Ring games, also known as cash games, are games of poker in which players exchange real money for chips to play poker for cash. Ring games usually run round the clock. A player can buy in to a cash game whenever there is a free seat at a table, and can cash out whenever he so chooses. The play at a ring game table is continuous, as long as the poker room remains open. Online, the cash game tables are always open.
The rules of cash game play differ slightly from those in tournament poker, and there are a few quintessential rules players must keep in mind. The first rule is the concept of table stakes- players may only bet the amount of money they have bought in for on the table. No player can simply reach into his pocket in the midst of a hand, pull out a stack of money, and bet more. Likewise, players cannot remove their buy-in from the table during a game and still maintain their spot. Removal of chips from the table is considered cash out.
Poker Tournaments have a formal structure with a definite ending point. Tournaments begin at a set time- players wishing to take part must buy in to the tournament before its scheduled beginning. Unlike cash games, tournaments only require players to pay a one-time set fee to play. In return for this entry fee, each player receives a predetermined amount of chips as their starting stack- usually 1500, in online tournaments. The goal of a tournament is for a player to be the last man standing- much like a tennis tournament, or a football playoff series. The last man out wins the biggest share of the prize pool.
Some tournaments have structures that allow players to add-on to their stacks at a set time in the tournament, or to buy more chips when they bust out. These types of tournaments are called rebuy tournaments.
The prize structure in a tournament is usually announced once registration closes. Most tournaments pay about 10-20% of the player pool. Meaning, the final 10 or 20% of players left standing win prizes of some sort- at least the amount of the buy-in, plus a bit more. The deeper a player makes it into a tournament, the bigger the percentage of the prize pool they will win. The 9 or 10 players who make it to the final table of any tournament always get paid the most.
A type of poker tournament that has been growing in popularity over the last few years is known as the Sit-and-Go tournament. Sit-and-Go tournaments are run continuously. They generally consist of smaller fields than normal tournaments, and start whenever they become full, rather than at a set time.
There are several gameplay differences between ring games and tournaments. For example, in a cash game, the blinds and antes remain fixed as time goes on. In Tournaments however, the blinds and antes increase after set time periods- usually every 12 or 15 minutes, in an online tournament.
Another difference is that in ring games, players have some extra betting options- namely, the straddle and the chop. A straddle, or live straddle, is a bet of two big blinds by a player under the gun, who can bet again if the bet is not raised. Think of it as adding an extra blind into the game. This option is not available in most tournaments. A chop is an arrangement between players to take back their blind bets if no one else has bet. Generally two players will chop if they do not necessarily want to play their hands from the blinds.
In tournaments, players do not have the option of changing the type of poker they are playing. A NL Holdem tournament will be NL Holdem until the very end. In ring games however, a casino will often allow players at the table to change the type of game being played at will.
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