The worldwide popularity of poker has all but grown wings of late. With such tremendous global interest in the game, players are literally flocking to poker tournaments in their droves. From the moment that television networks began broadcasting poker tourneys like the World Series of Poker (WSOP), their viewership spiked into the millions.
The beauty of playing low-stakes poker is that small buy-ins can result in significant winnings. But playing in high-stakes contests invariably changes the poker landscape, because mega-pots are waiting to be hit. Players are required to have sizable bankrolls in order to compete in these high-stakes poker contests.
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A concept that newbie players tend to encounter is that of variance. The buy-ins for cash games can become considerable and bankroll management is paramount. In this vein, it’s safer to compete in smaller stakes poker tourneys. The reality is that small poker satellite victories can result in major poker fame and fortune – like Chris Moneymaker’s WSOP Main Event victory in 2003.
MTTs and Sit & Go’s are the premier attractions of leading poker rooms. These types of tournaments are renowned the world over and players are particularly drawn to them.
Multi-Table Tournaments or MTTs
These tournaments are the standard online poker tourneys. Players pay a buy-in fee and receive a set chip stack. These tournaments have set starting times and take place over multiple tables. Once your chips are gone, you’re out of the contest.
Sit & Go's or SNGs
These poker tourneys are widely popular in online poker. SNG tournaments are similar in most respects to MTTs, however they are typically comprised of 1 or 2 tables and the contests begin when every seat is filled.
These tourneys are MTTs and Sit & Go’s combined. The winner of each table advances to the next round. This continues until there’s a final winner. Winning the tournament is achieved after each Sit & Go table is beaten.
In online poker tourneys, it’s the Turbo tournaments that turn on the heat. These fast-paced contests are standard MTTs or Sit & Go’s, with rapidly increasing blinds.
These are MTTs where big prizes are awarded for eliminating poker players – usually pros.
These tournaments provide winners with a buy-in into a bigger tourney – usually a live poker event. Poker legend Chris Moneymaker won a seat into the 2003 WSOP via a satellite event.
Most online poker sites feature weekly poker tourneys with mega paydays. These include PokerStars Sunday Million. The more you pay, the more you stand to win.