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Casino chips (also known as poker chips, gaming tokens, or checks/cheques) are small discs used as currency in casinos. Larger, rectangular gaming plaques may be used for high-stakes games. Poker chips are also widely used as play money in casual or tournament games, are of numismatic value to casino chip collectors , or may be kept as souvenirs .
The Chip Rack, now in its 21st edition, attempts to include all chips and checks issued by casinos in the State of Nevada. Some chips are considered high-value and have a listed value as high as $50,000. During their 2014 convention, a $5 chip from the Golden Goose SOLD for $75,000, and a $5 chip from the Lucky Casino SOLD for $52,500.
With a total of 54 participants and a buy-in of £1,050,000, the Triton Million for Charity was the most expensive poker tournament to date. £50,000 was collected from each buy-in, which amounted to a massive £2,750,000, and distributed to 15 notable charity bodies around the world including the One Drop Foundation, Raising for Effective ...
For the last several years, the largest tournament in the world has been the World Series of Poker Main Event. With the exception of 1992, the US$10,000 buy-in tournament increased in prize pool year-over-year from its start in 1970 until 2007 (the latter a result of the Unlawful Internet Gambling Enforcement Act of 2006, which reduced the number of players winning their seats via online play).
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The most common playing format for poker tournaments is the "freezeout" format. All players still playing in a tournament constitute a dynamic pool. Whenever a player loses all his chips and gets eliminated, his table shrinks.