These are the most common type of tournaments. For an entry fee the player gets the credit of a certain amount of play money, a machine to play on, a fixed number of deals to play and a time limit. Usually the time limit is more than sufficient to play the given number of deals. At the end of the deals played, the player with the maximum play money to his credit is declared winner and gets the prize, which is either a pool created from the entry fee or a guaranteed prize amount.
Buy-in Tournaments
In this type of tournament the players do not get play money. They have to buy the specified amount of credits. Each player buys the same amount of credits. In buy-in tournaments the winnings and losses are to the players account. In addition there is a prize for the person with the highest balance at the end of the tournament.
Unlimited Buy-in Tournaments
This is a longer affair than the normal buy-in tournament. In this special type of buy-in tournament the players need not start with the same bankrolls. Also players can buy more credits during the tournament. The prize does not go to the person with the highest balance. The winner is the person who has won the most as a percentage of his bankroll. If a person finishes with $1200 and his total buy-in has been $1000, then his winnings are $200 and his winnings as a percentage of his bankroll is (200/1000) multiplied by 100, which works out to 20%.
Speed Tournaments
Speed tournaments may be of the entry-fee or the buy-in type. In Speed tournaments only the time is set and not the number of deals. Therefore the faster you play, the more deals you can get in and therefore your chances of winning increase. Speed tournaments require a lot of practice and good player can manage about 20 deals per minute. Speed tournaments are not for those who need to think. Quick play hold premium over correct play.
Progressive Tournaments
Progressive tournaments are large affairs and played over several rounds, with winners in each round moving on to the next one. A grand prize is offered in the final round.
