price pool is $10. Unless otherwise stated, the payout structure is 50% to the 1st, 30% to the 2nd and 20% to the 3rd.
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Buy-in: The money paid to enter a tournament (or cash game). It goes to the prize pool.
Entry fee: Fee charged by the poker room for hosting the tournament. Typically 5-10% of the buy-in.
Prize pool: The total amount of prize money. Normally based on the buy-ins of the players.
Payout structure: Determines how the prize pool is divided among the players.
Re-buy: Option to buy more chips after the initial buy-in.
STT: Single table tournament.
MTT: Multi table tournament.
Freeze-outs: MTTs without re-buy. The tables are recombined as players are eliminated.
Shootouts: MTTs without re-buy. The tables are recombined only when a single player remains at every table.
Freerolls: Poker tournaments that are free to play. The prize pool is in other words not derived directly from the players.
Satellites: Poker tournaments where you can win entry to a main tournament.
Short-handed game: A game running at a table with 6 or fewer players.
Heads-up game: A game running at a table with only 2 players.
Rising blinds structure: When a game uses this structure it means that the size of the blinds increases over time. The exact pace can differ between poker rooms and tournament types.
Double or Nothing (DoN): Payout structure where 50% of the players win twice the amount of their buy-in while the remaining players win nothing and lose their buy-in.
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