With the explosion of poker on television and on the Internet, poker tournaments have become more and more popular. In a tournament you are given a certain amount of chips that you start with, and you play until one person has won all the chips. There are 2 types of tournaments, MTT - Multi Table Tournaments and Sit n Go's.
A multi Table Tournament will have a set start time, and a maximum number of registrations for the tournament. The tournament starts at its specified time and plays until one person has all the chips, prizes are often paid down to several places depending on the tournaments set structure. MTT's can have thousands of entrants and therefore will often give away much larger prizes.
Sit n Go's
A Sit n Go tournament is a lot smaller and is usually only one table. This type of tournament starts when all the places are filled, rather than at a specific time, this is where it pulls its name from. Because there are less entrants the prizes awarded in this type of tournament are usually smaller. The benefit of this type of tournament is that you can play them straight away, you don't have to wait for a specific time for the start of the tournament. Also because they are smaller you can play more of them, so if you don't do well in one tournament you can start another one straight away. This also works if you play well, if you feel like your on a roll you can start another tournament immediately as well.
With a set number of entrants in tournaments the prize is set before you start play, and because you can have so many people playing, the prize can be much bigger than if you play a normal poker game, or 'cash game' as they are known.