Tournaments are an exciting form of gambling that are traditionally reserved for poker enthusiasts, but savvy casinos are now finding it profitable to apply them to slot machines, too.

Slot tournaments are a popular addition to the gaming floor, and most casinos that have slot machines (basically all of them) schedule them.

They are easy to run and attractive to players since the majority of customers in the casino prefer to play slots over every other form of gambling. According to the American Gaming Institute, slots account for 54 percent of all casino revenue.

Here’s how slot tournaments work:

Players pay an entry fee to get into the tournament that can range from less than $20 to richer tournaments that may require a $500 buy-in or more.

The buy-in provides a stop plug to the amount of money that any player in the field can lose. It’s a lot like paying a green fee at a local golf course. Of course, it’s also easy to find free slot tournaments.

The machines used for the tournament are pre-loaded with a set number of credits, and everybody starts with the same amount. Since these machines operate a bit differently than the standard pay-to-play slots, the tournament areas are usually held in areas separate from the main slots pool.

Once all of the tournament players are seated at their machines, the tournament begins. Players are given a set amount of time to accumulate as many credits as they can. It is correct strategy to bet the full amount with every spin to maximize potential winnings.

Yes, the tournament is over for the player once all of his or her credits are lost, but most slot tournaments provide more than enough. The more common obstacle for players is the small window of time.

When time runs out, the director of the tournament will total all of the scores and separate the winners and the losers. Tournaments will often play out in one of two formats: 1. The winner of the opening round is the winner of the tournament, or 2. A small grouping (such as the top five) advances to a secondary round of the tournament to play it out to a winner.

Payment structures vary with every casino, and many tournaments involve non-monetary prizes.

Chuck Blount | 210SA contributor