No limits high stakes hold ‘em poker tournaments, like the World Series of Poker, are making ordinary non-professional players into millionaires. Tournaments have a buy in fee, for which, players are given an equal number of chips. The money is then pooled to form a pot, from which the tournament takes its percentage and the prizes for the winning players are given.
How tournaments work
Tournaments are either single or multi table. In single table tournaments there is a limit on the number of entrants. In multi table tournaments, as player numbers decrease, players can be moved around to keep table numbers even. Players in multi table tournaments and single table tournaments play until all their chips are gone. Once their chips are gone, a player is out and cannot buy more chips. Some tournaments allow re-buys or add-ons to players when their chips are low. This can add to the pooled money and increase prizes. Prizes in a single table tournament are usually given to the top three places, whereas in a multi table tournament prizes may be given as far down as 25th place.
The World Series of Poker
The World Series of Poker is the biggest championship in the game, with a buy in fee of £1 million in 2012. The World Series of Poker gave 11.1% of the buy in fee towards the One Drop Foundation and waived its normal 10% fee. The 48 seater event was filled and the record breaking $18.3 million went to winner, Antonio Esfandiari.