Texas hold 'em
Tournaments are what people often see when poker is shown on television. When a player enters a tournament, he pays an entry fee called the "buy-in." Most of his buy-in is placed with other player's money in the prize pool. Usually, a small portion of the buy-in is kept by the tournament officials for their expenses (and profit). The player is given a table and seat assignment, and a certain number of chips - the same amount as every other player. Unlike normal chips, these tournament chips have no cash value (though they often are referred to with dollar amounts). Players must continue to play until they run out of chips. The tournament continues until one player has accumulated all of the chips. The order in which people lose all their chips (or "bust out"), is their finishing order. That is, the last player to bust out is the second-place finisher. The prize pool is divided amongst a fraction of the top finishers (usually about 10%). The first-place winner usually gets a much larger share, with the prizes diminishing until the prize pool is empty. The player who was the last player to finish without winning any prize is said to have finished "on the bubble."