Poker Tournament Where Players Can Redeem Tournament Chips

1 . A method to play a poker tournament offered by a tournament sponsor, the method comprising:

allowing a group of players to participate in a poker tournament by receiving an entry fee from each player and giving each player tournament chips;

conducting the poker tournament, while allowing a particular player in the group of players, if the particular player chooses, to exchange the particular player's tournament chips for monetary value using an exchange rate and drop out of the tournament; and

after the tournament is over, paying a top winner of the tournament.

2 . The method as recited in claim 1 , wherein the exchange rate for round A is higher than the exchange rate for round B, wherein round A is a later round than round B.

3 . The method as recited in claim 1 , wherein the exchange rate varies depending on a round of the tournament the particular player drops out of.

4 . The method as recited in claim 1 , wherein money used to exchange the player's tournament chips comes from a pool of entry fees.

5 . The method as recited in claim 4 , wherein some or all excess money in the pool not exchanged for tournament chips is distributed to the top winner of the tournament.

6 . The method as recited in claim 4 , wherein some or all excess money in the pool not exchanged for tournament chips is distributed to additional winner(s) of the tournament aside from the top winner.

7 . The method as recited in claim 4 , wherein some or all excess money in the pool not exchanged for tournament chips is distributed to the tournament sponsor.

8 . The method as recited in claim 1 , wherein the player is allowed to drop out during a level.

9 . The method as recited in claim 1 , wherein the player is allowed to drop out only between levels.

10 . The method as recited in claim 1 , wherein the exchange rate varies based on how far the tournament has progressed.

11 . The method as recited in claim 1 , wherein as the tournament progresses, the exchange rate for tournament chips increases such that given a fixed amount of tournament chips, the fixed amount of tournament chips can be exchanged for greater cash value later on in the tournament than if the fixed amount of tournament chips were to be exchanged at an earlier point in the tournament.

12 . An apparatus to process a poker tournament, the apparatus comprising:

a processor performing:

storing new player data into a database comprising a particular player;

receiving a redemption request by the particular player before the poker tournament is over;

receiving an amount of tournament chips possessed by the particular player;

determining an amount of cash redemption to award the particular player in exchange for the tournament chips; and

an output device outputting the amount of cash redemption.

13 . The apparatus as recited in claim 12 , wherein the processor further performs computing an amount of excess funds not awarded to players after the tournament is over.

14 . The apparatus as recited in claim 13 , wherein the amount of excess funds is equal to a total amount of entry fees from all players minus a house commission amount minus awards to top finishing players minus chip redemption amounts.

15 . The apparatus as recited in claim 14 , wherein the processor further performs dividing the excess funds among additional awards for each additional winner.

16 . The apparatus as recited in claim 15 , wherein the output device further outputs the additional awards and respective additional winner.

17 . The apparatus as recited in claim 12 , wherein the amount of cash redemption is determined based on a variable exchange rate.

18 . The apparatus as recited in claim 17 , wherein the exchange rate varies based on how far the tournament has progressed.

19 . The method as recited in claim 17 , wherein as the tournament progresses, the exchange rate for tournament chips increases such that given a fixed amount of tournament chips, the fixed amount of tournament chips can be exchanged for greater cash value later on in the tournament than if the fixed amount of tournament chips were to be exchanged at an earlier point in the tournament.