Prizes at Poker Tournaments - Big Poker Winnings
Prizes at poker tournaments depend upon a lot of factors. Knowing how much prize money is involved is of utmost importance in choosing a poker tournament.
How the Prize is Determined
There are a few different ways in which a poker room can decide how much of a prize they wish to award for a given poker tournament. One common way for them to determine the prize for a tournament is simply to add up the buy-in fees of all the players. Remember that the buy-in is separate from the tournament fees, so the poker room can still turn a nice profit even if they give all of the tournament fees out as prizes. At other times, a poker room will set up a cash prize that they know will attract a certain type of player. For example, they'll set up a freeroll tournament with a fairly low cash prize. This type of tournament will appeal to players who have used up their bankroll and can't afford to play anymore. Likewise, they'll set up a tournament with a buy-in of a dollar or two and a prize of one hundred dollars to attract people whose bankrolls have shrunk down too far. At other times, the prize may be something desirable to attract a very large crowd.
Non-Cash Prizes in Poker Tournaments
The most common type of non-cash prize in a poker tournament is entry into another tournament. Tournaments that give this type of prize are called qualifiers or satellites. Qualifiers and satellites are often popular among advanced players who believe that they can play significantly better than other players on the site. They are also popular among players who have dreams of winning millions. Instead of a buy-in of several thousands of dollars, a player can play in a relatively inexpensive tournament and still have a chance at winning big in a live tournament. Some online poker rooms give prizes like televisions or computers or jewelry for tournaments. Usually, these aren't such a good deal, as the object isn't necessarily what you'd buy for yourself. Sometimes, however, they give a really good prize and it's quite worthwhile.
You may have heard people referring to a poker player as having won a bracelet. Bracelets are the biggest prize in poker. The bracelets themselves are worth quite a lot of money as they are made of gold, diamonds, and other gemstones. They are also designed by exclusive designers. In addition to the value of the bracelet itself, though, the bracelets represent the top prize in poker. For each event in the World Series of Poker, there is a bracelet for the highest winner. In addition to the bracelet, the winner receives the cash they won during the tournament. That can be quite an impressive amount of money as well. Most WSOP winners value the bracelets even more than the cash prize, though, because of the prestigiousness of the bracelet. While some bracelets have been sold for cash, many WSOP winners prefer to keep them as a reminder of their victory.