Multi-table tournament (MTT)
A poker tournament played across many tables at once. Tables are merged as players bust, until one final table is left.
How an MTT runs
Everyone pays the same buy-in and gets the same starting stack. Blinds rise on a schedule, called the structure, so stacks shrink in relative terms and players have to take chances. As players are knocked out, the room moves players between tables to keep them balanced, and closes tables as the field shrinks. Eventually the last nine or so players meet at the final table.
Buy-ins, rake and the prize pool
Buy-ins are usually shown as two numbers, such as $10 + $1. The first goes into the prize pool and the second is the room's fee. A "guaranteed" tournament promises a minimum prize pool. If not enough players enter, the room makes up the difference, which is called an overlay.
Payouts are top-heavy
Usually only a minority of the field gets paid, often somewhere around the top 10–20%, and most of the money goes to the last few places. The point where players start getting paid is "the bubble". Many players finish just outside the money and win nothing.
Late registration and re-entry
Many MTTs let you register after the start, for a set number of levels. Re-entry events let you buy back in if you bust during that window. That makes the prize pool bigger, but it can also multiply what you spend on a single tournament, so decide your limit before you start.
Why results swing so much
Even good tournament players go long stretches without a big score, because one deep run can make up most of a year's profit. A sensible tournament bankroll is far larger, relative to buy-in size, than people expect. If a $10 tournament feels cheap, add up a month of them.
How it compares
Sit & Gos are small single-table tournaments that start when full. Cash games use real chips with fixed blinds, and you can leave at any time. MTTs take the longest and are the hardest to stop halfway, which is worth thinking about before a late-night start.
Related
18+ only. Gambling can be harmful. Set limits before you play, and see our responsible gambling guide if it stops being fun.