Although each poker tournament will have its own rules regarding entrance, blind levels and structure, there are four basic kinds tournament. They are Sit and Go, Guaranteed Prize Pool, Satellite and regular Multi Table Tournaments.
The most common form of online poker tournaments is a Multi Table Tournament, where anyone wishing to take part pays their entrance fee (‘buy-in’) and is registered. The payout structure of the tournament is then decided based on how many people have signed up by the time the competition starts based on a formula which is dictated in the house rules. The more people that take part, the more cash paying positions there will be.
Tournaments with a guaranteed prize pool are much the same as Multi Table Tournaments, except that the minimum amount which will make up the prize pool is backed by the hosting poker room. If enough players sign up for a tournament with a guaranteed prize pool, the prize pool will grow as new players’ buy-ins are added. Sit and Go tournaments, on the other hand, usually only have a small, set field of one or two tables and begin when enough players register to fill all of the seats.
Satellite tournaments are popular amongst players who want to play in bigger tournaments with large cash prizes available, however cannot afford the buy-in. In Satellite tournaments, which usually take the form of Multi Table or Sit and Go Tournaments, the prizes on offer are not cash but instead entrance to bigger money tournaments.
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