Time based tournament are scheduled events with a start and end time. The winner is the person with the most chips at the time the tournament is scheduled to end. For example in a 60 minute Time Based tournament, the winner of the tournament is the player with the most chips once the 60 minutes have expired. Other prize payouts will be paid according to chip counts in descending order.
A poker tournament raises its prize money from the players, through the payment of an entry fee. Those tournaments are able to pay-out the huge cash prizes therefore tend to have the huge entry fees as well. The huge entry fees often put these larger paying tournaments out of the reach of many players of more modest means. To help players get a chance to play in these big money tournaments poker rooms often hold satellite tournaments where the prize is a seat in a larger tournament. The entry fee for these tournaments is more modest, for example; a fifty player tournament with an INR100 Buy-in and the winner getting an INR5,000 seat at the Asia Poker Tour event, might be organized.
Unlike a Freeze-Out Tournament in which you are eliminated once you’ve lost your chips, a Rebuy tournament gives you the opportunity to purchase more chips within an allotted time.
There is generally a rebuy period for the first hour of the tournament although it may vary. Players may rebuy chips if they lose all their chips or have less than they did when the tournament originally started. Eligibility of rebuys may vary depending on the tournament.
Re-buy tournaments typically have an add-on period at the end of the Rebuy Tournament. Although this may vary, players may usually add on for the same amount of chips they started with. Generally add-ons are offered to everybody regardless of size of stack. Once the add-on period is over players can no longer rebuy into the event.
In a FreezeOut poker tournament the structure is such that all players start with a specific number of chips and do not have the option to replenish or add to this chips. That means there are no rebuys allowed and no add-ons.
The tournament is over when all players but one have been eliminated, or frozen out, and one player is left with all the chips. The most important aspect of a freeze out tournament is that as players are knocked out the tables are merged.
The aim of a Bounty Tournament is to knock out a designated Player on whom the bounty is placed. The player knocking the Bounty Player out will be given a special cash prize for the elimination. It is not necessary to cash in the tournament to be rewarded. The amount of the bounty will be announced prior to the tournament in the Tournament Lobby.