As you search around the internet for an online casino at which to play, one of the promotions you will often see is high prize tournaments. While many people see these advertisements and think they are like poker tournaments as seen on TV, in most situations the tournaments at online casinos are a completely different concept. Instead of competing with your fellow players in an elimination style contest, these online tournaments consists mainly of races to see who can wager the largest amount within the time frame of the contest by playing only the games allowed by the contest.
The main setup is something like this. The ten players who have wagered the highest amount on the particular games allowed all receive a prize with the higher placed winners receiving a bigger portion of the overall price pot. So, for example, the winner might receive $10,0000 while the 10th place person may receive $100. With this type of tournament, obviously, the biggest determiner of who wins is who has the biggest bank and can constantly make high wagers in the selected games in a short amount of time.
When the tournament involves games like slots, there is not really much of a strategy you can use other than starting the tournament with a high bank and hoping for some luck that allows you to keep wagering high amounts for as long as possible. But there are tournaments that do allow for strategy, and these are mainly ones involving Roulette and Blackjack. In both of these games, there is a safer way to play which allows you to bet high amounts (which is how you win the tournament) but still keep your bank going for as long as possible. For instance, playing in a tournament of Roulette, the best way to play is playing black or red the entire time. This will give you an almost 50% chance to win and allow you to gamble with larger amounts than playing a number. For purposes of winning these type of wagering tournaments, it is better to play in a style that gives close to 50% chance to win rather than playing in a style that goes for jackpot type wins.
It is also important to know that many tournaments of this type require that you make a deposit within the time frame of the actual tournament, so be careful about making a big deposit in anticipation of the start of a tournament. Instead, make your deposit once the tournament has begun. Also be careful of using bonus money or free tokens as most tournaments will not allow you to use bonus money. Always read the rules carefully.
Finally, many of these tournaments repeat frequently and have leaderboards that show previous winners. It is very easy to look at a leaderboard to make sure you have the bank to be competitive.