Poker tournaments are like lotteries, but with much better odds and an element of skill thrown in. Entering a tournament follows the sound principle of getting into a situation where a player can win a lot more than he can lose. Players invest a fixed amount except in rebuy tournaments. There is no hustling of unwitting opponents into losing more than they planned, which is one of the negative aspects associated with gambling. Media coverage focuses on the competitive angle, and it puts poker on a level with other sports as entertainment for the viewing public.

In a tournament, as players attempt to accumulate chips, the stakes keep increasing, A tournament is like a time-lapse photography view of a poker career, where the players move up to a higher limit approximately every hour. They can't sit and wait for premium hands, since their chip amount is effectively cut in half even time the limits double. Those with volatile styles who build up chips quickly or lose them quickly are naturals for tournaments.

A winning high-stakes side-game player will not be impressed with the play of the average tournament player. In sports, the competitors need credentials to qualify. All that is required to enter a poker tournament is money. The luck factor in poker, which is increased by the rapid raising of stakes, gives almost every player in the field a chance to do well in a tournament. Players, who in past years were the catalysts for side games, are now using their money to pay for tournament and satellite buy-ins.

Why don't all of the best players play in tournaments on a regular basis? Some don't enter them because the results are reported to the IRS, and they don't want to pay full taxes on their winnings. Also, many high-stakes players conclude that if they have a good run of luck in the side games, they will make more money than they would have in the tournament. If they hang on for several hours in the tournament and finish out of the money or in one of the lower paying places, they will have lost a day of work.

Some players go to several stops on the tournament circuit with the sole intent of playing in the accompanying side games, which tend to be much more lucrative during tournaments. There is great value in playing side games with seats available for emotionally drained players who just got knocked out of the daily event at a tournament. Don't be one of the victims. If you last a long time in a tournament, don't play in a side game immediately after getting knocked out. Tournament play is more tiring than side-game play.

If there were no extrinsic value to winning tournaments, they probably would not be worth the time. Some extrinsic benefits of tournaments are the accomplishment of a well-defined goal, getting one s name in a tournament write-up for family and friends to see, television coverage in the bigger events, and the respect or envy of one's peers. Another value that is often overlooked is just the fun of competing in tournaments. However, many players don't view tournaments as fun, because all entrants except the winner go broke on their last hand and end up with something to feel badly about. Although getting knocked out is very aggravating, winning is a lot of fun.