Poker tournaments are big events in sphere of betting, throughout the world. Different types of champion ships are held in different countries all over the world. The major FullTiltPoker.net tournaments, attracting Players from around the world all have the continental flavor of the country. The USA, because of the size, population and affluence is the leader as in many other activities. There are some states in U.S.A in which betting in any form have been declared. The biggest and most prestigious, tournaments, that was held In Las Vegas where betting has not been declared illegal.
The player wanting to enter the tournament has to pay a fixed entrance fee is called buy-in and gets a fixed number of poker chips. He plays the game using these chips and raising the bets. In addition to the buy-in a player may have to play a little extra depending on the venue of the tournament. The person losing all the chips gets eliminated. The chips have no money value and they are not en cashable. They are given purely for the purpose of playing the game. If a person runs out of chips, he is usually eliminated. But in some cases they may be give the option to buy more chips. Players can buy additional chips if they choose to do so, if they have not run out of the chips. The game starts with many players seated around a large number of tables. As the game proceeds and more player get eliminated and tables are removed and the players still left at these tables are asked to move to other similar tables. Players go getting eliminated in this manner and eventually only two people will be left to decide the winner. These two persons might decide to end the game at stage with mutual consent, and share the prize money equally.
Prizes are given to winning online poker players. There are two types of payments of prices. One is called fixed. It is given on the basis of the total number of participant’s buy-in amount. The top 3 persons get the three prizes based on a fixed ratio distributing the buy-in money. The second system is called proportional. It is determined based on the number of participants and usually about 10% of the number will get paid, depending on the position achieved in the end of the tournaments. However, a major part of prize money goes to the top three.
The buy-in amounts vary from tournament to tournament and all depends on the prestige of the tournament and its standing. Starting from $20 it may even go up to $25000. The higher the buy-in value the bigger is the prize money and less the number of participants.
Some of the biggest and prestigious tournaments are held in Las Vegas in the USA. The World Poker tour Champion and the World Series of poker re two such events. Europe, Asia, Australia, Africa and Latin America have their own tournaments. Some of them are as prestigious as the World Series of Poker with buy-ins ranging from $5000 to &25000.