tournament

Tournaments are poker competitions where each player has a fixed buy-in and is allocated a specific number of chips. Once the player has lost all of their chips they are out of the tournament. Tournaments allocate prizes based on the position in which somebody finishes the tournament.

Beyond a fixed buy-in several tournaments also offer a re-buy and add-on as additional options to get chips. Without any additional options, that is the standard format, the tournament is referred to as a freezeout tournament.

In addition to the final prize allocation some tournaments also offer a knockout prize. If a player wins a pot which brings another player's stack to zero chips, the winning player is said to have knocked out the loser. The winner is allocated an additional prize.