Types of Tournaments
SIT-N-GO Tournaments
As the name suggests, in this type of tournament players sit down at the table with a few players and play until one person has all the chips. In this type of tournament its suggested that don't play cash game style in sit and go tournament.
Freeroll tournaments
Freerolls are almost always multi table tournaments and have between 500 and 2000 players. They are free to enter. Some may require a coupon to play. Usually if the freeroll prize pool is about $500 or more, you win coupons by playing "raked" hands.
Guaranteed Tournaments
These tournaments are usually multi table tournaments with, as the name goes, guaranteed prize pool, set at a minimum amount. The buy in can be as low as $1 up to $10. They usually have a minimum of 50 players in order for the tournament to start and a maximum of 1000 players.
Freezeout Tournaments
These are tournaments which do not allow re-buys or add-ons. Basically, you can only play with the chips you started with and are out of the tournament when you lose them all.
Re-buy tournaments
Here you have the chance to re-buy additional chips, to the extent already bought in which is around $1,000 - $1,500. This is only allowed when you've lost all your chips. Instead of being out of the tournament permanently, you can "re-buy" and start again with your initial amount of chips.
Satellite Tournaments
These types of tournaments don't pay any actual money. When you play in a satellite tournament, you are playing for an entry into a larger tournament. Satellites can be single or multi table tournaments. The top positions that win are given entries into a larger more expensive tournament.