In poker, a “live” game played with “real” chips and money, usually with no predetermined end time. Players may freely buy into or cash out of a ring game between hands.
In “no limit” poker ring games, there is normally a maximum buy-in for ring games that prevents players from buying a chip stack size advantage. In limit poker games, there is seldom a maximum buy-in because betting limits on each hand already limit the advantage of having a larger chip stack.
Contrast this to a poker tournament, which is played with tournament chips (worth nothing outside the tournament) with a definite end condition (usually, only one player left).
In a casino, rake is usually taken from a pot if the player is in a hand while a flop is shown.
Betting, in tournaments, can take one of three forms:
In a structured (fixed limit) betting system, bets and raises are restricted to specific amounts, though these amounts typically increase throughout the tournament. For example, for a seven-card stud tournament with the stakes at 10/20, raises would be $10 in the first three rounds of betting, and $20 in the latter rounds.
Semi-structured betting provides ranges for allowed raises. Usually, in this format, one may not raise less than a previous player has raised. For example, if one player raises $20, it would be illegal for another player to raise an additional $5. Pot limit is a semi-structured format in which raises cannot exceed the current size of the pot.
Unstructured betting, usually called no limit. While blinds, antes, or bring-ins are fixed, players are free to bet as much as they wish, even early in a round of betting. To bet all of one’s chips (risking one’s tournament life, in the event of losing the hand) is to go all-in. In no-limit tournaments, players will sometimes take this risk even early in the betting; for example, in some no-limit Texas Hold ‘Em tournaments, it is not uncommon for players to bet “all-in” before the flop.
The betting structure is one of the most defining elements of the game; even if other aspects are equivalent, a fixed-limit version and its no-limit counterpart are considered to be very different games, because the strategies and play styles are very different. For instance, it is much easier to bluff in a no-limit game, which allows aggressive betting, than in a fixed-limit game. No-limit games also vary widely according to the proclivities of the players; an informal, emergent, betting structure is developed by the players’ personal strategies and personalities.
The stakes of each round, as well as blinds, bring-ins, and antes as appropriate per game, typically escalate according either to the time elapsed or the number of hands played. (Raising stake levels according to hands played is usually considered preferable, because it defeats strategic stalling.) This is done for two reasons. First of all, as players are eliminated from the tournament, the average chip counts of the players increase. Secondly, it prevents the game from getting into a rut where chips are exchanged among the players, but players do not run out.
A poker tournament is a tournament at which the winners are decided by playing poker, usually a particular style of poker.
Contrast this to a ring game, where the game is ongoing with no formal structure to determine a single winner in a certain length of time.
Types of poker
While some tournaments offer a mix of games, like H.O.R.S.E. events which combine Hold’em, Omaha, Razz, Stud and Stud Eight or Better and Dealer’s Choice events, at which one may choose from a similar menu of games, most tournaments feature one form of stud or community card poker, such as seven-card stud, seven card high-low stud, Omaha Hold ‘em or Texas Hold ‘em. Both Omaha and Texas Hold’em tournaments are commonly offered in fixed-limit, pot limit, and no limit forms.
Tournament venues
Informal tournaments can be organized by a group of friends; for example, most colleges feature poker tournaments. Casinos and online gaming sites often offer daily tournaments.
However, these are not the only venues. Several World Poker Tour venues are cruise ships at sea. The 2005 World Series of Poker primarily took place in the conference hall of the Rio Hotel in Las Vegas.
Major tournaments
The two largest and most well-known tournaments are the World Poker Tour championship event and the World Series of Poker, held at Binion’s Horseshoe casino in Las Vegas. The World Series has traditionally been featured on ESPN.
The 2005 World Series of Poker was the first held outside of Binion’s Horseshoe Casino, though the final few days of the main event were held in the legendary Benny’s Bullpen. Future tournaments will be held at one of the Harrah’s Entertainment properties; 2005 saw the Rio as primary venue.
Arguably the most publicised European tournament is the Poker Million, which began in 2000 on Sky Sports, following on from the success of the Late Night Poker television show.
