Online Poker TournamentsOnline Poker Tournaments have grown in popularity with the growth of the online poker industry (see freeroll information below). Many of these are satellite tournaments in which players compete for entry into other larger tournaments; the World Series of Poker being a classic example in which participants arrive through the satellite route. There are a number of terms related to the financial side of online poker tournaments. For example, a fee refers to a sum of money paid by each player to a site or house hosting a tournament. A Buy-In on the other hand, is the amount it costs to play in a poker tournament in addition to the entry fee. It is added directly to the prize pool. The fee is usually about 10% of the buy-in. Online poker tournaments come is two main forms, freeze outs and Rebuy. Freeze out tournaments have all players begin play with equal chips. Losing all their chips means the end of the tournament for a player. In a rebuy tournament, there are pre-set levels where players can rebuy chips. This means there a set amount of chips a player needs to be under before qualifying to rebuy. The rebuy level can even be less than the original buy in, or any other limited number. Some tournaments even allow an additional amount of chips to be bought even after a rebuy. This is called an add on. Of course, allowing a rebuy means more revenue for the casino or site. As opposed to freeze outs, rebuy tournaments allow players to use a looser strategy as they also attempt to build up their stack before the rebuy period ends. Online poker tournaments are also organized on the basis of levels or rounds, and given levels are generally allotted given amounts of time. Sometimes tournament length can be determined by starting chip amounts, the number of players involved, and the type of poker game played. Levels though, are the primary management criteria. Faster structured tournaments usually take about four or five hours, with each level taking less than twenty minutes. Medium length level tournaments take about eight hours, with thirty to forty minutes per level. The longest tournaments can take up to two days! Final tables generally have longer levels, lasting four to eight hours. Major championship tournaments allow two hour levels, and can take anywhere from three to seven days. Poker variations that are in tournament play depend on the choice of the casino poker site, but the most common is currently No Limit Hold’em . Other popular games include Seven Card Stud and Omaha (hi-lo split and pot limit). Most of the major, larger tournaments charge an entry fee. Some tournaments as well operate as Sit and Go formats. They are usually used to enable players an opportunity to qualify for a larger buy in tournament. Traditionally, Sit and Go’s had only one winner, but many now allow players play for first, second, or third place and receive cash instead of a seat. Also available are multi-table satellites and super satellites, a format in which players compete for a spot in a larger championship poker tournament. This lowers the entrance fee to the larger online poker tournament. The World Series of Poker for example, runs these Supers twice daily. Buy ins can be as much as $200, along with a $25 entrance fee. Organizers allow rebuys for the first three twenty minute levels, along with a double add on. These tournaments can have as many as one hundred players trying to win a seat at the larger event. Prize money is usually divided as well, in a way to maximize the number of seats. An example would be a total prize pot of $50,000 split equally over five available seats all amounting to $10,000 each for the championship tournament. This means the sixth player would finish out of the money. In other tournaments, larger amounts are set according to standings up to first place. All major poker sites, such as
Full Tilt,
PokerStars,
Absolute Poker,
and
Pacific Poker
(to name just a few) offer regular tournaments. Players can visit the sites, find the schedule and play after setting up their preferred account. At most online poker rooms, players can join table at just about any time. They can also use their strategy guides and resources (such as literature or odd calculators) at the same time. A great advantage of the online tournaments is that they require small bets compared to higher potential winnings.
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