In contrast to a freezeout tournament, in which a player is irrevocably eliminated when all his chips are gone, rebuy tournaments allow eliminated or shortstacked players to purchase more chips.
Usually, this procedure, the rebuy, is such that as soon as a player’s stack is below the original starting amount for the tournament, he may pay the original buy-in and recieve the starting amount of chips again. This is only possible at the beginning of the tournament for arround 60-90min. It depends on the tournament.
After the rebuy phase, the play is normal freezeout. In a $20 rebuy tournament in which every player gets 2000 chips, a player can buy an additional 2000 chips for $20 as soon as he has fewer than 2000 chips. Instead of leaving the tournament when he’s lost all his chips, he can buy in a second, third, fourth…time and start all over.
Of course the prize pool of the tournament increase with every rebuy which a player take. If the tournament costs normaly $20 and 400 players participate then the prize pool is $8.000. If the players take 200 rebuys a $20 then the price pool increase automaticly to $12.000 and the payout structure change.
The rebuy tournament are mostly much more aggressive as a normal freezout tournament, because the players are not so scared to risk all their chips. If there is a unlucky situation it is just a click to be in again.
Like with all other tournaments, there exist also at rebuy tournaments different speed variants. Mostly turbo and superturbos where the blind levels increase every 5 or 2 minutes.
Important is also the bankroll management. If you want to play rebuy tournaments you need of course a much higher bankroll as for normal freezouts. The variance is much higher because oft he action. If your bankroll is not so stable then better avoid to play the rebuys.