Poker Tournaments or Cash Games?

In No Limit Hold’em, you have two simple categories of game types to play; cash games and poker tournaments. The general rules of each are the same, but they’re played in different ways. Some players may prefer one over the other, while others will play both.

Tournament poker is the most thrilling category. It’s where you’ll see the biggest payouts and where players compete for prizes, and prestige.

In cash games, pots are played for cash. The blinds remain steady, while players can enter and leave whenever they choose. It’s a very different experience.

On this page we explore poker tournaments and cash games. Then we compare the two types of poker so you can make an informed choice about which one to play.

Understanding Poker Tournaments

If you’ve ever seen PokerStars live or online poker coverage, you’ve seen tournament play before. European Poker Tour (EPT) and PokerStars Players’ Championship (PSPC) events offer major prizes and glory for the winner.

The biggest ever poker success story comes from a tournament in 2003. Chris Moneymaker qualified to the WSOP Main Event for a mere $86. He went on to win the event for a cool $2.5 million.

Tournament poker is fast paced and exciting. No two situations are ever exactly the same giving it near-endless strategic depth.

What are poker tournaments?

Tournaments have a set buy-ins, start times, prize structures and starting stacks (chips you play with). Your buy-in consists of a contribution towards the prize pool and a smaller fee for the casino or poker site.

The aim in a poker tournament is to be the last player remaining in the field. But once you lose your chips – and if there is no opportunity to rebuy – then your tournament is over.

Unlike in cash games, blind levels increase in tournament poker. This cuts the effective value of stacks and gives the game a finite duration. This has major strategic implications we’ll cover in more detail below.

In tournament poker, the aim is to accumulate chips and outlast other players as the blinds increase. The winner will have all the chips in play. Successful tournament players regularly make final tables, but variance is high.

Types of Poker Tournaments

There are different types of poker tournament, each with its own structure and features determining how the game plays out:

• Freezeout tournaments: In freezeouts you only get one buy-in, so you have to make it count. If you lose your chips, you’re out of the game and cannot re-enter.
• Rebuy/re-entry tournaments: In a rebuy or re-entry tournament, players can take a set number of extra chances if they bust. Anything from one rebuy or even unlimited entries. The rebuy period will run for a predetermined time before registration closes.
• Turbo/Hyper turbo tournaments: Turbo tournaments have quicker blind levels. Typically they increase in half of the amount of time compared to a standard tournament. This makes the games faster. It also forces action, and reduces the amount of time it takes to play the tournament from start to finish.
• Knockout tournaments:  In knockout tournaments, you receive a cash prize for eliminating players. A percentage of buy-ins goes towards knockouts, while the rest goes towards the prize pool. There are other variations of knockout tournaments, such as PKO and Mystery Bounty.
• Satellite tournaments: The prize for winning a satellite is an entry to a bigger tournament. The structure in satellites is usually very flat, with an equal prize for all players who make the money. Focus less on being first and concentrate on surviving into those prize places.

• Sit & Go (SNG): Sit & Gos start as soon as enough players enter, rather than having a scheduled starting time. They can be single table or multitable. Although multitable games tend to be smaller than regular tournaments.
• Spin & Gos: Spin & Gos have three players and feature a hyper turbo structure with shallow starting stacks. The payouts are randomly generated and can be anything from 2x to 10,000x the buy-in. This gives Spin & Go’s a lotto element recreational players enjoy.

Strategic Approaches When Playing Poker Tournaments

The rising blinds and top heavy payout structures of tournaments has strategic implications. They make it a different gameplay experience compared to cash games.

In tournament poker you’re in a constant battle to stay ahead of the blinds. You’ll need to learn how to play a variety of stack depths. Stacks often become short relative to the blinds. It’s important to learn push-fold strategies to chip up and survive.

At the same time, bubble situations and final table pay jumps create unique situations, changing the cash value of stacks. This is called Independent Chip Model (ICM). Knowing how to navigate these situations is crucial to sustaining a long term win rate.

Tournament poker is a game with a beginning, middle and end. Each stage demands different skills and strategic approaches. For these and other reasons tournament poker strategy is complex. There are lots of situations to learn.

Pros and Cons of Tournament Play

Here’s a rundown of the pros and cons of tournament poker. You can refer to this list to decide whether to play poker tournaments or cash games:

Pros

• Big prizes – The massive payouts relative to the buy-ins are the main appeal of tournament poker. Even professional poker players don’t make final tables often, but when they do the payouts are huge. It’s high risk, high reward.
• Challenge and Strategy – Poker tournaments provide a great challenge for players. You’ll have to learn how to play at various stack depths and how to navigate ICM pressure points like the bubble.
• Thrill and Satisfaction – Poker tournaments count among the most exciting formats, especially if you make a deep run. Finishing first or on the final table can be very satisfying. It can also come with prestige and recognition from the poker community. Winning a huge tournament may even invite sponsorship.

Cons

• High variance – Poker tournaments are very high variance compared to cash games. You’ll need to play dozens of games to get a final table result, more in large field MTTs. To play poker tournaments, you’ll need a bankroll that can support your campaign.
• Time consuming – Poker tournaments take several hours to complete, some much longer. You’ll need the spare time to even play them in the first place. You’ll also need focus and concentration to see the game through to the end, or there’s little point in firing them up. This doesn’t suit everybody. On the flipside, faster speed games are available.
• Burnout and fatigue – Long hours combined with brutal variance can leave tournament players burned out. It’s not easy to keep going when nothing is going your way in tournament poker. It requires resilience to maintain both your bankroll and enjoyment levels.

Understanding Cash games

Cash games are the purest form of poker. This is the game seen in movies where the hero sits down at a game already underway and starts playing.

Unlike tournaments, cash games have no natural start or end time – if there’s a seat open, you can play. You don’t have to wait for a certain number of players to buy-in, or for the start time to come around. You can also leave whenever you like.

Cash games tables have a lower and upper buy-in limit. This varies depending on the game. But cash games players can usually bring between 20-100 big blinds to the table.

This is where the fiction of movies diverges from reality. You can’t throw your car keys into the pot. You can only use what you have bought in for and play with the chips sitting in front of you. Nor can you use stacks of cash – the cash you use to buy in is exchanged for chips worth the corresponding cash value.

Unlike tournaments, going bust in one hand doesn’t have to be the end of your game. If you can afford it, you pay for a new stack. Blind levels will not change from the level of the table you sit down at. Instead, the blind level remains constant and defines the stakes. For example, if blinds are $1/$2, players can buy in for anything between $40-$200.

Cash Game Formats and Variations

Although not as varied as the tournament landscape, cash games come with their own different formats. For instance, there are Zoom games on PokerStars, different size games, and cash games with bonuses.

• Six max and full ring – Cash game tables are often full ring, meaning up to nine players can take a seat and join the action. Six max tables have less players. This gives you the chance to play more hands because you’ll never truly be in early position.
• Heads-up cash games – Heads-up cash games are also popular and are a great way for two players to compete in poker. Pit your skills against a single opponent and see who comes out on top.
• Fast-fold games – Games like Zoom on PokerStars move you to a brand new table with a new starting hand as soon as you fold. No more sitting around waiting for hands. You’re always in the action.

Strategic Approaches to Cash Games

Cash games are interesting because pots are played for real money. Usually with deep stacks. Unlike in cash games, tournament poker stacks will rarely reach 100 big blinds. In cash games, you’ll need to know how to navigate these waters.

Deep stack cash games poker strategy involves a fair amount of pot control. Hands like top pair, which you might stack off with in a tournament with 20 big blinds, are riskier when stacks are 100 big blinds deep. You’ll want to consider checking or flat calling one or two streets to lessen damage when opponents have you crushed with two pair or a set.

On the flipside, stacking off can be valuable, especially when you have a nutted hand or the virtual nuts. Implied odds are much more relevant with deep stacks. So it makes sense to get into pots for cheap with speculative holdings in an attempt to hit big on the flop.

From a psychological perspective, cash game tables tend to be a bit of a Wild West compared to tournaments. Especially if you play live cash. A couple of players might be sitting tight, while a few others are acting like whales open-raising for ten big blinds every hand. Gaining reads and adapting to opponents over time can give you a huge edge.

Pros and Cons of Cash Game Play

Here are some of the pros and cons of playing cash games. Compare these to the pros and cons of tournament poker to see which one is more suitable for you.

Pros

• Flexible – For many cash game pros, the appeal is the flexibility of the games. The ability to join and leave allows for greatest freedom when it comes to time and energy. It also makes it possible to rejoin a table when you bust a stack. Or to move around tables to look for suitable players to target, known as game selection.
• Lower variance – Cash games don’t have the massive payouts associated with tournaments. But they do have lower variance. You’ll still have to deal with bad beats. But generally a cash game pro will be able to realize their edge much quicker than a tournament player. The ups and downs are less severe and payouts generally more consistent.
• Deep stack strategy – The strategic elements are a big part of the choice between tournaments and cash games. There’s no ICM in cash games and less short stack style push-fold play. Instead, you’ll have to learn deep stack strategy and know how to play a hand over the course of several streets.

Cons

• Lack of big payouts – Huge cash game pots do happen. But they don’t compare to the massive payouts and prestige of winning a poker tournament. Cash games are more of a grind in which the aim is to make a steady profit.
• Potentially monotonous – Cash games continue with the same structure. They don’t have a beginning, middle or end. Some players can find them monotonous to play all the time.
• Predatory – Table selection can be very helpful if you use it to find weaker opponents. If you’re a recreational player though, be aware you could be the player who is being targeted.

Poker Tournaments or Cash Games – Which Should You Play?

So far, we’ve described the ins and outs of both tournaments and cash games, and the key differences between the two. You should have a fair idea of which one is more appealing to you.

Choosing the right format

Remember, choosing between cash games and tournaments isn’t about which one is better. The choice will depends on factors such as personal preference, poker goals, bankroll and playing style.

Ultimately, you don’t have to stick to one or the other. Some players will play both depending on their mood and how much time they have available. Or, they will play a live poker tournaments and jump to the cash tables if they bust.

But, you may find it useful to focus on one type of poker. That way you can develop your strategy, at least until you find your feet and learn the basics of poker strategy. Specialization can give you more of an edge.

• Tournaments – Choose poker tournaments if you enjoy competing for massive payouts. And if you thrive under pressure, and can handle the ups and downs. You should also make sure you have enough time to commit so you can play from start to finish. Competitive thrill seeks will feel at home playing poker tournaments.
• Cash Games – If you’re aiming to grind out a consistent win rate, while enjoying flexible hours and deep stacked play, cash games may be the right choice. The variance is less extreme and it’s possible to establish a long term win rate relatively quickly. Analytical thinkers and calm grinders will prefer the cash game tables.

Time considerations

As we’ve touched upon certain poker games take much longer than others. Time considerations are a factor when deciding which games to play.

Multi-table tournaments, with huge fields, tend to last for between 4-10 hours depending on the structure. Some can even last several days. Not everyone has the time to play MTTs.

Of course, there are other options for time restricted tournament players. Turbo or hyper turbo MTTs last a few hours, while Sit & Gos and Spin & Gos can take an hour or less.

Cash games provide the ultimate freedom when it comes to time, as you can jump in and out of games whenever you want. You’ll still want to dedicate enough time to your poker session that you can get your head in the game, but you can play for minutes or hours.

If you are happy to play poker for hours and prefer long periods of focus, tournament poker is for you. If you are stuck for time and can only play now and then, cash games are the best choice.

Bankroll management

Bankroll management is a major consideration when deciding on cash games or tournaments. Given tournaments have higher variance, you’ll need a bigger bankroll compared to cash games.

There is no strict one-size-fits all bankroll management strategy, but you’ll need around 40 maximum buy-ins to play cash games. Tournaments, meanwhile, need a bankroll of 50-100 buy-ins.

Whichever one you choose to play, be sure to play well within your bankroll limit. This is the responsible approach. And it will also give you the best chance to overcome the variance inherent in poker.

Try Before You Commit

This question of whether to play poker tournaments or cash games is up to you. Which game sounds like the most fun to you? An even better solution is to try out both poker tournaments and cash games using play money on PokerStars. See which suits you better.

When you are ready, move up to the micro-stakes. These games let you experience tournaments or cash games for real money without risking too much.

There are other bankroll and playing time considerations – which we will cover in What is the Best Poker Game For You? – but the most important aspect to deal with right now is making sure the game of poker is fun for those playing it.

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