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 person remaining holding all the chips declared the winner. Tournaments can vary in structure, including formats like Texas Hold'em or Omaha. They often feature multiple rounds, with players being eliminated as they lose all their chips. Prizes are awarded to the top finishers, making it an exciting experience for both players and spectators.