A poker tournament is a competitive event where players compete against each other in a series of poker games. Participants buy in for a set amount, receiving a specific number of chips to use during the tournament. The goal is to win chips by defeating other players, with the last player remaining holding all the chips declared the winner. Tournaments can vary in structure, including formats like Sit and Go or multi-table events. Players are eliminated as they lose all their chips, and the tournament continues until one player remains. Prizes are awarded based on finishing positions, with larger payouts for top finishers.