What are they?
A typical blackjack tournament consists of several rounds of play, with tables of 6 or so players competing against each other in each round. The format is usually an elimination format, where only 1 or 2 players at each table will advance to the next round of play.
Each round consists of a set number of hands. All players begin the round with a equal amount of chips. At the end of the round, the player or players with the highest bankroll will advance. Rounds are usually between 20 and 50 hands each. Each player must play each hand with a bet in the allowed range. Some tournaments are played with real money chips, while others are played with non-negotiable tournament chips issued to the players.
Rather than the dealer always dealing to the first chair (first base) first, a button is placed on the table in front of a player, who serves as first base on this hand. The button then moves consecutively around the table with each passing hand. This gives each player the opportunity to play as first base and third base in turn. More importantly, since players must bet in turn starting at the button, the disadvantage of betting and playing before the other players moves around the table.
Most tournaments consist of 3 to 5. A typical format might be 2 of 6 advance, 1 of 6 advance, then the finals. This format with 6 players at the final table would allow for 108 entries at 18 first round tables. Often in smaller tournaments, the first round will be split up into several qualifying rounds, so that if you do not advance, you can re-enter for another first round seat.
Why should I play?
The prize pool for a tournament is usually, but not always, 100% of the entry fees paid by the players. This means that the casino has no advantage over the players in the tournament. Indeed, the skillful player can have a huge advantage over the other players if those players are less experienced in tournament strategy. Many casinos will guarantee the prize money even if the tournament does not fill up with entries. In these cases, the casino is literally paying the players to play the tournament! From the casino's viewpoint, it is a good marketing play, since they are drawing new players to the tables between the tournament rounds.
Since the larger tournaments usually include special room rates and free food, you can save some money on your vacation to Vegas by booking it around a tournament. If you're headed to a casino destination anyway, scheduling your trip to coincide with a tournament can save you some money, and give you a chance to play for a big prize with minimal risk.
What are the typical prizes?
The prize money varies widely as you may expect. Smaller tournaments might have an entry fee of $10, and pay $500 or $1000 for first place. Most tournaments pay at least 6 places. Larger tournaments might have an entry fee of $300-$500, with a correspondingly larger payout. As I'm writing this in early 2004, popular events in Las Vegas include the Stardust, New Frontier, and Las Vegas Hilton, with first place prizes ranging from $30,000 to $1 million.
How do I find out about tournaments?
You can always call the casinos directly and inquire about their tournament schedules. With an increase in tournament popularity, many properties are adding a tournament program to their promotional calendar.