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The most common slot tournament format consists of three rounds of play with the lowest score dropped. Other structures include the best three out of four scores and twin tournaments, offering players two tournaments in one weekend with two chances to win.

The usual entry cost for a slot tournament ranges from $25 toR$100, depending on the casino, while the financial prizes for the tournament can be rather large. For instance, if each player in a slot tournament puts inR$100, the total prize pool may be worthR$100,000.