There are different kinds of Tournament Poker. Not only can the game be different, but the structure of the entire tournament can vary.

On Pokerschool Online, Inc. software, one format we will be using is for No Limit, No re-buy play.

Playing in this Online Tournament requires no monetary (legal tender) buy in, no entry fee and there are no re-buys allowed. This particular tournament will always be a freeze-out tournament.

Here is a list of terms you need to familiarize yourself with in relation to Tournament Poker:

No Limit Tournament – This type of tournament allows the player, on his turn, to bet all of his tournament chips at one time. There is no limit placed upon a player when making a bet. There will always be a minimum amount the player must bet to play, but the only limit placed on the player to bet the maximum is the amount of chips he holds at that time.

Buy in – The amount of money (legal tender) required to enter a tournament. In some tournaments held in Pokerschool Online, Inc., there will be "play money" buy ins.

Entry Fee - An additional charge added to the buy in to compensate the casino or card room providing the tournament. There will be no entry fee when playing in a Pokerschool Online, Inc. tournament.

Freeze Out Tournament – A tournament where players are all given a specified equal amount of tournament chips (not legal tender.) The players may not purchase any more tournament chips. Once a player loses his specified amount of tournament chips, he is eliminated from the Freeze Out Tournament. The tournament continues until one player ends up with all the tournament chips. He is the winner of the Freeze Out Tournament.

Re-buy - In some tournaments, players are allowed to buy more tournament chips if they lose all their original specified chips issued at the beginning of the tournament. Sometimes the player may purchase more tournament chips if his original specified chips fall below a pre-determined level. The period of time the players are allowed to re-buy is limited and different in each tournament.

Add-on - In a re-buy tournament, the players are allowed one “last chance” to increase their bank roll. This is called an add-on. Unlike the re-buy, there is usually no minimum chip condition. Everyone may add on if they wish. The cost of an add-on is generally a bit higher than the re-buys have been and there is just one opportunity to take advantage of it. For example, players might re-buy through the first 4 rounds, then, at the end of the 4th round, they may elect to purchase an add-on. After this point, no more chips may be replenished. Everyone will have the bank roll he or she is left with and must complete the tournament with this remaining bank roll.

Shoot Out Tournament - This is a particular kind of tournament where each table will play until there is only one player with all the tournament chips and the other players at that table have been eliminated because they lost their original specified amount of tournament chips. The winner of each table will then join the other table winners at a final single table to compete against one another. The overall winner of the Shoot Out Tournament will be the last player at the final table with all the tournament chips.

Rounds or Levels – In tournament play, there are periods of time with specific betting limits applied. A tournament is made up of a pre-determined amount of periods of time. These are called rounds or levels. For example, a tournament may consist of eight, 30-minute rounds or levels of play. Every time the round or level changes, the betting limits are increased. The blinds are also increased at the time the round or level changes. In the Pokerschool Online, Inc. No-limit Hold'em tournaments, there will be twenty- six, 10-minute rounds or levels of play. 'Round' is interchangeable with the term 'level.'

Limit Tournament – This type of tournament limits the increments of betting. This is a structured game and each bet may only be a pre-determined amount of chips. As each round or level increases, the limit will increase also. At no time may a player bet more than the limit.

Unit – A fixed betting amount. One chip may be referred to as a unit. Making a bet of 50 units or 50 chips would be the same.